Good Growth in Revenues, FFO,AFFOs STRONG OPERATING AND FINANCIAL RESULTS
Operating revenues increased to $9.7 million and $18.8 million for the three and six months ended June 30, 2015, respectively, from $7.2 million and $14.2 million, respectively, in the same periods last year due to increased occupancies, successful leasing activities through the first six months of 2015, and the REIT's portfolio growth over the prior twelve months. Occupancy increased to 99.0% at June 30, 2015 from 98.9% at the same time last year.
Net Operating Income (NOI) rose to $6.7 million and $13.0 million in the second quarter and first six months of 2015, respectively, compared to $5.1 million and $10.5 million, respectively, in the same prior year periods.
Funds from Operations (FFO) for the three and six months ended June 30, 2015 were $4.2 million ($0.148 per Unit) and $8.3 million ($0.293 per Unit), respectively, up from $2.9 million ($0.146 per Unit) and $5.9 million ($0.314 per Unit) in the second quarter and first six months of 2014, respectively. Adjusted Funds from Operations (AFFO) for the three and six months ended June 30, 2015 were $3.2 million ($0.112 per Unit) and $6.7 million ($0.237 per Unit), respectively, up from $2.4 million ($0.123 per Unit) and $5.2 million ($0.276 per Unit) in the second quarter and first six months of 2014, respectively. The increases in FFO and AFFO are due primarily to the contribution from acquisitions completed over the prior twelve months and increased occupancies.