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Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Revenues:        
Rental and other property $ 129,765 $ 114,906 $ 255,238 $ 226,114
Management and other fees from affiliates 2,796 1,420 5,240 2,645
Total revenues 132,561 116,326 260,478 228,759
Expenses:        
Property operating, excluding real estate taxes 30,718 28,946 59,470 56,783
Real estate taxes 11,699 10,825 23,112 21,412
Depreciation 41,801 37,250 82,535 73,908
General and administrative 5,764 5,385 11,164 10,659
Cost of management and other fees 1,611 1,073 3,251 1,997
Total expenses 91,593 83,479 179,532 164,759
Earnings from operations 40,968 32,847 80,946 64,000
Interest expense before amortization (24,659) (22,710) (49,316) (44,518)
Amortization expense (2,882) (2,736) (5,754) (5,590)
Interest and other income 5,455 2,628 7,868 9,616
Equity income (loss) in co-investments 3,111 726 5,451 (647)
Gain on remeasurement of co investment 21,947 0 21,947 0
Loss on early retirement of debt (1,450) (253) (1,450) (253)
Income from continuing operations 42,490 10,502 59,692 22,608
Income from discontinued operations 0 5,551 10,037 5,952
Net income 42,490 16,053 69,729 28,560
Net income attributable to noncontrolling interest (4,044) (2,304) (7,193) (5,851)
Net income attributable to controlling interest 38,446 13,749 62,536 22,709
Dividends to preferred stockholders (1,368) (1,475) (2,736) (2,017)
Excess of cash paid to redeem preferred stock and units over the carrying value 0 (1,949) 0 (1,949)
Net income available to common stockholders 37,078 10,325 59,800 18,743
Comprehensive Income 39,983 19,122 69,575 31,020
Comprehensive income attributable to noncontrolling interest (3,887) (2,506) (7,183) (6,011)
Comprehensive income attributable to controlling interest $ 36,096 $ 16,616 $ 62,392 $ 25,009
Basic:        
Income from continuing operations (in dollars per share) $ 1.07 $ 0.16 $ 1.47 $ 0.41
Income from discontinued operations (in dollars per share) $ 0 $ 0.16 $ 0.27 $ 0.18
Net income available to common stockholders (in dollars per share) $ 1.07 $ 0.32 $ 1.74 $ 0.59
Weighted average number of shares outstanding during the period (in shares) 34,570,772 32,040,904 34,299,331 31,754,949
Diluted:        
Income from continuing operations (in dollars per share) $ 1.07 $ 0.16 $ 1.47 $ 0.41
Income from discontinued operations (in dollars per share) $ 0 $ 0.16 $ 0.27 $ 0.18
Net income available to common stockholders (in dollars per share) $ 1.07 $ 0.32 $ 1.74 $ 0.59
Weighted average number of shares outstanding during the period (in shares) 34,708,420 32,135,064 34,430,571 31,844,002
Dividends per common share (in dollars per share) $ 1.10 $ 1.04 $ 2.20 $ 2.08