"At-The-Market" Equity Program
During the quarter, the Company sold 3.2 million common shares of beneficial interest through its "at-the-market" equity program at an average sales price of $13.60 per share, resulting in net proceeds of $43.0 million, bringing full-year net proceeds from the program to $102.2 million. At December 31, 2012, the Company had 3.9 million shares available for sale under the existing Sales Agreement.
Quarterly Dividend
On December 10, 2012, the Company declared a dividend of $0.11 per common share, representing a 37.5% increase from the previous quarterly rate. The dividend was paid on January 15, 2013 to common shareholders of record on January 2, 2013.
Also on December 10, 2012, the Company declared a dividend of $0.484375 for the 7.75% Series A Cumulative Redeemable Preferred Shares. The dividend was paid on January 15, 2013 to holders of record on January 2, 2013.
2013 Financial Outlook
"Our expectations for 2013 reflect a continuation of the strong, accelerating performance that we have seen in recent periods," stated Tim Martin, Chief Financial Officer. "Our 2013 NOI guidance contemplates healthy revenue growth as well as meaningful increases in real estate taxes. Additionally, our balance sheet remains well-positioned to support our strategic growth initiatives through broad access to a variety of capital sources."
The Company estimates that its fully diluted FFO per share for 2013 will be between $0.80 and $0.86, and that its fully diluted net income (loss) per share for the period will be between ($0.03) and $0.03. The Company's estimate is based on the following key assumptions:
•For 2013, a same-store pool consisting of 333 assets totaling 22.1 million square feet. •Same-store net operating income ("NOI") growth of 5.0% to 6.0% over 2012, driven by revenue growth of 4.75% to 5.25% and expense growth of 3.5% to 4.5%. •General and administrative expenses of approximately $29.0 million to $30.0 million.
Due to uncertainty related to the timing and terms of transactions, the impact of future investment activity is excluded from guidance. For 2013, the Company is targeting $75 million to $125 million of acquisitions and $20 million to $40 million of dispositions.
2013 Full Year Guidance Range or Value-------------------------------------------------------- -------------------Loss per diluted share allocated to common shareholders $(0.03) to $ 0.03Plus: real estate depreciation and amortization 0.83 0.83 ------ ------FFO per diluted share $ 0.80 to $ 0.86 ====== ======
The Company estimates that its fully-diluted FFO per share for the quarter ending March 31, 2013 will be between $0.19 and $0.20, and that its fully-diluted net loss per share for the period will be between $0.02 and $0.03.
1st Quarter 2013 Guidance Range or Value------------------------------------------------------- -------------------Loss per diluted share allocated to common shareholders $(0.03) to $(0.02)Plus: real estate depreciation and amortization 0.22 0.22 ------ ------FFO per diluted share $ 0.19 to $ 0.20 ====== ======
