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• | a 492,000 square foot office property in Atlanta, GA for a purchase price of $144.9 million; |
• | a 616,000 square foot office property in Pittsburgh, PA for a purchase price of $91.2 million; |
• | three medical office properties in Greensboro, NC for a purchase price of $29.6 million, which consisted of the issuance of 66,864 Common Units to noncontrolling interests, contingent consideration with fair value at the acquisition date of $0.7 million, and the assumption of secured debt due August 2014 recorded at fair value of $7.9 million, with an effective interest rate of 4.06%; |
• | a 178,300 square foot office property in Cary, NC from our DLF I joint venture for an agreed upon value of $26.0 million, the net proceeds of which were used to reduce the balance of the advance due to us from the joint venture; and |
• | 68 acres of development land currently zoned for 1.3 million square feet of future office development in Nashville, TN for a purchase price of $15.0 million. |
Total Purchase Price Allocation | |||
Real estate assets | $ | 135,128 | |
Acquisition-related intangible assets (in deferred financing and leasing costs) | 21,637 | ||
Acquisition-related below market lease liabilities (in accounts payable, accrued expenses and other liabilities) | (11,875 | ) | |
Total allocation | $ | 144,890 |
Year Ended December 31, | |||||||
2012 | 2011 | ||||||
(unaudited) | |||||||
Pro forma rental and other revenues | $ | 530,613 | $ | 479,908 | |||
Pro forma net income | $ | 84,135 | $ | 44,817 | |||
Pro forma earnings per share - basic | $ | 1.02 | $ | 0.49 | |||
Pro forma earnings per share - diluted | $ | 1.01 | $ | 0.49 |
Total Purchase Price Allocation | |||
Real estate assets | $ | 241,602 | |
Acquisition-related intangible assets (in deferred financing and leasing costs) | 39,721 | ||
Furniture, fixtures and equipment (in prepaid expenses and other assets) | 1,101 | ||
Acquisition-related below market lease liabilities (in accounts payable, accrued expenses and other liabilities) | (15,627 | ) | |
Total allocation | $ | 266,797 |
Year Ended December 31, | |||||||
2011 | 2010 | ||||||
(unaudited) | |||||||
Pro forma rental and other revenues | $ | 505,072 | $ | 491,573 | |||
Pro forma net income | $ | 45,674 | $ | 65,409 | |||
Pro forma earnings per share - basic | $ | 0.50 | $ | 0.77 | |||
Pro forma earnings per share - diluted | $ | 0.50 | $ | 0.77 |
• | three non-core buildings in Jackson, MS and Atlanta, GA for a sale price of $86.5 million and recorded gain on disposition of discontinued operations of $14.0 million; |
• | five non-core office properties in Nashville, TN for a sale price of $41.0 million and recorded gain on disposition of discontinued operations of $7.0 million; |
• | a non-core office property in Pinellas County, FL for a sale price of $9.5 million and recorded gain on disposition of discontinued operations of $1.4 million; |
• | a non-core office property in Kansas City, MO for a sale price of $6.5 million and recorded gain on disposition of discontinued operations of $1.9 million; |
• | 96 vacant non-core rental residential units in Kansas City, MO for a sale price of $11.0 million and recorded gain on disposition of discontinued operations of $5.1 million; and |
• | 17 for-sale residential condominiums in Raleigh, NC for a sale price of $5.5 million and recorded a net gain of $0.4 million. All for-sale residential condominiums were sold as of December 31, 2012. |
