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Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (USD $)
In Thousands, except Per Share data
3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
Property revenues        
Rental revenues $ 141,219 $ 129,614 $ 279,999 $ 258,465
Other property revenues 23,887 21,677 46,254 42,278
Total property revenues 165,106 151,291 326,253 300,743
Property expenses        
Property operating and maintenance 47,726 43,885 93,951 87,656
Real estate taxes 17,896 18,039 35,603 36,115
Total property expenses 65,622 61,924 129,554 123,771
Non-property income        
Fee and asset management 2,471 2,045 4,309 3,883
Interest and other income 86 492 4,857 3,537
Income (loss) on deferred compensation plans 1,375 (3,582) 7,329 (100)
Total non-property income (loss) 3,932 (1,045) 16,495 7,320
Other expenses        
Property management 5,109 5,022 10,428 10,205
Fee and asset management 1,670 1,262 2,890 2,456
General and administrative 8,032 7,367 17,820 14,771
Interest 28,381 31,742 58,118 63,297
Depreciation and amortization 45,731 42,010 92,553 84,978
Amortization of deferred financing costs 1,890 713 3,417 1,439
Expense (benefit) on deferred compensation plans 1,375 (3,582) 7,329 (100)
Total other expenses 92,188 84,534 192,555 177,046
Loss on discontinuation of hedging relationship (29,791)   (29,791)  
Gain on sale of properties, including land 4,748 236 4,748 236
Gain on sale of unconsolidated joint venture interests     1,136  
Equity in income (loss) of joint ventures 16 [1] (436) [1] 390 [1] (541) [1]
Income (loss) from continuing operations before income taxes (13,799) 3,588 (2,878) 6,941
Income tax expense - current (256) (304) (1,576) (574)
Income (loss) from continuing operations (14,055) 3,284 (4,454) 6,367
Income from discontinued operations   964   1,662
Net income (loss) (14,055) 4,248 (4,454) 8,029
Less income allocated to noncontrolling interests from continuing operations (792) (364) (1,357) (110)
Less income allocated to perpetual preferred units (1,750) (1,750) (3,500) (3,500)
Net income (loss) attributable to common shareholders (16,597) 2,134 (9,311) 4,419
Earnings per share - basic        
Income (loss) from continuing operations attributable to common shareholders $ (0.23) $ 0.02 $ (0.13) $ 0.04
Income from discontinued operations attributable to common shareholders   $ 0.01   $ 0.02
Net income (loss) attributable to common shareholders $ (0.23) $ 0.03 $ (0.13) $ 0.06
Earnings per share - diluted        
Income (loss) from continuing operations attributable to common shareholders $ (0.23) $ 0.02 $ (0.13) $ 0.04
Income from discontinued operations attributable to common shareholders   $ 0.01   $ 0.02
Net income (loss) attributable to common shareholders $ (0.23) $ 0.03 $ (0.13) $ 0.06
Distributions declared per common share $ 0.49 $ 0.45 $ 0.98 $ 0.90
Weighted average number of common shares outstanding - basic 72,343 68,090 72,126 67,287
Weighted average number of common shares outstanding - diluted 72,343 68,386 72,126 67,521
Net income (loss) attributable to common shareholders        
Income (loss) from continuing operations (14,055) 3,284 (4,454) 6,367
Less income allocated to noncontrolling interests from continuing operations (792) (364) (1,357) (110)
Less income allocated to perpetual preferred units (1,750) (1,750) (3,500) (3,500)
Income (loss) from continuing operations attributable to common shareholders (16,597) 1,170 (9,311) 2,757
Income from discontinued operations attributable to common shareholders   964   1,662
Net income (loss) attributable to common shareholders (16,597) 2,134 (9,311) 4,419
Condensed Consolidated Statements of Comprehensive Income:        
Net income (loss) (14,055) 4,248 (4,454) 8,029
Other comprehensive income (loss)        
Unrealized loss on cash flow hedging activities (2,189) (7,409) (2,692) (14,226)
Reclassification of net losses on cash flow hedging activities 33,786 5,784 39,552 11,663
Reclassification of gain on available-for-sale investment to earnings, net of tax     (3,309)  
Comprehensive income 17,542 2,623 29,097 5,466
Less income allocated to noncontrolling interests from continuing operations (792) (364) (1,357) (110)
Less income allocated to perpetual preferred units (1,750) (1,750) (3,500) (3,500)
Comprehensive income attributable to common shareholders $ 15,000 $ 509 $ 24,240 $ 1,856
[1] Equity in income (loss) excludes our ownership interest of fee income from various property management services with our joint ventures.