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Quarterly Financial Data (Unaudited)
12 Months Ended
Dec. 31, 2010
Quarterly Financial Data (Unaudited) 
Quarterly Financial Data (Unaudited)
21. Quarterly Financial Data (Unaudited)

The following unaudited quarterly data has been prepared on the basis of a December 31 year-end. All amounts have also been restated in accordance with the guidance on discontinued operations and reflect dispositions and/or properties held for sale through September 30, 2011. Amounts are in thousands, except for per share amounts.

 

                                 

2010

  First
Quarter
3/31
    Second
Quarter
6/30
    Third
Quarter
9/30
    Fourth
Quarter
12/31
 

Total revenues (1)

  $ 423,596     $ 441,417     $ 453,960     $ 462,960  

Operating income (1)

    98,210       98,413       105,264       77,444  

(Loss) from continuing operations (1)

    (20,676     (11,697     (295     (47,511

Discontinued operations, net (1)

    78,532       21,786       30,121       245,723  

Net income *

    57,856       10,089       29,826       198,212  

Net income available to Common Shares

    51,863       6,343       25,166       185,870  

Earnings per share – basic:

                               

Net income available to Common Shares

  $ 0.18     $ 0.02     $ 0.09     $ 0.65  

Weighted average Common Shares outstanding

    280,645       282,217       282,717       285,916  

Earnings per share – diluted:

                               

Net income available to Common Shares

  $ 0.18     $ 0.02     $ 0.09     $ 0.65  

Weighted average Common Shares outstanding

    280,645       282,217       282,717       285,916  

 

(1) The amounts presented for 2010 are not equal to the same amounts previously reported in the Form 8-K filed with the SEC on May 23, 2011 as a result of changes in discontinued operations due to additional property sales which occurred in the second and third quarters of 2011. Below is a reconciliation to the amounts previously reported in the Form 8-K:

 

                                 

2010

  First
Quarter
3/31
    Second
Quarter
6/30
    Third
Quarter
9/30
    Fourth
Quarter
12/31
 

Total revenues previously reported in May 2011 Form 8-K

  $ 464,999     $ 487,439     $ 504,556     $ 509,855  

Total revenues subsequently reclassified to discontinued operations

    (41,403     (46,022     (50,596     (46,895
   

 

 

   

 

 

   

 

 

   

 

 

 

Total revenues disclosed in Form 8-K

  $ 423,596     $ 441,417     $ 453,960     $ 462,960  
   

 

 

   

 

 

   

 

 

   

 

 

 

Operating income previously reported in May 2011 Form 8-K

  $ 110,008     $ 112,938     $ 118,721     $ 90,996  

Operating income subsequently reclassified to discontinued operations

    (11,798     (14,525     (13,457     (13,552
   

 

 

   

 

 

   

 

 

   

 

 

 

Operating income disclosed in Form 8-K

  $ 98,210     $ 98,413     $ 105,264     $ 77,444  
   

 

 

   

 

 

   

 

 

   

 

 

 

(Loss) income from continuing operations previously reported in May 2011 Form 8-K

  $ (9,407   $ 2,263     $ 12,624     $ (34,515

Income from continuing operations subsequently reclassified to discontinued operations

    (11,269     (13,960     (12,919     (12,996
   

 

 

   

 

 

   

 

 

   

 

 

 

(Loss) from continuing operations disclosed in Form 8-K

  $ (20,676   $ (11,697   $ (295   $ (47,511
   

 

 

   

 

 

   

 

 

   

 

 

 

Discontinued operations, net previously reported in May 2011 Form 8-K

  $ 67,263     $ 7,826     $ 17,202     $ 232,727  

Discontinued operations, net from properties sold subsequent to the respective reporting period

    11,269       13,960       12,919       12,996  
   

 

 

   

 

 

   

 

 

   

 

 

 

Discontinued operations, net disclosed in Form 8-K

  $ 78,532     $ 21,786     $ 30,121     $ 245,723  
   

 

 

   

 

 

   

 

 

   

 

 

 

 

                                 

2009

  First
Quarter
3/31
    Second
Quarter
6/30
    Third
Quarter
9/30
    Fourth
Quarter
12/31
 

Total revenues (2)

  $ 414,096     $ 411,876     $ 410,984     $ 411,766  

Operating income (2)

    112,087       104,560       106,903       111,935  

(Loss) from continuing operations (2)

    (5,413     (7,295     (10,988     (31,402

Discontinued operations, net (2)

    90,834       113,227       154,353       78,713  

Net income *

    85,421       105,932       143,365       47,311  

Net income available to Common Shares

    77,175       96,585       132,362       41,672  

Earnings per share – basic:

                               

Net income available to Common Shares

  $ 0.28     $ 0.35     $ 0.48     $ 0.15  

Weighted average Common Shares outstanding

    272,324       272,901       273,658       275,519  

Earnings per share – diluted:

                               

Net income available to Common Shares

  $ 0.28     $ 0.35     $ 0.48     $ 0.15  

Weighted average Common Shares outstanding

    272,324       272,901       273,658       275,519  

 

(2) The amounts presented for 2009 are not equal to the same amounts previously reported in the Form 8-K filed with the SEC on May 23, 2011 as a result of changes in discontinued operations due to additional property sales which occurred in the second and third quarters of 2011. Below is a reconciliation to the amounts previously reported in the Form 8-K:

 

                                 

2009

  First
Quarter
3/31
    Second
Quarter
6/30
    Third
Quarter
9/30
    Fourth
Quarter
12/31
 

Total revenues previously reported in May 2011 Form 8-K

  $ 459,083     $ 457,098     $ 457,777     $ 454,241  

Total revenues subsequently reclassified to discontinued operations

    (44,987     (45,222     (46,793     (42,475
   

 

 

   

 

 

   

 

 

   

 

 

 

Total revenues disclosed in Form 8-K

  $ 414,096     $ 411,876     $ 410,984     $ 411,766  
   

 

 

   

 

 

   

 

 

   

 

 

 

Operating income previously reported in May 2011 Form 8-K

  $ 124,057     $ 118,354     $ 120,470     $ 124,683  

Operating income subsequently reclassified to discontinued operations

    (11,970     (13,794     (13,567     (12,748
   

 

 

   

 

 

   

 

 

   

 

 

 

Operating income disclosed in Form 8-K

  $ 112,087     $ 104,560     $ 106,903     $ 111,935  
   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) from continuing operations previously reported in May 2011 Form 8-K

  $ 5,684     $ 5,503     $ 2,066     $ (19,212

Income from continuing operations subsequently reclassified to discontinued operations

    (11,097     (12,798     (13,054     (12,190
   

 

 

   

 

 

   

 

 

   

 

 

 

(Loss) from continuing operations disclosed in Form 8-K

  $ (5,413   $ (7,295   $ (10,988   $ (31,402
   

 

 

   

 

 

   

 

 

   

 

 

 

Discontinued operations, net previously reported in May 2011 Form 8-K

  $ 79,737     $ 100,429     $ 141,299     $ 66,523  

Discontinued operations, net from properties sold subsequent to the respective reporting period

    11,097       12,798       13,054       12,190  
   

 

 

   

 

 

   

 

 

   

 

 

 

Discontinued operations, net disclosed in Form 8-K

  $ 90,834     $ 113,227     $ 154,353     $ 78,713  
   

 

 

   

 

 

   

 

 

   

 

 

 

 

* The Company did not have any extraordinary items or cumulative effect of change in accounting principle during the years ended December 31, 2010 and 2009. Therefore, income before extraordinary items and cumulative effect of change in accounting principle is not shown as it was equal to the net income amounts disclosed above.