• | a 492,000 square foot office property in Atlanta, GA for a purchase price of $144.9 million; |
• | a 616,000 square foot office property in Pittsburgh, PA for a purchase price of $91.2 million; |
• | three medical office properties in Greensboro, NC for a purchase price of $29.6 million, which consisted of the issuance of 66,864 Common Units, contingent consideration with fair value at the acquisition date of $0.7 million, and the assumption of secured debt due August 2014 recorded at fair value of $7.9 million, with an effective interest rate of 4.06%; |
• | a 178,300 square foot office property in Cary, NC from our DLF I joint venture for an agreed upon value of $26.0 million, the net proceeds of which were used to reduce the balance of the advance due to us from the joint venture; and |
• | 68 acres of development land currently zoned for 1.3 million square feet of future office development in Nashville, TN for a purchase price of $15.0 million. |
Total Purchase Price Allocation | |||
Real estate assets | $ | 135,128 | |
Acquisition-related intangible assets (in deferred financing and leasing costs) | 21,637 | ||
Acquisition-related below market lease liabilities (in accounts payable, accrued expenses and other liabilities) | (11,875 | ) | |
Total allocation | $ | 144,890 |
Year Ended December 31, | |||||||
2012 | 2011 | ||||||
(unaudited) | |||||||
Pro forma rental and other revenues | $ | 530,613 | $ | 479,908 | |||
Pro forma net income | $ | 84,195 | $ | 44,878 | |||
Pro forma earnings per share - basic | $ | 1.02 | $ | 0.50 | |||
Pro forma earnings per share - diluted | $ | 1.02 | $ | 0.50 |
Total Purchase Price Allocation | |||
Real estate assets | $ | 241,602 | |
Acquisition-related intangible assets (in deferred financing and leasing costs) | 39,721 | ||
Furniture, fixtures and equipment (in prepaid expenses and other assets) | 1,101 | ||
Acquisition-related below market lease liabilities (in accounts payable, accrued expenses and other liabilities) | (15,627 | ) | |
Total allocation | $ | 266,797 |
Year Ended December 31, | |||||||
2011 | 2010 | ||||||
(unaudited) | |||||||
Pro forma rental and other revenues | $ | 505,072 | $ | 491,573 | |||
Pro forma net income | $ | 38,470 | $ | 58,216 | |||
Pro forma earnings per share - basic | $ | 0.51 | $ | 0.78 | |||
Pro forma earnings per share - diluted | $ | 0.51 | $ | 0.77 |
• | three non-core buildings in Jackson, MS and Atlanta, GA for a sale price of $86.5 million and recorded gain on disposition of discontinued operations of $14.0 million; |
• | five non-core office properties in Nashville, TN for a sale price of $41.0 million and recorded gain on disposition of discontinued operations of $7.0 million; |
• | a non-core office property in Pinellas County, FL for a sale price of $9.5 million and recorded gain on disposition of discontinued operations of $1.4 million; |
• | a non-core office property in Kansas City, MO for a sale price of $6.5 million and recorded gain on disposition of discontinued operations of $1.9 million; |
• | 96 vacant non-core rental residential units in Kansas City, MO for a sale price of $11.0 million and recorded gain on disposition of discontinued operations of $5.1 million; and |
• | 17 for-sale residential condominiums in Raleigh, NC for a sale price of $5.5 million and recorded a net gain of $0.4 million. All for-sale residential condominiums were sold as of December 31, 2012. |
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December 31, | |||||||
2012 | 2011 | ||||||
