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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, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
Property revenues        
Rental revenues $ 180,438 $ 168,634 $ 359,402 $ 333,027
Other property revenues 28,054 26,349 55,019 51,767
Total property revenues 208,492 194,983 414,421 384,794
Property expenses        
Property operating and maintenance 52,264 49,787 103,011 98,050
Real estate taxes 23,616 21,810 47,193 42,993
Total property expenses 75,880 71,597 150,204 141,043
Non-property income        
Fee and asset management 2,147 2,827 5,170 5,721
Interest and other income 44 1,038 332 1,090
Income (loss) on deferred compensation plans 2,018 (102) 2,699 2,897
Total non-property income 4,209 3,763 8,201 9,708
Other expenses        
Property management 5,853 5,242 11,692 11,225
Fee and asset management 1,247 1,486 2,506 2,963
General and administrative 10,534 11,590 20,079 21,384
Interest 22,746 24,797 45,879 49,692
Depreciation and amortization 57,953 52,629 115,349 104,232
Amortization of deferred financing costs 816 898 1,657 1,814
Expense (benefit) on deferred compensation plans 2,018 (102) 2,699 2,897
Total other expenses 101,167 96,540 199,861 194,207
Gain on sale of land 1,447 0 1,801 698
Impairment associated with land holdings (1,152) 0 (1,152) 0
Equity in income of joint ventures 736 [1] 17,798 [1] 5,026 [1] 18,732 [1]
Income from continuing operations before income taxes 36,685 48,407 78,232 78,682
Income tax expense (401) (468) (875) (867)
Income from continuing operations 36,284 47,939 77,357 77,815
Income from discontinued operations 0 2,132 0 4,906
Gain on sale of discontinued operations, net of tax 0 24,866 0 56,649
Net income 36,284 74,937 77,357 139,370
Less income allocated to non-controlling interests from continuing operations (1,012) (1,001) (2,049) (1,865)
Less income, including gain on sale, allocated to non-controlling interests from discontinued operations 0 (1,764) 0 (1,857)
Net income attributable to common shareholders 35,272 72,172 75,308 135,648
Earnings per share – basic        
Earnings per common share from continuing operations $ 0.40 $ 0.53 $ 0.85 $ 0.86
Earnings per common share from discontinued operations $ 0.00 $ 0.29 $ 0.00 $ 0.68
Total earnings per common share – basic $ 0.40 $ 0.82 $ 0.85 $ 1.54
Earnings per share – diluted        
Earnings per common share from continuing operations $ 0.40 $ 0.53 $ 0.85 $ 0.85
Earnings per common share from discontinued operations $ 0.00 $ 0.28 $ 0.00 $ 0.68
Total earnings per common share – diluted $ 0.40 $ 0.81 $ 0.85 $ 1.53
Distributions declared per common share $ 0.66 $ 0.63 $ 1.32 $ 1.26
Weighted average number of common shares outstanding – basic 87,845 87,191 87,748 86,949
Weighted average number of common shares outstanding – diluted 88,972 88,472 88,899 88,283
Condensed Consolidated Statements of Comprehensive Income:        
Net income 36,284 74,937 77,357 139,370
Other comprehensive income        
Reclassification of prior service cost and net loss on post retirement obligations 14 13 29 27
Comprehensive income 36,298 74,950 77,386 139,397
Less income allocated to non-controlling interests from continuing operations (1,012) (1,001) (2,049) (1,865)
Less income, including gain on sale, allocated to non-controlling interests from discontinued operations 0 (1,764) 0 (1,857)
Comprehensive income attributable to common shareholders $ 35,286 $ 72,185 $ 75,337 $ 135,675
[1] Equity in income excludes our ownership interest of fee income from various services provided by us to the funds.