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Condensed Consolidated Statements Of Income And Comprehensive Income (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Property revenues        
Rental revenues $ 159,318 $ 138,167 $ 313,037 $ 274,002
Other property revenues 26,727 23,235 51,659 45,002
Total property revenues 186,045 161,402 364,696 319,004
Property expenses        
Property operating and maintenance 51,119 46,232 100,338 91,038
Real estate taxes 19,338 17,558 37,709 34,902
Total property expenses 70,457 63,790 138,047 125,940
Non-property income        
Fee and asset management 3,608 2,471 6,531 4,309
Interest and other income (loss) (65) 86 (753) 4,857
Income (loss) on deferred compensation plans (2,185) 1,375 5,601 7,329
Total non-property income 1,358 3,932 11,379 16,495
Other expenses        
Property management 4,851 5,109 10,135 10,428
Fee and asset management 1,444 1,670 3,187 2,890
General and administrative 9,730 8,032 18,409 17,820
Interest 26,247 28,381 52,930 58,118
Depreciation and amortization 53,310 44,754 103,428 90,605
Amortization of deferred financing costs 900 1,890 1,812 3,417
Expense (benefit) on deferred compensation plans (2,185) 1,375 5,601 7,329
Total other expenses 94,297 91,211 195,502 190,607
Gain on acquisition of controlling interest in joint ventures 0 0 40,191 0
Gain on sale of properties, including land 0 4,748 0 4,748
Gain on sale of unconsolidated joint venture interests 0 0 0 1,136
Loss on discontinuation of hedging relationship 0 (29,791) 0 (29,791)
Equity in income of joint ventures 632 [1] 16 [1] 998 [1] 390 [1]
Income (loss) from continuing operations before income taxes 23,281 (14,694) 83,715 (4,565)
Income tax expense - current (434) (256) (658) (1,576)
Income (loss) from continuing operations 22,847 (14,950) 83,057 (6,141)
Income from discontinued operations 0 895 353 1,687
Gain on sale of discontinued operations, net of tax 0 0 32,541 0
Net income (loss) 22,847 (14,055) 115,951 (4,454)
Less income allocated to noncontrolling interests from continuing operations (1,084) (781) (1,909) (1,337)
Less income, including gain on sale, allocated to noncontrolling interests from discontinued operations 0 (11) (670) (20)
Less income allocated to perpetual preferred units 0 (1,750) (776) (3,500)
Less write off of original issuance costs of redeemed perpetual preferred units 0 0 (2,075) 0
Net income (loss) attributable to common shareholders 21,763 (16,597) 110,521 (9,311)
Earnings per share - basic        
Income (loss) from continuing operations attributable to common shareholders $ 0.26 $ (0.24) $ 0.95 $ (0.15)
Income from discontinued operations, including gain on sale, attributable to common shareholders $ 0.00 $ 0.01 $ 0.39 $ 0.02
Net income (loss) attributable to common shareholders, as adjusted - per share $ 0.26 $ (0.23) $ 1.34 $ (0.13)
Earnings per share - diluted        
Income (loss) from continuing operations attributable to common shareholders $ 0.26 $ (0.24) $ 0.94 $ (0.15)
Income from discontinued operations, including gain on sale, attributable to common shareholders $ 0.00 $ 0.01 $ 0.38 $ 0.02
Net income (loss) attributable to common shareholders, as adjusted - per share $ 0.26 $ (0.23) $ 1.32 $ (0.13)
Distributions declared per common share $ 0.56 $ 0.49 $ 1.12 $ 0.98
Weighted average number of common shares outstanding - basic 83,223 72,343 81,554 72,126
Weighted average number of common shares outstanding - diluted 83,846 72,343 84,461 72,126
Net income (loss) attributable to common shareholders        
Income (loss) from continuing operations 22,847 (14,950) 83,057 (6,141)
Less income allocated to noncontrolling interests from continuing operations (1,084) (781) (1,909) (1,337)
Less income allocated to perpetual preferred units 0 (1,750) (776) (3,500)
Less write off of original issuance costs of redeemed perpetual preferred units 0 0 (2,075) 0
Income (loss) from continuing operations attributable to common shareholders 21,763 (17,481) 78,297 (10,978)
Income from discontinued operations, including gain on sale 0 895 32,894 1,687
Less income, including gain on sale, allocated to noncontrolling interests from discontinued operations 0 (11) (670) (20)
Income from discontinued operations, including gain on sale, attributable to common shareholders 0 884 32,224 1,667
Net income (loss) attributable to common shareholders 21,763 (16,597) 110,521 (9,311)
Condensed Consolidated Statements of Comprehensive Income:        
Net income (loss) 22,847 (14,055) 115,951 (4,454)
Other comprehensive income        
Unrealized loss on cash flow hedging activities 0 (2,189) 0 (2,692)
Reclassification of net losses on cash flow hedging activities 0 (33,786) 0 (39,552)
Reclassification of gain on available-for-sale investment to earnings, net of tax 0 0 0 (3,309)
Reclassification of prior service cost on post retirement obligations 8 0 16 0
Comprehensive income 22,855 17,542 115,967 29,097
Less income allocated to noncontrolling interests from continuing operations (1,084) (781) (1,909) (1,337)
Less income, including gain on sale, allocated to noncontrolling interests from discontinued operations 0 (11) (670) (20)
Less income allocated to perpetual preferred units 0 (1,750) (776) (3,500)
Less write off of original issuance costs of redeemed perpetual preferred units 0 0 (2,075) 0
Comprehensive income attributable to common shareholders $ 21,771 $ 15,000 $ 110,537 $ 24,240
[1] Equity in income excludes our ownership interest of fee income from various property management services provided by us to our joint ventures.