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, 2011
Dec. 31, 2010
Dec. 31, 2009
Revenue      
Real estate rental revenue $ 289,527 $ 258,490 $ 256,549
Expenses      
Utilities 19,960 18,233 18,866
Real estate taxes 27,238 25,044 27,072
Repairs and maintenance 13,461 11,903 11,104
Property administration 9,650 8,652 8,845
Property management 8,942 7,312 6,237
Operating services and common area maintenance 14,786 13,528 13,132
Other real estate expenses 3,155 1,988 4,033
Depreciation and amortization 93,297 80,066 77,549
General and administrative 15,728 14,406 13,118
Total expenses 206,217 181,132 179,956
Real estate operating income 83,310 77,358 76,593
Other income (expense)      
Interest expense (66,473) (67,229) (72,694)
Other income 1,144 1,193 1,205
Acquisition costs (3,607) (1,161) (788)
Real estate impairment (14,526) 0 0
Gain (loss) on extinguishment of debt, net (976) (9,176) 5,336
Gain from non-disposal activities 0 7 71
Total other income (expense) (84,438) (76,366) (66,870)
Income (loss) from continuing operations (1,128) 992 9,723
Discontinued operations:      
Income from operations of properties sold or held for sale 10,153 14,968 17,877
Gain on sale of real estate 97,491 21,599 13,348
Income tax expense (1,138) 0 0
Net income 105,378 37,559 40,948
Less: Net income attributable to noncontrolling interests in subsidiaries (494) (133) (203)
Undistributed Earnings Allocated to Participating Securites, Discontinued Operations 712 140 85
Undistributed Earnings Allocated to Participating Securities 0 4 26
Net income attributable to the controlling interests $ 104,884 $ 37,426 $ 40,745
Basic net income (loss) attributable to the controlling interests per share:      
Earnings per common share, basic, Continuing operations $ (0.02) $ 0.02 $ 0.17
Earnings per common share, basic, Discontinued operations $ 1.60 $ 0.58 $ 0.54
Net income attributable to the controlling interests per share, basic $ 1.58 $ 0.60 $ 0.71
Diluted net income (loss) attributable to the controlling interests per share:      
Continuing operations $ (0.02) $ 0.02 $ 0.17
Discontinued operations $ 1.60 $ 0.58 $ 0.54
Net income attributable to the controlling interests per share, diluted $ 1.58 $ 0.60 $ 0.71
Weighted average shares outstanding - basic 65,982 62,140 56,894
Weighted average shares outstanding - diluted 65,982 62,264 56,968
Dividends declared and paid per share $ 1.7350 $ 1.7313 $ 1.7300