x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Indiana (Duke Realty Corporation) | 35-1740409 (Duke Realty Corporation) | |
Indiana (Duke Realty Limited Partnership) | 35-1898425 (Duke Realty Limited Partnership) | |
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification Number) | |
600 East 96thStreet, Suite 100 Indianapolis, Indiana | 46240 | |
(Address of Principal Executive Offices) | (Zip Code) |
Duke Realty Corporation | Yes x | No ¨ | Duke Realty Limited Partnership | Yes x | No ¨ |
Duke Realty Corporation | Yes x | No ¨ | Duke Realty Limited Partnership | Yes x | No ¨ |
Large accelerated filer x | Accelerated filer o | Non-accelerated filer o | Smaller reporting company o |
Large accelerated filer o | Accelerated filer o | Non-accelerated filer x | Smaller reporting company o |
Duke Realty Corporation | Yes ¨ | No x | Duke Realty Limited Partnership | Yes ¨ | No x |
Class | Outstanding Common Shares of Duke Realty Corporation at November 2, 2012 | |
Common Stock, $.01 par value per share | 275,025,508 |
• | enhances investors' understanding of the General Partner and the Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business; |
• | eliminates duplicative disclosure and provides a more streamlined and readable presentation of information since a substantial portion of the Company's disclosure applies to both the General Partner and the Partnership; and |
• | creates time and cost efficiencies through the preparation of one combined report instead of two separate reports. |
Page | |||
Duke Realty Corporation: | |||
Duke Realty Limited Partnership: | |||
Duke Realty Corporation and Duke Realty Limited Partnership: | |||
September 30, 2012 | December 31, 2011 | ||||||
(Unaudited) | |||||||
ASSETS | |||||||
Real estate investments: | |||||||
Land and improvements | $ | 1,239,276 | $ | 1,202,872 | |||
Buildings and tenant improvements | 5,016,464 | 4,766,793 | |||||
Construction in progress | 219,931 | 44,259 | |||||
Investments in and advances to unconsolidated companies | 367,221 | 364,859 | |||||
Undeveloped land | 613,183 | 622,635 | |||||
7,456,075 | 7,001,418 | ||||||
Accumulated depreciation | (1,246,853 | ) | (1,108,650 | ) | |||
Net real estate investments | 6,209,222 | 5,892,768 | |||||
Real estate investments and other assets held-for-sale | — | 55,580 | |||||
Cash and cash equivalents | 113,152 | 213,809 | |||||
Accounts receivable, net of allowance of $3,080 and $3,597 | 29,737 | 22,255 | |||||
Straight-line rent receivable, net of allowance of $5,274 and $7,447 | 117,016 | 105,900 | |||||
Receivables on construction contracts, including retentions | 36,413 | 40,247 | |||||
Deferred financing costs, net of accumulated amortization of $45,233 and $59,109 | 42,095 | 42,268 | |||||
Deferred leasing and other costs, net of accumulated amortization of $356,776 and $292,334 | 465,588 | 460,881 | |||||
Escrow deposits and other assets | 176,894 | 170,729 | |||||
$ | 7,190,117 | $ | 7,004,437 | ||||
LIABILITIES AND EQUITY | |||||||
Indebtedness: | |||||||
Secured debt | $ | 1,096,455 | $ | 1,173,233 | |||
Unsecured notes | 3,043,690 | 2,616,063 | |||||
Unsecured lines of credit | — | 20,293 | |||||
4,140,145 | 3,809,589 | ||||||
Liabilities related to real estate investments held-for-sale | — | 975 | |||||
Construction payables and amounts due subcontractors, including retentions | 80,934 | 55,775 | |||||
Accrued real estate taxes | 102,646 | 69,272 | |||||
Accrued interest | 36,666 | 58,904 | |||||
Other accrued expenses | 41,661 | 60,174 | |||||
Other liabilities | 122,776 | 131,735 | |||||
Tenant security deposits and prepaid rents | 40,248 | 38,355 | |||||
Total liabilities | 4,565,076 | 4,224,779 | |||||
Shareholders’ equity: | |||||||
Preferred shares ($.01 par value); 5,000 shares authorized; 2,503 and 3,176 shares issued and outstanding | 625,638 | 793,910 | |||||
Common shares ($.01 par value); 400,000 shares authorized; 273,519 and 252,927 shares issued and outstanding | 2,735 | 2,529 | |||||
Additional paid-in capital | 3,871,155 | 3,594,588 | |||||
Accumulated other comprehensive income | 2,177 | 987 | |||||
Distributions in excess of net income | (1,912,802 | ) | (1,677,328 | ) | |||
Total shareholders’ equity | 2,588,903 | 2,714,686 | |||||
Noncontrolling interests | 36,138 | 64,972 | |||||
Total equity | 2,625,041 | 2,779,658 | |||||
$ | 7,190,117 | $ | 7,004,437 |
Three Months Ended | Nine Months Ended | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Revenues: | |||||||||||||||
Rental and related revenue | $ | 208,957 | $ | 184,581 | $ | 616,451 | $ | 554,752 | |||||||
General contractor and service fee revenue | 93,932 | 127,708 | 226,507 | 409,617 | |||||||||||
302,889 | 312,289 | 842,958 | 964,369 | ||||||||||||
Expenses: | |||||||||||||||
Rental expenses | 39,659 | 35,105 | 111,477 | 108,224 | |||||||||||
Real estate taxes | 28,676 | 26,355 | 85,255 | 79,866 | |||||||||||
General contractor and other services expenses | 87,719 | 120,547 | 209,519 | 379,180 | |||||||||||
Depreciation and amortization | 95,117 | 81,068 | 279,136 | 242,043 | |||||||||||
251,171 | 263,075 | 685,387 | 809,313 | ||||||||||||
Other operating activities: | |||||||||||||||
Equity in earnings of unconsolidated companies | 2,280 | 3,104 | 4,056 | 5,890 | |||||||||||
Gain on sale of properties | 403 | (1,437 | ) | 245 | 66,910 | ||||||||||
Undeveloped land carrying costs | (2,140 | ) | (2,259 | ) | (6,606 | ) | (7,021 | ) | |||||||
Other operating expenses | (130 | ) | (60 | ) | (591 | ) | (171 | ) | |||||||
General and administrative expenses | (8,934 | ) | (9,493 | ) | (32,367 | ) | (29,231 | ) | |||||||
(8,521 | ) | (10,145 | ) | (35,263 | ) | 36,377 | |||||||||
Operating income | 43,197 | 39,069 | 122,308 | 191,433 | |||||||||||
Other income (expenses): | |||||||||||||||
Interest and other income, net | 150 | 172 | 394 | 543 | |||||||||||
Interest expense | (61,539 | ) | (54,528 | ) | (183,623 | ) | (161,765 | ) | |||||||
Acquisition-related activity | (954 | ) | (342 | ) | (2,563 | ) | (1,525 | ) | |||||||
Income (loss) from continuing operations before income taxes | (19,146 | ) | (15,629 | ) | (63,484 | ) | 28,686 | ||||||||
Income tax benefit | 103 | 194 | 103 | 194 | |||||||||||
Income (loss) from continuing operations | (19,043 | ) | (15,435 | ) | (63,381 | ) | 28,880 | ||||||||
Discontinued operations: | |||||||||||||||
Loss before gain on sales | (114 | ) | (1,522 | ) | (1,185 | ) | (9,223 | ) | |||||||
Gain on sale of depreciable properties | 1,608 | 2,088 | 11,179 | 16,405 | |||||||||||
Income from discontinued operations | 1,494 | 566 | 9,994 | 7,182 | |||||||||||
Net income (loss) | (17,549 | ) | (14,869 | ) | (53,387 | ) | 36,062 | ||||||||
Dividends on preferred shares | (11,081 | ) | (14,399 | ) | (35,356 | ) | (46,347 | ) | |||||||
Adjustments for redemption/repurchase of preferred shares | — | (3,633 | ) | (5,730 | ) | (3,796 | ) | ||||||||
Net loss attributable to noncontrolling interests | 400 | 825 | 1,371 | 532 | |||||||||||
Net loss attributable to common shareholders | $ | (28,230 | ) | $ | (32,076 | ) | $ | (93,102 | ) | $ | (13,549 | ) | |||
Basic net income (loss) per common share: | |||||||||||||||
Continuing operations attributable to common shareholders | $ | (0.11 | ) | $ | (0.13 | ) | $ | (0.40 | ) | $ | (0.09 | ) | |||
Discontinued operations attributable to common shareholders | — | — | 0.04 | 0.03 | |||||||||||
Total | $ | (0.11 | ) | $ | (0.13 | ) | $ | (0.36 | ) | $ | (0.06 | ) | |||
Diluted net income (loss) per common share: | |||||||||||||||
Continuing operations attributable to common shareholders | $ | (0.11 | ) | $ | (0.13 | ) | $ | (0.40 | ) | $ | (0.09 | ) | |||
Discontinued operations attributable to common shareholders | — | — | 0.04 | 0.03 | |||||||||||
Total | $ | (0.11 | ) | $ | (0.13 | ) | $ | (0.36 | ) | $ | (0.06 | ) | |||
Weighted average number of common shares outstanding | 270,289 | 252,802 | 265,153 | 252,618 | |||||||||||
Weighted average number of common shares and potential dilutive securities | 270,289 | 252,802 | 265,153 | 252,618 | |||||||||||
Comprehensive income (loss): | |||||||||||||||
Net income (loss) | $ | (17,549 | ) | $ | (14,869 | ) | $ | (53,387 | ) | $ | 36,062 | ||||
Other comprehensive income: | |||||||||||||||
Derivative instrument activity | 410 | 437 | 1,190 | 1,925 | |||||||||||
Other comprehensive income | 410 | 437 | 1,190 | 1,925 | |||||||||||
Comprehensive income (loss) | $ | (17,139 | ) | $ | (14,432 | ) | $ | (52,197 | ) | $ | 37,987 |
2012 | 2011 | ||||||
Cash flows from operating activities: | |||||||
Net income (loss) | $ | (53,387 | ) | $ | 36,062 | ||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||
Depreciation of buildings and tenant improvements | 193,479 | 204,134 | |||||
Amortization of deferred leasing and other costs | 86,859 | 88,295 | |||||
Amortization of deferred financing costs | 9,878 | 11,070 | |||||
Straight-line rent adjustment | (15,725 | ) | (19,012 | ) | |||
Earnings from land and depreciated property sales | (11,424 | ) | (83,315 | ) | |||
Third-party construction contracts, net | (4,295 | ) | (18,417 | ) | |||
Other accrued revenues and expenses, net | (14,621 | ) | 14,586 | ||||
Operating distributions received in excess of equity in earnings from unconsolidated companies | 10,772 | 11,681 | |||||
Net cash provided by operating activities | 201,536 | 245,084 | |||||
Cash flows from investing activities: | |||||||
Development of real estate investments | (176,340 | ) | (125,676 | ) | |||
Acquisition of real estate investments and related intangible assets | (321,099 | ) | (179,047 | ) | |||
Acquisition of undeveloped land | (37,166 | ) | (3,825 | ) | |||
Second generation tenant improvements, leasing costs and building improvements | (46,682 | ) | (71,732 | ) | |||
Other deferred leasing costs | (22,727 | ) | (20,950 | ) | |||
Other assets | 674 | (4,500 | ) | ||||
Proceeds from land and depreciated property sales, net | 112,559 | 504,688 | |||||
Capital distributions from unconsolidated companies | 4,890 | 54,730 | |||||
Capital contributions and advances to unconsolidated companies, net | (19,262 | ) | (28,362 | ) | |||
Net cash provided by (used for) investing activities | (505,153 | ) | 125,326 | ||||
Cash flows from financing activities: | |||||||
Proceeds from issuance of common shares, net | 236,301 | — | |||||
Payments for redemption/repurchase of preferred shares | (168,272 | ) | (110,726 | ) | |||
Proceeds from unsecured debt issuance | 600,000 | — | |||||
Payments on and repurchases of unsecured debt | (172,374 | ) | (166,346 | ) | |||
Proceeds from secured debt financings | 13,305 | — | |||||
Payments on secured indebtedness including principal amortization | (107,240 | ) | (24,841 | ) | |||
Borrowings (payments) on lines of credit, net | (20,293 | ) | 111,247 | ||||
Distributions to common shareholders | (135,083 | ) | (128,817 | ) | |||
Distributions to preferred shareholders | (31,630 | ) | (46,347 | ) | |||
Contributions from (distributions to) noncontrolling interests, net | 2,788 | (3,952 | ) | ||||
Buyout of noncontrolling interests | (6,208 | ) | — | ||||
Deferred financing costs | (8,334 | ) | (2,830 | ) | |||
Net cash provided by (used for) financing activities | 202,960 | (372,612 | ) | ||||
Net decrease in cash and cash equivalents | (100,657 | ) | (2,202 | ) | |||
Cash and cash equivalents at beginning of period | 213,809 | 18,384 | |||||
Cash and cash equivalents at end of period | $ | 113,152 | $ | 16,182 | |||
Non-cash investing and financing activities: | |||||||
Assumption of indebtedness and other liabilities in real estate acquisitions | $ | 19,992 | $ | 150,042 | |||
Contribution of properties to unconsolidated companies | $ | — | $ | 53,245 | |||
