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Summary of Quarterly Results (Unaudited)
 12 Months Ended
Dec. 31, 2011
Quarterly Financial Information Disclosure [Abstract]  
SUMMARY OF QUARTERLY RESULTS (UNAUDITED)
SUMMARY OF QUARTERLY RESULTS (UNAUDITED)
The following is a summary of quarterly financial information as of and for the years ended December 31, 2011 and 2010 (in thousands, except per share data):

 
1st
Quarter (a)
 
2nd
Quarter (b)
 
3rd
Quarter
 
4th
Quarter
2011:
 
 
 
 
 
 
 
Total revenue
$
146,794

 
$
144,094

 
$
144,308

 
$
146,609

Net income (loss)
(490
)
 
(6,234
)
 
6,611

 
(4,602
)
Net income (loss) allocated to Common Shares
(439
)
 
(6,069
)
 
6,249

 
(4,240
)
Basic earnings (loss) per Common Share
$
(0.02
)
 
$
(0.06
)
 
$
0.03

 
$
(0.05
)
Diluted earnings (loss) per Common Share
$
(0.02
)
 
$
(0.06
)
 
$
0.03

 
$
(0.05
)
2010:
 
 
 
 
 
 
 
Total revenue
$
139,502

 
$
134,191

 
$
140,179

 
$
146,084

Net loss
(399
)
 
(5,600
)
 
(6,616
)
 
(4,991
)
Loss allocated to Common Shares
(348
)
 
(5,441
)
 
(6,437
)
 
(4,848
)
Basic loss per Common Share
$
(0.02
)
 
$
(0.06
)
 
$
(0.06
)
 
$
(0.05
)
Diluted loss per Common Share
$
(0.02
)
 
$
(0.06
)
 
$
(0.06
)
 
$
(0.05
)

(a)
During the first quarter of 2011, the Company recorded additional income of $0.5 million related to electricity charges in prior years that were under-billed to a certain tenant. This resulted in the overstatement of total revenue by $0.5 million during the current year and in the understatement of total revenue by $0.3 million and $0.2 million for the years ended December 31, 2009 and 2008, respectively. As management believes that this error was not material to prior years' consolidated financial statements and that the impact of recording the error in the current year is not material to the Company's consolidated financial statements, the Company recorded the related adjustment in the current year.
(b)
The consolidated statement of operations for the second quarter of 2011 also contained an out of period depreciation and amortization expense adjustment of $4.7 million relating to intangible assets representing tenant relationships and in-place leases that should have been written off in prior periods. This resulted in the overstatement of depreciation and amortization expense by $4.7 million million in the current year. During the year ended December 31, 2010, depreciation and amortization expense was overstated by $1.7 million and was understated by $1.4 million, $1.8 million, $1.7 million and $1.5 million during the years ended December 31, 2009, 2008, 2007, and 2006, respectively. As management believes that this error was not material to prior years' consolidated financial statements and that the impact of recording the error in the current year is not material to the Company's consolidated financial statements, the Company recorded the related adjustment during the current year.
The summation of quarterly earnings per share amounts do not necessarily equal the full year amounts. The above information was updated to reclassify amounts previously reported to reflect discontinued operations. See Note 2 and Note 10.