Funds from operations, or FFO, for the quarter ended March 31, 2010, were $94.3 million, or $0.76 per share, compared to FFO for the quarter ended March 31, 2009, of $89.6 million, or $0.95 per share. FFO for the quarter ended March 31, 2009, excludes a $26.6 million, or $0.28 per share, gain on extinguishment of debt. A reconciliation of FFO to net income as reported under generally accepted accounting principles, or GAAP, appears on page 4 of this press release.
Net income available for common shareholders was $33.4 million, or $0.27 per share, for the quarter ended March 31, 2010, compared to $53.6 million, or $0.57 per share, for the same quarter last year. Net income available for common shareholders for the quarter ended March 31, 2009, included the $26.6 million gain on extinguishment of debt.
The weighted average number of common shares outstanding totaled 123.4 million and 94.0 million for the quarters ended March 31, 2010 and 2009, respectively.
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