Also looks like they took a substantial hit again for Taberna-76 million. maybe by the end of 2013 we can have this issue behind us, just destroys EPS, not that anyone who knows better should care, but it is the recognized financial reporting number, so it would be nice to see it be more representative of actual results.
In fairness, even those who recognize that FFO is the best metric for REITs will be disappoined by RAS unless thiey look closely at the effects of the Taberna consolidation. The Tabernas are consolidated in RAS' FFO number, and that will continue to lead to non-cash charges until RAS moves back into the money on the Tabernas. The good news is that RAS was about $200M from returning to the money at the end of 1Q and they are now less than $130M away. It remains that RAS is at least 2 quarters, and probably closer to 3 years, away from being back in the money from the Tabernas.
The only way to understand RAS is to focus on AFFO, and that metric showed some impressive gains this quarter.