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Trend Analysis--Quarterly (click here for Annual Analysis)

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Funds From Operations
 2009 Q32008 Q3Y-Y
Ch (%)		2009 Q2Q-Q
Ch (%)†
Funds from Operations ($000)36,95438,323(3.57)37,927(10.26)
FFO per Share ($)0.810.84(3.57)0.84(14.29)
AFFO per Share0.650.68(4.41)0.68(17.65)
Income Statement ($000)
 2009 Q32008 Q3Y-Y
Ch (%)		2009 Q2Q-Q
Ch (%)†
Rental Revenue126,284128,424(1.67)126,518(0.74)
Partnership Income000.0000.00
Total Revenue126,317128,474(1.68)126,614(0.94)
Rental Operating Expense51,95953,006(1.98)51,6122.69
Expenses119,152118,1850.82118,3612.67
Net Income7,2207,301(1.11)8,282(51.29)
Rental NOI74,32575,418(1.45)74,906(3.10)
Diluted EPS before Extraordinary Items ($)0.160.23(30.43)0.18(44.44)
Diluted EPS after Extraordinary Items ($)0.160.23(30.43)0.18(44.44)
Dividends Declared per Common Share ($)0.67000.66001.520.67000.00
Avg Diluted Shares Out (actual)33,091,76432,395,0322.1532,919,4062.09
Balance Sheet ($000)
 2009 Q32008 Q3Y-Y
Ch (%)		2009 Q2Q-Q
Ch (%)†
Properties at Cost: Operational3,749,8443,674,4052.053,731,0512.01
Accumulated Depreciation714,815619,01015.48684,66317.62
Net Properties: Operational3,035,0293,055,395(0.67)3,046,388(1.49)
Land Held for Development000.0000.00
Total Real Estate Investments3,199,7263,143,4531.793,192,6890.88
Total Assets3,282,1033,224,2311.793,263,6492.26
Total Debt2,345,6562,243,5004.552,306,8366.73
Total Liabilities2,425,2572,332,2573.992,386,2096.55
Common Equity629,882632,917(0.48)636,500(4.16)
Common Shares Outstanding (actual)33,488,76032,219,1313.9433,040,2525.43
Convertible Operating Partnership Units (actual)11,895,50013,009,300(8.56)12,336,300(14.29)
Same Store Operations
 2009 Q32008 Q3Y-Y
Ch (bp)		2009 Q2Q-Q
Ch (bp)
Same-store NOI: Change from Prior (%)(0.50)2.60(310)(1.40)90
EBITDA
 2009 Q32008 Q3Y-Y
Ch (bp)		2009 Q2Q-Q
Ch (bp)
Recurring EBITDA/ Interest Expense (x)2.222.32(10) (100bp)2.27(5) (100bp)
Recurring EBITDA/ Interest & Preferred Dividends (x)2.222.32(10) (100bp)2.27(5) (100bp)
Income Statement Ratios
 2009 Q32008 Q3Y-Y
Ch (bp)		2009 Q2Q-Q
Ch (bp)
Dividend Payout to FFO (%)82.7278.57579.7615
G&A/ Revenue (%)4.834.6344.94(8)
Profitability Ratios
 2009 Q32008 Q3Y-Y
Ch (bp)		2009 Q2Q-Q
Ch (bp)
Return on Average Assets (%)0.880.91(3)1.02(13)
Return on Average Equity (%)3.334.62(129)3.73(40)
  † Q-Q Ch(%)= most recent quarter minus prior quarter annualized e.g. [(Q4-Q3)/Q3]*4

  * Percentages presented for individual quarters are annualized by taking the quarter amount and multiplying by four.