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Condensed Consolidated Statements Of Income And Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Property revenues        
Rental revenues $ 190,089 $ 180,438 $ 376,946 $ 359,402
Other property revenues 30,562 28,054 59,139 55,019
Total property revenues 220,651 208,492 436,085 414,421
Property expenses        
Property operating and maintenance 53,472 52,264 106,470 103,011
Real estate taxes 25,317 23,616 50,730 47,193
Total property expenses 78,789 75,880 157,200 150,204
Non-property income        
Fee and asset management 1,618 2,147 3,181 5,170
Interest and other income 141 44 201 332
Income (loss) on deferred compensation plans (297) 2,018 1,567 2,699
Total non-property income 1,462 4,209 4,949 8,201
Other expenses        
Property management 6,082 5,853 12,044 11,692
Fee and asset management 1,121 1,247 2,197 2,506
General and administrative 11,582 10,534 21,330 20,079
Interest 24,411 22,746 49,023 45,879
Depreciation and amortization 63,728 57,953 125,258 115,349
Amortization of deferred financing costs 620 816 1,418 1,657
Expense (benefit) on deferred compensation plans (297) 2,018 1,567 2,699
Total other expenses 107,247 101,167 212,837 199,861
Gain on sale of operating properties, including land 0 1,447 85,192 1,801
Impairment associated with land holdings 0 (1,152) 0 (1,152)
Equity in income of joint ventures [1] 1,531 736 2,913 5,026
Income from continuing operations before income taxes 37,608 36,685 159,102 78,232
Income tax expense 407 401 (836) (875)
Net income 37,201 36,284 158,266 77,357
Less income allocated to non-controlling interests from continuing operations (1,122) (1,012) (6,588) (2,049)
Net income attributable to common shareholders $ 36,079 $ 35,272 $ 151,678 $ 75,308
Earnings per common share – basic $ 0.40 $ 0.40 $ 1.69 $ 0.85
Earnings per common share – diluted 0.40 0.40 1.68 0.85
Distributions declared per common share $ 0.70 $ 0.66 $ 1.40 $ 1.32
Weighted average number of common shares outstanding – basic 89,153 87,845 89,071 87,748
Weighted average number of common shares outstanding – diluted 90,252 88,972 90,496 88,899
Condensed Consolidated Statements of Comprehensive Income:        
Net income $ 37,201 $ 36,284 $ 158,266 $ 77,357
Other comprehensive income        
Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation 37 14 74 29
Comprehensive income 37,238 36,298 158,340 77,386
Less income allocated to non-controlling interests from continuing operations (1,122) (1,012) (6,588) (2,049)
Comprehensive income attributable to common shareholders $ 36,116 $ 35,286 $ 151,752 $ 75,337
[1] Equity in income excludes our ownership interest of fee income from various services provided by us to the funds.