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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, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Property revenues        
Rental revenues $ 173,946 $ 151,775 $ 343,549 $ 298,029
Other property revenues 27,581 25,143 54,168 48,588
Total property revenues 201,527 176,918 397,717 346,617
Property expenses        
Property operating and maintenance 52,114 47,974 102,608 94,088
Real estate taxes 22,271 18,324 43,924 35,697
Total property expenses 74,385 66,298 146,532 129,785
Non-property income        
Fee and asset management 2,827 3,608 5,721 6,531
Interest and other income (loss) 1,038 (65) 1,090 (753)
Income (loss) on deferred compensation plans (102) (2,185) 2,897 5,601
Total non-property income 3,763 1,358 9,708 11,379
Other expenses        
Property management 5,242 4,851 11,225 10,135
Fee and asset management 1,486 1,444 2,963 3,187
General and administrative 11,590 9,730 21,384 18,409
Interest 24,797 26,247 49,692 52,930
Depreciation and amortization 54,315 51,087 107,570 98,993
Amortization of deferred financing costs 898 900 1,814 1,812
Expense (benefit) on deferred compensation plans (102) (2,185) 2,897 5,601
Total other expenses 98,226 92,074 197,545 191,067
Gain on sale of land 0 0 698 0
Gain on acquisition of controlling interest in joint ventures 0 0 0 40,191
Equity in income of joint ventures 17,798 [1] 632 [1] 18,732 [1] 998 [1]
Income from continuing operations before income taxes 50,477 20,536 82,778 78,333
Income tax expense - current (468) (434) (867) (658)
Income from continuing operations 50,009 20,102 81,911 77,675
Income from discontinued operations 62 2,745 810 5,735
Gain on sale of discontinued operations, net of tax 24,866 0 56,649 32,541
Net income 74,937 22,847 139,370 115,951
Less income allocated to non-controlling interests from continuing operations (1,053) (1,019) (1,970) (1,783)
Less income, including gain on sale, allocated to non-controlling interests from discontinued operations (1,712) (65) (1,752) (796)
Less income allocated to perpetual preferred units 0 0 0 (776)
Less write off of original issuance costs of redeemed perpetual preferred units 0 0 0 (2,075)
Net income attributable to common shareholders 72,172 21,763 135,648 110,521
Earnings per share - basic        
Income from continuing operations attributable to common shareholders $ 0.55 $ 0.23 $ 0.90 $ 0.88
Income from discontinued operations, including gain on sale, attributable to common shareholders $ 0.27 $ 0.03 $ 0.64 $ 0.46
Net income attributable to common shareholders, as adjusted - per share $ 0.82 $ 0.26 $ 1.54 $ 1.34
Earnings per share - diluted        
Income from continuing operations attributable to common shareholders $ 0.55 $ 0.23 $ 0.90 $ 0.87
Income from discontinued operations, including gain on sale, attributable to common shareholders $ 0.26 $ 0.03 $ 0.63 $ 0.46
Net income attributable to common shareholders, as adjusted - per share $ 0.81 $ 0.26 $ 1.53 $ 1.33
Distributions declared per common share $ 0.63 $ 0.56 $ 1.26 $ 1.12
Weighted average number of common shares outstanding - basic 87,191 83,223 86,949 81,554
Weighted average number of common shares outstanding - diluted 88,472 83,846 88,283 83,333
Net income attributable to common shareholders        
Income from continuing operations 50,009 20,102 81,911 77,675
Less income allocated to non-controlling interests from continuing operations (1,053) (1,019) (1,970) (1,783)
Less income allocated to perpetual preferred units 0 0 0 (776)
Less write off of original issuance costs of redeemed perpetual preferred units 0 0 0 (2,075)
Income from continuing operations attributable to common shareholders 48,956 19,083 79,941 73,041
Income from discontinued operations, including gain on sale 24,928 2,745 57,459 38,276
Less income, including gain on sale, allocated to non-controlling interests from discontinued operations (1,712) (65) (1,752) (796)
Income from discontinued operations, including gain on sale, attributable to common shareholders 23,216 2,680 55,707 37,480
Net income attributable to common shareholders 72,172 21,763 135,648 110,521
Condensed Consolidated Statements of Comprehensive Income:        
Net income 74,937 22,847 139,370 115,951
Other comprehensive income        
Reclassification of prior service cost and net loss on post retirement obligations 13 8 27 16
Comprehensive income 74,950 22,855 139,397 115,967
Less income allocated to non-controlling interests from continuing operations (1,053) (1,019) (1,970) (1,783)
Less income, including gain on sale, allocated to non-controlling interests from discontinued operations (1,712) (65) (1,752) (796)
Less income allocated to perpetual preferred units 0 0 0 (776)
Less write off of original issuance costs of redeemed perpetual preferred units 0 0 0 (2,075)
Comprehensive income attributable to common shareholders $ 72,185 $ 21,771 $ 135,675 $ 110,537
[1] (3)Equity in income excludes our ownership interest of fee income from various property and asset management services provided by us to our joint ventures.