OPERATING DATA: (in thousands, except per share data) The Company The Cali Group _________________________________ _________________________________ August 31, January 1, Year Ended 1994 to 1994 to Year Ended December 31, December 31, August 30, December 31, 1996 1995 1994 1994 1993 1992 _____________________________________________________________________________________________________________________________ Revenues $95,472 $62,335 $16,841 $33,637 $47,900 $45,300 Operating and other expenses $29,662 $20,705 $ 5,240 $11,155 $16,408 $15,163 General and administrative $ 5,800 $ 3,712 $ 1,079 $ 2,288 $ 2,618 $ 2,773 Depreciation and amortization $15,812 $12,111 $ 3,764 $ 5,454 $ 8,231 $ 7,640 Interest expense $12,677 $ 8,661 $ 1,768 $13,608 $21,707 $21,896 Income (loss) before gain on sale of rental property, minority interest and extraordinary items $31,521 $17,146 $ 4,990 $ (110) $ (1,064) $ (2,172) Gain on sale of rental property $ 5,658 $ - $ - $ - $ - $ - Income (loss) before extraordinary items $32,419 $13,638 $ 3,939 $ (110) $(1,064) $(2,172) Net income per common share $1.73 $1.23 $0.38 Dividends declared per common share $1.75 $1.66 $0.54 ============================================================================================================================= BALANCE SHEET DATA: (in thousands) The Company The Cali Group _________________________________________ _____________________________ December 31, December 31, 1996 1995 1994 1993 1992 _________________________________________________________________________________________________________________________________Rental property, before accumulated depreciation and amortization $ 853,352 $387,675 $234,470 $213,675 $210,407 Total assets $1,026,328 $363,949 $225,295 $208,828 $208,863 Mortgages and loans payable $ 268,010 $135,464 $ 77,000 $231,981 $230,385 Total liabilities $ 297,985 $150,058 $ 88,081 $243,163 $241,052 Stockholders' equity (partners' deficit) $ 701,379 $185,808 $108,311 $(34,355) $(32,189) ================================================================================================================================== OTHER DATA: (in thousands) The Company The Cali Group ___________________________________ _____________________________________ August 31, January 1, Year Ended 1994 to 1994 to Year Ended December 31, December 31, August 30, December 31, 1996 1995 1994 1994 1993 1992 ___________________________________________________________________________________________________________________________________
Cash flows provided by operating activities $ 46,823 $28,446 $ 6,367 $ 6,328 $ 2,735 $5,883 Cash flows (used in) provided by investing activities $(307,752) $(133,736) $(8,947) $ 1,975 $(3,227) $(5,633) Cash flows provided by (used in) financing activities $ 464,769 $99,863 $ 8,974 $(1,038) $ (886) $5,283 Funds from Operations after straight-lining of rents before minority interest of unitholders (2) $ 45,220 $27,397 $ 8,404
(2) The Company considers Funds from Operations ("FFO"), after adjustment for straight-lining of rents, one measure of real estate investment trust ("REIT") performance.
FFO is defined as net income (loss) before minority interest of unitholders computed in accordance with Generally Accepted Accounting Principles ("GAAP"), excluding gains (or losses) from debt restructuring and sales of property, plus real estate-related depreciation and amortization. FFO should not be considered as an alternative for net income as an indication of the Company's performance or to cash flows as a measure of liquidity. FFO presented herein is not necessarily comparable to FFO presented by other real estate companies due to the fact that not all real estate companies use the same definition. However, the Company's FFO is comparable to the FFO of real estate companies that use the current definition of the National Association of Real Estate Investment Trusts ("NAREIT"), as published in March 1995, after the adjustment for straight-lining of rents.