EPR Properties (NYSE:EPR) today announced operating results for the
second quarter and six months ended June 30, 2013.
Three Months Ended June 30, 2013
-
Total revenue was $83.6 million for the second quarter of 2013,
representing a 7% increase from $78.0 million for the same quarter in
2012.
-
Net income available to common shareholders was $26.5 million, or
$0.56 per diluted common share, for the second quarter of 2013
compared to $30.8 million, or $0.65 per diluted common share, for the
same quarter in 2012.
-
Funds From Operations (FFO) for the second quarter of 2013 was $40.2
million, or $0.85 per diluted common share, compared to $43.1 million,
or $0.92 per diluted common share, for the same quarter in 2012. The
second quarter of 2013 includes $5.9 million of costs associated with
loan refinancing.
-
FFO as adjusted for the second quarter of 2013 was $46.4 million, or
$0.98 per diluted common share, compared to $43.2 million, or $0.92
per diluted common share, for the same quarter in 2012, an increase of
7% per share.
Six Months Ended June 30, 2013
-
Total revenue was $166.9 million for the six months ended June 30,
2013, representing an 8% increase from $154.8 million for the same
period in 2012.
-
Net income available to common shareholders was $61.8 million, or
$1.31 per diluted common share, for the six months ended June 30,
2013, compared to $46.2 million, or $0.98 per diluted common share,
for the same period in 2012.
-
FFO for the six months ended June 30, 2013 was $88.5 million, or $1.88
per diluted common share, compared to $83.4 million, or $1.77 per
diluted common share, for the same period in 2012.
-
FFO as adjusted for the six months ended June 30, 2013 was $90.4
million, or $1.92 per diluted common share, compared to $83.6 million,
or $1.78 per diluted common share, for the same period in 2012, an
increase of 8% per share.
David Brain, President and CEO, commented, "Our strong second quarter
results reflect continuing momentum for EPR Properties as we continue to
increase revenues on a growing base of high quality assets. This
quarter, we expanded our portfolio in all three of our primary segments
while strengthening our balance sheet and lowering our cost of capital
as a result of recent financing activities. Given the extensive
groundwork for growth laid in the first half of the year, I am pleased
to report that we are increasing our earnings guidance for the remainder
of the year."
A reconciliation of FFO to FFO as adjusted follows (unaudited, dollars
in thousands, except per share amounts):
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
|
|
|
|
2013
|
|
|
2012
|
|
|
|
|
|
Amount
|
|
|
FFO/share
|
|
|
Amount
|
|
|
FFO/share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO
|
|
|
$
|
40,184
|
|
|
|
$
|
0.85
|
|
|
|
$
|
43,138
|
|
|
|
$
|
0.92
|
|
|
|
Costs associated with loan refinancing or payoff
|
|
|
5,943
|
|
|
|
0.13
|
|
|
|
—
|
|
|
|
—
|
|
|
|
Transaction costs
|
|
|
224
|
|
|
|
—
|
|
|
|
31
|
|
|
|
—
|
|
|
FFO as adjusted
|
|
|
$
|
46,351
|
|
|
|
$
|
0.98
|
|
|
|
$
|
43,169
|
|
|
|
$
|
0.92
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared per common share
|
|
|
|
|
|
$
|
0.79
|
|
|
|
|
|
|
$
|
0.75
|
|
|
FFO as adjusted payout ratio
|
|
|
|
|
|
81
|
%
|
|
|
|
|
|
82
|
%
|
|
|
|
|
|
Six Months Ended June 30,
|
|
|
|
|
|
2013
|
|
|
2012
|
|
|
|
|
|
Amount
|
|
|
FFO/share
|
|
|
Amount
|
|
|
FFO/share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO
|
|
|
$
|
88,499
|
|
|
|
$
|
1.88
|
|
|
|
$
|
83,409
|
|
|
|
$
|
1.77
|
|
|
|
Costs associated with loan refinancing or payoff
|
|
|
5,943
|
|
|
|
0.13
|
|
|
|
—
|
|
|
|
—
|
|
|
|
Transaction costs
|
|
|
542
|
|
|
|
0.01
|
|
|
|
189
|
|
|
|
0.01
|
|
|
|
Gain on early extinguishment of debt
|
|
|
(4,539
|
)
|
|
|
(0.10
|
)
|
|
|
—
|
|
|
|
—
|
|
|
FFO as adjusted
|
|
|
$
|
90,445
|
|
|
|
$
|
1.92
|
|
|
|
$
|
83,598
|
|
|
|
$
|
1.78
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared per common share
|
|
|
|
|
|
$
|
1.58
|
|
|
|
|
|
|
$
|
1.50
|
|
|
FFO as adjusted payout ratio
|
|
|
|
|
|
82
|
%
|
|
|
|
|
|
84
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio Update
As of June 30, 2013, the Company's portfolio of owned entertainment
properties consisted of 10.7 million square feet and was 99% leased,
including 114 megaplex theatres that were 100% leased. The Company's
portfolio of owned education properties consisted of 2.5 million square
feet, including 41 public charter schools, and was 100% leased. The
Company's portfolio of owned recreation properties was 100% leased. The
Company's overall owned portfolio consisted of 13.9 million square feet
and was 98% leased. Additionally, the Company had $77.5 million in
property under development and $199.0 million in land held for
development.
