(1) Reflects fair value and other gains (losses) net of income taxes
TOTAL RETURN(US Millions, except per share information) 2012 2011 --------- ---------Funds from operations $ 650 $ 640Fair value gains, net of non-controlling interests 910 1,198Preferred share dividends (70) (58) --------- ---------Total return $ 1,490 $ 1,780 --------- ---------Total return per diluted share(1) $ 2.93 $ 3.50 --------- ---------
(1) The calculation of total return per diluted share includes potential common shares at December 31, 2012, and December 31, 2011, from the exercise of options as well as restricted stock but excludes the effects of settling our capital securities in common shares as we intend to redeem our capital securities for cash prior to conversion
COMMERCIAL PROPERTY NET OPERATING INCOME(US Millions) Three Months Ended Twelve Months Ended -------------------- -------------------- 12/31/12 12/31/11 12/31/12 12/31/11 --------- --------- --------- ---------Revenue from continuing operations $ 579 $ 510 $ 2,195 $ 1,677Operating expenses (233) (205) (850) (663) --------- --------- --------- ---------Net operating income $ 346 $ 305 $ 1,345 $ 1,014 --------- --------- --------- ---------
DISCONTINUED OPERATIONS(US Millions) Three Months Ended Twelve Months Ended -------------------- -------------------- 12/31/12 12/31/11 12/31/12 12/31/11 --------- --------- --------- ---------Commercial revenue from discontinued operations $ 11 $ 14 $ 54 $ 55Operating expenses (8) (8) (29) (28) --------- --------- --------- ---------Commercial net operating income from discontinued operations 3 6 25 27Residential development revenue - - - 83Operating expenses - - - (70) --------- --------- --------- ---------Residential development net operating income - - - 13Interest and other income - - - 1Interest expense (2) (2) (6) (7) --------- --------- --------- ---------Funds from discontinued operations 1 4 19 34Fair value and other gains (losses) 8 (9) (7) 19Income taxes related to discontinued operations and other - 1 - (4) --------- --------- --------- ---------Discontinued operations $ 9 $ (4) $ 12 $ 49 --------- --------- --------- ---------
Contact:
Melissa Coley
Vice President, Investor Relations and Communications
Tel: 212.417.7215
Email: Email Contact
