Investor Presentaiton
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Definitions (cont'd)
NAREIT FFO attributable to stockholders, Adjusted FFO attributable to stockholders, NAREIT FFO per share - Diluted and Adjusted FFO
per share - Diluted
NAREIT FFO attributable to stockholders, presented herein, is calculated as net income (loss) attributable to stockholders (calculated in accordance
with U.S. GAAP), excluding gains (losses) from sales of real estate, the cumulative effect of changes in accounting principles, real estate-related
depreciation, amortization and impairments and adjustments for unconsolidated joint ventures. Adjustments for unconsolidated joint ventures are
calculated to reflect the Company's pro rata share of the FFO of those entities on the same basis. The Company calculates NAREIT FFO
attributable to stockholders for a given operating period in accordance with the guidelines of the NAREIT. As noted by NAREIT in its April 2002
"White Paper on Funds From Operations," since real estate values historically have risen or fallen with market conditions, many industry investors
have considered presentation of operating results for real estate companies that use historical cost accounting to be insufficient by themselves. For
these reasons, NAREIT adopted the FFO metric in order to promote an industry-wide measure of REIT operating performance.
Adjusted FFO attributable to stockholders, presented herein, is NAREIT FFO attributable to stockholders, as previously defined, further adjusted to
exclude: (i) gains or losses on foreign currency transactions; (ii) litigation gains and losses outside the ordinary course of business; (iii) transition
costs related to the Company's establishment as an independent, publicly traded company; (iv) share-based compensation expense; and (v) other
gains and losses that management believes are not representative of the Company's current or future operating performance.
NAREIT FFO attributable to stockholders and Adjusted FFO attributable to stockholders are not recognized terms under U.S. GAAP and should not
be considered as alternatives to net income (loss) or other measures of financial performance or liquidity derived in accordance with U.S. GAAP. In
addition, the Company's definitions of NAREIT FFO attributable to stockholders and Adjusted FFO attributable to stockholders may not be
comparable to similarly titled measures of other companies.
The Company believes that NAREIT FFO attributable to stockholders and Adjusted FFO attributable to stockholders provide useful information to
investors about the Company and its financial condition and results of operations for the following reasons: (i) these measures are among the
measures used by the Company's management team to evaluate its operating performance and make day-to-day operating decisions; and (ii) these
measures are frequently used by securities analysts, investors and other interested parties as a common performance measure to compare results
or estimate valuations across companies in the industry.
NAREIT FFO attributable to stockholders and Adjusted FFO attributable to stockholders have limitations as analytical tools and should not be
considered either in isolation or as a substitute for net income (loss), cash flow or other methods of analyzing results as reported under U.S. GAAP.
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