Funds from Operations Modified were $6.4 million, excluding an after-tax, debt extinguishment and interest rate derivative charge of ($1.5 million), related to a $50 million repayment and amendment to a term loan. FFOM including the debt extinguishment and interest rate derivative charge described above was $4.9 million for the second quarter of 2009. During the same period in 2008, FFOM was $7.3 million. FFOM adds back to traditionally defined Funds from Operations non-cash amortization of non-real estate related intangible assets associated with purchase accounting.
FFO for the second quarter of 2009 was $5.6 million, excluding the debt extinguishment and interest rate derivative charge described above. FFO including the debt extinguishment and interest rate derivative charge described above was $4.1 million for the second quarter of 2009. During the same period in 2008, FFO was $4.8 million.
Net income (loss) attributable to Cogdell Spencer for the second quarter of 2009 was ($1.0 million), excluding the debt extinguishment and interest rate derivative charge described above. Net income (loss) attributable to Cogdell Spencer including the debt extinguishment and interest rate derivative charge described above was ($2.3 million) for the second quarter of 2009. During the same period in 2008, net income (loss) was ($1.8 million).
As of June 30, 2009, the Company’s portfolio consisted of 62 consolidated wholly-owned and joint venture properties, comprising a total of approximately 3.3 million net rentable square feet. The overall percentage of leased space at the Company’s 62 in-service, consolidated properties as of June 30, 2009, was 90.9 percent. In addition, the Company has three unconsolidated joint venture properties comprising a total of approximately 0.2 million net rentable square feet and manages 50 properties for third party clients comprising a total of approximately 2.2 million net rentable square feet.
Read the release on the Cogdell Spencer Q2 financial results.
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