|
Consolidated Statements Of Operations (USD $)
In Thousands, except Per Share data, unless otherwise specified
|
3 Months Ended |
9 Months Ended |
|
Sep. 30, 2013
|
Sep. 30, 2012
|
Sep. 30, 2013
|
Sep. 30, 2012
|
| REVENUES |
|
|
|
|
| Base rents |
$ 134,882 |
$ 132,388 |
$ 403,943 |
$ 401,920 |
| Escalations and recoveries from tenants |
17,173 |
19,717 |
54,117 |
56,540 |
| Construction services |
678 |
1,169 |
15,650 |
9,235 |
| Real estate services |
7,003 |
1,247 |
20,088 |
3,519 |
| Parking income |
1,642 |
1,427 |
4,631 |
4,553 |
| Other income |
1,127 |
849 |
3,335 |
10,524 |
| Total revenues |
162,505 |
156,797 |
501,764 |
486,291 |
| EXPENSES |
|
|
|
|
| Real estate taxes |
20,572 |
20,472 |
62,055 |
64,587 |
| Utilities |
18,043 |
16,647 |
48,070 |
44,645 |
| Operating services |
25,852 |
24,261 |
76,487 |
71,859 |
| Direct construction costs |
609 |
979 |
14,945 |
8,594 |
| Real estate services expenses |
5,552 |
536 |
15,809 |
1,542 |
| General and administrative |
12,151 |
12,580 |
37,235 |
35,150 |
| Depreciation and amortization |
46,094 |
43,492 |
135,122 |
130,720 |
| Impairments |
48,700 |
|
48,700 |
|
| Total expenses |
177,573 |
118,967 |
438,423 |
357,097 |
| Operating income |
(15,068) |
37,830 |
63,341 |
129,194 |
| OTHER (EXPENSE) INCOME |
|
|
|
|
| Interest expense |
(30,936) |
(30,428) |
(92,075) |
(92,539) |
| Interest and other investment income |
187 |
7 |
1,287 |
27 |
| Equity in earnings (loss) of unconsolidated joint ventures |
(229) |
2,418 |
(2,059) |
4,751 |
| Loss from early extinguishment of debt |
|
|
|
(4,415) |
| Total other (expense) income |
(30,978) |
(28,003) |
(92,847) |
(92,176) |
| Income (loss) from continuing operations |
(46,046) |
9,827 |
(29,506) |
37,018 |
| Discontinued operations: |
|
|
|
|
| Income from discontinued operations |
2,164 |
6,337 |
11,842 |
17,446 |
| Loss from early extinguishment of debt |
|
|
(703) |
|
| Realized gains (losses) and unrealized losses on disposition of rental property and impairments, net |
47,321 |
12 |
61,079 |
2,390 |
| Total discontinued operations, net |
49,485 |
6,349 |
72,218 |
19,836 |
| Net income |
3,439 |
16,176 |
42,712 |
56,854 |
| Noncontrolling interest in consolidated joint ventures |
1,838 |
85 |
1,962 |
256 |
| Noncontrolling interest in Operating Partnership |
5,314 |
(1,207) |
3,295 |
(4,543) |
| Noncontrolling interest in discontinued operations |
(5,948) |
(773) |
(8,699) |
(2,418) |
| Net income available to common shareholders |
$ 4,643 |
$ 14,281 |
$ 39,270 |
$ 50,149 |
| Basic earnings per common share: |
|
|
|
|
| Income (loss) from continuing operations |
$ (0.44) |
$ 0.10 |
$ (0.28) |
$ 0.37 |
| Discontinued operations |
$ 0.49 |
$ 0.06 |
$ 0.73 |
$ 0.20 |
| Net income available to common shareholders |
$ 0.05 |
$ 0.16 |
$ 0.45 |
$ 0.57 |
| Diluted earnings per common share: |
|
|
|
|
| Income (loss) from continuing operations |
$ (0.44) |
$ 0.10 |
$ (0.28) |
$ 0.37 |
| Discontinued operations |
$ 0.49 |
$ 0.06 |
$ 0.73 |
$ 0.20 |
| Net income available to common shareholders |
$ 0.05 |
$ 0.16 |
$ 0.45 |
$ 0.57 |
| Basic weighted average shares outstanding |
87,793 |
87,826 |
87,724 |
87,814 |
| Diluted weighted average shares outstanding |
99,787 |
100,075 |
99,778 |
100,071 |