Investments and advances related to acquisition of previously unconsolidated companies | $ | — | $ | 5,987 | |||
Conversion of Limited Partner Units to common shares | $ | 29,002 | $ | 3,052 | |||
Issuance of Limited Partner Units for acquisition | $ | — | $ | 28,357 | |||
Preferred distributions declared but not paid | $ | 3,726 | $ | — |
Common Shareholders | |||||||||||||||||||||||||||
Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income | Distributions in Excess of Net Income | Non- Controlling Interests | Total | |||||||||||||||||||||
Balance at December 31, 2011 | $ | 793,910 | $ | 2,529 | $ | 3,594,588 | $ | 987 | $ | (1,677,328 | ) | $ | 64,972 | $ | 2,779,658 | ||||||||||||
Net loss | — | — | — | — | (52,016 | ) | (1,371 | ) | (53,387 | ) | |||||||||||||||||
Other comprehensive income | — | — | — | 1,190 | — | — | 1,190 | ||||||||||||||||||||
Issuance of common shares | — | 169 | 235,660 | — | — | — | 235,829 | ||||||||||||||||||||
Stock based compensation plan activity | — | 13 | 6,199 | — | (2,330 | ) | — | 3,882 | |||||||||||||||||||
Conversion of Limited Partner Units | — | 24 | 28,978 | — | — | (29,002 | ) | — | |||||||||||||||||||
Distributions to preferred shareholders | — | — | — | — | (35,356 | ) | — | (35,356 | ) | ||||||||||||||||||
Redemption of preferred shares | (168,272 | ) | — | 5,730 | — | (5,730 | ) | — | (168,272 | ) | |||||||||||||||||
Distributions to common shareholders ($0.51 per share) | — | — | — | — | (135,083 | ) | — | (135,083 | ) | ||||||||||||||||||
Contributions from noncontrolling interests, net | — | — | — | — | — | 2,788 | 2,788 | ||||||||||||||||||||
Buyout of noncontrolling interests | — | — | — | — | (4,959 | ) | (1,249 | ) | (6,208 | ) | |||||||||||||||||
Balance at September 30, 2012 | $ | 625,638 | $ | 2,735 | $ | 3,871,155 | $ | 2,177 | $ | (1,912,802 | ) | $ | 36,138 | $ | 2,625,041 |
September 30, 2012 | December 31, 2011 | ||||||
(Unaudited) | |||||||
ASSETS | |||||||
Real estate investments: | |||||||
Land and improvements | $ | 1,239,276 | $ | 1,202,872 | |||
Buildings and tenant improvements | 5,016,464 | 4,766,793 | |||||
Construction in progress | 219,931 | 44,259 | |||||
Investments in and advances to unconsolidated companies | 367,221 | 364,859 | |||||
Undeveloped land | 613,183 | 622,635 | |||||
7,456,075 | 7,001,418 | ||||||
Accumulated depreciation | (1,246,853 | ) | (1,108,650 | ) | |||
Net real estate investments | 6,209,222 | 5,892,768 | |||||
Real estate investments and other assets held-for-sale | — | 55,580 | |||||
Cash and cash equivalents | 113,152 | 213,826 | |||||
Accounts receivable, net of allowance of $3,080 and $3,597 | 29,737 | 22,255 | |||||
Straight-line rent receivable, net of allowance of $5,274 and $7,447 | 117,016 | 105,900 | |||||
Receivables on construction contracts, including retentions | 36,413 | 40,247 | |||||
Deferred financing costs, net of accumulated amortization of $45,233 and $59,109 | 42,095 | 42,268 | |||||
Deferred leasing and other costs, net of accumulated amortization of $356,776 and $292,334 | 465,588 | 460,881 | |||||
Escrow deposits and other assets | 176,894 | 170,257 | |||||
$ | 7,190,117 | $ | 7,003,982 | ||||
LIABILITIES AND EQUITY | |||||||
Indebtedness: | |||||||
Secured debt | $ | 1,096,455 | $ | 1,173,233 | |||
Unsecured notes | 3,043,690 | 2,616,063 | |||||
Unsecured lines of credit | — | 20,293 | |||||
4,140,145 | 3,809,589 | ||||||
Liabilities related to real estate investments held-for-sale | — | 975 | |||||
Construction payables and amounts due subcontractors, including retentions | 80,934 | 55,775 | |||||
Accrued real estate taxes | 102,646 | 69,272 | |||||
Accrued interest | 36,666 | 58,904 | |||||
Other accrued expenses | 41,768 | 59,795 | |||||
Other liabilities | 122,776 | 131,735 | |||||
Tenant security deposits and prepaid rents | 40,248 | 38,355 | |||||
Total liabilities | 4,565,183 | 4,224,400 | |||||
Partners’ equity: | |||||||
General Partner: | |||||||
Common equity (273,519 and 252,927 General Partner Units issued and outstanding) | 1,965,154 | 1,923,886 | |||||
Preferred equity (2,503 and 3,176 Preferred Units issued and outstanding) | 625,638 | 793,910 | |||||
2,590,792 | 2,717,796 | ||||||
Limited Partners' common equity (4,511 and 6,945 Limited Partner Units issued and outstanding) | 22,993 | 56,254 | |||||
Accumulated other comprehensive income | 2,177 | 987 | |||||
Total partners’ equity | 2,615,962 | 2,775,037 | |||||
Noncontrolling interests | 8,972 | 4,545 | |||||
Total equity | 2,624,934 | 2,779,582 | |||||
$ | 7,190,117 | $ | 7,003,982 |
Three Months Ended | Nine Months Ended | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Revenues: | |||||||||||||||
Rental and related revenue | $ | 208,957 | $ | 184,581 | $ | 616,451 | $ | 554,752 | |||||||
General contractor and service fee revenue | 93,932 | 127,708 | 226,507 | 409,617 | |||||||||||
302,889 | 312,289 | 842,958 | 964,369 | ||||||||||||
Expenses: | |||||||||||||||
Rental expenses | 39,659 | 35,105 | 111,477 | 108,224 | |||||||||||
Real estate taxes | 28,676 | 26,355 | 85,255 | 79,866 | |||||||||||
General contractor and other services expenses | 87,719 | 120,547 | 209,519 | 379,180 | |||||||||||
Depreciation and amortization | 95,117 | 81,068 | 279,136 | 242,043 | |||||||||||
251,171 | 263,075 | 685,387 | 809,313 | ||||||||||||
Other operating activities: | |||||||||||||||
Equity in earnings of unconsolidated companies | 2,280 | 3,104 | 4,056 | 5,890 | |||||||||||
Gain on sale of properties | 403 | (1,437 | ) | 245 | 66,910 | ||||||||||
Undeveloped land carrying costs | (2,140 | ) | (2,259 | ) | (6,606 | ) | (7,021 | ) | |||||||
Other operating expenses | (130 | ) | (60 | ) | (591 | ) | (171 | ) | |||||||
General and administrative expense | (8,934 | ) | (9,493 | ) | (32,367 | ) | (29,231 | ) | |||||||
(8,521 | ) | (10,145 | ) | (35,263 | ) | 36,377 | |||||||||
Operating income | 43,197 | 39,069 | 122,308 | 191,433 | |||||||||||
Other income (expenses): | |||||||||||||||
Interest and other income, net | 150 | 172 | 394 | 543 | |||||||||||
Interest expense | (61,539 | ) | (54,528 | ) | (183,623 | ) | (161,765 | ) | |||||||
Acquisition-related activity | (954 | ) | (342 | ) | (2,563 | ) | (1,525 | ) | |||||||
Income (loss) from continuing operations before income taxes | (19,146 | ) | (15,629 | ) | (63,484 | ) | 28,686 | ||||||||
Income tax benefit | 103 | 194 | 103 | 194 | |||||||||||
Income (loss) from continuing operations | (19,043 | ) | (15,435 | ) | (63,381 | ) | 28,880 | ||||||||
Discontinued operations: | |||||||||||||||
Loss before gain on sales | (114 | ) | (1,522 | ) | (1,185 | ) | (9,223 | ) | |||||||
Gain on sale of depreciable properties | 1,608 | 2,088 | 11,179 | 16,405 | |||||||||||
Income from discontinued operations | 1,494 | 566 | 9,994 | 7,182 | |||||||||||
Net income (loss) | (17,549 | ) | (14,869 | ) | (53,387 | ) | 36,062 | ||||||||
Distributions on Preferred Units | (11,081 | ) | (14,399 | ) | (35,356 | ) | (46,347 | ) | |||||||
Adjustments for redemption/repurchase of Preferred Units | — | (3,633 | ) | (5,730 | ) | (3,796 | ) | ||||||||
Net (income) loss attributable to noncontrolling interests | (59 | ) | (43 | ) | (365 | ) | 163 | ||||||||
Net loss attributable to common unitholders | $ | (28,689 | ) | $ | (32,944 | ) | $ | (94,838 | ) | $ | (13,918 | ) | |||
Basic net income (loss) per Common Unit: | |||||||||||||||
Continuing operations attributable to common unitholders | $ | (0.11 | ) | $ | (0.13 | ) | $ | (0.40 | ) | $ | (0.09 | ) | |||
Discontinued operations attributable to common unitholders | — | — | 0.04 | 0.03 | |||||||||||
Total | $ | (0.11 | ) | $ | (0.13 | ) | $ | (0.36 | ) | $ | (0.06 | ) | |||
Diluted net income (loss) per Common Unit: | |||||||||||||||
Continuing operations attributable to common unitholders | $ | (0.11 | ) | $ | (0.13 | ) | $ | (0.40 | ) | $ | (0.09 | ) | |||
Discontinued operations attributable to common unitholders | — | — | 0.04 | 0.03 | |||||||||||
Total | $ | (0.11 | ) | $ | (0.13 | ) | $ | (0.36 | ) | $ | (0.06 | ) | |||
Weighted average number of Common Units outstanding | 274,800 | 259,866 | 270,095 | 259,505 | |||||||||||
Weighted average number of Common Units and potential dilutive securities | 274,800 | 259,866 | 270,095 | 259,505 | |||||||||||
Comprehensive income (loss): | |||||||||||||||
Net income (loss) | $ | (17,549 | ) | $ | (14,869 | ) | $ | (53,387 | ) | $ | 36,062 | ||||
Other comprehensive income: | |||||||||||||||
Derivative instrument activity | 410 | 437 | 1,190 | 1,925 | |||||||||||
Other comprehensive income | 410 | 437 | 1,190 | 1,925 | |||||||||||
Comprehensive income (loss) | $ | (17,139 | ) | $ | (14,432 | ) | $ | (52,197 | ) | $ | 37,987 |
2012 | 2011 | ||||||
Cash flows from operating activities: | |||||||
Net income (loss) | $ | (53,387 | ) | $ | 36,062 | ||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||
Depreciation of buildings and tenant improvements | 193,479 | 204,134 | |||||
Amortization of deferred leasing and other costs | 86,859 | 88,295 | |||||
Amortization of deferred financing costs | 9,878 | 11,070 | |||||
Straight-line rent adjustment | (15,725 | ) | (19,012 | ) | |||
Earnings from land and depreciated property sales | (11,424 | ) | (83,315 | ) | |||
Third-party construction contracts, net | (4,295 | ) | (18,417 | ) | |||
Other accrued revenues and expenses, net | (14,582 | ) | 14,588 | ||||
Operating distributions received in excess of equity in earnings from unconsolidated companies | 10,772 | 11,681 | |||||
Net cash provided by operating activities | 201,575 | 245,086 | |||||
Cash flows from investing activities: | |||||||
Development of real estate investments | (176,340 | ) | (125,676 | ) | |||
Acquisition of real estate investments and related intangible assets | (321,099 | ) | (179,047 | ) | |||
Acquisition of undeveloped land | (37,166 | ) | (3,825 | ) | |||
Second generation tenant improvements, leasing costs and building improvements | (46,682 | ) | (71,732 | ) | |||
Other deferred leasing costs | (22,727 | ) | (20,950 | ) | |||
Other assets | 674 | (4,500 | ) | ||||
Proceeds from land and depreciated property sales, net | 112,559 | 504,688 | |||||
Capital distributions from unconsolidated companies | 4,890 | 54,730 | |||||
Capital contributions and advances to unconsolidated companies, net | (19,262 | ) | (28,362 | ) | |||
Net cash provided by (used for) investing activities | (505,153 | ) | 125,326 | ||||
Cash flows from financing activities: | |||||||
Contributions from the General Partner | 236,301 | — | |||||
Payments for redemption/repurchase of Preferred Units | (168,272 | ) | (110,726 | ) | |||
Proceeds from unsecured debt issuance | 600,000 | — | |||||
Payments on and repurchases of unsecured debt | (172,374 | ) | (166,346 | ) | |||
Proceeds from secured debt financings | 13,305 | — | |||||
Payments on secured indebtedness including principal amortization | (107,240 | ) | (24,841 | ) | |||
Borrowings (payments) on lines of credit, net | (20,293 | ) | 111,247 | ||||
Distributions to common unitholders | (137,662 | ) | (132,423 | ) | |||
Distributions to preferred unitholders | (31,630 | ) | (46,347 | ) | |||
Contributions from (distributions to) noncontrolling interests, net | 5,311 | (408 | ) | ||||
Buyout of noncontrolling interests | (6,208 | ) | — | ||||
Deferred financing costs | (8,334 | ) | (2,830 | ) | |||
Net cash provided by (used for) financing activities | 202,904 | (372,674 | ) | ||||
Net decrease in cash and cash equivalents | (100,674 | ) | (2,262 | ) | |||
Cash and cash equivalents at beginning of period | 213,826 | 18,419 | |||||
Cash and cash equivalents at end of period | $ | 113,152 | $ | 16,157 | |||
Non-cash investing and financing activities: | |||||||
