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Business Combinations (Tables)

6 Months Ended

Jun. 30, 2011

Business Combinations

Transactions Related To Business Combinations


		Palm Coast April 13, 2011				Sheridan April 1, 2010

Fair value of our equity interests before business combinations		$	7,578			$	(21,858)

Fair value of consideration transferred		$	11,462	(1)		$	-

Amounts recognized for assets and liabilities assumed:
Assets:
Property		$	32,807			$	32,940
Unamortized debt and lease costs			2,421				5,182
Accrued rent and accounts receivable			211				213
Cash and cash equivalents			1,402				1,522
Other, net			694				151,464	(2)
Liabilities:
Debt, net			-				(101,741)	(3)
Accounts payable and accrued expenses			(137)				(647)
Other, net			(318)				(1,334)

Total net assets		$	37,080			$	87,599

Noncontrolling interests of the real estate joint ventures		$	-			$	(18,573)

(1)

Consideration includes $.5 million of cash and $11.0 million in debt extinguished.

(2)

Includes primarily a $97.0 million debt service guaranty asset, tax increment revenue bonds of $51.3 million and intangible and other assets.

(3)

Excludes the effect of $123.9 million in intercompany debt that is eliminated upon consolidation.

Pro Forma Impact Of Business Combinations


		Three Months Ended June 30,								Six Months Ended June 30,
		Pro Forma 2011⁽¹⁾				Pro Forma 2010 ⁽¹⁾				Pro Forma 2011⁽¹⁾				Pro Forma 2010 ⁽¹⁾
Revenues		$	141,253			$	138,632			$	276,234			$	275,995
Net income		$	2,887			$	3,703			$	20,066			$	23,187
Net (loss) income attributable to common shareholders		$	(7,218)			$	(5,504)			$	-			$	4,383
Earnings per share – basic		$	(.06)			$	(.05)			$	-			$	.04
Earnings per share – diluted		$	(.06)			$	(.05)			$	-			$	.04

(1)

There are no non-recurring pro forma adjustments included within or excluded from the amounts in the preceding table.

Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.

+ References+ Details

Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Appendix F
-Paragraph F4
-Subparagraph e

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6909870&loc=d3e1392-128463

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141
-Paragraph 51
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6909870&loc=d3e1486-128463

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141
-Paragraph 52
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 68
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details