What time period is the data from in each year?
All partnership operating data such as net asset values (NAV), revenue, debt and earnings are as of 12/31 of the prior year. The pricing information is as of the March/April timeframe of the designated year. In other words, the operating data for a partnership for 2012 is as of 12/31/11 and the price per share is the weighted average price as of March/April 2012.
The data is matched in this manner because the operating data is not released to the public by the partnership until the March/April timeframe. Therefore, the partnership's financial data is not reflected in the price per share of the partnership until March/April of the following year. Consequently, we match the operating data from the prior year with the pricing data that reflects when this information would be reflected in the price of the partnership.
The matching of the price and operating financial data is important because events occur during the year that may skew this relationship. For example, a partnership may refinance its debt or sell a property. These events would effect the price, operating data or NAV of the partnership. The data must be matched properly to prevent the use of incorrect information. For example, using a 12/31/11 NAV with a September price per share when a property was sold in July would result in an incorrect Price to NAV ratio.