|
Condensed Consolidated Statements of Operations (Unaudited) (USD $)
In Thousands, except Share data |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
|
Jun. 30, 2011
|
Jun. 30, 2010
|
Jun. 30, 2011
|
Jun. 30, 2010
|
|
| Revenues: | Â | Â | Â | Â |
| Rental and other property income | $ 62,853 | $ 60,010 | $ 123,836 | $ 118,953 |
| Tenant reimbursement income | 3,906 | 3,551 | 8,693 | 7,126 |
| Earned income from direct financing leases | 485 | 497 | 971 | 1,071 |
| Interest income on mortgage notes receivable | 1,611 | 1,671 | 3,232 | 3,347 |
| Interest income on marketable securities | 521 | 1,907 | 2,459 | 3,793 |
| Total revenue | 69,376 | 67,636 | 139,191 | 134,290 |
| Expenses: | Â | Â | Â | Â |
| General and administrative expenses | 1,941 | 1,840 | 3,943 | 3,893 |
| Property operating expenses | 5,655 | 5,169 | 11,467 | 10,264 |
| Property and asset management expenses | 4,106 | 4,065 | 8,462 | 8,377 |
| Acquisition related expenses | 1,956 | 625 | 2,318 | 625 |
| Depreciation | 14,912 | 14,018 | 29,569 | 28,044 |
| Amortization | 7,077 | 8,043 | 14,474 | 15,056 |
| Impairment of real estate assets | 0 | 4,500 | 0 | 4,500 |
| Total operating expenses | 35,647 | 38,260 | 70,233 | 70,759 |
| Operating income | 33,729 | 29,376 | 68,958 | 63,531 |
| Other income (expense): | Â | Â | Â | Â |
| Equity in income (loss) of unconsolidated joint ventures and other income | 368 | (10) | 536 | 86 |
| Gain on sale of marketable securities | 7,728 | 0 | 15,587 | 0 |
| Interest expense | (26,898) | (25,626) | (53,419) | (50,850) |
| Total other expense | (18,802) | (25,636) | (37,296) | (50,764) |
| Net income | $ 14,927 | $ 3,740 | $ 31,662 | $ 12,767 |
| Weighted average number of common shares outstanding: | Â | Â | Â | Â |
| Basic | 209,586,828 | 206,653,839 | 209,430,055 | 205,989,957 |
| Diluted | 209,586,828 | 206,656,925 | 209,430,055 | 205,993,403 |
| Net income per common share: | Â | Â | Â | Â |
| Basic and diluted | $ 0.07 | $ 0.02 | $ 0.15 | $ 0.06 |
| Distributions declared per common share | $ 0.16 | $ 0.16 | $ 0.31 | $ 0.31 |