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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
Mar. 31, 2015
Mar. 31, 2014
Property revenues    
Rental revenues $ 186,857us-gaap_OperatingLeasesIncomeStatementMinimumLeaseRevenue $ 178,964us-gaap_OperatingLeasesIncomeStatementMinimumLeaseRevenue
Other property revenues 28,577us-gaap_OtherRealEstateRevenue 26,965us-gaap_OtherRealEstateRevenue
Total property revenues 215,434us-gaap_RealEstateRevenueNet 205,929us-gaap_RealEstateRevenueNet
Property expenses    
Property operating and maintenance 52,998us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment 50,747us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment
Real estate taxes 25,413us-gaap_RealEstateTaxExpense 23,577us-gaap_RealEstateTaxExpense
Total property expenses 78,411us-gaap_CostOfRealEstateRevenue 74,324us-gaap_CostOfRealEstateRevenue
Non-property income    
Fee and asset management 1,563us-gaap_ManagementFeesRevenue 3,023us-gaap_ManagementFeesRevenue
Interest and other income 60us-gaap_InterestAndOtherIncome 288us-gaap_InterestAndOtherIncome
Income on deferred compensation plans 1,864cpt_IncomeLossOnDeferredCompensationPlans 681cpt_IncomeLossOnDeferredCompensationPlans
Total non-property income 3,487cpt_TotalNonPropertyIncomeLoss 3,992cpt_TotalNonPropertyIncomeLoss
Other expenses    
Property management 5,962us-gaap_OwnedPropertyManagementCosts 5,839us-gaap_OwnedPropertyManagementCosts
Fee and asset management 1,076us-gaap_AssetManagementCosts 1,259us-gaap_AssetManagementCosts
General and administrative 9,748us-gaap_GeneralAndAdministrativeExpense 9,545us-gaap_GeneralAndAdministrativeExpense
Interest 24,612us-gaap_InterestExpense 23,133us-gaap_InterestExpense
Depreciation and amortization 61,530us-gaap_DepreciationAndAmortization 57,396us-gaap_DepreciationAndAmortization
Amortization of deferred financing costs 798us-gaap_AmortizationOfFinancingCosts 841us-gaap_AmortizationOfFinancingCosts
Expense on deferred compensation plans 1,864cpt_ExpenseBenefitOnDeferredCompensationPlans 681cpt_ExpenseBenefitOnDeferredCompensationPlans
Total other expenses 105,590cpt_TotalOtherExpenses 98,694cpt_TotalOtherExpenses
Gain on sale of operating properties, including land 85,192us-gaap_GainLossOnDispositionOfAssets 354us-gaap_GainLossOnDispositionOfAssets
Equity in income of joint ventures 1,382us-gaap_IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions [1] 4,290us-gaap_IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions [1]
Income from continuing operations before income taxes 121,494us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic 41,547us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
Income tax expense (429)us-gaap_CurrentIncomeTaxExpenseBenefit (474)us-gaap_CurrentIncomeTaxExpenseBenefit
Income from continuing operations 121,065us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest 41,073us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
Net income 121,065us-gaap_ProfitLoss 41,073us-gaap_ProfitLoss
Less income allocated to non-controlling interests from continuing operations (5,466)us-gaap_NetIncomeLossAttributableToNoncontrollingInterest (1,037)us-gaap_NetIncomeLossAttributableToNoncontrollingInterest
Net income attributable to common shareholders 115,599us-gaap_NetIncomeLoss 40,036us-gaap_NetIncomeLoss
Earnings per common share – basic $ 1.29us-gaap_EarningsPerShareBasic $ 0.45us-gaap_EarningsPerShareBasic
Earnings per common share – diluted $ 1.27us-gaap_EarningsPerShareDiluted $ 0.45us-gaap_EarningsPerShareDiluted
Distributions declared per common share $ 0.70us-gaap_CommonStockDividendsPerShareDeclared $ 0.66us-gaap_CommonStockDividendsPerShareDeclared
Weighted average number of common shares outstanding – basic 88,987us-gaap_WeightedAverageNumberOfSharesOutstandingBasic 87,651us-gaap_WeightedAverageNumberOfSharesOutstandingBasic
Weighted average number of common shares outstanding – diluted 90,464us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding 88,824us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding
Condensed Consolidated Statements of Comprehensive Income:    
Net income 121,065us-gaap_ProfitLoss 41,073us-gaap_ProfitLoss
Other comprehensive income    
Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation 37cpt_Reclassificationofnetlossoncashflowhedgingactivitiespriorservicecostandnetlossonpostretirementobligation 15cpt_Reclassificationofnetlossoncashflowhedgingactivitiespriorservicecostandnetlossonpostretirementobligation
Comprehensive income 121,102us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest 41,088us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
Less income allocated to non-controlling interests from continuing operations (5,466)us-gaap_NetIncomeLossAttributableToNoncontrollingInterest (1,037)us-gaap_NetIncomeLossAttributableToNoncontrollingInterest
Comprehensive income attributable to common shareholders $ 115,636us-gaap_ComprehensiveIncomeNetOfTax $ 40,051us-gaap_ComprehensiveIncomeNetOfTax
[1] Equity in income excludes our ownership interest of fee income from various services provided by us to the funds.