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discontinued operations - - - 228
Depreciation and
amortization -
consolidated entities -
continuing operations 21,506 17,665 58,525 54,556
Depreciation and
amortization - allocable
to minority interest
of consolidated
joint ventures (8) - (25) -
Funds from operations
available to common
shares and partnership
and LTIP units $35,563 $30,792 $101,325 $98,773
Funds from operations
per share - diluted $0.48 $0.45 $1.40 $1.45
Weighted-average common
shares outstanding
- diluted 74,714,841 68,274,908 72,120,329 68,262,086
We present funds from operations, or FFO, available to common shares
and partnership and LTIP units because we consider it an important
supplemental measure of our operating performance and believe it is
frequently used by securities analysts, investors and other interested
parties in the evaluation of REITs, many of which present FFO when
reporting their results. FFO is intended to exclude GAAP historical cost
depreciation and amortization of real estate and related assets, which
assumes that the value of real estate assets diminishes ratably over time.
Historically, however, real estate values have risen or fallen with market
conditions. Because FFO excludes depreciation and amortization unique to
real estate, gains and losses from property dispositions and extraordinary
items, it provides a performance measure that, when compared year over
year, reflects the impact to operations from trends in occupancy rates,
rental rates, operating costs, development activities and interest costs,
providing perspective not immediately apparent from net income. We compute
FFO in accordance with standards established by the Board of Governors of
the National
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