|
Consolidated Statements Of Operations (USD $)
In Thousands, except Per Share data, unless otherwise specified
|
3 Months Ended |
9 Months Ended |
|
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2012
|
Sep. 30, 2011
|
| REVENUES |
|
|
|
|
| Base rents |
$ 146,424 |
$ 148,268 |
$ 443,709 |
$ 443,971 |
| Escalations and recoveries from tenants |
21,925 |
21,323 |
62,862 |
72,251 |
| Construction services |
1,169 |
2,359 |
9,235 |
8,984 |
| Real estate services |
1,285 |
1,353 |
3,606 |
3,737 |
| Other income |
2,409 |
2,134 |
15,242 |
9,875 |
| Total revenues |
173,212 |
175,437 |
534,654 |
538,818 |
| EXPENSES |
|
|
|
|
| Real estate taxes |
22,258 |
14,261 |
70,061 |
63,189 |
| Utilities |
17,859 |
19,845 |
48,405 |
56,244 |
| Operating services |
27,643 |
27,604 |
82,092 |
86,217 |
| Direct construction costs |
979 |
2,290 |
8,594 |
8,656 |
| General and administrative |
12,638 |
8,675 |
35,343 |
26,507 |
| Depreciation and amortization |
47,829 |
48,082 |
143,642 |
143,635 |
| Total expenses |
129,206 |
120,757 |
388,137 |
384,448 |
| Operating income |
44,006 |
54,680 |
146,517 |
154,370 |
| OTHER (EXPENSE) INCOME |
|
|
|
|
| Interest expense |
(30,510) |
(31,041) |
(92,784) |
(92,849) |
| Interest and other investment income |
7 |
9 |
27 |
29 |
| Equity in earnings (loss) of unconsolidated joint ventures |
2,418 |
539 |
4,751 |
1,174 |
| Loss from early extinguishment of debt |
|
|
(4,415) |
|
| Total other (expense) income |
(28,085) |
(30,493) |
(92,421) |
(91,646) |
| Income from continuing operations |
15,921 |
24,187 |
54,096 |
62,724 |
| Discontinued operations: |
|
|
|
|
| Income (loss) from discontinued operations |
243 |
(104) |
368 |
225 |
| Realized gains (losses) and unrealized losses on disposition of rental property, net |
12 |
|
2,390 |
|
| Total discontinued operations, net |
255 |
(104) |
2,758 |
225 |
| Net income |
16,176 |
24,083 |
56,854 |
62,949 |
| Noncontrolling interest in consolidated joint ventures |
85 |
96 |
256 |
308 |
| Noncontrolling interest in Operating Partnership |
(1,949) |
(3,028) |
(6,624) |
(8,001) |
| Noncontrolling interest in discontinued operations |
(31) |
13 |
(337) |
(30) |
| Preferred stock dividends |
|
(664) |
|
(1,664) |
| Net income available to common shareholders |
$ 14,281 |
$ 20,500 |
$ 50,149 |
$ 53,562 |
| Basic earnings per common share: |
|
|
|
|
| Income from continuing operations |
$ 0.16 |
$ 0.24 |
$ 0.54 |
$ 0.63 |
| Discontinued operations |
|
|
$ 0.03 |
|
| Net income available to common shareholders |
$ 0.16 |
$ 0.24 |
$ 0.57 |
$ 0.63 |
| Diluted earnings per common share: |
|
|
|
|
| Income from continuing operations |
$ 0.16 |
$ 0.24 |
$ 0.54 |
$ 0.62 |
| Discontinued operations |
|
|
$ 0.03 |
|
| Net income available to common shareholders |
$ 0.16 |
$ 0.24 |
$ 0.57 |
$ 0.62 |
| Basic weighted average shares outstanding |
87,826 |
87,019 |
87,814 |
85,649 |
| Diluted weighted average shares outstanding |
100,075 |
99,917 |
100,071 |
98,631 |