XML 50 R4.htm IDEA: XBRL DOCUMENT v2.4.0.8
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, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Income from discontinued operations allocated to common units $ 0 $ 53 $ 0 $ 1,910
Property revenues        
Rental revenues 184,247 172,540 543,649 505,567
Other property revenues 28,851 27,200 83,870 78,967
Total property revenues 213,098 199,740 627,519 584,534
Property expenses        
Property operating and maintenance 55,228 51,303 158,239 149,353
Real estate taxes 23,447 21,466 70,640 64,459
Total property expenses 78,675 72,769 228,879 213,812
Non-property income        
Fee and asset management 2,131 3,096 7,301 8,817
Interest and other income 430 86 762 1,176
Income (loss) on deferred compensation plans (765) 2,315 1,934 5,212
Total non-property income 1,796 5,497 9,997 15,205
Other expenses        
Property management 5,416 5,353 17,108 16,578
Fee and asset management 1,240 1,505 3,746 4,468
General and administrative 10,331 9,993 30,410 31,377
Interest 22,967 24,275 68,846 73,967
Depreciation and amortization 59,179 54,285 174,528 158,517
Amortization of deferred financing costs 836 875 2,493 2,689
Expense (benefit) on deferred compensation plans (765) 2,315 1,934 5,212
Total other expenses 99,204 98,601 299,065 292,808
Gain on sale of land 1,808 0 3,609 698
Impairment associated with land holdings 0 0 (1,152) 0
Equity in income of joint ventures 863 [1] 1,926 [1] 5,889 [1] 20,658 [1]
Income from continuing operations before income taxes 39,686 35,793 117,918 114,475
Income tax expense (353) (720) (1,228) (1,587)
Income from continuing operations 39,333 35,073 116,690 112,888
Income from discontinued operations 0 2,319 0 7,225
Gain on sale of discontinued operations, net of tax 0 34,410 0 91,059
Net income 39,333 71,802 116,690 211,172
Less income allocated to non-controlling interests from continuing operations (1,050) (1,029) (3,099) (2,894)
Less income, including gain on sale, allocated to non-controlling interests from discontinued operations   (53)   (1,910)
Net income attributable to common shareholders 38,283 70,720 113,591 206,368
Earnings per share – basic        
Earnings per common share from continuing operations $ 0.43 $ 0.38 $ 1.28 $ 1.24
Earnings per common share from discontinued operations $ 0.00 $ 0.42 $ 0.00 $ 1.11
Total earnings per common share – basic $ 0.43 $ 0.80 $ 1.28 $ 2.35
Earnings per share – diluted        
Earnings per common share from continuing operations $ 0.43 $ 0.38 $ 1.28 $ 1.23
Earnings per common share from discontinued operations $ 0.00 $ 0.41 $ 0.00 $ 1.11
Total earnings per common share – diluted $ 0.43 $ 0.79 $ 1.28 $ 2.34
Distributions declared per common share $ 0.66 $ 0.63 $ 1.98 $ 1.89
Weighted average number of common shares outstanding – basic 88,146 87,449 87,882 87,117
Weighted average number of common shares outstanding – diluted 89,353 88,716 89,052 88,429
Condensed Consolidated Statements of Comprehensive Income:        
Net income 39,333 71,802 116,690 211,172
Other comprehensive income        
Unrealized loss on cash flow hedging activities (417) 0 (417) 0
Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligations 20 14 49 41
Comprehensive income 38,936 71,816 116,322 211,213
Less income allocated to non-controlling interests from continuing operations (1,050) (1,029) (3,099) (2,894)
Less income, including gain on sale, allocated to non-controlling interests from discontinued operations   (53)   (1,910)
Comprehensive income attributable to common shareholders $ 37,886 $ 70,734 $ 113,223 $ 206,409
[1] Equity in income excludes our ownership interest of fee income from various services provided by us to the funds.