Assumption of indebtedness and other liabilities in real estate acquisitions | $ | 19,992 | $ | 150,042 | |||
Contribution of properties to unconsolidated companies | $ | — | $ | 53,245 | |||
Investments and advances related to acquisition of previously unconsolidated companies | $ | — | $ | 5,987 | |||
Conversion of Limited Partner Units to common shares of the General Partner | $ | 29,002 | $ | 3,052 | |||
Issuance of Limited Partner Units for acquisition | $ | — | $ | 28,357 | |||
Preferred distributions declared but not paid | $ | 3,726 | $ | — |
Common Unitholders | |||||||||||||||||||||||||||
Limited | Accumulated | ||||||||||||||||||||||||||
General Partner | Partners' | Other | Total | ||||||||||||||||||||||||
Common Equity | Preferred Equity | Common Equity | Comprehensive Income | Partners' Equity | Noncontrolling Interests | Total Equity | |||||||||||||||||||||
Balance at December 31, 2011 | $ | 1,923,886 | $ | 793,910 | $ | 56,254 | $ | 987 | $ | 2,775,037 | $ | 4,545 | $ | 2,779,582 | |||||||||||||
Net loss | (87,372 | ) | 35,356 | (1,736 | ) | — | (53,752 | ) | 365 | (53,387 | ) | ||||||||||||||||
Other comprehensive income | — | — | — | 1,190 | 1,190 | — | 1,190 | ||||||||||||||||||||
Capital contribution from the General Partner | 235,829 | — | — | — | 235,829 | — | 235,829 | ||||||||||||||||||||
Stock based compensation plan activity | 3,907 | — | — | — | 3,907 | — | 3,907 | ||||||||||||||||||||
Conversion of Limited Partner Units to common shares of the General Partner | 29,002 | — | (29,002 | ) | — | — | — | — | |||||||||||||||||||
Distributions to Preferred Unitholders | — | (35,356 | ) | — | — | (35,356 | ) | — | (35,356 | ) | |||||||||||||||||
Redemption of Preferred Units | — | (168,272 | ) | — | — | (168,272 | ) | — | (168,272 | ) | |||||||||||||||||
Distributions to Partners ($0.51 per Common Unit) | (135,139 | ) | — | (2,523 | ) | — | (137,662 | ) | — | (137,662 | ) | ||||||||||||||||
Contributions from noncontrolling interests, net | — | — | — | — | — | 5,311 | 5,311 | ||||||||||||||||||||
Buyout of noncontrolling interests | (4,959 | ) | — | — | — | (4,959 | ) | (1,249 | ) | (6,208 | ) | ||||||||||||||||
Balance at September 30, 2012 | $ | 1,965,154 | $ | 625,638 | $ | 22,993 | $ | 2,177 | $ | 2,615,962 | $ | 8,972 | $ | 2,624,934 |
Carrying Value | Maximum Loss Exposure | ||||||
Investment in Unconsolidated Companies | $ | 55.1 | $ | 55.1 | |||
Guarantee Obligations (1) | $ | (24.3 | ) | $ | (145.8 | ) |
(1) | We are party to guarantees of the third-party debt of these joint ventures and our maximum loss exposure is equal to the maximum monetary obligation pursuant to the guarantee agreements. We have also recorded a liability for our probable future obligation under a guarantee to the lender of one of these ventures, which is included within the carrying value of our guarantee obligations. Pursuant to an agreement with the lender, we may make partner loans to this joint venture that will reduce our maximum guarantee obligation on a dollar-for-dollar basis. The carrying value of our recorded guarantee obligations is included in other liabilities in our Consolidated Balance Sheets. |
Real estate assets | $ | 292,754 | |
Lease related intangible assets | 50,468 | ||
Other assets | 2,829 | ||
Total acquired assets | 346,051 | ||
Secured debt | 18,741 | ||
Other liabilities | 1,251 | ||
Total assumed liabilities | 19,992 | ||
Fair value of acquired net assets | $ | 326,059 |
Low | High | |||
Discount rate | 7.19 | % | 8.78 | % |
Exit capitalization rate | 5.75 | % | 7.40 | % |
Lease-up period (months) | 9 | 19 | ||
Net rental rate per square foot – Industrial | $2.75 | $7.62 | ||
Net rental rate per square foot – Medical Office | $16.00 | $26.14 |
Book Value at 12/31/11 | Book Value at 9/30/12 | Fair Value at 12/31/11 | Issuances and Assumptions | Payments/Payoffs | Adjustments to Fair Value | Fair Value at 9/30/12 | |||||||||||||||||||||
Fixed rate secured debt | $ | 1,167,188 | $ | 1,077,991 | $ | 1,256,331 | $ | 18,741 | $ | (106,355 | ) | $ | 6,147 | $ | 1,174,864 | ||||||||||||
Variable rate secured debt | 6,045 | 18,464 | 6,045 | 13,305 | (885 | ) | 499 | 18,964 | |||||||||||||||||||
Unsecured notes | 2,616,063 | 3,043,690 | 2,834,610 | 600,000 | (172,374 | ) | 150,385 | 3,412,621 | |||||||||||||||||||
Unsecured lines of credit | 20,293 | — | 20,244 | — | (20,293 | ) | 49 | — | |||||||||||||||||||
Total | $ | 3,809,589 | $ | 4,140,145 | $ | 4,117,230 | $ | 632,046 | $ | (299,907 | ) | $ | 157,080 | $ | 4,606,449 |
Description | Maximum Capacity | Maturity Date | Outstanding Balance at September 30, 2012 | ||||||
Unsecured Line of Credit - Partnership | $ | 850,000 | December 2015 | $ | — |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Management fees | $ | 2,796 | $ | 2,770 | $ | 8,251 | $ | 7,393 | |||||||
Leasing fees | 622 | 826 | 2,856 | 3,627 | |||||||||||
Construction and development fees | 1,860 | 1,786 | 3,615 | 4,182 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
General Partner | |||||||||||||||
Net loss attributable to common shareholders | $ | (28,230 | ) | $ | (32,076 | ) | $ | (93,102 | ) | $ | (13,549 | ) | |||
Less: Dividends on participating securities | (680 | ) | (811 | ) | (2,388 | ) | (2,416 | ) | |||||||
Basic net loss attributable to common shareholders | (28,910 | ) | (32,887 | ) | (95,490 | ) | (15,965 | ) | |||||||
Noncontrolling interest in earnings of common unitholders | — | — | — | — | |||||||||||
Diluted net loss attributable to common shareholders | $ | (28,910 | ) | $ | (32,887 | ) | $ | (95,490 | ) | $ | (15,965 | ) | |||
Weighted average number of common shares outstanding | 270,289 | 252,802 | 265,153 | 252,618 | |||||||||||
Weighted average Limited Partner Units outstanding | — | — | — | — | |||||||||||
Other potential dilutive shares | — | — | — | — | |||||||||||
Weighted average number of common shares and potential dilutive securities | 270,289 | 252,802 | 265,153 | 252,618 | |||||||||||
Partnership | |||||||||||||||
Net loss attributable to common unitholders | $ | (28,689 | ) | $ | (32,944 | ) | $ | (94,838 | ) | $ | (13,918 | ) | |||
Less: Distributions on participating securities | (680 | ) | (811 | ) | (2,388 | ) | (2,416 | ) | |||||||
Basic and diluted net loss attributable to common unitholders | $ | (29,369 | ) | $ | (33,755 | ) | $ | (97,226 | ) | $ | (16,334 | ) | |||
Weighted average number of Common Units outstanding | 274,800 | 259,866 | 270,095 | 259,505 | |||||||||||
Other potential dilutive units | — | — | — | — | |||||||||||
Weighted average number of Common Units and potential dilutive securities | 274,800 | 259,866 | 270,095 | 259,505 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
General Partner | |||||||||||||||
Noncontrolling interest in loss of common unitholders | $ | (459 | ) | $ | (868 | ) | $ | (1,736 | ) | $ | (369 | ) | |||
Weighted average Limited Partner Units outstanding | 4,511 | 7,064 | 4,942 | 6,887 | |||||||||||
General Partner and the Partnership | |||||||||||||||
Other potential dilutive shares or units: | |||||||||||||||
Anti-dilutive outstanding potential shares or units under fixed stock option and other stock-based compensation plans | 1,763 | 1,677 | 1,763 | 1,677 | |||||||||||
Anti-dilutive potential shares or units under the Exchangeable Notes | — | 3,432 | — | 3,432 | |||||||||||
Outstanding participating securities | 4,045 | 4,840 | 4,045 | 4,840 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
Revenues | ||||||||||||||||
Rental Operations: | ||||||||||||||||
Industrial | $ | 109,400 | $ | 95,676 | $ | 327,713 | $ | 281,083 | ||||||||
Office | 67,701 | 66,157 | 201,606 | 207,387 | ||||||||||||
Medical Office | 23,007 | 14,292 | 64,669 | 41,280 | ||||||||||||
Non-reportable Rental Operations | 4,695 | 5,485 | 16,067 | 16,783 | ||||||||||||
General contractor and service fee revenue (“Service Operations”) | 93,932 | 127,708 | 226,507 | 409,617 | ||||||||||||
Total Segment Revenues | 298,735 | 309,318 | 836,562 | 956,150 |
Other Revenue | 4,154 | 2,971 | 6,396 | 8,219 | ||||||||||||
Consolidated Revenue from continuing operations | 302,889 | 312,289 | 842,958 | 964,369 | ||||||||||||
Discontinued Operations | 143 | 50,315 | 2,987 | 151,373 | ||||||||||||
Consolidated Revenue | $ | 303,032 | $ | 362,604 | $ | 845,945 | $ | 1,115,742 | ||||||||
Reconciliation of Funds From Operations | ||||||||||||||||
Net earnings excluding depreciation and Non-Segment Items | ||||||||||||||||
Industrial | $ | 81,165 | $ | 70,214 | $ | 244,651 | $ | 203,854 | ||||||||
Office | 38,302 | 38,271 | 117,367 | 120,999 | ||||||||||||
Medical Office | 14,851 | 8,797 | 42,344 | 25,121 | ||||||||||||
Non-reportable Rental Operations | 3,026 | 3,905 | 11,238 | 12,232 | ||||||||||||
Service Operations | 6,213 | 7,161 | 16,988 | 30,437 | ||||||||||||
143,557 | 128,348 | 432,588 | 392,643 | |||||||||||||
Non-Segment Items: | ||||||||||||||||
Interest expense | (61,539 | ) | (54,528 | ) | (183,623 | ) | (161,765 | ) | ||||||||
Interest and other income | 150 | 172 | 394 | 543 | ||||||||||||
Other operating expenses | (130 | ) | (60 | ) | (591 | ) | (171 | ) | ||||||||
General and administrative expenses | (8,934 | ) | (9,493 | ) | (32,367 | ) | (29,231 | ) | ||||||||
Undeveloped land carrying costs | (2,140 | ) | (2,259 | ) | (6,606 | ) | (7,021 | ) | ||||||||
Acquisition-related activity | (954 | ) | (342 | ) | (2,563 | ) | (1,525 | ) | ||||||||
Income tax benefit | 103 | 194 | 103 | 194 | ||||||||||||
Other non-segment income | 3,278 | 1,934 | 4,119 | 4,456 | ||||||||||||
Net (income) loss attributable to noncontrolling interests - consolidated entities not wholly owned by the Partnership | (59 | ) | (43 | ) | (365 | ) | 163 | |||||||||
Joint venture items | 8,997 | 11,635 | 27,999 | 30,597 | ||||||||||||
Dividends on preferred shares/Preferred Units | (11,081 | ) | (14,399 | ) | (35,356 | ) | (46,347 | ) | ||||||||
Adjustments for redemption/repurchase of preferred shares/Preferred Units | — | (3,633 | ) | (5,730 | ) | (3,796 | ) | |||||||||
Discontinued operations | (92 | ) | 14,745 | 17 | 41,163 | |||||||||||
FFO of Partnership attributable to common unitholders | 71,156 | 72,271 | 198,019 | 219,903 | ||||||||||||
Net loss attributable to noncontrolling interests - common limited partnership interests in the Partnership | 459 | 868 | 1,736 | 369 | ||||||||||||
Noncontrolling interest share of FFO adjustments | (1,638 | ) | (2,835 | ) | (5,358 | ) | (6,206 | ) | ||||||||
FFO of General Partner attributable to common shareholders | 69,977 | 70,304 | 194,397 | 214,066 | ||||||||||||
Depreciation and amortization on continuing operations | (95,117 | ) | (81,068 | ) | (279,136 | ) | (242,043 | ) | ||||||||
Depreciation and amortization on discontinued operations | (22 | ) | (16,267 | ) | (1,202 | ) | (50,386 | ) | ||||||||
Company’s share of joint venture adjustments | (8,782 | ) | (8,531 | ) | (26,008 | ) | (24,798 | ) | ||||||||
Earnings from depreciated property sales on continuing operations | 403 | (1,437 | ) | 245 | 66,910 | |||||||||||
Earnings from depreciated property sales on discontinued operations | 1,608 | 2,088 | 11,179 | 16,405 | ||||||||||||
Earnings from depreciated property sales - share of joint venture | 2,065 | — | 2,065 | 91 | ||||||||||||
Noncontrolling interest share of FFO adjustments | 1,638 | 2,835 | 5,358 | 6,206 | ||||||||||||
Net loss of General Partner attributable to common shareholders | $ | (28,230 | ) | $ | (32,076 | ) | $ | (93,102 | ) | $ | (13,549 | ) | ||||
Add back: Net loss attributable to noncontrolling interests - common limited partnership interests in the Partnership | (459 | ) | (868 | ) | (1,736 | ) | (369 | ) | ||||||||
Net loss of Partnership attributable to common unitholders | $ | (28,689 | ) | $ | (32,944 | ) | $ | (94,838 | ) | $ | (13,918 | ) |
