Annual report pursuant to Section 13 and 15(d)

Consolidated Statements Of Income

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Consolidated Statements Of Income (USD $)
In Thousands, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Revenue      
Real estate rental revenue $ 304,983 $ 284,156 $ 253,127
Expenses      
Utilities 19,421 19,397 17,608
Real estate taxes 31,516 26,855 24,644
Repairs and maintenance 14,198 13,231 11,685
Property administration 10,433 9,528 8,527
Property management 10,130 8,773 7,158
Operating services and common area maintenance 14,971 14,502 13,236
Other real estate expenses 2,607 3,056 1,887
Depreciation and amortization 103,067 91,805 78,483
Acquisition costs 234 3,607 1,161
Real estate impairment 2,097 14,526 0
General and administrative 15,488 15,728 14,406
Total expenses 224,162 221,008 178,795
Real estate operating income 80,821 63,148 74,332
Other income (expense)      
Interest expense (64,697) (66,214) (66,965)
Other income 975 1,144 1,193
Gain from non-disposal activities 0 0 7
Loss on extinguishment of debt 0 (976) (9,176)
Total other income (expense) (63,722) (66,046) (74,941)
Income (loss) from continuing operations 17,099 (2,898) (609)
Discontinued operations:      
Income from operations of properties sold or held for sale 1,485 11,923 16,569
Gain on sale of real estate 5,124 97,491 21,599
Income tax expense 0 (1,138) 0
Net income 23,708 105,378 37,559
Less: Net income attributable to noncontrolling interests in subsidiaries 0 (494) (133)
Net income attributable to the controlling interests $ 23,708 $ 104,884 $ 37,426
Basic net income (loss) attributable to the controlling interests per share      
Continuing operations - basic (in dollars per share) $ 0.25 $ (0.04) $ (0.01)
Discontinued operations, including gain on sale of real estate (in dollars per share) $ 0.10 $ 1.62 $ 0.61
Net income attributable to the controlling interests per share, basic $ 0.35 $ 1.58 $ 0.60
Diluted net income (loss) attributable to the controlling interests per share      
Continuing operations - diluted (in dollars per share) $ 0.25 $ (0.04) $ (0.01)
Discontinued operations, including gain on sale of real estate (in dollars per share) $ 0.10 $ 1.62 $ 0.61
Net income attributable to the controlling interests per share, diluted $ 0.35 $ 1.58 $ 0.60
Weighted average shares outstanding – basic 66,239 65,982 62,140
Weighted average shares outstanding – diluted 66,376 65,982 62,140
Dividends declared and paid per share $ 1.4675 $ 1.735 $ 1.73125