The company says that diluted funds from operations for the fourth quarter of 2003 included approximately $0.05 per share of higher interest costs compared to the fourth quarter of 2002 primarily as a result of the interest on $1.475 billion of floating-rate debt being refinanced during 2003 and after taking into account the interest expense associated with some properties that were sold. The company emphasizes that after eliminating the contribution to funds from operations from the sold properties and excluding the effects of the refinancing of its floating-rate debt, diluted funds from operations per share would have increased by 6.8% between the two periods.
The report notes that income available to shareholders per share for the fourth quarter was $0.62 basic and $0.61 on a diluted basis. This compares to the same period last year when the income available to shareholders per share was $2.73 basic and $2.70 on a diluted basis. But the company points out that that income for the fourth quarter of 2002 included $2.08, on a diluted basis, related to gains on sales of real estate and discontinued operations.
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