September 30, 2012 | December 31, 2011 | ||||||
Assets | |||||||
Rental Operations: | |||||||
Industrial | $ | 3,753,022 | $ | 3,586,250 | |||
Office | 1,676,389 | 1,742,196 | |||||
Medical Office | 820,898 | 580,177 | |||||
Non-reportable Rental Operations | 180,998 | 209,056 | |||||
Service Operations | 161,953 | 167,382 | |||||
Total Segment Assets | 6,593,260 | 6,285,061 | |||||
Non-Segment Assets - Partnership | 596,857 | 718,921 | |||||
Consolidated Assets - Partnership | $ | 7,190,117 | $ | 7,003,982 | |||
Non-Segment Assets - General Partner | — | 455 | |||||
Consolidated Assets - General Partner | $ | 7,190,117 | $ | 7,004,437 |
Sold in 2012 | Sold in 2011 | Total | |||
Office | 9 | 93 | 102 | ||
Industrial | 11 | 7 | 18 | ||
Retail | 1 | 1 | 2 | ||
21 | 101 | 122 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Revenues | $ | 143 | $ | 50,315 | $ | 2,987 | $ | 151,373 | |||||||
Operating expenses | (140 | ) | (22,912 | ) | (1,826 | ) | (70,599 | ) | |||||||
Depreciation and amortization | (22 | ) | (16,267 | ) | (1,202 | ) | (50,386 | ) | |||||||
Operating income (loss) | (19 | ) | 11,136 | (41 | ) | 30,388 | |||||||||
Interest expense | (95 | ) | (12,658 | ) | (1,144 | ) | (39,611 | ) | |||||||
Loss before gain on sales | (114 | ) | (1,522 | ) | (1,185 | ) | (9,223 | ) | |||||||
Gain on sale of depreciable properties | 1,608 | 2,088 | 11,179 | 16,405 | |||||||||||
Income from discontinued operations | $ | 1,494 | $ | 566 | $ | 9,994 | $ | 7,182 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Loss from continuing operations attributable to common shareholders | $ | (29,700 | ) | $ | (32,626 | ) | $ | (102,913 | ) | $ | (20,541 | ) | |||
Income from discontinued operations attributable to common shareholders | 1,470 | 550 | 9,811 | 6,992 | |||||||||||
Net loss attributable to common shareholders | $ | (28,230 | ) | $ | (32,076 | ) | $ | (93,102 | ) | $ | (13,549 | ) |
Class of stock/units | Quarterly Amount per Share or Unit | Record Date | Payment Date | ||
Common | $0.17 | November 14, 2012 | November 30, 2012 | ||
Preferred (per depositary share or unit): | |||||
Series J | $0.414063 | November 14, 2012 | November 30, 2012 | ||
Series K | $0.406250 | November 14, 2012 | November 30, 2012 | ||
Series L | $0.412500 | November 14, 2012 | November 30, 2012 | ||
Series O | $0.523437 | December 17, 2012 | December 31, 2012 |
• | Changes in general economic and business conditions, including the financial condition of our tenants and the value of our real estate assets; |
• | The General Partner's continued qualification as a real estate investment trust (“REIT”) for U.S. federal income tax purposes; |
• | Heightened competition for tenants and potential decreases in property occupancy; |
• | Potential changes in the financial markets and interest rates; |
• | Volatility in the General Partner's stock price and trading volume; |
• | Our continuing ability to raise funds on favorable terms; |
• | Our ability to successfully identify, acquire, develop and/or manage properties on terms that are favorable to us; |
• | Potential increases in real estate construction costs; |
• | Our ability to successfully dispose of properties on terms that are favorable to us, including, without limitation, through one or more transactions that are consistent with our previously disclosed strategic plans; |
• | Our ability to retain our current credit ratings; |
• | Inherent risks in the real estate business, including, but not limited to, tenant defaults, potential liability relating to environmental matters, climate change and liquidity of real estate investments; and |
• | Other risks and uncertainties described herein, as well as those risks and uncertainties discussed from time to time in our other reports and other public filings with the SEC. |
• | Owned or jointly controlled 759 industrial, office, medical office and other properties, of which 741 properties with approximately 137.3 million square feet are in service and 18 properties with more than 4.7 million square feet are under development. The 741 in-service properties are comprised of 616 consolidated properties with more than 112.0 million square feet and 125 jointly controlled unconsolidated properties with more than 25.2 million square feet. The 18 properties under development consist of 15 consolidated properties with approximately 3.5 million square feet and three jointly controlled unconsolidated properties with more than 1.2 million square feet. |
• | Owned, including through ownership interests in unconsolidated joint ventures, approximately 4,650 acres of land and controlled more than 1,600 acres through purchase options. |
Total Square Feet | Percent of Total Square Feet | Percent Leased* | Average Annual Net Effective Rent** | ||||||||||||||||||
Type | 2012 | 2011 | 2012 | 2011 | 2012 | 2011 | 2012 | 2011 | |||||||||||||
Industrial | 91,993 | 86,518 | 82.1 | % | 74.7 | % | 94.0 | % | 93.0 | % | $3.78 | $3.89 | |||||||||
Office | 15,635 | 26,286 | 13.9 | % | 22.7 | % | 84.1 | % | 84.6 | % | $13.33 | $13.24 | |||||||||
Medical Office | 3,677 | 2,139 | 3.3 | % | 1.9 | % | 91.5 | % | 85.8 | % | $21.20 | $21.29 | |||||||||
Other | 739 | 847 | 0.7 | % | 0.7 | % | 89.4 | % | 87.5 | % | $24.12 | $24.24 | |||||||||
Total | 112,044 | 115,790 | 100.0 | % | 100.0 | % | 92.5 | % | 90.9 | % | $5.69 | $6.32 | |||||||||
*Represents the percentage of total square feet leased based on executed leases and without regard to whether the leases have commenced. | |||||||||||||||||||||
**Represents average annual base rental payments per leased square foot, on a straight-line basis for the term of each lease, from space leased to tenants at the end of the most recent reporting period. This amount excludes additional amounts paid by tenants as reimbursement for operating expenses. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||
2012 | 2011 | 2012 | 2011 | ||||
New Leasing Activity - First Generation | 902 | 1,472 | 4,058 | 3,179 | |||
New Leasing Activity - Second Generation | 1,074 | 1,198 | 4,153 | 5,060 | |||
Renewal Leasing Activity | 5,083 | 2,179 | 9,089 | 7,184 | |||
Total Leasing Activity | 7,059 | 4,849 | 17,300 | 15,423 |
Square Feet of New Second Generation Leases | Average Term in Years | Estimated Tenant Improvement Cost per Square Foot | Leasing Commissions per Square Foot | ||||||||||||||
2012 | 2011 | 2012 | 2011 | 2012 | 2011 | 2012 | 2011 | ||||||||||
Three Months | |||||||||||||||||
Industrial | 817 | 733 | 5.5 | 4.7 | $4.70 | $2.30 | $1.86 | $1.63 | |||||||||
Office | 253 | 463 | 5.9 | 6.1 | $18.71 | $17.41 | $6.96 | $7.91 | |||||||||
Medical Office | 4 | 2 | 5.8 | 3.3 | $20.00 | $2.50 | $7.93 | $2.53 | |||||||||
Total | 1,074 | 1,198 | 5.6 | 5.3 | $8.05 | $8.13 | $3.08 | $4.06 | |||||||||
Nine Months | |||||||||||||||||
Industrial | 3,343 | 3,724 | 7.1 | 4.8 | $2.61 | $2.30 | $1.50 | $1.27 | |||||||||
Office | 783 | 1,329 | 6.6 | 5.8 | $15.98 | $14.17 | $7.35 | $6.54 | |||||||||
Medical Office | 27 | 7 | 7.1 | 4.1 | $13.20 | $10.04 | $6.12 | $4.47 | |||||||||
Total | 4,153 | 5,060 | 7.0 | 5.0 | $5.20 | $5.43 | $2.63 | $2.66 |
Square Feet of Leases Renewed | Percent of Expiring Leases Renewed | Average Term in Years | Growth (Decline) in Net Effective Rents* | Estimated Tenant Improvement Cost per Square Foot | Leasing Commissions per Square Foot | ||||||||||||||||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | 2012 | 2011 | 2012 | 2011 | 2012 | 2011 | 2012 | 2011 | ||||||||||||||||||||||||||||
Three Months | |||||||||||||||||||||||||||||||||||||||
Industrial | 4,907 | 1,522 | 93.8 | % | 78.2 | % | 6.5 | 3.3 | 0.2 | % | (0.5 | )% | $ | 0.41 | $ | 0.51 | $ | 0.90 | $ | 0.73 | |||||||||||||||||||
Office | 169 | 643 | 47.9 | % | 66.8 | % | 2.4 | 4.0 | 8.2 | % | 0.7 | % | $ | 2.42 | $ | 5.00 | $ | 1.78 | $ | 4.46 | |||||||||||||||||||
Medical Office | 7 | 12 | 48.4 | % | 59.8 | % | 2.8 | 5.1 | 5.3 | % | 5.3 | % | $ | 4.43 | $ | 1.22 | $ | 1.15 | $ | 2.43 | |||||||||||||||||||
Other | — | 2 | — | % | 100.0 | % | — | 5.0 | — | % | 5.7 | % | $ | — | $ | — | $ | — | $ | 5.55 | |||||||||||||||||||
Total | 5,083 | 2,179 | 90.8 | % | 74.3 | % | 6.4 | 3.5 | 1.0 | % | 0.3 | % | $ | 0.48 | $ | 1.84 | $ | 0.93 | $ | 1.85 | |||||||||||||||||||
Nine Months | |||||||||||||||||||||||||||||||||||||||
Industrial | 8,007 | 5,620 | 84.2 | % | 63.1 | % | 5.8 | 4.1 | 0.5 | % | (7.6 | )% | $ | 0.40 | $ | 0.87 | $ | 0.93 | $ | 0.78 | |||||||||||||||||||
Office | 1,057 | 1,539 | 70.7 | % | 68.2 | % | 4.1 | 4.4 | 2.5 | % | (1.7 | )% | $ | 3.27 | $ | 4.06 | $ | 3.06 | $ | 4.07 | |||||||||||||||||||
Medical Office | 25 | 17 | 43.4 | % | 56.5 | % | 6.7 | 4.4 | 6.3 | % | 7.3 | % | $ | 1.70 | $ | 1.47 | $ | 1.13 | $ | 2.15 | |||||||||||||||||||
Other | — | 8 | — | % | 81.2 | % | — | 4.6 | — | % | (0.7 | )% | $ | — | $ | — | $ | — | $ | 2.26 | |||||||||||||||||||
Total | 9,089 | 7,184 | 82.2 | % | 64.1 | % | 5.6 | 4.1 | 1.2 | % | (4.7 | )% | $ | 0.74 | $ | 1.56 | $ | 1.18 | $ | 1.49 | |||||||||||||||||||
* Represents the percentage change in net effective rent between the original leases and the renewal leases. Net effective rents represent average annual base rental payments, on a straight-line basis for the term of each lease, excluding operating expense reimbursements. |
Total Consolidated Portfolio | Industrial | Office | Medical Office | Other | |||||||||||||||||||||||||||||||||
Year of Expiration | Square Feet | Ann. Rent Revenue* | % of Revenue | Square Feet | Ann. Rent Revenue* | Square Feet | Ann. Rent Revenue* | Square Feet | Ann. Rent Revenue* | Square Feet | Ann. Rent Revenue* | ||||||||||||||||||||||||||
Remainder of 2012 | 1,863 | $ | 10,666 | 2 | % | 1,520 | $ | 6,404 | 309 | $ | 3,811 | 31 | $ | 425 | 3 | $ | 26 | ||||||||||||||||||||
2013 | 13,998 | 71,522 | 12 | % | 12,232 | 47,231 | 1,694 | 23,074 | 44 | 633 | 28 | 584 | |||||||||||||||||||||||||
2014 | 12,542 | 66,638 | 11 | % | 10,730 | 41,960 | 1,661 | 22,118 | 143 | 2,352 | 8 | 208 | |||||||||||||||||||||||||
2015 | 11,710 | 61,596 | 10 | % | 9,938 | 39,393 | 1,725 | 21,264 | 27 | 461 | 20 | 478 | |||||||||||||||||||||||||
2016 | 11,515 | 58,361 | 10 | % | 9,861 | 36,581 | 1,550 | 19,694 | 81 | 1,592 | 23 | 494 | |||||||||||||||||||||||||
2017 | 10,557 | 61,698 | 10 | % | 8,875 | 36,494 | 1,361 | 17,961 | 187 | 3,938 | 134 | 3,305 | |||||||||||||||||||||||||
2018 | 7,563 | 55,801 | 9 | % | 5,442 | 22,244 | 1,550 | 20,784 | 375 | 7,769 | 196 | 5,004 | |||||||||||||||||||||||||
2019 | 7,807 | 44,301 | 8 | % | 6,459 | 23,142 | 1,075 | 14,478 | 198 | 4,330 | 75 | 2,351 | |||||||||||||||||||||||||
2020 | 7,616 | 45,290 | 8 | % | 6,456 | 25,444 | 759 | 11,716 | 361 | 7,259 | 40 | 871 | |||||||||||||||||||||||||
2021 | 5,588 | 34,882 | 6 | % | 4,574 | 18,411 | 655 | 7,933 | 328 | 7,831 | 31 | 707 | |||||||||||||||||||||||||
2022 and Thereafter | 12,901 | 78,928 | 14 | % | 10,405 | 29,931 | 805 | 12,347 | 1,589 | 34,737 | 102 | 1,913 | |||||||||||||||||||||||||
Total Leased | 103,660 | $ | 589,683 | 100 | % | 86,492 | $ | 327,235 | 13,144 | $ | 175,180 | 3,364 | $ | 71,327 | 660 | $ | 15,941 | ||||||||||||||||||||
Total Portfolio Square Feet | 112,044 | 91,993 | 15,635 | 3,677 | 739 | ||||||||||||||||||||||||||||||||
Percent Leased | 92.5 | % | 94.0 | % | 84.1 | % | 91.5 | % | 89.4 | % | |||||||||||||||||||||||||||
* Annualized rental revenue represents average annual base rental payments, on a straight-line basis for the term of each lease, from space leased to tenants at the end of the most recent reporting period. Annualized rental revenue excludes additional amounts paid by tenants as reimbursement for operating expenses. |