As of June 30, 2013, the Company's real estate mortgage loan portfolio
had a carrying value of $482.3 million and included financing provided
for three entertainment properties, seven education properties and 15
recreation properties.
Investment Update
The Company's investment spending in the second quarter of 2013 totaled
approximately $84.0 million (bringing the year-to-date investment
spending to $122.7 million), and included investments in each of its
four operating segments.
Entertainment investment spending in the second quarter of 2013 totaled
$20.0 million, and related primarily to investments in build-to-suit
construction of six megaplex theatres and one family entertainment
center that are subject to long-term triple net leases or long-term
mortgage agreements.
Education investment spending in the second quarter of 2013 totaled
$45.4 million, and related to investments in build-to-suit construction
of 13 public charter schools and one early childhood education center as
well as the acquisition of an early childhood education center located
in Peoria, Arizona and a public charter school located in Columbia,
South Carolina, all of which are subject to long-term triple net leases
or long-term mortgage agreements.
Recreation investment spending in the second quarter of 2013 totaled
$17.4 million, and related to fundings under the Company's mortgage
notes for improvements at existing ski and waterpark properties. In
addition, the Company's recreation investment spending related to
build-to-suit construction of three TopGolf golf entertainment
facilities as well as funding improvements at the Company's ski property
located in Maryland.
Other investment spending in the second quarter of 2013 totaled $1.2
million and related to the land held for development in Sullivan County,
New York.
Balance Sheet Update
The Company's balance sheet remains strong with a debt to gross assets
ratio (defined as total long-term debt to total assets plus accumulated
depreciation) of 43% at June 30, 2013. The Company had $20.0 million of
unrestricted cash on hand and $24.0 million of debt outstanding under
its unsecured revolving credit facility at June 30, 2013.
On June 18, 2013, the Company issued $275.0 million in senior unsecured
notes due on July 15, 2023. The notes bear interest at a rate of 5.25%
and are guaranteed by certain of the Company's subsidiaries. The Company
used the proceeds from the note offering to (a) repay $89.5 million CAD
($87.9 million US) of outstanding fixed rate mortgage debt secured by
four entertainment retail centers located in Ontario, Canada, (b) repay
$56.4 million of outstanding fixed rate mortgage debt secured by the
Company's entertainment retail center located in New Rochelle, New York
and (c) partially pay down its unsecured revolving credit facility. In
connection with the repayment in full of the mortgage notes, $239
thousand of net deferred financing costs were written off and $5.7
million of additional costs associated with loan payoff were incurred.
Subsequent to June 30, 2013, the Company amended and restated both its
$400.0 million unsecured revolving credit facility as well as its $255.0
million unsecured term loan facility.
The amendments to the unsecured revolving credit facility included (a)
increasing the initial amount by $40.0 million from $400.0 million to
$440.0 million and increasing the accordion from $100.0 million to
$160.0 million, (b) extending the maturity date from October 13, 2015,
to July 23, 2017 (with the Company having the same right as before to
extend the loan for one additional year) and (c) lowering the interest
rate and facility fee pricing.