Seller financing (first mortgages) | $ | 15,853 | $ | 17,180 | |||
Less allowance | — | — | |||||
15,853 | 17,180 | ||||||
Mortgage receivable | 8,648 | — | |||||
Less allowance | — | — | |||||
8,648 | — | ||||||
Promissory notes | 1,153 | 1,481 | |||||
Less allowance | (182 | ) | (61 | ) | |||
971 | 1,420 | ||||||
Mortgages and notes receivable, net | $ | 25,472 | $ | 18,600 |
December 31, | |||||||
2012 | 2011 | ||||||
Beginning notes receivable allowance | $ | 61 | $ | 868 | |||
Bad debt expense | 186 | 196 | |||||
Recoveries/write-offs/other | (65 | ) | (1,003 | ) | |||
Total notes receivable allowance | $ | 182 | $ | 61 |
December 31, | |||||||
2012 | 2011 | ||||||
Seller financing (first mortgages) | $ | 15,853 | $ | 17,180 | |||
Less allowance | — | — | |||||
15,853 | 17,180 | ||||||
Mortgage receivable | 8,648 | — | |||||
Less allowance | — | — | |||||
8,648 | — | ||||||
Promissory notes | 1,153 | 1,481 | |||||
Less allowance | (182 | ) | (61 | ) | |||
971 | 1,420 | ||||||
Mortgages and notes receivable, net | $ | 25,472 | $ | 18,600 |
December 31, | |||||||
2012 | 2011 | ||||||
Beginning notes receivable allowance | $ | 61 | $ | 868 | |||
Bad debt expense | 186 | 196 | |||||
Recoveries/write-offs/other | (65 | ) | (1,003 | ) | |||
Total notes receivable allowance | $ | 182 | $ | 61 |
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Joint Venture | Location of Properties | Ownership Interest | ||
Concourse Center Associates, LLC | Greensboro, NC | 50.0% | ||
Plaza Colonnade, LLC | Kansas City, MO | 50.0% | ||
Lofts at Weston, LLC | Raleigh, NC | 50.0% | ||
Board of Trade Investment Company | Kansas City, MO | 49.0% | ||
Highwoods DLF 97/26 DLF 99/32, LP | Atlanta, GA; Greensboro, NC; Orlando, FL | 42.9% | ||
Highwoods KC Glenridge Office, LLC | Atlanta, GA | 40.0% | ||
Highwoods KC Glenridge Land, LLC | Atlanta, GA | 39.9% | ||
HIW-KC Orlando, LLC | Orlando, FL | 40.0% | ||
Kessinger/Hunter, LLC | Kansas City, MO | 26.5% | ||
Highwoods DLF Forum, LLC | Raleigh, NC | 25.0% | ||
Highwoods DLF 98/29, LLC | Atlanta, GA; Charlotte, NC; Greensboro, NC; Raleigh, NC; Orlando, FL | 22.8% | ||
4600 Madison Associates, LP | Kansas City, MO | 12.5% |
December 31, | |||||||
2012 | 2011 | ||||||
Balance Sheets: | |||||||
Assets: | |||||||
Real estate assets, net | $ | 491,180 | $ | 536,088 | |||
All other assets, net | 113,734 | 96,944 | |||||
Total Assets | $ | 604,914 | $ | 633,032 | |||
Liabilities and Partners’ or Shareholders’ Equity: | |||||||
Mortgages and notes payable (1) | $ | 370,393 | $ | 406,875 | |||
All other liabilities | 24,507 | 21,808 | |||||
Partners’ or shareholders’ equity | 210,014 | 204,349 | |||||
Total Liabilities and Partners’ or Shareholders’ Equity | $ | 604,914 | $ | 633,032 | |||
Our share of historical partners’ or shareholders’ equity | $ | 63,847 | $ | 59,584 | |||
Advances to unconsolidated affiliate | — | 38,323 | |||||
Net excess of cost of investments over the net book value of underlying net assets (2) | 2,953 | 2,460 | |||||
Carrying value of investments in and advances to unconsolidated affiliates | $ | 66,800 | $ | 100,367 | |||
Our share of unconsolidated non-recourse mortgage debt (1) | $ | 137,261 | $ | 146,926 |
(1) | Our share of scheduled future principal payments, including amortization, due on mortgages and notes payable at December 31, 2012 is as follows: |
2013 | $ | 23,458 | |
2014 | 57,163 | ||
2015 | 21,821 | ||
2016 | 1,054 | ||
2017 | 26,452 | ||
Thereafter | 7,313 | ||
$ | 137,261 |
