|
Consolidated Statements Of Operations (USD $) In Thousands, except Per Share data, unless otherwise specified
|
3 Months Ended |
|
Mar. 31, 2012
|
Mar. 31, 2011
|
| REVENUES |
|
|
| Base rents |
$ 148,667 |
$ 147,711 |
| Escalations and recoveries from tenants |
20,150 |
27,180 |
| Construction services |
3,463 |
3,799 |
| Real estate services |
1,208 |
1,232 |
| Other income |
9,492 |
4,291 |
| Total revenues |
182,980 |
184,213 |
| EXPENSES |
|
|
| Real estate taxes |
22,903 |
24,795 |
| Utilities |
16,102 |
19,742 |
| Operating services |
26,604 |
30,346 |
| Direct construction costs |
3,278 |
3,582 |
| General and administrative |
10,807 |
8,623 |
| Depreciation and amortization |
47,822 |
47,707 |
| Total expenses |
127,516 |
134,795 |
| Operating income |
55,464 |
49,418 |
| OTHER (EXPENSE) INCOME |
|
|
| Interest expense |
(30,629) |
(30,892) |
| Interest and other investment income |
13 |
10 |
| Equity in earnings (loss) of unconsolidated joint ventures |
600 |
(101) |
| Total other (expense) income |
(30,016) |
(30,983) |
| Income from continuing operations |
25,448 |
18,435 |
| Discontinued operations: |
|
|
| Income (loss) from discontinued operations |
(193) |
140 |
| Realized gains (losses) and unrealized losses on disposition of rental property, net |
4,012 |
|
| Total discontinued operations, net |
3,819 |
140 |
| Net income |
29,267 |
18,575 |
| Noncontrolling interest in consolidated joint ventures |
79 |
110 |
| Noncontrolling interest in Operating Partnership |
(3,113) |
(2,437) |
| Noncontrolling interest in discontinued operations |
(466) |
(19) |
| Preferred stock dividends |
|
(500) |
| Net income available to common shareholders |
$ 25,767 |
$ 15,729 |
| Basic earnings per common share: |
|
|
| Income from continuing operations |
$ 0.25 |
$ 0.19 |
| Discontinued operations |
$ 0.04 |
|
| Net income available to common shareholders |
$ 0.29 |
$ 0.19 |
| Diluted earnings per common share: |
|
|
| Income from continuing operations |
$ 0.25 |
$ 0.19 |
| Discontinued operations |
$ 0.04 |
|
| Net income available to common shareholders |
$ 0.29 |
$ 0.19 |
| Basic weighted average shares outstanding |
87,799 |
82,948 |
| Diluted weighted average shares outstanding |
100,062 |
96,015 |