Jones Lang LaSalle Income Property Trust, Inc.
 
 
FFO Calculation
 
 
 
 
September 30, 2015
 
 
 
 
($ in thousands, except share and per share amounts)
 
 
 
 
 
 
 
 
 
 
 
 
 
RECONCILIATION OF GAAP NET INCOME TO FUNDS FROM OPERATIONS
Three months ended September 30, 2015
Nine months ended September 30, 2015
Net (loss) income attributable to JLLIPT
 
$
(3,289
)
$
19,871

     Adjustments:
 
 
 
 
          Depreciation of real estate assets
 
9,585

23,509

          Gain on disposal of real estate assets
 

(23,754
)
 
 
 
 
 
Funds From Operations (FFO)
 
$
6,296

$
19,626

 
 
 
 
 
Weighted Average Shares Outstanding
 
63,528,103

55,849,531

 
 
 
 
 
FFO per Share
 
 
$
0.10

$
0.35

 
 
 
 
 
FFO to Gross Dividends Coverage Ratio
 
73
%
90
%
 
 
 
 
 
 
 
 
 
 
ADJUSTED FUNDS FROM OPERATIONS
 
 
 
 
 
 
 
 
Funds From Operations (FFO)
 
$
6,296

$
19,626

     Adjustments:
 
 
 
 
          Straight-line rental income
 
(104
)
(663
)
          Amortization of above- and below-market leases
 
(590
)
(1,216
)
          Amortization of net discount on assumed debt
 
(81
)
(240
)
          Loss on derivative instruments and extinguishment of debt
99

1,286

          Performance fee
 
895

895

          Acquisition expense
 
482

1,120

 
 
 
 
 
Adjusted Funds From Operations (AFFO)
 
$
6,997

$
20,808

 
 
 
 
 
AFFO per Share
 
 
$
0.11

$
0.37

 
 
 
 
 
AFFO to Gross Dividends Coverage Ratio
 
81
%
96
%