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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (USD $)
In Thousands, except Per Share data
3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
Rental income $ 222,181 $ 195,817 $ 436,697 $ 390,896
Expenses:        
Operating expenses 90,161 81,352 180,568 162,822
Depreciation and amortization 51,973 45,233 105,814 90,673
General and administrative 11,618 9,554 22,569 18,804
Loss on asset impairment   21,491   21,491
Acquisition related costs 2,415 1,103 5,060 1,413
Total expenses 156,167 158,733 314,011 295,203
Operating income 66,014 37,084 122,686 95,693
Interest and other income 392 447 1,062 1,565
Interest expense (including net amortization of debt discounts, premiums and deferred financing fees of $1,920, $1,710, $3,952 and $3,476, respectively) (48,200) (44,659) (95,614) (89,524)
Equity in earnings of investees 2,910 2,305 5,622 4,644
Gain on issuance of shares by an equity investee       16,418
Income (loss) from continuing operations before income tax expense 21,116 (4,823) 33,756 28,796
Income tax expense (90) (181) (436) (363)
Income (loss) from continuing operations 21,026 (5,004) 33,320 28,433
Discontinued operations:        
(Loss) income from discontinued operations (1,062) 3,498 (1,316) 7,358
Gain on sale of properties from discontinued operations     34,572  
Income (loss) before gain on sale of properties 19,964 (1,506) 66,576 35,791
Gain on sale of properties   11,504   11,504
Net income 19,964 9,998 66,576 47,295
Preferred distributions (10,500) (12,667) (19,339) (25,334)
Net income (loss) available for common shareholders $ 9,464 $ (2,669) $ 47,237 $ 21,961
Weighted average common shares outstanding - basic (in shares) 72,144 64,595 72,142 60,685
Weighted average common shares outstanding - diluted (in shares) 79,442 71,893 79,440 67,983
Basic and diluted earnings per common share:        
Income (loss) from continuing operations available for common shareholders (in dollars per share) $ 0.15 $ (0.10) $ 0.19 $ 0.24
(Loss) income from discontinued operations (in dollars per share) $ (0.01) $ 0.05 $ 0.46 $ 0.12
Net income (loss) available for common shareholders (in dollars per share) $ 0.13 $ (0.04) $ 0.65 $ 0.36