The amendments to the unsecured term loan facility included (a)
increasing the initial amount by $10.0 million from $255.0 million to
$265.0 million and increasing the accordion so that the maximum amount
available under the facility goes from $350.0 million to $400.0 million,
(b) extending the maturity date from January 5, 2017, to July 23, 2018,
and (c) lowering the interest rate in all but the lowest rating
agencies' ratings categories.
Dividend Information
The Company declared regular monthly cash dividends during the second
quarter totaling $0.79 per common share. The Company also declared and
paid second quarter cash dividends of $0.359375 per share on its 5.75%
Series C cumulative convertible preferred shares, $0.5625 per share on
its 9.00% Series E cumulative convertible preferred shares and
$0.4140625 per share on its 6.625% Series F cumulative redeemable
preferred shares.
Guidance Update
The Company is increasing its range for FFO as adjusted per share to
$3.83 to $3.93 from $3.79 to $3.94 and is maintaining its previously
announced 2013 guidance for investment spending of $300.0 million to
$350.0 million.
In addition to the $122.7 million in investment spending through the
second quarter, 2013 investment spending guidance includes approximately
$125.0 million of additional expected investment spending over the
balance of the year related to projects already in process and
approximately $70.0 million of additional investment spending related to
projects that have been approved but had not yet closed at June 30,
2013. Beyond these expected investments, the Company continues to
maintain a significant investment pipeline.
Quarterly Supplemental
The Company's supplemental information package for the second quarter
and six months ended June 30, 2013 is available on the Company's website
at http://eprkc.com/earnings-releases-supplemental.
|
|
|
|
|
|
|
|
|
EPR Properties
Consolidated Statements of Income
(Unaudited, dollars in thousands except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
|
Six Months Ended June 30,
|
|
|
|
|
2013
|
|
|
2012
|
|
|
2013
|
|
|
2012
|
|
Rental revenue
|
|
|
$
|
60,765
|
|
|
|
$
|
58,305
|
|
|
|
$
|
121,552
|
|
|
|
$
|
115,563
|
|
|
Tenant reimbursements
|
|
|
4,452
|
|
|
|
4,365
|
|
|
|
9,196
|
|
|
|
9,186
|
|
|
Other income
|
|
|
104
|
|
|
|
107
|
|
|
|
128
|
|
|
|
133
|
|
|
Mortgage and other financing income
|
|
|
18,236
|
|
|
|
15,212
|
|
|
|
36,031
|
|
|
|
29,885
|
|
|
Total revenue
|
|
|
83,557
|
|
|
|
77,989
|
|
|
|
166,907
|
|
|
|
154,767
|
|
|
Property operating expense
|
|
|
5,990
|
|
|
|
5,687
|
|
|
|
12,995
|
|
|
|
12,061
|
|
|
Other expense
|
|
|
243
|
|
|
|
339
|
|
|
|
437
|
|
|
|
689
|
|
|
General and administrative expense
|
|
|
6,051
|
|
|
|
5,821
|
|
|
|
12,703
|
|
|
|
12,288
|
|
|
Costs associated with loan refinancing or payoff
|
|
|
5,943
|
|
|
|
—
|
|
|
|
5,943
|
|
|
|
—
|
|
|
Gain on early extinguishment of debt
|
|
|
—
|
|
|
|
—
|
|
|
|
(4,539
|
)
|
|
|
—
|
|
|
Interest expense, net
|
|
|
20,000
|
|
|
|
18,459
|
|
|
|
39,989
|
|
|
|
36,600
|
|
|
Transaction costs
|
|
|
224
|
|
|
|
31
|
|
|
|
542
|
|
|
|
189
|
|
|
Impairment charges
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
3,998
|
|
|
Depreciation and amortization
|
|
|
13,776
|
|
|
|
12,069
|
|
|
|
27,214
|
|
|
|
23,808
|
|
|
Income before equity in income
from joint ventures and
discontinued
operations
|
|
|
31,330
|
|
|
|
35,583
|
|
|
|
71,623
|
|
|
|
65,134
|
|
|
Equity in income from joint ventures
|
|
|
466
|
|
|
|
278
|
|
|
|
817
|
|
|
|
324
|
|
|
Income from continuing operations
|
|
|
$
|
31,796
|
|
|
|
$
|
35,861
|
|
|
|
$
|
72,440
|
|
|
|
$
|
65,458
|
|
|
Discontinued operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from discontinued operations
|
|
|
680
|
|
|
|
519
|
|
|
|
677
|
|
|
|
875
|
|
|
Impairment charges
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(8,845
|
)
|
|
Gain on sale or acquisition of real estate
