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Consolidated Statements of Operations (USD $)
In Thousands, except Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Revenues:      
Rental and other property $ 465,713 $ 405,728 $ 401,550
Management and other fees 6,780 4,551 4,325
Total revenues 472,493 410,279 405,875
Expenses:      
Property operating, excluding real estate taxes 115,528 104,049 101,168
Real estate taxes 43,706 39,115 36,289
Depreciation 151,428 128,221 116,540
General and administrative 20,694 23,255 24,966
Cost of management and other fees 4,610 2,707 3,096
Impairment and other charges 0 2,302 13,084
Total expenses 335,966 299,649 295,143
Earnings from operations 136,527 110,630 110,732
Interest expense before amortization (91,694) (82,756) (81,196)
Amortization expense (11,474) (4,828) (4,820)
Interest and other income 17,139 27,841 13,040
Equity (loss) income from co-investments (467) (1,715) 670
Gain (loss) on early retirement of debt (1,163) (10) 4,750
Gain on sale of real estate 0 0 103
Income before discontinued operations 48,868 49,162 43,279
Income from discontinued operations 8,648 1,620 10,460
Net income 57,516 50,782 53,739
Net income attributable to noncontrolling interest (10,446) (14,848) (16,631)
Net income attributable to controlling interest 47,070 35,934 37,108
Dividends to preferred stockholders (4,753) (2,170) (4,860)
Excess (deficit) of the carrying amount of preferred stock redeemed over the cash paid to redeem preferred stock (1,949) 0 49,952
Net income available to common stockholders $ 40,368 $ 33,764 $ 82,200
Basic:      
Income before discontinued operations available to common stockholders (in dollars per share) $ 0.99 $ 1.09 $ 2.66
Income from discontinued operations available to common stockholders (in dollars per share) $ 0.25 $ 0.05 $ 0.35
Net income available to common stockholders (in dollars per share) $ 1.24 $ 1.14 $ 3.01
Weighted average number of shares outstanding during the year (in shares) 32,541,792 29,667,064 27,269,547
Diluted:      
Income before discontinued operations available to common stockholders (in dollars per share) $ 0.99 $ 1.09 $ 2.56
Income from discontinued operations available to common stockholders (in dollars per share) $ 0.25 $ 0.05 $ 0.35
Net income available to common stockholders (in dollars per share) $ 1.24 $ 1.14 $ 2.91
Weighted average number of shares outstanding during the year (in shares) 32,628,714 29,734,383 29,746,614