|
Consolidated Statements Of Operations (USD $)
In Thousands, except Per Share data, unless otherwise specified
|
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
|
Jun. 30, 2011
|
| REVENUES |
|
|
|
|
| Base rents |
$ 148,618 |
$ 147,992 |
$ 297,285 |
$ 295,703 |
| Escalations and recoveries from tenants |
20,787 |
23,748 |
40,937 |
50,928 |
| Construction services |
4,603 |
2,826 |
8,066 |
6,625 |
| Real estate services |
1,113 |
1,152 |
2,321 |
2,384 |
| Other income |
3,341 |
3,450 |
12,833 |
7,741 |
| Total revenues |
178,462 |
179,168 |
361,442 |
363,381 |
| EXPENSES |
|
|
|
|
| Real estate taxes |
24,900 |
24,133 |
47,803 |
48,928 |
| Utilities |
14,444 |
16,657 |
30,546 |
36,399 |
| Operating services |
27,845 |
28,267 |
54,449 |
58,613 |
| Direct construction costs |
4,337 |
2,784 |
7,615 |
6,366 |
| General and administrative |
11,898 |
9,209 |
22,705 |
17,832 |
| Depreciation and amortization |
47,991 |
47,846 |
95,813 |
95,553 |
| Total expenses |
131,415 |
128,896 |
258,931 |
263,691 |
| Operating income |
47,047 |
50,272 |
102,511 |
99,690 |
| OTHER (EXPENSE) INCOME |
|
|
|
|
| Interest expense |
(31,645) |
(30,916) |
(62,274) |
(61,808) |
| Interest and other investment income |
7 |
10 |
20 |
20 |
| Equity in earnings (loss) of unconsolidated joint ventures |
1,733 |
736 |
2,333 |
635 |
| Loss from early extinguishment of debt |
(4,415) |
|
(4,415) |
|
| Total other (expense) income |
(34,320) |
(30,170) |
(64,336) |
(61,153) |
| Income from continuing operations |
12,727 |
20,102 |
38,175 |
38,537 |
| Discontinued operations: |
|
|
|
|
| Income (loss) from discontinued operations |
318 |
189 |
125 |
329 |
| Realized gains (losses) and unrealized losses on disposition of rental property, net |
(1,634) |
|
2,378 |
|
| Total discontinued operations, net |
(1,316) |
189 |
2,503 |
329 |
| Net income |
11,411 |
20,291 |
40,678 |
38,866 |
| Noncontrolling interest in consolidated joint ventures |
92 |
102 |
171 |
212 |
| Noncontrolling interest in Operating Partnership |
(1,562) |
(2,536) |
(4,675) |
(4,973) |
| Noncontrolling interest in discontinued operations |
160 |
(24) |
(306) |
(43) |
| Preferred stock dividends |
|
(500) |
|
(1,000) |
| Net income available to common shareholders |
$ 10,101 |
$ 17,333 |
$ 35,868 |
$ 33,062 |
| Basic earnings per common share: |
|
|
|
|
| Income from continuing operations |
$ 0.12 |
$ 0.20 |
$ 0.38 |
$ 0.39 |
| Discontinued operations |
$ (0.01) |
|
$ 0.03 |
|
| Net income available to common shareholders |
$ 0.11 |
$ 0.20 |
$ 0.41 |
$ 0.39 |
| Diluted earnings per common share: |
|
|
|
|
| Income from continuing operations |
$ 0.12 |
$ 0.20 |
$ 0.38 |
$ 0.39 |
| Discontinued operations |
$ (0.01) |
|
$ 0.03 |
|
| Net income available to common shareholders |
$ 0.11 |
$ 0.20 |
$ 0.41 |
$ 0.39 |
| Basic weighted average shares outstanding |
87,817 |
86,936 |
87,808 |
84,953 |
| Diluted weighted average shares outstanding |
100,069 |
99,887 |
100,065 |
97,963 |