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(1) Includes properties and entities held through joint ventures and associates
(2) Comprises $137 million of commercial properties and $1 million of other assets at December 31, 2012 (December 31, 2011 -- $423 million and $2 million, respectively)
(3) Comprises $64 million of commercial property debt and $6 million of other liabilities at December 31, 2012 (December 31, 2011 -- $210 million and $7 million, respectively)
CONSOLIDATED STATEMENTS OF INCOME(US Millions, except per share information) Three Months Ended Twelve Months Ended -------------------- -------------------- 12/31/12 12/31/11 12/31/12 12/31/11 --------- --------- --------- ---------Commercial property revenue $ 579 $ 510 $ 2,195 $ 1,677Direct commercial property expense 233 205 850 663Interest and other income 24 16 87 130Interest expense Commercial property debt 169 142 625 483 Capital securities 12 14 50 57Administrative expense 42 39 168 149 --------- --------- --------- ---------Income (loss) from continuing operations before gains and other items, fair value gains, share of net earnings from equity accounted investments and income taxes 147 126 589 455Gains (losses) and other items, net - - - 150Fair value gains (losses), net 238 302 1,004 957Share of net earnings from equity accounted investments(1) 26 110 127 599 --------- --------- --------- ---------Income (loss) from continuing operations before income taxes 411 538 1,720 2,161Income taxes 45 140 264 314 --------- --------- --------- ---------Income (loss) from continuing operations 366 398 1,456 1,847Income (loss) from discontinued operations 9 (4) 12 49 --------- --------- --------- ---------Net income (loss) $ 375 $ 394 $ 1,468 $ 1,896Non-controlling interests 33 56 181 206 --------- --------- --------- ---------Net income (loss) attributable to common shareholders 342 338 1,287 1,690 --------- --------- --------- ---------
(1) Includes valuation gains of $2 million and $79 million, respectively, for the three months ended December 31, 2012 and December 31, 2011, and gains of $22 million and $389 million for the twelve months ended December 31, 2012 and December 31, 2011, respectively
Three Months Ended Twelve Months Ended -------------------- -------------------- 12/31/12 12/31/11 12/31/12 12/31/11 --------- --------- --------- ---------Earnings (loss) per share attributable to common shareholders - basicContinuing operations $ 0.62 $ 0.65 $ 2.39 $ 3.15Discontinued operations 0.02 (0.01) 0.03 0.09 --------- --------- --------- --------- $ 0.64 $ 0.64 $ 2.42 $ 3.24 --------- --------- --------- --------- Three Months Ended Twelve Months Ended -------------------- -------------------- 12/31/12 12/31/11 12/31/12 12/31/11 --------- --------- --------- ---------Earnings (loss) per share attributable to common shareholders - dilutedContinuing operations $ 0.58 $ 0.59 $ 2.23 $ 2.83Discontinued operations 0.01 (0.01) 0.02 0.09 --------- --------- --------- --------- $ 0.59 $ 0.58 $ 2.25 $ 2.92 --------- --------- --------- ---------RECONCILATION TO FUNDS FROM OPERATIONS(US Millions, except per share amounts) Three Months Ended Twelve Months Ended -------------------- -------------------- 12/31/12 12/31/11 12/31/12 12/31/11 --------- --------- --------- ---------Net income (loss) attributable to common shareholders $ 342 $ 338 $ 1,287 $ 1,690Add (deduct) non-cash and certain other items: Fair value and other (gains) losses (238) (302) (1,004) (957) Fair value adjustments in earnings from equity accounted investments (2) (79) (22) (389) Gains (losses) and other items - - - (150) Non-controlling interests in above items 22 46 118 151 Income taxes 45 140 264 314 Discontinued operations(1) (8) 8 7 (15) Cash payments under interest rate swap contracts - - - (4) --------- --------- --------- ---------Funds from operations $ 161 $ 151 $ 650 $ 640Preferred share dividends (20) (17) (70) (58) --------- --------- --------- ---------FFO attributable to common shareholders $ 141 $ 134 $ 580 $ 582 --------- --------- --------- ---------Weighted average common shares outstanding 507.4 506.1 508.0 507.9FFO per common share $ 0.28 $ 0.26 $ 1.14 $ 1.14 --------- --------- --------- ---------
