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, 2013
Dec. 31, 2012
Dec. 31, 2011
Revenue      
Real estate rental revenue $ 263,024 $ 254,794 $ 234,733
Expenses      
Utilities 16,311 15,781 15,691
Real estate taxes 29,052 27,064 22,903
Repairs and maintenance 12,261 11,339 10,490
Property administration 10,155 9,248 8,430
Property management 8,255 8,503 7,272
Operating services and common area maintenance 13,469 12,358 11,804
Other real estate expenses 3,790 2,252 3,034
Depreciation and amortization 85,740 85,107 74,403
Acquisition costs 1,265 234 3,607
Real estate impairment 0 0 14,526
General and administrative 17,535 15,488 15,728
Total expenses 197,833 187,374 187,888
Real estate operating income 65,191 67,420 46,845
Other income (expense)      
Interest expense (63,573) (60,627) (61,402)
Other income 926 975 1,144
Loss on extinguishment of debt (2,737) 0 (976)
Total other income (expense) (65,384) (59,652) (61,234)
(Loss) income from continuing operations (193) 7,768 (14,389)
Discontinued operations:      
Income from operations of properties sold or held for sale 15,395 10,816 23,414
Gain on sale of real estate 22,144 5,124 97,491
Income tax expense 0 0 (1,138)
Net income 37,346 23,708 105,378
Less: Net income attributable to noncontrolling interests in subsidiaries 0 0 (494)
Net income attributable to the controlling interests $ 37,346 $ 23,708 $ 104,884
Basic net (loss) income attributable to the controlling interests per share      
Continuing operations - basic (in dollars per share) $ 0.00 $ 0.11 $ (0.22)
Discontinued operations, including gain on sale of real estate (in dollars per share) $ 0.55 $ 0.24 $ 1.80
Net income attributable to the controlling interests per share, basic $ 0.55 $ 0.35 $ 1.58
Diluted net (loss) income attributable to the controlling interests per share      
Continuing operations - diluted (in dollars per share) $ 0.00 $ 0.11 $ (0.22)
Discontinued operations, including gain on sale of real estate (in dollars per share) $ 0.55 $ 0.24 $ 1.80
Net income attributable to the controlling interests per share, diluted $ 0.55 $ 0.35 $ 1.58
Weighted average shares outstanding – basic 66,580 66,239 65,982
Weighted average shares outstanding – diluted 66,580 66,376 65,982