|
Consolidated Statements Of Operations (USD $)
In Thousands, except Per Share data, unless otherwise specified
|
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
| REVENUES |
|
|
|
|
| Base rents |
$ 144,034 |
$ 143,031 |
$ 286,273 |
$ 286,337 |
| Escalations and recoveries from tenants |
18,314 |
19,970 |
38,971 |
39,246 |
| Construction services |
6,746 |
4,604 |
14,972 |
8,066 |
| Real estate services |
6,642 |
1,100 |
13,085 |
2,271 |
| Parking income |
1,603 |
1,530 |
3,002 |
3,141 |
| Other income |
599 |
1,810 |
2,356 |
9,692 |
| Total revenues |
177,938 |
172,045 |
358,659 |
348,753 |
| EXPENSES |
|
|
|
|
| Real estate taxes |
21,001 |
24,228 |
43,842 |
46,467 |
| Utilities |
14,425 |
14,103 |
31,610 |
29,738 |
| Operating services |
27,096 |
26,223 |
54,168 |
51,204 |
| Direct construction costs |
6,511 |
4,337 |
14,336 |
7,615 |
| Real estate services expenses |
5,304 |
501 |
10,257 |
1,006 |
| General and administrative |
13,157 |
11,873 |
25,162 |
22,643 |
| Depreciation and amortization |
48,422 |
46,326 |
94,482 |
92,526 |
| Impairments |
23,851 |
|
23,851 |
|
| Total expenses |
159,767 |
127,591 |
297,708 |
251,199 |
| Operating income |
18,171 |
44,454 |
60,951 |
97,554 |
| OTHER (EXPENSE) INCOME |
|
|
|
|
| Interest expense |
(31,271) |
(31,565) |
(61,140) |
(62,112) |
| Interest and other investment income |
1,094 |
7 |
1,100 |
20 |
| Equity in earnings (loss) of unconsolidated joint ventures |
(80) |
1,733 |
(1,830) |
2,333 |
| Loss from early extinguishment of debt |
|
(4,415) |
|
(4,415) |
| Total other (expense) income |
(30,257) |
(34,240) |
(61,870) |
(64,174) |
| Income (loss) from continuing operations |
(12,086) |
10,214 |
(919) |
33,380 |
| Discontinued operations: |
|
|
|
|
| Income from discontinued operations |
1,364 |
2,831 |
3,286 |
4,920 |
| Loss from early extinguishment of debt |
(703) |
|
(703) |
|
| Realized gains (losses) and unrealized losses on disposition of rental property, net |
37,609 |
(1,634) |
37,609 |
2,378 |
| Total discontinued operations, net |
38,270 |
1,197 |
40,192 |
7,298 |
| Net income |
26,184 |
11,411 |
39,273 |
40,678 |
| Noncontrolling interest in consolidated joint ventures |
62 |
92 |
124 |
171 |
| Noncontrolling interest in Operating Partnership |
1,455 |
(1,256) |
93 |
(4,090) |
| Noncontrolling interest in discontinued operations |
(4,630) |
(146) |
(4,863) |
(891) |
| Net income available to common shareholders |
$ 23,071 |
$ 10,101 |
$ 34,627 |
$ 35,868 |
| Basic earnings per common share: |
|
|
|
|
| Income (loss) from continuing operations |
$ (0.12) |
$ 0.10 |
$ (0.01) |
$ 0.34 |
| Discontinued operations |
$ 0.38 |
$ 0.01 |
$ 0.40 |
$ 0.07 |
| Net income available to common shareholders |
$ 0.26 |
$ 0.11 |
$ 0.39 |
$ 0.41 |
| Diluted earnings per common share: |
|
|
|
|
| Income (loss) from continuing operations |
$ (0.12) |
$ 0.10 |
$ (0.01) |
$ 0.34 |
| Discontinued operations |
$ 0.38 |
$ 0.01 |
$ 0.40 |
$ 0.07 |
| Net income available to common shareholders |
$ 0.26 |
$ 0.11 |
$ 0.39 |
$ 0.41 |
| Basic weighted average shares outstanding |
87,708 |
87,817 |
87,688 |
87,808 |
| Diluted weighted average shares outstanding |
99,780 |
100,069 |
99,773 |
100,065 |