(2) | This amount represents the aggregate difference between our historical cost basis and the basis reflected at the joint venture level, which is typically depreciated over the life of the related asset. |
Year Ended December 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Income Statements: | |||||||||||
Rental and other revenues | $ | 101,233 | $ | 100,958 | $ | 119,868 | |||||
Expenses: | |||||||||||
Rental property and other expenses | 47,762 | 44,584 | 56,868 | ||||||||
Depreciation and amortization | 25,253 | 26,430 | 31,401 | ||||||||
Impairments of real estate assets | 7,180 | — | — | ||||||||
Interest expense | 20,953 | 23,762 | 27,956 | ||||||||
Total expenses | 101,148 | 94,776 | 116,225 | ||||||||
Income before disposition of properties | 85 | 6,182 | 3,643 | ||||||||
Gains on disposition of properties | 11,184 | — | — | ||||||||
Net income | $ | 11,269 | $ | 6,182 | $ | 3,643 | |||||
Our share of: | |||||||||||
Depreciation and amortization | $ | 7,736 | $ | 8,388 | $ | 10,471 | |||||
Impairments of real estate assets | $ | 1,002 | $ | — | $ | — | |||||
Interest expense | $ | 7,368 | $ | 8,163 | $ | 10,545 | |||||
Gains on disposition of properties | $ | 1,120 | $ | — | $ | — | |||||
Net income | $ | 3,304 | $ | 2,429 | $ | 1,466 | |||||
Our share of net income | $ | 3,304 | $ | 2,429 | $ | 1,466 | |||||
Adjustment for management and other fees | 1,731 | 2,449 | 2,355 | ||||||||
Equity in earnings of unconsolidated affiliates | $ | 5,035 | $ | 4,878 | $ | 3,821 |
Joint Venture | Location of Properties | Ownership Interest | ||
Concourse Center Associates, LLC | Greensboro, NC | 50.0% | ||
Plaza Colonnade, LLC | Kansas City, MO | 50.0% | ||
Lofts at Weston, LLC | Raleigh, NC | 50.0% | ||
Board of Trade Investment Company | Kansas City, MO | 49.0% | ||
Highwoods DLF 97/26 DLF 99/32, LP | Atlanta, GA; Greensboro, NC; Orlando, FL | 42.9% | ||
Highwoods KC Glenridge Office, LLC | Atlanta, GA | 40.0% | ||
Highwoods KC Glenridge Land, LLC | Atlanta, GA | 39.9% | ||
HIW-KC Orlando, LLC | Orlando, FL | 40.0% | ||
Kessinger/Hunter, LLC | Kansas City, MO | 26.5% | ||
Highwoods DLF Forum, LLC | Raleigh, NC | 25.0% | ||
Highwoods DLF 98/29, LLC | Atlanta, GA; Charlotte, NC; Greensboro, NC; Raleigh, NC; Orlando, FL | 22.8% |
December 31, | |||||||
2012 | 2011 | ||||||
Balance Sheets: | |||||||
Assets: | |||||||
Real estate assets, net | $ | 480,245 | $ | 523,992 | |||
All other assets, net | 112,295 | 95,504 | |||||
Total Assets | $ | 592,540 | $ | 619,496 | |||
Liabilities and Partners’ or Shareholders’ Equity: | |||||||
Mortgages and notes payable (1) | $ | 360,944 | $ | 396,977 | |||
All other liabilities | 23,983 | 21,121 | |||||
Partners’ or shareholders’ equity | 207,613 | 201,398 | |||||
Total Liabilities and Partners’ or Shareholders’ Equity | $ | 592,540 | $ | 619,496 | |||
Our share of historical partners’ or shareholders’ equity | $ | 63,546 | $ | 59,215 | |||
Advances to unconsolidated affiliate | — | 38,323 | |||||
Net excess of cost of investments over the net book value of underlying net assets (2) | $ | 2,267 | $ | 1,758 | |||
Carrying value of investments in and advances to unconsolidated affiliates | $ | 65,813 | $ | 99,296 | |||
Our share of unconsolidated non-recourse mortgage debt (1) | $ | 136,080 | $ | 145,689 |
(1) | Our share of scheduled future principal payments, including amortization, due on mortgages and notes payable at December 31, 2012 is as follows: |
2013 | $ | 23,427 | |
2014 | 57,130 | ||
2015 | 21,786 | ||
2016 | 1,017 | ||
2017 | 26,412 | ||
Thereafter | 6,308 | ||
$ | 136,080 |