Year-to-Date 2012 Acquisitions | Full Year 2011 Acquisitions | ||||||||||||||||||
Type | Acquisition Price* | In-Place Yield** | Percent Leased at Acquisition Date*** | Acquisition Price* | In-Place Yield** | Percent Leased at Acquisition Date*** | |||||||||||||
Industrial | $ | 184,782 | 6.4 | % | 95.3 | % | $ | 516,251 | 6.6 | % | 92.7 | % | |||||||
Office | — | — | % | — | % | 90,603 | 5.1 | % | 66.8 | % | |||||||||
Medical Office | 158,441 | 7.1 | % | 100.0 | % | 143,241 | 7.3 | % | 98.1 | % | |||||||||
Total | $ | 343,223 | 6.7 | % | 96.0 | % | $ | 750,095 | 6.5 | % | 91.5 | % | |||||||
* Includes real estate assets and net acquired lease-related intangible assets but excludes other acquired working capital assets and liabilities. | |||||||||||||||||||
** In-place yields of completed acquisitions are calculated as the current annualized net rental payments, from space leased to tenants at the date of acquisition, divided by the acquisition price of the acquired real estate. Annualized net rental payments are comprised of base rental payments, excluding additional amounts payable by tenants as reimbursement for operating expenses, less current annualized operating expenses not recovered through tenant reimbursements. | |||||||||||||||||||
*** Represents percentage of total square feet leased based on executed leases and without regard to whether the leases have commenced, at the date of acquisition. |
Year-to-Date 2012 Dispositions | Full Year 2011 Dispositions | |||||||||||||||||||
Type | Sales Price | In-Place Yield* | Percent Leased** | Sales Price | In-Place Yield* | Percent Leased** | ||||||||||||||
Industrial | $ | 41,188 | 7.0 | % | 78.7 | % | $ | 82,903 | 6.0 | % | 69.4 | % | ||||||||
Office | 54,281 | 7.0 | % | 78.5 | % | 1,546,094 | 8.4 | % | 85.7 | % | ||||||||||
Other | 11,400 | 9.0 | % | 80.5 | % | — | — | % | — | % | ||||||||||
Total | $ | 106,869 | 7.2 | % | 78.7 | % | $ | 1,628,997 | 8.2 | % | 83.5 | % | ||||||||
* In-place yields of completed dispositions are calculated as current annualized net rental payments, from space leased to tenants at the date of sale, divided by the sales price of the real estate. Annualized net rental payments are comprised of base rental payments, excluding additional amounts payable by tenants as reimbursement for operating expenses, less current annualized operating expenses not recovered through tenant reimbursements. | ||||||||||||||||||||
** Represents percentage of total square feet leased based on executed leases and without regard to whether the leases have commenced, at the date of sale. |
Ownership Type | Square Feet | Percent Leased | Total Estimated Project Costs | Total Incurred to Date | Amount Remaining to be Spent | |||||||||||
Consolidated properties | 3,498 | 83% | $ | 413,289 | $ | 204,047 | $ | 209,242 | ||||||||
Joint venture properties | 1,250 | 52% | 124,180 | 45,769 | 78,411 | |||||||||||
Total | 4,748 | 75% | $ | 537,469 | $ | 249,816 | $ | 287,653 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Net loss of General Partner attributable to common shareholders | $ | (28,230 | ) | $ | (32,076 | ) | $ | (93,102 | ) | $ | (13,549 | ) | |||
Add back: Net loss attributable to noncontrolling interests - common limited partnership interests in the Partnership | (459 | ) | (868 | ) | (1,736 | ) | (369 | ) | |||||||
Net loss of Partnership attributable to common unitholders | (28,689 | ) | (32,944 | ) | (94,838 | ) | (13,918 | ) | |||||||
Adjustments: | |||||||||||||||
Depreciation and amortization | 95,139 | 97,335 | 280,338 | 292,429 | |||||||||||
Company share of joint venture depreciation and amortization | 8,782 | 8,531 | 26,008 | 24,798 | |||||||||||
Earnings from depreciable property sales—wholly owned | (2,011 | ) | (651 | ) | (11,424 | ) | (83,315 | ) | |||||||
Earnings from depreciable property sales—share of joint venture | (2,065 | ) | — | (2,065 | ) | (91 | ) | ||||||||
Funds From Operations of Partnership attributable to common unitholders | $ | 71,156 | $ | 72,271 | $ | 198,019 | $ | 219,903 | |||||||
Additional General Partner Adjustments: | |||||||||||||||
Net loss attributable to noncontrolling interests - common limited partnership interests in the Partnership | 459 | 868 | 1,736 | 369 | |||||||||||
Noncontrolling interest share of adjustments | (1,638 | ) | (2,835 | ) | (5,358 | ) | (6,206 | ) | |||||||
Funds From Operations of General Partner attributable to common shareholders | $ | 69,977 | $ | 70,304 | $ | 194,397 | $ | 214,066 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Rental and related revenue | $ | 208,957 | $ | 184,581 | $ | 616,451 | $ | 554,752 | |||||||
General contractor and service fee revenue | 93,932 | 127,708 | 226,507 | 409,617 | |||||||||||
Operating income | 43,197 | 39,069 | 122,308 | 191,433 | |||||||||||
General Partner | |||||||||||||||
Net loss attributable to common shareholders | $ | (28,230 | ) | $ | (32,076 | ) | $ | (93,102 | ) | $ | (13,549 | ) | |||
Weighted average common shares outstanding | 270,289 | 252,802 | 265,153 | 252,618 | |||||||||||
Weighted average common shares and potential dilutive securities | 270,289 | 252,802 | 265,153 | 252,618 | |||||||||||
Partnership | |||||||||||||||
Net loss attributable to common unitholders | $ | (28,689 | ) | $ | (32,944 | ) | $ | (94,838 | ) | $ | (13,918 | ) | |||
Weighted average Common Units outstanding | 274,800 | 259,866 | 270,095 | 259,505 | |||||||||||
Weighted average Common Units and potential dilutive securities | 274,800 | 259,866 | 270,095 | 259,505 | |||||||||||
General Partner and the Partnership | |||||||||||||||
Basic income (loss) per common share or Common Unit: | |||||||||||||||
Continuing operations | $ | (0.11 | ) | $ | (0.13 | ) | $ | (0.40 | ) | $ | (0.09 | ) | |||
Discontinued operations | $ | — | $ | — | $ | 0.04 | $ | 0.03 | |||||||
Diluted income (loss) per common share or Common Unit: | |||||||||||||||
Continuing operations | $ | (0.11 | ) | $ | (0.13 | ) | $ | (0.40 | ) | $ | (0.09 | ) | |||
Discontinued operations | $ | — | $ | — | $ | 0.04 | $ | 0.03 | |||||||
Number of in-service consolidated properties at end of period | 616 | 672 | 616 | 672 | |||||||||||
In-service consolidated square footage at end of period | 112,044 | 115,790 | 112,044 | 115,790 | |||||||||||
Number of in-service joint venture properties at end of period | 125 | 127 | 125 | 127 | |||||||||||
In-service joint venture square footage at end of period | 25,238 | 25,481 | 25,238 | 25,481 |
Three Months Ended September 30, | |||||||
2012 | 2011 | ||||||
Rental and Related Revenue: | |||||||
Industrial | $ | 109,400 | $ | 95,676 | |||
Office | 67,701 | 66,157 | |||||
Medical Office | 23,007 | 14,292 | |||||
Other | 8,849 | 8,456 | |||||
Total Rental and Related Revenue from Continuing Operations | $ | 208,957 | $ | 184,581 | |||
Rental and Related Revenue from Discontinued Operations | 143 | 50,315 | |||||
Total Rental and Related Revenue from Continuing and Discontinued Operations | $ | 209,100 | $ | 234,896 |
• | We acquired 77 properties, of which 47 were industrial and 23 were medical office, and placed nine developments in service from January 1, 2011 to September 30, 2012, which provided incremental revenues of $21.2 million in the third quarter of 2012, as compared to the same period in 2011. |
• | The remaining increase in rental and related revenue from continuing operations is primarily due to improved results within the properties that have been in service for all of 2011 and the first nine months of 2012. Improved occupancy was the main driver of the overall improvement within these properties, as rental rates remained fairly flat. |
Three Months Ended September 30, | |||||||
2012 | 2011 | ||||||
Rental Expenses: | |||||||
Industrial | $ | 11,783 | $ | 9,925 | |||
Office | 20,737 | 19,386 | |||||
Medical Office | 5,619 | 4,241 | |||||
Other | 1,520 | 1,553 | |||||
Total Rental Expenses from Continuing Operations | $ | 39,659 | $ | 35,105 | |||
Rental Expenses from Discontinued Operations | 103 | 15,269 | |||||
Total Rental Expenses from Continuing and Discontinued Operations | $ | 39,762 | $ | 50,374 | |||
Real Estate Taxes: | |||||||
Industrial | $ | 16,452 | $ | 15,537 | |||
Office | 8,662 | 8,500 | |||||
Medical Office | 2,537 | 1,254 | |||||
Other | 1,025 | 1,064 | |||||
Total Real Estate Tax Expense from Continuing Operations | $ | 28,676 | $ | 26,355 | |||
Real Estate Tax Expense from Discontinued Operations | 37 | 7,643 | |||||
Total Real Estate Tax Expense from Continuing and Discontinued Operations | $ | 28,713 | $ | 33,998 |
Three Months Ended September 30, | |||||||
2012 | 2011 | ||||||
Service Operations: | |||||||
General contractor and service fee revenue | $ | 93,932 | $ | 127,708 | |||
General contractor and other services expenses | (87,719 | ) | (120,547 | ) | |||
Total | $ | 6,213 | $ | 7,161 |
Nine Months Ended September 30, | |||||||
2012 | 2011 | ||||||
Rental and Related Revenue: | |||||||
Industrial | $ | 327,713 | $ | 281,083 | |||
Office | 201,606 | 207,387 | |||||
Medical Office | 64,669 | 41,280 | |||||
Other | 22,463 | 25,002 | |||||
Total Rental and Related Revenue from Continuing Operations | $ | 616,451 | $ | 554,752 | |||
Rental and Related Revenue from Discontinued Operations | 2,987 | 151,373 | |||||
Total Rental and Related Revenue from Continuing and Discontinued Operations | $ | 619,438 | $ | 706,125 |
• | We acquired 77 properties, of which 47 were industrial and 23 were medical office, and placed nine developments in service from January 1, 2011 to September 30, 2012, which provided incremental revenues of $63.5 million in the nine months ended September 30, 2012, as compared to the same period in 2011. |
• | The sale of 13 office properties to an unconsolidated joint venture in late March 2011 resulted in a $10.0 million decrease in rental and related revenue from continuing operations in the nine months ended September 30, 2012, which partially offset the impact of newly acquired or developed properties. |
• | The remaining increase in rental and related revenue from continuing operations is primarily due to improved results within the properties that have been in service for all of 2011 and the first nine months of 2012. Higher levels of occupancy drove the overall improvement within these properties, as rental rates remained fairly flat. |
• | The overall shift of revenues and income from office properties to industrial and medical office properties is consistent with our continuing strategy to increase our asset concentration in industrial and medical office properties while reducing our overall investment in office properties. |
Nine Months Ended September 30, | |||||||
2012 | 2011 | ||||||
Rental Expenses: | |||||||
Industrial | $ | 32,667 | $ | 31,396 | |||
Office | 58,870 | 58,613 | |||||
Medical Office | 15,624 | 12,351 | |||||
Other | 4,316 | 5,864 | |||||
Total Rental Expenses from Continuing Operations | $ | 111,477 | $ | 108,224 | |||
Rental Expenses from Discontinued Operations | 1,287 | 47,386 | |||||
Total Rental Expenses from Continuing and Discontinued Operations | $ | 112,764 | $ | 155,610 | |||
Real Estate Taxes: | |||||||
Industrial | $ | 50,395 | $ | 45,833 | |||
Office | 25,369 | 27,775 | |||||
Medical Office | 6,701 | 3,808 | |||||
Other | 2,790 | 2,450 | |||||
Total Real Estate Tax Expense from Continuing Operations | $ | 85,255 | $ | 79,866 | |||
Real Estate Tax Expense from Discontinued Operations | 539 | 23,213 | |||||
Total Real Estate Tax Expense from Continuing and Discontinued Operations | $ | 85,794 | $ | 103,079 |
Nine Months Ended September 30, | |||||||
2012 | 2011 | ||||||
Service Operations: | |||||||
General contractor and service fee revenue | $ | 226,507 | $ | 409,617 | |||
