|
Consolidated Statements Of Operations (USD $) In Thousands, except Per Share data, unless otherwise specified
|
12 Months Ended |
|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
| REVENUES |
|
|
|
| Base rents |
$ 600,163 |
$ 602,357 |
$ 611,061 |
| Escalations and recoveries from tenants |
94,047 |
101,699 |
103,057 |
| Construction services |
12,058 |
62,997 |
21,910 |
| Real estate services |
5,199 |
7,874 |
9,359 |
| Other income |
12,812 |
12,553 |
13,538 |
| Total revenues |
724,279 |
787,480 |
758,925 |
| EXPENSES |
|
|
|
| Real estate taxes |
87,473 |
93,535 |
93,322 |
| Utilities |
73,274 |
74,077 |
70,927 |
| Operating services |
117,645 |
114,452 |
110,169 |
| Direct construction costs |
11,458 |
60,255 |
20,323 |
| General and administrative |
35,541 |
35,003 |
39,779 |
| Depreciation and amortization |
193,587 |
191,168 |
200,732 |
| Impairment charge on rental property |
|
9,521 |
|
| Total expenses |
518,978 |
578,011 |
535,252 |
| Operating income |
205,301 |
209,469 |
223,673 |
| OTHER (EXPENSE) INCOME |
|
|
|
| Interest expense |
(125,975) |
(149,329) |
(140,068) |
| Interest and other investment income |
39 |
86 |
570 |
| Equity in earnings (loss) of unconsolidated joint ventures |
2,022 |
2,276 |
(5,560) |
| Loss from early extinguishment of debt |
|
(3,752) |
|
| Gain on reduction of other obligations |
|
|
1,693 |
| Total other (expense) income |
(123,914) |
(150,719) |
(143,365) |
| Income from continuing operations |
81,387 |
58,750 |
80,308 |
| Discontinued operations: |
|
|
|
| Income (loss) from discontinued operations |
|
242 |
(17) |
| Impairment charge on rental property |
|
|
(16,563) |
| Realized gains (losses) and unrealized losses on disposition of rental property, net |
|
4,447 |
|
| Total discontinued operations, net |
|
4,689 |
(16,580) |
| Net income |
81,387 |
63,439 |
63,728 |
| Noncontrolling interest in consolidated joint ventures |
402 |
262 |
943 |
| Noncontrolling interest in Operating Partnership |
(10,369) |
(8,133) |
(12,550) |
| Noncontrolling interest in discontinued operations |
|
(668) |
2,447 |
| Preferred stock dividends |
(1,736) |
(2,000) |
(2,000) |
| Net income available to common shareholders |
$ 69,684 |
$ 52,900 |
$ 52,568 |
| Basic earnings per common share: |
|
|
|
| Income from continuing operations |
$ 0.81 |
$ 0.62 |
$ 0.90 |
| Discontinued operations |
|
$ 0.05 |
$ (0.19) |
| Net income available to common shareholders |
$ 0.81 |
$ 0.67 |
$ 0.71 |
| Diluted earnings per common share: |
|
|
|
| Income from continuing operations |
$ 0.81 |
$ 0.62 |
$ 0.90 |
| Discontinued operations |
|
$ 0.05 |
$ (0.19) |
| Net income available to common shareholders |
$ 0.81 |
$ 0.67 |
$ 0.71 |
| Basic weighted average shares outstanding |
86,047 |
79,224 |
74,318 |
| Diluted weighted average shares outstanding |
98,962 |
92,477 |
88,389 |