|
|
|
—
|
|
|
|
438
|
|
|
|
565
|
|
|
|
720
|
|
|
Net income
|
|
|
32,476
|
|
|
|
36,818
|
|
|
|
73,682
|
|
|
|
58,208
|
|
|
Net income attributable to noncontrolling interests
|
|
|
—
|
|
|
|
(19
|
)
|
|
|
—
|
|
|
|
(37
|
)
|
|
Net income attributable to EPR Properties
|
|
|
32,476
|
|
|
|
36,799
|
|
|
|
73,682
|
|
|
|
58,171
|
|
|
Preferred dividend requirements
|
|
|
(5,952
|
)
|
|
|
(6,002
|
)
|
|
|
(11,904
|
)
|
|
|
(12,003
|
)
|
|
Net income available to common shareholders of EPR Properties
|
|
|
$
|
26,524
|
|
|
|
$
|
30,797
|
|
|
|
$
|
61,778
|
|
|
|
$
|
46,168
|
|
|
Per share data attributable to EPR Properties common shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations
|
|
|
$
|
0.55
|
|
|
|
$
|
0.64
|
|
|
|
$
|
1.29
|
|
|
|
$
|
1.14
|
|
|
Income (loss) from discontinued operations
|
|
|
0.01
|
|
|
|
0.02
|
|
|
|
0.03
|
|
|
|
(0.15
|
)
|
|
Net income available to common shareholders
|
|
|
$
|
0.56
|
|
|
|
$
|
0.66
|
|
|
|
$
|
1.32
|
|
|
|
$
|
0.99
|
|
|
Diluted earnings per share data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations
|
|
|
$
|
0.55
|
|
|
|
$
|
0.63
|
|
|
|
$
|
1.28
|
|
|
|
$
|
1.13
|
|
|
Income (loss) from discontinued operations
|
|
|
0.01
|
|
|
|
0.02
|
|
|
|
0.03
|
|
|
|
(0.15
|
)
|
|
Net income available to common shareholders
|
|
|
$
|
0.56
|
|
|
|
$
|
0.65
|
|
|
|
$
|
1.31
|
|
|
|
$
|
0.98
|
|
|
Shares used for computation (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
47,081
|
|
|
|
46,826
|
|
|
|
46,969
|
|
|
|
46,751
|
|
|
Diluted
|
|
|
47,294
|
|
|
|
47,068
|
|
|
|
47,172
|
|
|
|
47,006
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EPR Properties
Reconciliation of Net Income Available to Common Shareholders
to Funds From Operations (FFO) (A)
(Unaudited, dollars in thousands except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
|
Six Months Ended June 30,
|
|
|
|
|
2013
|
|
|
2012
|
|
|
2013
|
|
|
2012
|
|
FFO:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available to common shareholders of EPR Properties
|
|
|
$
|
26,524
|
|
|
|
$
|
30,797
|
|
|
|
$
|
61,778
|
|
|
|
$
|
46,168
|
|
|
Gain on sale or acquisition of property
|
|
|
—
|
|
|
|
(438
|
)
|
|
|
(565
|
)
|
|
|
(720
|
)
|
|
Real estate depreciation and amortization
|
|
|
13,498
|
|
|
|
12,635
|
|
|
|
26,967
|
|
|
|
24,832
|
|
|
Allocated share of joint venture depreciation
|
|
|
162
|
|
|
|
144
|
|
|
|
319
|
|
|
|
286
|
|
|
Impairment charges
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
12,843
|
|
|
FFO available to common shareholders of EPR Properties
|
|
|
$
|
40,184
|
|
|
|
$
|
43,138
|
|
|
|
$
|
88,499
|
|
|
|
$
|
83,409
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO per common share attributable to EPR Properties:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
0.85
|
|
|
|
$
|
0.92
|
|
|
|
$
|
1.88
|
|
|
|
$
|
1.78
|
|
|
Diluted
|
|
|
0.85
|
|
|
|
0.92
|
|
|
|
1.88
|
|
|
|
1.77
|
|
|
Shares used for computation (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
47,081
|
|
|
|
46,826
|
|
|
|
46,969
|
|
|
|
46,751
|
|
|
Diluted
|
|
|
47,294
|
|
|
|
47,068
|
|
|
|
47,172
|
|
|
|
47,006
|
|
|
Other financial information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Straight-lined rental revenue
|
|
|
$
|
707
|
|
|
|
$
|
493
|
|
|
|
$
|
1,921
|
|
|
|
$
|
881
|
|
|
Dividends per common share
|
|
|
$
|
0.79
|
|
|
|
$
|
0.75
|
|
|
|
$
|
1.58
|
|
|
|
$
|
1.50
|
|
|
(A)
|
|
The National Association of Real Estate Investment Trusts (“NAREIT”)
developed FFO as a relative non-GAAP financial measure of
performance of an equity REIT in order to recognize that
income-producing real estate historically has not depreciated on the
basis determined under GAAP and management provides FFO herein
because it believes this information is useful to investors in this
regard. FFO is a widely used measure of the operating performance of
real estate companies and is provided here as a supplemental measure