General contractor and other services expenses | (209,519 | ) | (379,180 | ) | |||
Total | $ | 16,988 | $ | 30,437 |
• | accretive property investment; |
• | leasing/capital costs; |
• | dividends and distributions to shareholders and unitholders; |
• | long-term debt maturities; |
• | opportunistic repurchases of outstanding debt and preferred stock; and |
• | other contractual obligations. |
Nine Months Ended September 30, | |||||||
2012 | 2011 | ||||||
Second generation tenant improvements | $ | 19,245 | $ | 34,312 | |||
Second generation leasing costs | 24,078 | 31,988 | |||||
Building improvements | 3,359 | 5,432 | |||||
Totals | $ | 46,682 | $ | 71,732 |
Nine Months Ended September 30, | |||||||
2012 | 2011 | ||||||
Industrial | $ | 23,544 | $ | 24,642 | |||
Office | 22,678 | 46,835 | |||||
Medical Office | 434 | 144 | |||||
Non-reportable segments | 26 | 111 | |||||
Totals | $ | 46,682 | $ | 71,732 |
Future Repayments | ||||||||||||||
Year | Scheduled Amortization | Maturities | Total | Weighted Average Interest Rate of Future Repayments | ||||||||||
Remainder of 2012 | $ | 4,166 | $ | 50,000 | $ | 54,166 | 5.50 | % | ||||||
2013 | 17,067 | 521,644 | 538,711 | 6.27 | % | |||||||||
2014 | 15,940 | 301,000 | 316,940 | 6.15 | % | |||||||||
2015 | 14,378 | 358,381 | 372,759 | 6.80 | % | |||||||||
2016 | 12,377 | 506,690 | 519,067 | 6.11 | % | |||||||||
2017 | 10,100 | 556,479 | 566,579 | 5.90 | % | |||||||||
2018 | 7,937 | 300,000 | 307,937 | 6.08 | % | |||||||||
2019 | 6,936 | 518,438 | 525,374 | 7.97 | % | |||||||||
2020 | 5,381 | 250,000 | 255,381 | 6.73 | % | |||||||||
2021 | 3,416 | 9,047 | 12,463 | 5.59 | % | |||||||||
2022 | 3,611 | 600,000 | 603,611 | 4.20 | % | |||||||||
Thereafter | 14,178 | 50,000 | 64,178 | 6.93 | % | |||||||||
$ | 115,487 | $ | 4,021,679 | $ | 4,137,166 | 6.17 | % |
Nine Months Ended September 30, | |||||||
2012 | 2011 | ||||||
General Partner | |||||||
Net Cash Provided by Operating Activities | $ | 201.5 | $ | 245.1 | |||
Net Cash Provided by (Used for) Investing Activities | $ | (505.2 | ) | $ | 125.3 | ||
Net Cash Provided by (Used for) Financing Activities | $ | 203.0 | $ | (372.6 | ) | ||
Partnership | |||||||
Net Cash Provided by Operating Activities | $ | 201.6 | $ | 245.1 | |||
Net Cash Provided by (Used for) Investing Activities | $ | (505.2 | ) | $ | 125.3 | ||
Net Cash Provided by (Used for) Financing Activities | $ | 202.9 | $ | (372.7 | ) |
• | During the nine months ended September 30, 2012, we paid cash of $321.1 million for real estate acquisitions and $37.2 million for undeveloped land acquisitions, compared to $179.0 million and $3.8 million, respectively, for real estate and undeveloped land acquisitions in the same period in 2011. |
• | Real estate development costs increased to $176.3 million for the nine months ended September 30, 2012 from $125.7 million for the same period in 2011. |
• | Sales of land and depreciated property provided $112.6 million in net proceeds for the nine months ended September 30, 2012, compared to $504.7 million for the same period in 2011. |
• | For the nine months ended September 30, 2012, we received a $4.9 million capital distribution, which represented our share of the net proceeds from the sale of the sole property within one of our unconsolidated joint ventures. For the same period in 2011, we received a $54.7 million capital distribution, which represented our share of the net proceeds from a loan obtained by one of our unconsolidated joint ventures. |
• | In March 2012, we redeemed all of the outstanding shares of our Series M Shares for a total payment of $168.3 million. In July 2011, we redeemed all of the outstanding shares of our 7.25% Series N Cumulative Redeemable Preferred Shares for a total payment of $108.6 million. |
• | During the nine months ended September 30, 2012, we issued 16.9 million shares of common stock for net proceeds of $236.3 million. |
• | In June 2012, we issued $300.0 million of senior unsecured notes that bear interest at 4.375% and mature on June 15, 2022. In September 2012, we issued an additional $300.0 million of unsecured notes that bear interest at 3.875% and mature on October 15, 2022. |
• | In June 2012, a newly formed subsidiary, consolidated by both the General Partner and the Partnership, borrowed $13.3 million on a secured note bearing interest at a variable rate of LIBOR plus 2.5% and maturing in June 2017. |
• | In July 2012, one of our consolidated subsidiaries repaid $21.0 million of variable rate unsecured debt, which bore interest at a rate of LIBOR plus 0.85%, at its scheduled maturity. In August 2012, we repaid $150.0 million of senior unsecured notes, which had an effective interest rate of 6.01%, at their scheduled maturity date. In March 2011 and August 2011, we repaid $42.5 million and $122.5 million, respectively, of senior unsecured notes with an effective rate of 6.96% and 5.69%, respectively, at their scheduled maturity dates. |
• | During the nine months ended September 30, 2012, we repaid $95.8 million of secured loans with the proceeds obtained from the issuance of senior unsecured debt as described above. |
• | For the nine months ended September 30, 2011, we increased net borrowings on the Partnership’s $850.0 million line of credit by $109.0 million, compared to no net change in borrowings for the same period in 2012. |
Remainder of 2012 | 2013 | 2014 | 2015 | 2016 | Thereafter | Face Value | Fair Value | ||||||||||||||||||||||||
Fixed rate secured debt | $ | 3,611 | $ | 110,529 | $ | 63,563 | $ | 119,870 | $ | 366,021 | $ | 411,419 | $ | 1,075,013 | $ | 1,174,864 | |||||||||||||||
Weighted average interest rate | 6.06 | % | 5.84 | % | 5.56 | % | 5.38 | % | 5.86 | % | 7.07 | % | |||||||||||||||||||
Variable rate secured debt | $ | 83 | $ | 1,217 | $ | 1,285 | $ | 663 | $ | 676 | $ | 14,539 | $ | 18,463 | $ | 18,964 | |||||||||||||||
Weighted average interest rate | 3.60 | % | 1.23 | % | 1.22 | % | 2.08 | % | 2.11 | % | 2.95 | % | |||||||||||||||||||
Fixed rate unsecured debt | $ | 50,472 | $ | 426,965 | $ | 252,092 | $ | 252,226 | $ | 152,370 | $ | 1,909,565 | $ | 3,043,690 | $ | 3,412,621 | |||||||||||||||
Weighted average interest rate | 5.46 | % | 6.40 | % | 6.33 | % | 7.49 | % | 6.71 | % | 5.88 | % |
3.1(i) | Fourth Amended and Restated Articles of Incorporation of the General Partner (filed as Exhibit 3.1 to the General Partner's Current Report on Form 8-K as filed with the SEC on July 30, 2009, and incorporated herein by this reference). | ||
3.1(ii) | Amendment to the Fourth Amended and Restated Articles of Incorporation of the General Partner (filed as Exhibit 3.1 to the General Partner's Current Report on Form 8-K as filed with the SEC on July 22, 2011, and incorporated herein by this reference). | ||
3.1(iii) | Second Amendment to the Fourth Amended and Restated Articles of Incorporation of the General Partner (filed as Exhibit 3.1 to the General Partner's Current Report on Form 8-K as filed with the SEC on March 9, 2012, and incorporated herein by this reference). | ||
3.2 | Fourth Amended and Restated Bylaws of the General Partner (filed as Exhibit 3.2 to the General Partner's Current Report on Form 8-K as filed with the SEC on July 30, 2009, and incorporated herein by this reference). | ||
3.3 | Certificate of Limited Partnership of the Partnership, dated September 17, 1993 (filed as Exhibit 3.1(i) to the Partnership's Annual Report on Form 10-K for the year ended December 31, 2006 as filed with the SEC on March 13, 2007, and incorporated herein by this reference). | ||
3.4(i) | Fourth Amended and Restated Agreement of Limited Partnership of the Partnership (filed as Exhibit 3.1 to the Partnership's Current Report on Form 8-K as filed with the SEC on November 3, 2009, and incorporated herein by this reference). | ||
3.4(ii) | Amendment to Fourth Amended and Restated Agreement of Limited Partnership of the Partnership (filed as Exhibit 3.1 to the Partnership's Current Report on Form 8-K as filed with the SEC on July 22, 2011, and incorporated herein by this reference). | ||
3.4(iii) | Second Amendment to Fourth Amended and Restated Agreement of Limited Partnership of the Partnership (filed as Exhibit 3.1 to the Partnership's Current Report on Form 8-K as filed with the SEC on March 9, 2012 and incorporated herein by this reference). | ||
4.1 | Ninth Supplemental Indenture, dated September 19, 2012, by and between the Partnership and The Bank of New York Mellon Trust, N.A. (as successor to J.P. Morgan Trust Company, National Association), including the form of global note evidencing the 3.875% Senior Notes Due 2022 (filed as Exhibit 4.1 to the General Partner's Current Report on Form 8-K as filed with the SEC on September 19, 2012, and incorporated herein by this reference). | ||
10.1 | Terms Agreement, dated September 14, 2012, by and among the General Partner, the Partnership, Barclays Capital Inc., Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities, LLC (filed as Exhibit 1.1 to the General Partner's Current Report on Form 8-K as filed with the SEC on September 19, 2012, and incorporated herein by this reference). | ||
11.1 | Statement Regarding Computation of Earnings.*** | ||
12.1 | Statement of Computation of Ratio of Earnings to Fixed Charges and Ratio of Earnings to Combined Fixed Charges and Preferred Dividends of the General Partner.* | ||
12.2 | Statement of Computation of Ratio of Earnings to Fixed Charges and Ratio of Earnings to Combined Fixed Charges and Preferred Distributions of the Partnership.* | ||
31.1 | Rule 13a-14(a) Certification of the Chief Executive Officer of the General Partner.* | ||
31.2 | Rule 13a-14(a) Certification of the Chief Financial Officer of the General Partner.* | ||
31.3 | Rule 13a-14(a) Certification of the Chief Executive Officer for the Partnership.* | ||
31.4 | Rule 13a-14(a) Certification of the Chief Financial Officer for the Partnership.* | ||
32.1 | Section 1350 Certification of the Chief Executive Officer of the General Partner.** | ||
32.2 | Section 1350 Certification of the Chief Financial Officer of the General Partner.** | ||
32.3 | Section 1350 Certification of the Chief Executive Officer for the Partnership.** | ||
32.4 | Section 1350 Certification of the Chief Financial Officer for the Partnership.** | ||
101 | The following materials from the General Partner's and the Partnership's Quarterly Report on Form 10-Q for the quarter ended September 30, 2012 formatted in XBRL (eXtensible Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Operations and Comprehensive Income, (iii) the Consolidated Statements of Cash Flows, (iv) the Consolidated Statements of Changes in Equity, (v) the Notes to Consolidated Financial Statements. |
* | Filed herewith. |
** | The certifications attached as Exhibits 32.1, 32.2, 32.3 and 32.4 accompany this Quarterly Report on Form 10-Q and are “furnished” to the Securities and Exchange Commission pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed “filed” by the General Partner or the Partnership, respectively, for purposes of Section 18 of the Securities Exchange Act of 1934, as amended. |
*** | Data required by Financial Accounting Standards Board Auditing Standards Codification No. 260 is provided in Note 8 to the Consolidated Financial Statements included in this report. |
DUKE REALTY CORPORATION | ||
/s/ Dennis D. Oklak | ||
Dennis D. Oklak | ||
Chairman and Chief Executive Officer | ||
/s/ Christie B. Kelly | ||
Christie B. Kelly | ||
Executive Vice President and Chief Financial Officer | ||
/s/ Mark A. Denien | ||
Mark A. Denien | ||
Senior Vice President and Chief Accounting Officer |
DUKE REALTY LIMITED PARTNERSHIP | ||
By: DUKE REALTY CORPORATION, its general partner | ||
/s/ Dennis D. Oklak | ||
