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Condensed Consolidated Statements Of Income And Comprehensive Income (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Property revenues        
Rental revenues $ 174,303 $ 155,984 $ 510,772 $ 447,728
Other property revenues 27,653 25,779 80,264 72,957
Total property revenues 201,956 181,763 591,036 520,685
Property expenses        
Property operating and maintenance 52,109 49,531 151,711 140,662
Real estate taxes 21,618 17,932 64,919 53,085
Total property expenses 73,727 67,463 216,630 193,747
Non-property Income        
Fee and asset management 3,096 3,041 8,817 9,572
Interest and other income (loss) 86 3 1,176 (750)
Income (loss) on deferred compensation plans 2,315 (1,781) 5,212 3,820
Total non-property income 5,497 1,263 15,205 12,642
Other expenses        
Property management 5,353 5,509 16,578 15,644
Fee and asset management 1,505 1,864 4,468 5,051
General and administrative 9,993 9,303 31,377 27,712
Interest 24,275 25,865 73,967 78,759
Depreciation and amortization 54,880 49,409 160,272 145,709
Amortization of deferred financing costs 875 909 2,689 2,721
Expense (benefit) on deferred compensation plans 2,315 (1,781) 5,212 3,820
Total other expenses 99,196 91,078 294,563 279,416
Gain on sale of land 0 0 698 0
Gain on acquisition of controlling interest in joint ventures 0 0 0 40,191
Equity in income of joint ventures 1,926 [1] 3,688 [1] 20,658 [1] 4,686 [1]
Income from continuing operations before income taxes 36,456 28,173 116,404 105,041
Income tax expense (720) (334) (1,587) (992)
Income from continuing operations 35,736 27,839 114,817 104,049
Income from discontinued operations 1,656 3,964 5,296 11,164
Gain on sale of discontinued operations, net of tax 34,410 0 91,059 32,541
Net income 71,802 31,803 211,172 147,754
Less income allocated to non-controlling interests from continuing operations (1,074) (1,025) (3,026) (2,807)
Less income, including gain on sale, allocated to non-controlling interests from discontinued operations (8) (75) (1,778) (872)
Less income allocated to perpetual preferred units 0 0 0 (776)
Less write off of original issuance costs of redeemed perpetual preferred units 0 0 0 (2,075)
Net income attributable to common shareholders 70,720 30,703 206,368 141,224
Earnings per share - basic        
Income from continuing operations attributable to common shareholders $ 0.39 $ 0.31 $ 1.26 $ 1.17
Income from discontinued operations, including gain on sale, attributable to common shareholders $ 0.41 $ 0.05 $ 1.09 $ 0.52
Net income attributable to common shareholders, as adjusted - per share $ 0.80 $ 0.36 $ 2.35 $ 1.69
Earnings per share - diluted        
Income from continuing operations attributable to common shareholders $ 0.39 $ 0.31 $ 1.25 $ 1.16
Income from discontinued operations, including gain on sale, attributable to common shareholders $ 0.41 $ 0.04 $ 1.09 $ 0.51
Net income attributable to common shareholders, as adjusted - per share $ 0.80 $ 0.35 $ 2.34 $ 1.67
Distributions declared per common share $ 0.63 $ 0.56 $ 1.89 $ 1.68
Weighted average number of common shares outstanding - basic 87,449 85,631 87,117 82,923
Weighted average number of common shares outstanding - diluted 87,902 86,293 88,429 84,694
Net income attributable to common shareholders        
Income from continuing operations 35,736 27,839 114,817 104,049
Less income allocated to non-controlling interests from continuing operations (1,074) (1,025) (3,026) (2,807)
Less income allocated to perpetual preferred units 0 0 0 (776)
Less write off of original issuance costs of redeemed perpetual preferred units 0 0 0 (2,075)
Income from continuing operations attributable to common shareholders 34,662 26,814 111,791 98,391
Income from discontinued operations, including gain on sale 36,066 3,964 96,355 43,705
Less income, including gain on sale, allocated to non-controlling interests from discontinued operations (8) (75) (1,778) (872)
Income from discontinued operations, including gain on sale, attributable to common shareholders 36,058 3,889 94,577 42,833
Net income attributable to common shareholders 70,720 30,703 206,368 141,224
Condensed Consolidated Statements of Comprehensive Income:        
Net income 71,802 31,803 211,172 147,754
Other comprehensive income        
Reclassification of prior service cost and net loss on post retirement obligations 14 7 41 23
Comprehensive income 71,816 31,810 211,213 147,777
Less income allocated to non-controlling interests from continuing operations (1,074) (1,025) (3,026) (2,807)
Less income, including gain on sale, allocated to non-controlling interests from discontinued operations (8) (75) (1,778) (872)
Less income allocated to perpetual preferred units 0 0 0 (776)
Less write off of original issuance costs of redeemed perpetual preferred units 0 0 0 (2,075)
Comprehensive income attributable to common shareholders $ 70,734 $ 30,710 $ 206,409 $ 141,247
[1] Equity in income excludes our ownership interest of fee income from various property and asset management services provided by us to our joint ventures.