to GAAP net income available to common shareholders and earnings per
share. Pursuant to the definition of FFO by the Board of Governors
of NAREIT, we calculate FFO as net income available to common
shareholders, computed in accordance with GAAP, excluding gains and
losses from sales or acquisitions of depreciable operating
properties and impairment losses of depreciable real estate, plus
real estate related depreciation and amortization, and after
adjustments for unconsolidated partnerships, joint ventures and
other affiliates. Adjustments for unconsolidated partnerships, joint
ventures and other affiliates are calculated to reflect FFO on the
same basis. We have calculated FFO for all periods presented in
accordance with this definition. FFO is a non-GAAP financial
measure. FFO does not represent cash flows from operations as
defined by GAAP and is not indicative that cash flows are adequate
to fund all cash needs and is not to be considered an alternative to
net income or any other GAAP measure as a measurement of the results
of our operations or our cash flows or liquidity as defined by GAAP.
It should also be noted that not all REITs calculate FFO the same
way so comparisons with other REITs may not be meaningful. In
addition to FFO, we present FFO as adjusted. Management believes it
is useful to provide it here as a supplemental measure to GAAP net
income available to common shareholders and earnings per share. FFO
as adjusted is FFO plus charges for loan losses, costs (gain)
associated with loan refinancing or payoff, net, preferred share
redemption costs and transaction costs, less gain on early
extinguishment of debt. FFO as adjusted is a non-GAAP financial
measure. FFO as adjusted does not represent cash flows from
operations as defined by GAAP and is not indicative that cash flows
are adequate to fund all cash needs and is not to be considered an
alternative to net income or any other GAAP measure as a measurement
of the results of the Company's operations, cash flows or liquidity
as defined by GAAP.
|
|
|
|
|
|
|
|
The additional 1.9 million common shares that would result from the
conversion of the Company's 5.75% Series C cumulative convertible
preferred shares and the additional 1.6 million common shares that
would result from the conversion of the Company's 9.00% Series E
cumulative convertible preferred shares and the corresponding
add-back of the preferred dividends declared on those shares are not
included in the calculation of diluted earnings per share and FFO
per share for the three and six months ended June 30, 2013 and 2012
because the effect is not-dilutive.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EPR Properties
Condensed Consolidated Balance Sheets
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2013
|
|
|
December 31, 2012
|
|
Assets
|
|
|
(unaudited)
|
|
|
|
|
Rental properties, net of accumulated depreciation of $394,872 and
$375,684
at June 30, 2013 and December 31, 2012, respectively
|
|
|
$
|
1,860,670
|
|
|
|
$
|
1,885,093
|
|
Rental properties held for sale, net
|
|
|
2,788
|
|
|
|
2,788
|
|
Land held for development
|
|
|
199,001
|
|
|
|
196,177
|
|
Property under development
|
|
|
77,492
|
|
|
|
29,376
|
|
Mortgage notes and related accrued interest receivable
|
|
|
482,262
|
|
|
|
455,752
|
|
Investment in a direct financing lease, net
|
|
|
239,803
|
|
|
|
234,089
|
|
Investment in joint ventures
|
|
|
12,962
|
|
|
|
11,971
|
|
Cash and cash equivalents
|
|
|
20,030
|
|
|
|
10,664
|
|
Restricted cash
|
|
|
17,030
|
|
|
|
23,991
|
|
Deferred financing costs, net
|
|
|
21,187
|
|
|
|
19,679
|
|
Accounts receivable, net
|
|
|
39,354
|
|
|
|
38,738
|
|
Other assets
|
|
|
43,706
|
|
|
|
38,412
|
|
Total assets
|
|
|
$
|
3,016,285
|
|
|
|
$
|
2,946,730
|
|
Liabilities and Equity
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities
|
|
|
$
|
51,722
|
|
|
|
$
|
65,481
|
|
