|
Consolidated Statements Of Operations (USD $)
In Thousands, except Per Share data
|
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2011
|
Jun. 30, 2010
|
Jun. 30, 2011
|
Jun. 30, 2010
|
| REVENUES |
 |
 |
 |
 |
| Base rents |
$ 149,652 |
$ 149,692 |
$ 299,075 |
$ 302,385 |
| Escalations and recoveries from tenants |
24,026 |
25,837 |
51,610 |
51,956 |
| Construction services |
2,826 |
22,357 |
6,625 |
33,219 |
| Real estate services |
1,151 |
1,669 |
2,383 |
3,646 |
| Other income |
3,452 |
3,230 |
7,744 |
6,162 |
| Total revenues |
181,107 |
202,785 |
367,437 |
397,368 |
| EXPENSES |
 |
 |
 |
 |
| Real estate taxes |
24,386 |
25,912 |
49,431 |
48,073 |
| Utilities |
16,887 |
16,409 |
36,992 |
36,235 |
| Operating services |
28,648 |
28,073 |
59,464 |
56,754 |
| Direct construction costs |
2,784 |
21,411 |
6,366 |
31,704 |
| General and administrative |
9,226 |
8,658 |
17,855 |
17,072 |
| Depreciation and amortization |
48,268 |
47,474 |
96,416 |
95,964 |
| Total expenses |
130,199 |
147,937 |
266,524 |
285,802 |
| Operating income |
50,908 |
54,848 |
100,913 |
111,566 |
| OTHER (EXPENSE) INCOME |
 |
 |
 |
 |
| Interest expense |
(31,363) |
(37,335) |
(62,702) |
(76,406) |
| Interest and other investment income |
10 |
18 |
20 |
39 |
| Equity in earnings (loss) of unconsolidated joint ventures |
736 |
260 |
635 |
(262) |
| Total other (expense) income |
(30,617) |
(37,057) |
(62,047) |
(76,629) |
| Income from continuing operations |
20,291 |
17,791 |
38,866 |
34,937 |
| Discontinued operations: |
 |
 |
 |
 |
| Income (loss) from discontinued operations |
|
11 |
|
242 |
| Realized gains (losses) and unrealized losses on disposition of rental property, net |
 |
4,447 |
 |
4,447 |
| Total discontinued operations, net |
 |
4,458 |
 |
4,689 |
| Net income |
20,291 |
22,249 |
38,866 |
39,626 |
| Noncontrolling interest in consolidated joint ventures |
102 |
86 |
212 |
173 |
| Noncontrolling interest in Operating Partnership |
(2,560) |
(2,475) |
(5,016) |
(4,897) |
| Noncontrolling interest in discontinued operations |
|
(635) |
|
(668) |
| Preferred stock dividends |
(500) |
(500) |
(1,000) |
(1,000) |
| Net income available to common shareholders |
$ 17,333 |
$ 18,725 |
$ 33,062 |
$ 33,234 |
| Basic earnings per common share: |
 |
 |
 |
 |
| Income from continuing operations |
$ 0.20 |
$ 0.19 |
$ 0.39 |
$ 0.37 |
| Discontinued operations |
|
$ 0.05 |
|
$ 0.05 |
| Net income available to common shareholders |
$ 0.20 |
$ 0.24 |
$ 0.39 |
$ 0.42 |
| Diluted earnings per common share: |
 |
 |
 |
 |
| Income from continuing operations |
$ 0.20 |
$ 0.19 |
$ 0.39 |
$ 0.37 |
| Discontinued operations |
|
$ 0.05 |
|
$ 0.05 |
| Net income available to common shareholders |
$ 0.20 |
$ 0.24 |
$ 0.39 |
$ 0.42 |
| Basic weighted average shares outstanding |
86,936 |
79,203 |
84,953 |
79,089 |
| Diluted weighted average shares outstanding |
99,887 |
92,489 |
97,963 |
92,482 |