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Acquisitions of Real Estate Property (Tables)
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12 Months Ended |
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Dec. 31, 2012
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| Business acquisition |
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| Fair values of the assets acquired and liabilities assumed at the date of acquisition |
We are accounting for our 2012 acquisitions under the acquisition method in accordance with ASC Topic 805, Business Combinations (“ASC 805”), and we have completed our initial accounting for these acquisitions, which are subject to further adjustment. The following table summarizes the acquisition date fair values of the assets acquired and liabilities assumed, which we determined using level two and level three inputs (in thousands): | | | | | | | | | | | | | | | | | | Cogdell | | Sunrise | | Other | | Total | | (In thousands) | Land and improvements | $ | 93,585 |
| | $ | 41,689 |
| | $ | 59,538 |
| | $ | 194,812 |
| Buildings and improvements | 626,302 |
| | 311,888 |
| | 782,870 |
| | 1,721,060 |
| Construction in progress | 23,944 |
| | — |
| | 1,653 |
| | 25,597 |
| Acquired lease intangibles | 117,132 |
| | 14,320 |
| | 71,347 |
| | 202,799 |
| Other assets | 24,466 |
| | 890 |
| | 20,520 |
| | 45,876 |
| Total assets acquired | 885,429 |
| | 368,787 |
| | 935,928 |
| | 2,190,144 |
| Notes payable and other debt | 213,430 |
| | — |
| | 199,395 |
| | 412,825 |
| Other liabilities | 51,280 |
| | 10,565 |
| | 65,837 |
| | 127,682 |
| Total liabilities assumed | 264,710 |
| | 10,565 |
| | 265,232 |
| | 540,507 |
| Noncontrolling interest assumed | 29,058 |
| | — |
| | 8,640 |
| | 37,698 |
| Net assets acquired | 591,661 |
| | 358,222 |
| | 662,056 |
| | 1,611,939 |
| Cash acquired | 12,202 |
| | — |
| | 12,669 |
| | 24,871 |
| Total cash used | $ | 579,459 |
| | $ | 358,222 |
| | $ | 649,387 |
| | $ | 1,587,068 |
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| The effect of material acquisitions on net income and earnings per share |
naudited Pro Forma The following table illustrates the effect on net income and earnings per share as if we had consummated the ASLG and NHP acquisitions as of January 1, 2010: | | | | | | | | | | For the Year Ended December 31, | | 2011 | | 2010 | | (In thousands, except per share amounts) | Revenues | $ | 2,256,319 |
| | $ | 2,178,897 |
| Income from continuing operations attributable to common stockholders | 583,446 |
| | 321,637 |
| Earnings per common share: | | | | Basic: | | | | Income from continuing operations attributable to common stockholders | $ | 2.03 |
| | $ | 1.14 |
| Diluted: | | | | Income from continuing operations attributable to common stockholders | $ | 2.02 |
| | $ | 1.14 |
| Weighted average shares used in computing earnings per common share: | | | | Basic | 286,856 |
| | 281,333 |
| Diluted | 289,193 |
| | 282,382 |
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ASLG
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| Business acquisition |
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| Fair values of the assets acquired and liabilities assumed at the date of acquisition |
| | | | | Land and improvements | $ | 341,540 |
| Buildings and improvements | 2,876,717 |
| Acquired lease intangibles | 159,610 |
| Other assets | 215,708 |
| Total assets acquired | 3,593,575 |
| Notes payable and other debt | 1,629,212 |
| Deferred tax liability | 43,466 |
| Other liabilities | 202,278 |
| Total liabilities assumed | 1,874,956 |
| Net assets acquired | 1,718,619 |
| Cash acquired | 77,718 |
| Equity issued | 1,376,437 |
| Total cash used | $ | 264,464 |
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NHP
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| Business acquisition |
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| Fair values of the assets acquired and liabilities assumed at the date of acquisition |
| | | | | Land and improvements | $ | 701,154 |
| Buildings and improvements | 6,147,737 |
| Acquired lease intangibles | 493,125 |
| Investment in unconsolidated entities | 93,553 |
| Other assets | 815,968 |
| Total assets acquired | 8,251,537 |
| Notes payable and other debt | 1,882,752 |
| Other liabilities | 720,420 |
| Total liabilities assumed | 2,603,172 |
| Redeemable OP unitholder interests assumed | 100,888 |
| Noncontrolling interest assumed (including redeemable interests) | 76,658 |
| Net assets acquired | 5,470,819 |
| Cash acquired | 29,205 |
| Equity issued | 5,365,819 |
| Total cash used | $ | 75,795 |
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