XML 15 R4.htm IDEA: XBRL DOCUMENT v3.5.0.2
Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Document Period End Date     Sep. 30, 2016  
REVENUES:        
Rental property revenues $ 92,621,000 $ 96,016,000 $ 271,832,000 $ 282,226,000
Fee income 1,945,000 1,686,000 5,968,000 5,206,000
Other 153,000 444,000 858,000 593,000
Total consolidated revenues 94,719,000 98,146,000 278,658,000 288,025,000
COSTS AND EXPENSES:        
Rental property operating expenses 37,760,000 41,331,000 112,051,000 120,672,000
Reimbursed expenses 795,000 686,000 2,463,000 2,514,000
General and administrative expenses 4,368,000 2,976,000 17,301,000 12,405,000
Interest expense 7,710,000 7,673,000 22,457,000 23,219,000
Depreciation and amortization 31,843,000 32,538,000 96,192,000 103,564,000
Acquisition and related costs 1,940,000 19,000 4,383,000 104,000
Other 173,000 170,000 681,000 970,000
Total costs and expenses 84,589,000 85,393,000 255,528,000 263,448,000
Income from continuing operations before taxes, unconsolidated joint ventures, and sale of investment properties 10,130,000 12,753,000 23,130,000 24,577,000
Income from unconsolidated joint ventures 1,527,000 3,716,000 5,144,000 7,088,000
Income from continuing operations before gain on sale of investment properties 11,657,000 16,469,000 28,274,000 31,665,000
Gain on sale of investment properties 0 37,145,000 13,944,000 37,674,000
Income from continuing operations 11,657,000 53,614,000 42,218,000 69,339,000
INCOME (LOSS) FROM DISCONTINUED OPERATIONS:        
Loss from discontinued operations 0 6,000 0 (14,000)
Loss on sale from discontinued operations 0 0 0 (551,000)
Total income from discontinued operations 0 6,000 0 (565,000)
Net income $ 11,657,000 $ 53,620,000 $ 42,218,000 $ 68,774,000
PER COMMON SHARE INFORMATION - BASIC AND DILUTED:        
Income from continuing operations $ 0.06 $ 0.25 $ 0.20 $ 0.32
Income from discontinued operations 0.00 0.00 0.00 0.00
Net income available to common stockholders $ 0.06 $ 0.25 $ 0.20 $ 0.32
Weighted average shares — basic 210,170 216,261 210,400 216,485
Weighted average shares — diluted 210,326 216,374 210,528 216,625
Dividends declared per common share $ 0.080 $ 0.080 $ 0.240 $ 0.240