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Blackstone Properties a national office REIT reported GAAP net income of $78806000 in 2005 It also reported the following income statement items Real estate depreciation

Blackstone Properties, a national office REIT, reported GAAP net income of $78,806,000 in 2005. It also reported the following income statement items:

Real estate depreciation: $147,746,000

Preferred stock dividends: $24,468,000

Allocations to OP unit holders: $26,983,000

Net gains from sale of real estate assets: $2,058,000

Net loss from extraordinary items: $13,786,000

a. What was Blackstone’s funds from operations (FFO) for 2005?

b. Given that Blackstone reported a 2005 net straight-line rental adjustment loss of $14,619,000 and capital expenditures of $27,500,000, what was Blackstone’s adjusted funds from operation (AFFO)?

c. What was Blackstone’s 2005 AFFO/GAAP net income ratio?

d. Given that the REIT paid out $143,826,000 in common stock dividends in 2005, what was its dividend/FFO ratio?

e. What was Blackstone’s plowback ratio based on its AFFO (and deducting distributions to preferred shareholders and OP unit holders as well as common dividends)?

f. By what percentage did Blackstone exceed the 90% minimum earnings payout requirement (based on GAAP net income)?

May 15 2020 View more View Less

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