Dennis D. Oklak | ||
Chairman and Chief Executive Officer of the General Partner | ||
/s/ Christie B. Kelly | ||
Christie B. Kelly | ||
Executive Vice President and Chief Financial Officer of the General Partner | ||
/s/ Mark A. Denien | ||
Mark A. Denien | ||
Senior Vice President and Chief Accounting Officer of the General Partner | ||
Date: | November 2, 2012 | |
Nine Months Ended September 30, 2012 | Year Ended December 31, 2011 | Year Ended December 31, 2010 | Year Ended December 31, 2009 | Year Ended December 31, 2008 | Year Ended December 31, 2007 | |||||||||||||||||||||||||||||
Net income (loss) from continuing operations, less preferred dividends | $ | (98,737 | ) | $ | (63,536 | ) | $ | (30,588 | ) | $ | (306,948 | ) | $ | 18,071 | $ | 112,435 | ||||||||||||||||||
Preferred dividends | 35,356 | 60,353 | 69,468 | 73,451 | 71,426 | 58,292 | ||||||||||||||||||||||||||||
Interest expense | 183,623 | 221,420 | 187,342 | 149,721 | 134,921 | 109,999 | ||||||||||||||||||||||||||||
Earnings (loss) before fixed charges | $ | 120,242 | $ | 218,237 | $ | 226,222 | $ | (83,776 | ) | $ | 224,418 | $ | 280,726 | |||||||||||||||||||||
Interest expense | $ | 183,623 | $ | 221,420 | $ | 187,342 | $ | 149,721 | $ | 134,921 | $ | 109,999 | ||||||||||||||||||||||
Interest costs capitalized | 6,199 | 4,335 | 11,498 | 26,864 | 53,456 | 59,167 | ||||||||||||||||||||||||||||
Total fixed charges | 189,822 | 225,755 | 198,840 | 176,585 | 188,377 | 169,166 | ||||||||||||||||||||||||||||
Preferred dividends | 35,356 | 60,353 | 69,468 | 73,451 | 71,426 | 58,292 | ||||||||||||||||||||||||||||
Total fixed charges and preferred dividends | $ | 225,178 | $ | 286,108 | $ | 268,308 | $ | 250,036 | $ | 259,803 | $ | 227,458 | ||||||||||||||||||||||
Ratio of earnings to fixed charges | N/A | (1) | N/A | (3) | 1.14 | N/A | (6) | 1.19 | 1.66 | |||||||||||||||||||||||||
Ratio of earnings to fixed charges and preferred dividends | N/A | (2) | N/A | (4) | N/A | (5) | N/A | (7) | N/A | (8) | 1.23 |
(1) | N/A - The ratio is less than 1.0; deficit of $69.6 million exists for the nine months ended September 30, 2012. The calculation of earnings includes $279.1 million of non-cash depreciation and amortization expense. |
(2) | N/A - The ratio is less than 1.0; deficit of $104.9 million exists for the nine months ended September 30, 2012. The calculation of earnings includes $279.1 million of non-cash depreciation and amortization expense. |
(3) | N/A - The ratio is less than 1.0; deficit of $7.5 million exists for the year ended December 31, 2011. The calculation of earnings includes $328.2 million of non-cash depreciation and amortization expense. |
(4) | N/A - The ratio is less than 1.0; deficit of $67.9 million exists for the year ended December 31, 2011. The calculation of earnings includes $328.2 million of non-cash depreciation and amortization expense. |
(5) | N/A - The ratio is less than 1.0; deficit of $42.1 million exists for the year ended December 31, 2010. The calculation of earnings includes $277.4 million of non-cash depreciation and amortization expense. |
(6) | N/A - The ratio is less than 1.0; deficit of $260.4 million exists for the year ended December 31, 2009. The calculation of earnings includes $243.1 million of non-cash depreciation and amortization expense. |
(7) | N/A - The ratio is less than 1.0; deficit of $333.8 million exists for the year ended December 31, 2009. The calculation of earnings includes $243.1 million of non-cash depreciation and amortization expense. |
(8) | N/A - The ratio is less than 1.0; deficit of $35.4 million exists for the year ended December 31, 2008. The calculation of earnings includes $210.9 million of non-cash depreciation and amortization expense. |
Nine Months Ended September 30, 2012 | Year Ended December 31, 2011 | Year Ended December 31, 2010 | Year Ended December 31, 2009 | Year Ended December 31, 2008 | Year Ended December 31, 2007 | |||||||||||||||||||||||||||||
Net income (loss) from continuing operations, less preferred distributions | $ | (98,737 | ) | $ | (63,536 | ) | $ | (30,588 | ) | $ | (306,948 | ) | $ | 18,071 | $ | 112,434 | ||||||||||||||||||
Preferred distributions | 35,356 | 60,353 | 69,468 | 73,451 | 71,426 | 58,292 | ||||||||||||||||||||||||||||
Interest expense | 183,623 | 221,420 | 187,342 | 149,721 | 134,921 | 109,999 | ||||||||||||||||||||||||||||
Earnings (loss) before fixed charges | $ | 120,242 | $ | 218,237 | $ | 226,222 | $ | (83,776 | ) | $ | 224,418 | $ | 280,725 | |||||||||||||||||||||
Interest expense | $ | 183,623 | $ | 221,420 | $ | 187,342 | $ | 149,721 | $ | 134,921 | $ | 109,999 | ||||||||||||||||||||||
Interest costs capitalized | 6,199 | 4,335 | 11,498 | 26,864 | 53,456 | 59,167 | ||||||||||||||||||||||||||||
Total fixed charges | 189,822 | 225,755 | 198,840 | 176,585 | 188,377 | 169,166 | ||||||||||||||||||||||||||||
Preferred distributions | 35,356 | 60,353 | 69,468 | 73,451 | 71,426 | 58,292 | ||||||||||||||||||||||||||||
Total fixed charges and preferred distributions | $ | 225,178 | $ | 286,108 | $ | 268,308 | $ | 250,036 | $ | 259,803 | $ | 227,458 | ||||||||||||||||||||||
Ratio of earnings to fixed charges | N/A | (1) | N/A | (3) | 1.14 | N/A | (6) | 1.19 | 1.66 | |||||||||||||||||||||||||
Ratio of earnings to fixed charges and preferred distributions | N/A | (2) | N/A | (4) | N/A | (5) | N/A | (7) | N/A | (8) | 1.23 |
(1) | N/A - The ratio is less than 1.0; deficit of $69.6 million exists for the nine months ended September 30, 2012. The calculation of earnings includes $279.1 million of non-cash depreciation and amortization expense. |
(2) | N/A - The ratio is less than 1.0; deficit of $104.9 million exists for the nine months ended September 30, 2012. The calculation of earnings includes $279.1 million of non-cash depreciation and amortization expense. |
(3) | N/A - The ratio is less than 1.0; deficit of $7.5 million exists for the year ended December 31, 2011. The calculation of earnings includes $328.2 million of non-cash depreciation and amortization expense. |
(4) | N/A - The ratio is less than 1.0; deficit of $67.9 million exists for the year ended December 31, 2011. The calculation of earnings includes $328.2 million of non-cash depreciation and amortization expense. |
(5) | N/A - The ratio is less than 1.0; deficit of $42.1 million exists for the year ended December 31, 2010. The calculation of earnings includes $277.4 million of non-cash depreciation and amortization expense. |
(6) | N/A - The ratio is less than 1.0; deficit of $260.4 million exists for the year ended December 31, 2009. The calculation of earnings includes $243.1 million of non-cash depreciation and amortization expense. |
(7) | N/A - The ratio is less than 1.0; deficit of $333.8 million exists for the year ended December 31, 2009. The calculation of earnings includes $243.1 million of non-cash depreciation and amortization expense. |
(8) | N/A - The ratio is less than 1.0; deficit of $35.4 million exists for the year ended December 31, 2008. The calculation of earnings includes $210.9 million of non-cash depreciation and amortization expense. |
1 | I have reviewed this Quarterly Report on Form 10-Q of Duke Realty Corporation; |
2 | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3 | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4 | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5 | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ Dennis D. Oklak |
Dennis D. Oklak |
Chairman and Chief Executive Officer |
1 | I have reviewed this Quarterly Report on Form 10-Q of Duke Realty Corporation; |
2 | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3 | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4 | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5 | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ Christie B. Kelly |
Christie B. Kelly |
Executive Vice President and Chief Financial Officer |
1 | I have reviewed this Quarterly Report on Form 10-Q of Duke Realty Limited Partnership; |
2 | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3 | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4 | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5 | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ Dennis D. Oklak |
Dennis D. Oklak |
Chairman and Chief Executive Officer of the General Partner |
1 | I have reviewed this Quarterly Report on Form 10-Q of Duke Realty Limited Partnership; |
2 | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3 | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4 | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5 | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ Christie B. Kelly |
Christie B. Kelly |
Executive Vice President and Chief Financial Officer of the General Partner |
/s/ Dennis D. Oklak | |
Dennis D. Oklak | |
Chairman and Chief Executive Officer | |
Date: | November 2, 2012 |
/s/ Christie B. Kelly | |
Christie B. Kelly | |
Executive Vice President and Chief Financial Officer | |
Date: | November 2, 2012 |
/s/ Dennis D. Oklak | |
Dennis D. Oklak | |
Chairman and Chief Executive Officer of the General Partner | |
Date: | November 2, 2012 |
/s/ Christie B. Kelly | |
Christie B. Kelly | |
Executive Vice President and Chief Financial Officer of the General Partner | |
Date: | November 2, 2012 |
A
M_._\7Z_[ZL?4[JQS^F?9K7;LG"BMY.I=61^KW?VF-]-__"U6+>YT*X#(K?\`
M5+ZQLNK!^PV26@:SCN(]>C_C,-^RRO\`X/T/]+8E/T3&0?++TS_[Y63]7D&0
M?++TS_[Y[K*RJ&MRKW;::6E[W>31*YWZIX%V9D7?67/;%^82<6LB=E9AN]
MO]:MK*:G?Z"OU/\`M4I=:L'7NIT?5_'?NPV!N5U.UAT->C\?':]I_P`/[+/^
MVKJ_YM=(QC6-#&`-:T`-:!``'``3_GG?Z,-O[_\`Z"O^>=_HPV\ G)E4WI.5&-Z:V,Y9"(_/B`\>#IX;7!M971A('AM;&YS.G@](F%D;V)E
M.FYS.FUE=&$O(B!X.GAM<'1K/2)!9&]B92!835`@0V]R92`T+C(N,BUC,#8S
M(#4S+C,U,C8R-"P@,C`P."\P-R\S,"TQ.#HP-3HT,2`@("`@("`@(CX@/')D
M9CI21$8@>&UL;G,Z D!\@'Z`@,"#`(4`AT"
M)@(O`C@"00)+`E0"70)G`G$">@*$`HX"F`*B`JP"M@+!`LL"U0+@`NL"]0,`
M`PL#%@,A`RT#.`-#`T\#6@-F`W(#?@.*`Y8#H@.N`[H#QP/3`^`#[`/Y!`8$
M$P0@!"T$.P1(!%4$8P1Q!'X$C`2:!*@$M@3$!-,$X03P!/X%#044%]@8&!A8&)P8W!D@&609J!GL&C`:=!J\&
MP`;1!N,&]0<'!QD'*P<]!T\'80=T!X8'F0>L![\'T@?E!_@("P@?"#((1@A:
M"&X(@@B6"*H(O@C2".<(^PD0"24).@E/"60)>0F/":0)N@G/">4)^PH1"B<*
M/0I4"FH*@0J8"JX*Q0K<"O,+"PLB"SD+40MI"X`+F`NP"\@+X0OY#!(,*@Q#
M#%P,=0R.#*<,P`S9#/,-#0TF#4`-6@UT#8X-J0W##=X-^`X3#BX.20YD#G\.
MFPZV#M(.[@\)#R4/00]>#WH/E@^S#\\/[!`)$"800Q!A$'X0FQ"Y$-<0]1$3
M$3$13Q%M$8P1JA')$>@2!Q(F$D429!*$$J,2PQ+C$P,3(Q-#$V,3@Q.D$\43
MY10&%"<4211J%(L4K13.%/`5$A4T%585>!6;%;T5X!8#%B86219L%H\6LA;6
M%OH7'1=!%V47B1>N%](7]Q@;&$`891B*&*\8U1CZ&2`911EK&9$9MQG=&@0:
M*AI1&G<:GAK%&NP;%!L[&V,;BANR&]H<`APJ'%(<>QRC',P<]1T>'4<=:AZ4'KX>Z1\3'SX?:1^4'[\?ZB`5($$@;""8(,0@\"$<(4@A
M=2&A( &YXS'DJ>8EYYWI&>J5[!'MC>\)\(7R!
M?.%]07VA?@%^8G["?R-_A'_E@$>`J($*@6N!S8(P@I*"](-7@[J$'82`A..%
M1X6KA@Z&
MD'PI+,H#\XY&)'[)!U1E[A;J#.O>_=>Z][]U[KWOW7NO>_=>ZZ)`%S?_`&`)
M))X```)8D\`#DGW[KW6V'_*:^`#]"[4A^0?;F%$/=&_,/HVQ@LA!_E?6&R,G
M&LGVTT4@)I-X[H@TO7\"2CI2E)=6-4KY0^UW(IV.U7?MUAIO$Z=BGC#&?+Y2
M/Q;S5:)@ZJY7^TW(!V&T7F'=X:;U<)V(1F")O(^DCC+^:K1,'56Z;W,'4T]>
M]^Z]U[W[KW7R=?Y[U#_#OYO7SJ@MI\W:.VJ_BUC_`!+J?KNO)X5.2:C^G^Q/
MU]ZZ61_`O52?OW5^O>_=>Z][]U[KWOW7NOJ2_P#";?'#'_R=/BM(%TG)UW=V
M4/%M1J.^.R8]7Z5OJ$`YYX_/O?227XSU>C[]TWU[W[KW7O?NO=>]^Z]U[W[K
MW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]
M^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U__]6E
MO^>5C?X7_-R^>-/IT^?N2@R5O^UKUSL7):O^0ONK_P"Q]ZZ61_`O54OOW5^O
M>_=>Z][]U[KWOW7NMV'_`(1P07W#_,!JM7*XGXW4^BWUUU7=,NO5?\:;6M[\
M.F)_P];ROO?2?KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NJR?YHO\
MKKHG^9]T55]>=B4E+M;M?:]+D*_I+N['XZ*?<_6VYYXPPAG*M#+GMC9V:%(L
MQAY9!#50VDB,57%!41>ZNCE#4<.OE;?)GXV=P_$+O/L+XZ]\[7EVEV;UMF#C
M,Q1`R38O+X^H05."W;M?(21Q#,[1W5BWCK,=6*H$L$FEU25)(TUTK!#`$<.@
M(]^ZWU[W[KW7O?NO=>]^Z]T8?XH_*/M[X7_('K?Y*=&YLX;L'K7-)7T]/-+.
