Consolidated Statements of Operations and Other Comprehensive Income (Unaudited) (USD $)
In Thousands, except Share data, unless otherwise specified |
3 Months Ended | |||||||||||
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Mar. 31, 2015
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Mar. 31, 2014
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Income: | ||||||||||||
Rental income | $ 89,855us-gaap_OperatingLeasesIncomeStatementLeaseRevenue | $ 97,997us-gaap_OperatingLeasesIncomeStatementLeaseRevenue | ||||||||||
Tenant recovery income | 17,916us-gaap_TenantReimbursements | 18,355us-gaap_TenantReimbursements | ||||||||||
Other property income | 1,898us-gaap_OtherRealEstateRevenue | 2,137us-gaap_OtherRealEstateRevenue | ||||||||||
Total income | 109,669us-gaap_Revenues | 118,489us-gaap_Revenues | ||||||||||
Expenses: | ||||||||||||
General and administrative expenses | 20,583us-gaap_GeneralAndAdministrativeExpense | 14,101us-gaap_GeneralAndAdministrativeExpense | ||||||||||
Property operating expenses | 20,220us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment | 21,722us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment | ||||||||||
Real estate taxes | 12,569us-gaap_RealEstateTaxExpense | 12,166us-gaap_RealEstateTaxExpense | ||||||||||
Depreciation and amortization | 36,988us-gaap_DepreciationAndAmortization | 39,584us-gaap_DepreciationAndAmortization | ||||||||||
Business management fee | 0itpc_BusinessManagementFee | 2,594itpc_BusinessManagementFee | ||||||||||
Provision for asset impairment | 0us-gaap_AssetImpairmentCharges | [1] | 6,841us-gaap_AssetImpairmentCharges | [2] | ||||||||
Total expenses | 90,360us-gaap_OperatingExpenses | 97,008us-gaap_OperatingExpenses | ||||||||||
Operating income | 19,309us-gaap_OperatingIncomeLoss | 21,481us-gaap_OperatingIncomeLoss | ||||||||||
Interest and dividend income | 3,291us-gaap_InvestmentIncomeInterestAndDividend | 3,997us-gaap_InvestmentIncomeInterestAndDividend | ||||||||||
Gain (loss) on Sale of Properties | 728us-gaap_GainLossOnDispositionOfAssets | 1,244us-gaap_GainLossOnDispositionOfAssets | ||||||||||
Gains (Losses) on Extinguishment of Debt | (1,355)us-gaap_GainsLossesOnExtinguishmentOfDebt | (1,153)us-gaap_GainsLossesOnExtinguishmentOfDebt | ||||||||||
Other income | 911us-gaap_OtherNonoperatingIncomeExpense | 2,156us-gaap_OtherNonoperatingIncomeExpense | ||||||||||
Interest expense | (23,047)us-gaap_InterestExpense | (31,719)us-gaap_InterestExpense | ||||||||||
Equity in earnings of unconsolidated entities | 1,973us-gaap_IncomeLossFromEquityMethodInvestments | 712us-gaap_IncomeLossFromEquityMethodInvestments | ||||||||||
Realized gain on sale of marketable securities, net | 2,711us-gaap_MarketableSecuritiesRealizedGainLoss | 33us-gaap_MarketableSecuritiesRealizedGainLoss | ||||||||||
Income (loss) before income taxes | 4,521us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest | (3,249)us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest | ||||||||||
Income tax expense | (929)us-gaap_IncomeTaxExpenseBenefit | (302)us-gaap_IncomeTaxExpenseBenefit | ||||||||||
Net income (loss) from continuing operations | 3,592us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest | (3,551)us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest | ||||||||||
Net income from discontinued operations | 2,241us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax | [3] | 134,032us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax | [4] | ||||||||
Net income | 5,833us-gaap_ProfitLoss | 130,481us-gaap_ProfitLoss | ||||||||||
Less: Net income attributable to noncontrolling interests | (8)us-gaap_NetIncomeLossAttributableToNoncontrollingInterest | 0us-gaap_NetIncomeLossAttributableToNoncontrollingInterest | ||||||||||
Net income attributable to Company | 5,825us-gaap_NetIncomeLoss | 130,481us-gaap_NetIncomeLoss | ||||||||||
Net loss per common share, from continuing operations (in dollars per share) | $ 0.00us-gaap_IncomeLossFromContinuingOperationsPerBasicAndDilutedShare | $ 0.00us-gaap_IncomeLossFromContinuingOperationsPerBasicAndDilutedShare | ||||||||||
Net income (loss) per common share, from discontinued operations (in dollars per share) | $ 0.00us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare | $ 0.15us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare | ||||||||||
Net income (loss) per common share, basic and diluted (in dollars per share) | $ 0.00us-gaap_EarningsPerShareBasicAndDiluted | $ 0.15us-gaap_EarningsPerShareBasicAndDiluted | ||||||||||
Weighted Average Number of Shares Outstanding, Basic and Diluted | 861,824,777us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted | 912,594,434us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted | ||||||||||
Comprehensive income: | ||||||||||||
Unrealized gain on investment securities | 51,204us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax | 10,563us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax | ||||||||||
Unrealized loss on derivatives | (360)us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax | (750)us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax | ||||||||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | (2,974)us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax | 184us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax | ||||||||||
Comprehensive income attributable to the Company | $ 53,695us-gaap_ComprehensiveIncomeNetOfTax | $ 140,478us-gaap_ComprehensiveIncomeNetOfTax | ||||||||||
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X | ||||||||||
- Definition
Business management fee. No definition available.
