The company's funds from operations for first quarter 2002 is $21,051,000 or $0.44 per diluted share. This figure has decreased from the first quarter of last year, when FFO was $23,739,000 or $0.51 per share.

First quarter 2002 results are $37,688,000 versus $41,346,000 for the same period of last year, while diluted net income available to common stockholders is $(2,053,000) compared to $13,248,000 in the first quarter of 2001. A charge of $12,472,000 is included in net income for 2002 for impairment of assets.

The net loss results from aggregate non-cash charges of $14,537,000, with $8,305,000 relating to a change in the estimated recovery of deferred rents and receivables for facilities in lease up. The recent impairment of an unrelated asset accounts for $4,167,000 worth of the charges; while the remaining $2,065,000 is due to impairment of certain assets the company is holding for sale. According to the company's recently released announcement, "these charges had no impact to FFO, although the decision to no longer record straight-lined rent in certain cases adversely impacted first quarter FFO by $.04 per share."

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM Digital Member, you’ll receive:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more information visit Asset & Logo Licensing.

Capital Markets
Office