SELECTED FINANCIAL INFORMATION (UNAUDITED)
| (in thousands, except per share amounts) | Year Ended December 31 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Results | 2010 | 2009 | 2008 | 2007 | 2006 | |||||
| Total revenue | $ | 455,641 | $ | 451,306 | $ | 461,035 | $ | 457,708 | $ | 451,252 |
| (Loss) income from continuing operations | $ | (75,014) | $ | (103,867) | $ | (20,590) | $ | 13,408 | $ | 29,248 |
| Net (loss) income | $ | (54,363) | $ | (90,091) | $ | (16,355) | $ | 23,120 | $ | 31,309 |
| Net (Loss allocable) income attributable to PREIT | $ | (51,927) | $ | (85,738) | $ | (15,766) | $ | 26,510 | $ | 14,408 |
| (Loss) income from continuing operations per share – basic | $ | (1.43) | $ | (2.43) | $ | (0.54) | $ | 0.44 | $ | 0.32 |
| (Loss) income from continuing operations per share – diluted | $ | (1.43) | $ | (2.43) | $ | (0.54) | $ | 0.44 | $ | 0.32 |
| Net (loss) income per share – basic | $ | (1.04) | $ | (2.11) | $ | (0.43) | $ | 0.68 | $ | 0.37 |
| Net (loss) income per share – diluted | $ | (1.04) | $ | (2.11) | $ | (0.43) | $ | 0.67 | $ | 0.37 |
| Cash flows | ||||||||||
| Cash provided by operating activities | $ | 116,791 | $ | 136,148 | $ | 124,963 | $ | 149,486 | $ | 164,405 |
| Cash provided by (used in) investing activites | $ | 81,029 | $ | (103,405) | $ | (353,239) | $ | (242,377) | $ | (187,744) |
| Cash (used in) provided by financing activities | $ | (229,736) | $ | 31,714 | $ | 210,137 | $ | 105,008 | $ | 16,299 |
| Cash distributions | ||||||||||
| Cash distributions per share – common shares | $ | 0.60 | $ | 0.74 | $ | 2.28 | $ | 2.28 | $ | 2.28 |
| Cash distributions per share – preferred shares | $ | – | $ | – | $ | – | $ | 3.50 | $ | 5.50 |
| Balance sheet items | ||||||||||
| Investment in real estate, at cost | $ | 3,587,468 | $ | 3,684,313 | $ | 3,708,048 | $ | 3,367,294 | $ | 3,132,370 |
| Total assets | $ | 3,080,117 | $ | 3,346,580 | $ | 3,444,277 | $ | 3,264,074 | $ | 3,145,609 |
| Long term debt | ||||||||||
| Consolidated properties | ||||||||||
| Mortgage loans payable, including debt premium | $ | 1,744,248 | $ | 1,777,121 | $ | 1,760,296 | $ | 1,656,942 | $ | 1,599,571 |
| Revolving Facilities | $ | – | $ | 486,000 | $ | 400,000 | $ | 330,000 | $ | 332,000 |
| Exchangeable notes, net of debt discount | $ | 134,091 | $ | 132,236 | $ | 230,079 | $ | 268,245 | $ | – |
| Term Loans | $ | 347,200 | $ | 170,000 | $ | 170,000 | $ | – | $ | – |
| Company's share of partnerships | ||||||||||
| Mortgage loans payable | $ | 175,693 | $ | 181,776 | $ | 184,064 | $ | 188,089 | $ | 189,940 |
Funds From Operations  |
||||||||||
| Net (loss) income | $ | (54,363) | $ | (90,091) | $ | (16,355) | $ | 23,120 | $ | 31,309 |
| Dividends on preferred shares | – | – | – | (7,941) | (13,613) | |||||
| Redemption of preferred shares | – | – | – | (13,347) | – | |||||
| Gains on sales of interests in real estate | – | (923) | – | (579) | – | |||||
| Gains on sales of discountinued operations | (19,094) | (9,503) | – | (6,699) | (1,414) | |||||
| Depreciation and amortization: | ||||||||||
| Wholly owned and consolidated partnerships, net | $ | 160,108 | $ | 159,405 | $ | 144,142 | $ | 127,007 | $ | 118,494 |
| Unconsolidated partnerships | 8,656 | 8,144 | 8,361 | 7,130 | 7,017 | |||||
| Discontinued operations | 3,907 | 6,055 | 4,864 | 3,132 | 6,467 | |||||
| Funds from operations | $ | 99,214 | $ | 73,087 | $ | 141,012 | $ | 158,517 | $ | 148,260 |
| Weighted average number of shares outstanding | $ | 50,642 | $ | 40,953 | $ | 38,807 | $ | 37,577 | $ | 36,256 |
| Weighted average effect of full conversion OP Units | $ | 2,329 | $ | 2,268 | $ | 2,236 | $ | 3,308 | $ | 4,083 |
| Effect of common share equivalents | $ | 502 | $ | 12 | $ | 14 | $ | 325 | $ | 599 |
| Total weighted average shares outstanding including OP Units | 53,473 | 43,233 | 41,057 | 41,210 | 40,938 | |||||
| Funds from operations per share | $ | 1.86 | $ | 1.69 | $ | 3.43 | $ | 3.85 | $ | 3.62 |
(1)
Funds From Operations ("FFO") is defined as income before gains and losses on sales of operating properties and extraordinary items (computed in accordance with generally accepted accounting principles ("GAAP")) plus real estate depreciation; plus or minus adjustments for unconsolidated partnerships to reflect funds from operations on the same basis. In 2006 and 2007, we computed Funds From Operation by taking the amount pursuant to the NAREIT definition and subtracting dividends on preferred shares. Our computation of FFO for 2007 also includes the effect of our 2007 redemption of all of our 11% non-convertible Senior Preferred Shares. FFO should not be construed as an alternative to net income (as determined in accordance with GAAP) as an indicator of the Company's operating performance, or to cash flows from operating activities (as determined in accordance with GAAP) as a measure of liquidity. In addition, the Company's measure of FFO as presented may not be comparable to similarly titled measures as reported by other companies. For additional information about FFO, please refer to page 47 of the Annual Report or click here to view that page.