(2) | This amount represents the aggregate difference between our historical cost basis and the basis reflected at the joint venture level, which is typically depreciated over the life of the related asset. |
Year Ended December 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Income Statements: | |||||||||||
Rental and other revenues | $ | 97,225 | $ | 96,771 | $ | 115,826 | |||||
Expenses: | |||||||||||
Rental property and other expenses | 45,391 | 42,052 | 54,695 | ||||||||
Depreciation and amortization | 24,007 | 25,184 | 29,945 | ||||||||
Impairments of real estate assets | 7,180 | — | — | ||||||||
Interest expense | 20,296 | 23,062 | 27,187 | ||||||||
Total expenses | 96,874 | 90,298 | 111,827 | ||||||||
Income before disposition of properties | 351 | 6,473 | 3,999 | ||||||||
Gains on disposition of properties | 11,184 | — | — | ||||||||
Net income | $ | 11,535 | $ | 6,473 | $ | 3,999 | |||||
Our share of: | |||||||||||
Depreciation and amortization | $ | 7,580 | $ | 8,232 | $ | 10,318 | |||||
Impairments of real estate assets | $ | 12,924 | $ | — | $ | — | |||||
Interest expense | $ | 7,286 | $ | 8,075 | $ | 10,449 | |||||
Gains on disposition of properties | $ | 1,120 | $ | — | $ | — | |||||
Net income | $ | 3,337 | $ | 2,585 | $ | 1,483 | |||||
Our share of net income | $ | 3,337 | $ | 2,585 | $ | 1,483 | |||||
Adjustment for management and other fees | 1,758 | 2,354 | 2,311 | ||||||||
Equity in earnings of unconsolidated affiliates | $ | 5,095 | $ | 4,939 | $ | 3,794 |
|
December 31, | |||||||
2012 | 2011 | ||||||
Assets: | |||||||
Deferred financing costs | $ | 21,759 | $ | 18,044 | |||
Less accumulated amortization | (7,862 | ) | (5,797 | ) | |||
13,897 | 12,247 | ||||||
Deferred leasing costs (including lease incentives and acquisition-related intangible assets) | 225,647 | 172,049 | |||||
Less accumulated amortization | (69,521 | ) | (56,522 | ) | |||
156,126 | 115,527 | ||||||
Deferred financing and leasing costs, net | $ | 170,023 | $ | 127,774 | |||
Liabilities (in accounts payable, accrued expenses and other liabilities): | |||||||
Acquisition-related below market lease liabilities | $ | 37,019 | $ | 16,441 | |||
Less accumulated amortization | (3,383 | ) | (971 | ) | |||
$ | 33,636 | $ | 15,470 |
Year Ended December 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Amortization of deferred financing costs | $ | 3,685 | $ | 3,312 | $ | 3,385 | |||||
Amortization of deferred leasing costs and acquisition-related intangible assets (in depreciation and amortization) | $ | 27,731 | $ | 20,980 | $ | 17,383 | |||||
Amortization of lease incentives (in rental and other revenues) | $ | 1,439 | $ | 1,371 | $ | 1,239 | |||||
Amortization of acquisition-related intangible assets (in rental and other revenues) | $ | 1,357 | $ | 915 | $ | 531 | |||||
Amortization of acquisition-related intangible assets (in rental property and other expenses) | $ | 186 | $ | — | $ | — | |||||
Amortization of acquisition-related below market lease liabilities (in rental and other revenues) | $ | (2,627 | ) | $ | (840 | ) | $ | (96 | ) |
Years Ending December 31, | Amortization of Deferred Financing Costs | Amortization of Deferred Leasing Costs and Acquisition-Related Intangible Assets (in Depreciation and Amortization) | Amortization of Lease Incentives (in Rental and Other Revenues) | Amortization of Acquisition-Related Intangible Assets (in Rental and Other Revenues) | Amortization of Acquisition-Related Intangible Assets (in Rental Property and Other Expenses) | Amortization of Acquisition-Related Below Market Lease Liabilities (in Rental and Other Revenues) | ||||||||||||||||||
