CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (USD $)
In Thousands, except Per Share data, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2012
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Jun. 30, 2011
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Jun. 30, 2012
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Jun. 30, 2011
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Rental income | $ 50,273 | $ 42,107 | $ 100,728 | $ 81,335 |
Expenses: | ||||
Real estate taxes | 5,949 | 4,637 | 11,482 | 9,094 |
Utility expenses | 3,870 | 3,540 | 7,705 | 7,047 |
Other operating expenses | 9,325 | 7,260 | 18,178 | 14,181 |
Depreciation and amortization | 12,153 | 9,097 | 24,225 | 17,483 |
Acquisition related costs | 245 | 1,009 | 294 | 1,838 |
General and administrative | 2,719 | 2,566 | 5,758 | 4,909 |
Total expenses | 34,261 | 28,109 | 67,642 | 54,552 |
Operating income | 16,012 | 13,998 | 33,086 | 26,783 |
Interest and other income | 6 | 20 | 14 | 35 |
Interest expense (including net amortization of debt premiums and deferred financing fees of $335, $262, $659 and $521, respectively) | (4,096) | (3,076) | (8,119) | (5,613) |
Equity in earnings of an investee | 76 | 46 | 121 | 83 |
Income before income tax expense | 11,998 | 10,988 | 25,102 | 21,288 |
Income tax expense | (44) | (56) | (89) | (102) |
Net income | 11,954 | 10,932 | 25,013 | 21,186 |
Other comprehensive income (loss): | ||||
Equity in unrealized gain (loss) of an investee | (1) | 39 | (4) | 43 |
Other comprehensive income (loss) | (1) | 39 | (4) | 43 |
Comprehensive income | $ 11,953 | $ 10,971 | $ 25,009 | $ 21,229 |
Weighted average common shares outstanding | 47,098 | 40,506 | 47,075 | 40,503 |
Net income per common share (in dollars per share) | $ 0.25 | $ 0.27 | $ 0.53 | $ 0.52 |
X | ||||||||||
- Definition
The capitalized costs incurred during the period (excluded from amortization) to purchase, lease or otherwise acquire an unproved property, including costs of lease bonuses and options to purchase or lease properties, the portion of costs applicable to minerals when land including mineral rights is purchased in fee, brokers' fees, recording fees, legal costs, and other costs incurred in acquiring properties. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the reporting entity. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, but excludes any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total costs of sales and operating expenses for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- 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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- Definition
The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- 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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- 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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- 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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- Definition
The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cost of borrowed funds accounted for as interest that was charged against earnings during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Income derived from investments in debt securities and on cash and cash equivalents the earnings of which reflect the time value of money or transactions in which the payments are for the use or forbearance of money. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Net income after adjustments for dividends on preferred stock (declared in the period) and/or cumulative preferred stock (accumulated for the period). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The net result for the period of deducting operating expenses from operating revenues. No definition available.
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- Definition
Net of tax amount of other comprehensive income (loss) attributable to the parent entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Net of tax amount of unrealized holding gain (loss) before reclassification adjustments and transfers on available-for-sale securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The total amount of other operating cost and expense items that are associated with the entity's normal revenue producing operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate revenue from real estate operations during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- 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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- Definition
Utilities costs incurred during the reporting period for services, such as water, sewer, gas, electricity and telephone required to operate a building. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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