Dividends payable
|
|
|
18,370
|
|
|
|
41,186
|
|
Unearned rents and interest
|
|
|
16,821
|
|
|
|
11,333
|
|
Long-term debt
|
|
|
1,474,735
|
|
|
|
1,368,832
|
|
Total liabilities
|
|
|
1,561,648
|
|
|
|
1,486,832
|
|
EPR Properties shareholders’ equity
|
|
|
1,454,260
|
|
|
|
1,459,521
|
|
Noncontrolling interests
|
|
|
377
|
|
|
|
377
|
|
Total equity
|
|
|
1,454,637
|
|
|
|
1,459,898
|
|
Total liabilities and equity
|
|
|
$
|
3,016,285
|
|
|
|
$
|
2,946,730
|
|
|
|
|
|
|
|
|
|
|
|
About EPR Properties
EPR Properties is a specialty real estate investment trust (REIT) that
invests in properties in select market segments which require unique
industry knowledge, while offering the potential for stable and
attractive returns. Our total investments exceed $3.2 billion and our
primary investment segments are Entertainment, Recreation and Education.
We adhere to rigorous underwriting and investing criteria centered on
key industry and property level cash flow standards. We believe our
focused niche approach provides a competitive advantage, and the
potential for higher growth and better yields. Further information is
available at www.eprkc.com.
CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS
With the exception of historical information, certain statements
contained or incorporated by reference herein may contain
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended (the “Securities Act”), and
Section 21E of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), such as those pertaining to our acquisition or
disposition of properties, our capital resources, future expenditures
for development projects, and our results of operations. Forward-looking
statements involve numerous risks and uncertainties and you should not
rely on them as predictions of actual events. There is no
assurance the events or circumstances reflected in the forward-looking
statements will occur. You can identify forward-looking
statements by use of words such as “will be,” “intend,” “continue,”
“believe,” “may,” “expect,” “hope,” “anticipate,” “goal,” “forecast,”
“expects,” “pipeline,” “anticipates,” “estimates,” “offers,” “plans,”
“would” or other similar expressions or other comparable terms or
discussions of strategy, plans or intentions contained or incorporated
by reference herein. While references to commitments for
investment spending are based on present commitments and agreements of
the Company, we cannot provide assurance that these transactions will be
completed on satisfactory terms. In addition, references to our
budgeted amounts and guidance are forward-looking statements. Forward-looking
statements necessarily are dependent on assumptions, data or methods
that may be incorrect or imprecise. These forward-looking
statements represent our intentions, plans, expectations and beliefs and
are subject to numerous assumptions, risks and uncertainties. Many of
the factors that will determine these items are beyond our ability to
control or predict. For further discussion of these factors see “Item
1A. Risk Factors” in our most recent Annual Report on Form 10-K and, to
the extent applicable, our Quarterly Reports on Form 10-Q.
For these statements, we claim the protection of the safe harbor for
forward-looking statements contained in the Private Securities
Litigation Reform Act of 1995. You are cautioned not to place undue
reliance on our forward-looking statements, which speak only as of the
date hereof or the date of any document incorporated by reference
herein. All subsequent written and oral forward-looking statements
attributable to us or any person acting on our behalf are expressly
qualified in their entirety by the cautionary statements contained or
referred to in this section. We do not undertake any obligation to
release publicly any revisions to our forward-looking statements to
reflect events or circumstances after the date hereof.
Copyright Business Wire 2013