|
Consolidated Statements Of Operations (USD $)
In Thousands, except Per Share data, unless otherwise specified
|
3 Months Ended |
|
Mar. 31, 2013
|
Mar. 31, 2012
|
| REVENUES |
|
|
| Base rents |
$ 143,263 |
$ 144,288 |
| Escalations and recoveries from tenants |
20,748 |
19,409 |
| Construction services |
8,226 |
3,463 |
| Real estate services |
6,443 |
1,171 |
| Parking income |
1,399 |
1,611 |
| Other income |
1,753 |
7,881 |
| Total revenues |
181,832 |
177,823 |
| EXPENSES |
|
|
| Real estate taxes |
22,976 |
22,384 |
| Utilities |
17,359 |
15,816 |
| Operating services |
27,394 |
25,256 |
| Direct construction costs |
7,825 |
3,278 |
| Real estate services expenses |
4,952 |
504 |
| General and administrative |
12,017 |
10,793 |
| Depreciation and amortization |
46,504 |
46,594 |
| Total expenses |
139,027 |
124,625 |
| Operating income |
42,805 |
53,198 |
| OTHER (EXPENSE) INCOME |
|
|
| Interest expense |
(29,869) |
(30,548) |
| Interest and other investment income |
6 |
13 |
| Equity in earnings (loss) of unconsolidated joint ventures |
(1,750) |
600 |
| Total other (expense) income |
(31,613) |
(29,935) |
| Income from continuing operations |
11,192 |
23,263 |
| Discontinued operations: |
|
|
| Income (loss) from discontinued operations |
1,897 |
1,992 |
| Realized gains (losses) and unrealized losses on disposition of rental property, net |
|
4,012 |
| Total discontinued operations, net |
1,897 |
6,004 |
| Net income |
13,089 |
29,267 |
| Noncontrolling interest in consolidated joint ventures |
62 |
79 |
| Noncontrolling interest in Operating Partnership |
(1,365) |
(2,846) |
| Noncontrolling interest in discontinued operations |
(230) |
(733) |
| Net income available to common shareholders |
$ 11,556 |
$ 25,767 |
| Basic earnings per common share: |
|
|
| Income from continuing operations |
$ 0.11 |
$ 0.23 |
| Discontinued operations |
$ 0.02 |
$ 0.06 |
| Net income available to common shareholders |
$ 0.13 |
$ 0.29 |
| Diluted earnings per common share: |
|
|
| Income from continuing operations |
$ 0.11 |
$ 0.23 |
| Discontinued operations |
$ 0.02 |
$ 0.06 |
| Net income available to common shareholders |
$ 0.13 |
$ 0.29 |
| Basic weighted average shares outstanding |
87,669 |
87,799 |
| Diluted weighted average shares outstanding |
99,849 |
100,062 |