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X | ||||||||||
- Definition
Amount of write-down of assets recognized in the income statement. Includes, but is not limited to, losses from tangible assets, intangible assets and goodwill. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Amount of expense incurred and directly related to generating revenue from leased and rented property or equipment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements. Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period. Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. No definition available.
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X | ||||||||||
- Definition
Amount of gain (loss) on sale or disposal of property, plant and equipment assets, excluding oil and gas property and timber property. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Difference between the fair value of payments made and the carrying amount of debt which is extinguished prior to maturity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
This element represents the income or loss from continuing operations attributable to the economic entity which may also be defined as revenue less expenses from ongoing operations, after income or loss from equity method investments, but before income taxes, extraordinary items, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
This element represents the income or loss from continuing operations attributable to the economic entity which may also be defined as revenue less expenses and taxes from ongoing operations before extraordinary items, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The amount of net income (loss) from continuing operations per each basic and diluted share of common stock or unit when the per share amount is the same for both basic and diluted shares. No definition available.
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X | ||||||||||
- Definition
Amount of income (loss) from a disposal group, net of income tax before extraordinary items allocable to noncontrolling interests. Includes, net of tax, income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Per basic and diluted share amount, after tax, of income (loss) from the day-to-day business activities of the discontinued operation and gain (loss) from the disposal of the discontinued operation, when the per share amount is the same. No definition available.
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X | ||||||||||
- Definition
This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Amount of the cost of borrowed funds accounted for as interest expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Amount before accretion (amortization) of purchase discount (premium) of interest income and dividend income on nonoperating securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
This item represents the total realized gain (loss) included in earnings for the period as a result of selling marketable securities categorized as trading, available-for-sale, or held-to-maturity. Additionally, this item would include any losses recognized for other than temporary impairments (OTTI) of the subject investments in debt and equity securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Amount of Net Income (Loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense. No definition available.
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X | ||||||||||
- Details
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X | ||||||||||
- Definition
The net result for the period of deducting operating expenses from operating revenues. No definition available.
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X | ||||||||||
- Definition
The total amount of revenue recognized for the period from operating leases, including minimum lease revenue, contingent revenue, percentage revenue and sublease revenue. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Details
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X | ||||||||||
- Definition
Amount after tax of reclassification adjustment from accumulated other comprehensive income of accumulated gain (loss) realized from derivative instruments designated and qualifying as the effective portion of cash flow hedges and an entity's share of an equity investee's deferred hedging gain (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Amount after tax of increase (decrease) in accumulated gain (loss) from derivative instruments designated and qualifying as the effective portion of cash flow hedges and an entity's share of an equity investee's increase (decrease) in deferred hedging gain (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Amount after tax, before reclassification adjustments, of unrealized holding gain (loss) on available-for-sale securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The net amount of other income and expense amounts, the components of which are not separately disclosed on the income statement, resulting from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business) also known as other nonoperating income (expense) recognized for the period. Such amounts may include: (a) dividends, (b) interest on securities, (c) net gains or losses on securities, (d) unusual costs, (e) gains or losses on foreign exchange transactions, and (f) miscellaneous other income and expense items. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Other real estate revenue not otherwise specified in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
A tax based on the assessed value of real estate by the local government. The tax is usually based on the value of property (including the land). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Details
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X | ||||||||||
- Definition
In accordance with the provisions of their lease agreement, this element represents allowable charges due a landlord from its tenant. In retail store and office building leases, for example, tenant reimbursements may cover items such as taxes, utilities, and common area expenses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Average number of shares or units issued and outstanding that are used in calculating basic and diluted earnings per share (EPS). No definition available.
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