MN&W7@*G33[EV)NJGIW1J_:F\,27I*R+]2!EFB*SPQ2)[K3`,"#U]U,_3S4LIT
MJLZ(D\8,,T;-OI$RE20>C6>_=:Z][]U[KWOW7N@7^070O7OR5ZIW/U%V7C?O
MMO;BIPU/60"-,MMS.4H=\/N;`53H_P!EFL-4MY(G`*NI:*0/%)(C$^_;'8 M>S-B[_R.UTH)-Q4VS-TX; Y?Y#Y(AN.0-P@O4TW.ZIJJ1E5']@?R/ZH_P!-
MU,_M]R'!<^W>XP7R:;K=T+U(RBK_`+CG_:G]7_;=:Q6YMM9W9>Y-P[.W10RX
MO ]^Z]U[W[K
MW7O?NO=>]^Z]U[W[KW7O?NO=$_\`Y@-=_#OA/\H*F^F_36]*8'_&NQNCQZ*L:BO'I&VJEC:ZV^#6C8T?YH0(XYUK4.QKUR_\`05I'
M'DK6L?8\/KE_Z"\_E="^L^5CV8V1UBJVFUI;96[%8`0?Y37;F_UFK/\`J-GO
MQ\S)Z1D#8YY=8QA_-MK/HY57_18[_K5R[1<']:J;ND?6&GJF,/YXB]@&DV51
M5DU:?]R*',_[=N3,D>`QR"]#4K)EZ3_>6Y8^V8Y!9X34K)EZ3_>>B^N/_B&?0MKD-
M]>IIG9L>YK+ZOZG^D24W,GZZ],QLBW&NQ\IMU+BRQI8W0CXV_1&UP+F1I9#HT,#&UP+FEI9#I&03=&,3$W-#`W,C`V.#$Q.$0T140R-#9",T%$
M0C%#-B(@&UP+FEI9#HP.3@P,3$W-#`W,C`V.#$Q.#4P-T,Y
M,S4Y-D-$-D%%,"(@:*X@D*3
MQL&5AQ5E-01\P0#T[#--;30W%O(4GC<,K#BK*:J1\P0#UO<_#KY%XGY3_'GK
M[N"A^W@R^6QO\*WMB:=@1@M]X/30;HQA0$M%`U
MJVLID,CG*F2MSF1R.;K)F+S5F9KZO+5
.[EWK5;=Q6-H>U
MMTI08['[?R^4R6&H\=1TH2.&".!88XE554*`/>NEBHI5:J.'3+MW^?/_`#>]
MLI''1?.3LC(I'P!N3:G4VYG:WT\DV;Z]K*B3_8N??NO>&G\/0AQ_\*,/YQ\:
M*@^7@<*+:I.D>@7<_P"+.>LKL??NO>%'_#TU93_A0U_.*RT;1R_,K+4(8:=6
M)ZDZ)QL@X`NKP=9:E/'U]^KU[PD_AZ`W=7\YC^:UO(2KF?GU\BZ>.8,)(]L;
MJQ^QUTL"&56V3AMO21J0?[+#W[K?AI_".MVW_A+1V1VYW!\".WNQ^Y^T>Q^V
M]V9GY9;]QT.Y^S=[;EWUG(\7ANM^IHXL?393<^2R=938^*MJIY!!&Z0B25V"
MZF8G?2>:@8`#%.MEGW[IKKWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7
MNO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][
M]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[K__TM7GY483^[/RD^3FW=.C
M^!?(WO;$:+6T#'=J[LI%0#\!5B`'^'O72X_=
M>Z][]U[KWOW7NO>_=>ZZU+_4?[<>_=>Z\&!^A!_UB#[]U[KOW[KW7O?NO=>]
M^Z]U[W[KW7O?NO=<)(HI@%ECCE4$,!(BN`P-PP#`V8'Z'ZCW[KW5CWQ(_FU_
MS#/A)48Z#HKY+[Y39N/=3_HI[&K).T.JYZ>Z"2DAVEO"7(?W>BFC0*9,-48R
MH4?ID4@'W[JK(K<1GK;J^!O_``K#Z#[2J,-L/YW==2?''=U4T%'_`*7]B?Q;
M>72-?52-H^YSV)>.KWYUU"YM=G7-T47+2U<2"X]7IAH2,J:];8>Q-_;&[1VC
M@=_]:[PVSO[8VZ*"+*;
JWD^)&'PNI\F4Y'Y@U!(Z)>8-AV_F7:KK:-RCU6\@P1\2,/A=#
MY,IR#]H-02.M(?Y1?&3LCXF]LYCJOL:D,C0^3([1W734\D6$WUM5YVBH=Q89
MW+JC&WBK*4LTM%5*T3W&AWPUYEY
0&`.L[41(T2.-0(U```X
M`#``^SJLS^;%\7\C\COC%793:.-DR?8_3-?/V'M6AIHC+79K$0T4E+O3;=$B
MG7+59+!C[F")06FK*&","[>XY]T>6Y.8.6WEM8]6X6;&5`.++2DB#YE<@>;*
MHZC/W8Y7DYCY8DEM(]6Y63&9`.++2DB#YLN0/-E4>?6FDK!U5E-U8!@?Z@BX
M///O$7CGK#7CGKE[WU[KWOW7NO>_=>ZZ)MR>`.23^/?NO=7\_P`I7^75+O+(
MX'Y5]YX!EV=BJB'*=,[)R],5&ZLK3.)*3L3-T4Z@MMW%S*'Q$#K:MJ5%4P\$
M1_63?7O?NO=>]^Z]U[W[KW7R
MJ/\`A0O0_8?SB?F8EBOW.:ZGR'(87^]Z)ZREU#7R0?\`#C^GO72N+^S7_5Y]
M4P>_=.=>]^Z]U[W[KW7O?NO=?57_`.$\]&*/^3E\)P!8U.TNQJYN"+FM[L[+
MJ0W)-]2R`W^A][Z1R_&W5S_OW5.O>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7
MNO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][
M]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO_]:I+_A0/0_8?SAO
MFJFDK]UNKK/(>^:&.61Y#0;:R&6FI]EX:(N25I\
M%LVDH**-?HJ0`>]=+E%`!T73W[K?7O?NO=>]^Z]TZ8+`5.[,]@-IT2L];NO/
M83:U&B`EWJ]QY2DPU,B@
N[_A3+_V^)^0/_B//C[_[Z7;_`+T>E`
M#[]U[H1_]`_?/_/B>[__`$4'8W_V->_=>J/7KW^@?OG_`)\3W?\`^B@[&_\`
ML:]^Z]4>O7O]`_?/_/B>[_\`T4'8W_V->_=>J/7KW^@?OG_GQ/=__HH.QO\`
M[&O?NO5'KU[_`$#]\_\`/B>[_P#T4'8W_P!C7OW7JCUZ]_H'[Y_Y\3W?_P"B
M@[&_^QKW[KU1Z]>_T#]\_P#/B>[_`/T4'8W_`-C7OW7JCUZ]_H'[Y_Y\3W?_
M`.B@[&_^QKW[KU1Z]>_T#]\_\^)[O_\`10=C?_8U[]UZH]>LD/0/?M1-#3P]
M#=WO-4314\*#J'L4&2:>18HD!;;84%Y'`Y('/OW7JCUZ_]&N'_A2S*DO\X[Y
M)Z;_`+6S?C["]Q;UKTGLV0V_JNF4<_U]Z/2N+X!U0_[]TYU[W[KW7O?NO=>]
M^Z]UNT?\(W_^+O\`S`_^H+XU_P#6WNOWX=,3_A_/K>.][Z3]>]^Z]U[W[KW7
MO?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=:QW_"K#Y,1=0_RZ<3T5C<
MC]MNGY5]K[;V?)1HP$TW7?7,]/V1O>JX(?[8Y;$X2@EXLRY&Q^O/NG815Z^G
M7S>O>NE77O?NO=>]^Z]U[W[KW2EV7LO=/9&\MH=<[&Q<^;WMV#NG;VQ]GX:F
MC:6?*[IW;EZ/`8"@CC0%F-5E0(8UR^6Q.+A7<6X'5@&%1N/<4E57RWY,M2Q][Z0L:DGHQO
MOW6NO>_=>Z^?Y_PL)JS)\LOAU07.FE^.^_*L+8Z0:_LJGA)!OI)(QHO8`BW-
M^+:/2B#@W6H9[]T_U[W[KW7O?NO=1JS_`("5/_+"7_H0^_=>Z^V+U?\`\RTZ
M[_\`#%VE_P"Z#'^]](3Q/2Z]^ZUU[W[KW7O?NO=>]^Z]UK4?\*N)$3^5458V
M:;Y,](1QBQ]3J=V3$<<"T<3'G^GOW3L/Q]?-@]ZZ5=>]^Z]U[W[KW71^A_UC
M_O7OW7NOKK_R>_\`MUE\`/\`Q5+IK_WC<;[WTB?XV^WJR#W[JO7O?NO=>]^Z
M]U\U'_A594"7^:P\0UWI?C%TM"=7Z;OF^R:C]ODV6TW/T]5_>CTJA^#\^M;?
MW[IWKWOW7NO>_=>Z5&Q]L3[WWQL?9%+.:6IWMO3:6S:>J""0TL^Z]Q8W;\52
ML;>F1J>3(APIX8K;W[KW6S1_/._D"8GX`[!V]\G_`(DU.^-X?'7'0X7;'=6W
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M915)CQ7R]V5'*P^B#)=5=P4Z%A;\R(`.?J?>CT]#\1^SKYV?OW2GKWOW7NO>
M_=>Z][]U[H_O\J7)P8?^9S_+_P`C4L$@B^7'2-.[MP%_B6],=BTYN/K)6@>_
M=5?X&^SKZ_/O?2+KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>
MZ][]U[K_TJSO^%(U0:C^\`*>^@_;X3H:E&@WXCZ)Z_DL_)M)^[S].+<>]=
M*XO@'5&7OW3G7O?NO=>]^Z]U[W[KW6[1_P`(W_\`B[_S`_\`J"^-?_6WNOWX
M=,3_`(?SZWCO>^D_7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z
M]U[W[KW7S&?^%+'S0I_E5_,;W'UUM3+#(]9?$7!R=(8-Z:9I*"O[&DK4S7<>
M8A4.T334VY%IL"[KPW\`N.#[T>E<2T3YGK7O]^Z^DO7O?NO=>]^Z]U\^#_A8!*&^:
M_P`5(-9+1?%K*RF.YL@G[9W*BN!^D&0TY!MSZ>?Q[T>E,'PG[>M2CW[I[KWO
MW7NO>_=>ZC5G_`2I_P"6$O\`T(??NO=?;%ZN(/6?79!!!V+M$@@@@@[?Q]B"
M."#[WTA/$]+KW[K77O?NO=>]^Z]U[W[KW6KW_P`*U2EKJ&I>-K$,`UP00"-](>'7R7O
MYK_\O/=?\M3YB;XZ%KOXCE.L,RK[^Z`WG7AI'W7U-F:VHCQE+6UA2-*C=&R*
MV*3#9:P#/44R5.E8JJ*^NEJ-K6OGU6O[]U;KWOW7NO>_=>Z][]U[K$DXU$?$A.`]*@T#<0QQ9]Q/;"?E56W?:7>;82>X'+P$F@U
M'\49.`_$&@;B&-17N*NHBZ-1\/OEAOWX?]OXGL?:<]77[;K)J3&]D['6H9,?
MO;:?FO54S0L3!%N#%QN\^,JR-<%0-!)AEF1Q-RGS1?8]-0XHWD<<"015R?S9?\G[Q#N5HQ:V)`FBKB2.N1Z:UXHWD"2#O)[#WQM
MGLS96U>PMF9.',[4WI@,7N7;^3@(T5>*R])%64DC)
MS&/V1U_Y^ZO\]SIU/W7O?NO=>]^Z]U[W[KW0)?(;H39GR8ZMS/3_`&%7
M;EH]G;AKL)69I-J96+#9.OCP.6I,W24#U\M%7F.AFR%#$TRHBNZI8,MS[)M^
MV.SYCVR;:;]Y!:2,I;0VDG2P8"M#BH%?\/1)S#L%ES-M
*LIH0?L(ZP9N;>>SN)[2ZB*7,3E'4\5930@_81TS>VNF.MJ;^2G\
MJ_\`2/U)EOC;NW)>;>73$"U^RVJ92U3F.K,C5^.GI8B]WF?9.9G^S;G]NBJ:
M-0+*?>37L[S/^\-JEY=NI*W=F*QUXM"3@?\`-MCI^2E.LJ/97FK]Y;3+RW=R
M5O+(5CKQ:`G`_P";;'3\E*#J\+W,_4X=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW
M1-OGI\F:;XI_&G?79%-/`N]*^G&SNM**4JS5F^]Q0U%/B:CQ$-Y:?`4\<^3J
M%(LT%&R_5A["//',:\L
YNL3+)IL;O]"3T&LCPV/^EDTY\E9NMU7WF'UFGU
M[W[KW7O?NO=>]^Z]U[W[KW6HI_.Z_P"RTZ'_`,0CL'_WH-]>\5?>7_E<$_YX
MXO\`CTG6(WO=_P`KHG_/#%_Q^7JH+W%'40=;=_\`)()/PECN2;=O]D`<_0>7
M#FP_H+GWE7[-_P#*FC_GKE_Y]ZRZ]DO^5)'_`#V3?\^]6\^Y6ZE[KWOW7NO>
M_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z!;Y(_]D[=]_P#B%NTO_>&S
MOLGYA_Y(&^?\\
Q=R"2.=.6Z?\I(_P".MT,_;O'/'+%/^4H?\=;K
M><]YI]9R]>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]UTS*JEF(55!9
MF8@*J@7))/``'OW#KW#)X=:/'\Q'Y(-\GOE1O_>>-KFK-C;4G/7/6X5V:F;:
MNUJNJAFS%,#8!=T9Z6KR`:US#/$I_0/>&//W,)YDYFOKN-ZV41\*'TT(3W#_
M`$[:F^PCTZP?]Q.9#S/S5N%[&];&(^##Z>&A/].Y9_L(].K#/Y%?0G]X>R
M^R_D7F*+7CNO<2G7FS)I8VT-NO=4$=?N>MI7(TF;$;8C@IFL?T95A['OLIL?
MC[CN/,$J?IVZ^%&?Z;BKD?-4H/\`;GJ0_8O8?J-RW/F.9/T[=/!C/_#'%7(^
M:I0?\W.MGSWDCUD[U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U3)_.O^/G^
MDKXWXON;"T(FW1T-F3D\C)$BFHJ.N]TR4>*W1$Q5?)+'B
Indebtedness (Summary of Book Value and Changes in Fair Value of Debt) (Details) (USD $)
In Thousands, unless otherwise specified |
9 Months Ended | |
---|---|---|
Sep. 30, 2012
|
Dec. 31, 2011
|
|
Book value | $ 4,140,145 | $ 3,809,589 |
Fair value | 4,606,449 | 4,117,230 |
Issuances and assumptions | 632,046 | |
Payments/Payoffs | (299,907) | |
Adjustments to fair value | 157,080 | |
Fixed Rate Secured Debt [Member]
|
||
Book value | 1,077,991 | 1,167,188 |
Fair value | 1,174,864 | 1,256,331 |
Issuances and assumptions | 18,741 | |
Payments/Payoffs | (106,355) | |
Adjustments to fair value | 6,147 | |
Variable Rate Secured Debt [Member]
|
||
Book value | 18,464 | 6,045 |
Fair value | 18,964 | 6,045 |
Issuances and assumptions | 13,305 | |
Payments/Payoffs | (885) | |
Adjustments to fair value | 499 | |
Unsecured Debt [Member]
|
||
Book value | 3,043,690 | 2,616,063 |
Fair value | 3,412,621 | 2,834,610 |
Issuances and assumptions | 600,000 | |
Payments/Payoffs | (172,374) | |
Adjustments to fair value | 150,385 | |
Line of Credit [Member]
|
||
Book value | 0 | 20,293 |
Fair value | 0 | 20,244 |
Issuances and assumptions | 0 | |
Payments/Payoffs | (20,293) | |
Adjustments to fair value | $ 49 |
Discontinued Operations and Assets Held for Sale (Tables)
|
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2012
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Table Illustration of Number of Properties in Discontinued Operations |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Table Illustration of Discontinued Operations in Statement of Operations |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allocation of Common Shareholders' Income (Loss) Between Continuing and Discontinued Operations |
|
Discontinued Operations and Assets Held for Sale (Table Illustration of Discontinued Operations in Income Statement) (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2012
|
Sep. 30, 2011
|
|
Discontinued Operations | ||||
Revenues | $ 143 | $ 50,315 | $ 2,987 | $ 151,373 |
Operating Expenses | (140) | (22,912) | (1,826) | (70,599) |
Depreciation and Amortization, Discontinued Operations | (22) | (16,267) | (1,202) | (50,386) |
Operating Income (Loss) | (19) | 11,136 | (41) | 30,388 |
Interest Expense | (95) | (12,658) | (1,144) | (39,611) |
Income (loss) before gain on sales | (114) | (1,522) | (1,185) | (9,223) |
Earnings from depreciated property sales on discontinued operations | 1,608 | 2,088 | 11,179 | 16,405 |
Income (loss) from discontinued operations | $ 1,494 | $ 566 | $ 9,994 | $ 7,182 |
Reclassifications
|
9 Months Ended |
---|---|
Sep. 30, 2012
|
|
Reclassifications [Abstract] | |
Reclassifications | Reclassifications Certain amounts in the accompanying consolidated financial statements for 2011 have been reclassified to conform to the 2012 consolidated financial statement presentation. |