Market Updates & Recent Developments
Calculation of FFO, Normalized FFO and AFFO
($ in thousands, except per share amounts)
Net income
Depreciation and amortization of real estate assets
Impairment of real estate assets
Gain on sale of real estate assets, net
March 31,
2023
December 31,
2022
$12,400
24,171
$24,437
For the Three Months Ended
September 30,
2022
June 30,
',
2022
$68,318
24,092
24,158
March 31,
2022
$10,562
$19,003
24,501
24,166
879
3,513
(579)
(83,828)
(1,060)
(2,261)
Income tax expense (benefit) for special items
(78)
21,165
Funds From Operations
$36,571
$48,751
$33,326
283
$34,286
625
$41,533
Expenses associated with debt repayments and refinancing transactions.
489
783
6,805
Income tax expense associated with change in corporate tax structure
2,308
Shareholder litigation expense
Income tax benefit for special items
Normalized Funds From Operations
Maintenance capital expenditures on real estate assets
Stock-based compensation
1,900
(127)
(206)
(2,324)
$38,879
$49,113
$33,903
$40,667
$41,533
(3,123)
(14,202)
(7,717)
(6,351)
(3,287)
4,884
5,861
1,987
4,453
5,267
Amortization of debt costs
Other non-cash revenue and expenses
Adjusted Funds From Operations
1,198
1,222
1,257
1,434
1,730
1,190
1,831
505
(376)
(372)
$43,028
$43,825
$29,935
$39,827
$44,871
Funds from operations per diluted share
$0.32
$0.42
$0.28
$0.28
$0.34
Normalized funds from operations per diluted share
$0.34
$0.42
$0.29
$0.34
$0.34
Adjusted funds from operations per diluted share
$0.37
$0.38
$0.25
$0.33
$0.37
33View entire presentation