2013 | $ | 3,521 | $ | 29,636 | $ | 1,314 | $ | 1,277 | $ | 553 | $ | (4,149 | ) | |||||||||||
2014 | 3,224 | 25,200 | 1,163 | 989 | 553 | (4,067 | ) | |||||||||||||||||
2015 | 2,594 | 20,391 | 928 | 754 | 553 | (3,801 | ) | |||||||||||||||||
2016 | 1,519 | 16,877 | 734 | 659 | 553 | (3,499 | ) | |||||||||||||||||
2017 | 1,225 | 14,141 | 654 | 587 | 553 | (3,256 | ) | |||||||||||||||||
Thereafter | 1,814 | 33,569 | 2,065 | 780 | 1,643 | (14,864 | ) | |||||||||||||||||
$ | 13,897 | $ | 139,814 | $ | 6,858 | $ | 5,046 | $ | 4,408 | $ | (33,636 | ) | ||||||||||||
Weighted average remaining amortization periods as of December 31, 2012 (in years) | 4.6 | 6.9 | 7.7 | 5.6 | 8.0 | 9.9 |
Acquisition-Related Intangible Assets (amortized in Rental and Other Revenues) | Acquisition-Related Intangible Assets (amortized in Depreciation and Amortization) | Acquisition-Related Intangible Assets (amortized in Rental Property and Other Expenses) | Acquisition-Related Below Market Lease Liabilities (amortized in Rental and Other Revenues) | |||||||||||||
Amount recorded from acquisition activity | $ | 2,636 | $ | 37,247 | $ | 4,593 | $ | (20,934 | ) | |||||||
Weighted average remaining amortization periods (in years) | 5.3 | 8.7 | 8.0 | 10.6 |
December 31, | |||||||
2012 | 2011 | ||||||
Assets: | |||||||
Deferred financing costs | $ | 21,759 | $ | 18,044 | |||
Less accumulated amortization | (7,862 | ) | (5,797 | ) | |||
13,897 | 12,247 | ||||||
Deferred leasing costs (including lease incentives and acquisition-related intangible assets) | 225,647 | 172,049 | |||||
Less accumulated amortization | (69,521 | ) | (56,522 | ) | |||
156,126 | 115,527 | ||||||
Deferred financing and leasing costs, net | $ | 170,023 | $ | 127,774 | |||
Liabilities (in accounts payable, accrued expenses and other liabilities): | |||||||
Acquisition-related below market lease liabilities | $ | 37,019 | $ | 16,441 | |||
Less accumulated amortization | (3,383 | ) | (971 | ) | |||
$ | 33,636 | $ | 15,470 |
Year Ended December 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Amortization of deferred financing costs | $ | 3,685 | $ | 3,312 | $ | 3,385 | |||||
Amortization of deferred leasing costs and acquisition-related intangible assets (in depreciation and amortization) | $ | 27,731 | $ | 20,980 | $ | 17,383 | |||||
Amortization of lease incentives (in rental and other revenues) | $ | 1,439 | $ | 1,371 | $ | 1,239 | |||||
Amortization of acquisition-related intangible assets (in rental and other revenues) | $ | 1,357 | $ | 915 | $ | 531 | |||||
Amortization of acquisition-related intangible assets (in rental property and other expenses) | $ | 186 | $ | — | $ | — | |||||
Amortization of acquisition-related below market lease liabilities (in rental and other revenues) | $ | (2,627 | ) | $ | (840 | ) | $ | (96 | ) |
Years Ending December 31, | Amortization of Deferred Financing Costs | Amortization of Deferred Leasing Costs and Acquisition-Related Intangible Assets (in Depreciation and Amortization) | Amortization of Lease Incentives (in Rental and Other Revenues) | Amortization of Acquisition-Related Intangible Assets (in Rental and Other Revenues) | Amortization of Acquisition-Related Intangible Assets (in Rental Property and Other Expenses) | Amortization of Acquisition-Related Below Market Lease Liabilities (in Rental and Other Revenues) | ||||||||||||||||||
2013 | $ | 3,521 | $ | 29,636 | $ | 1,314 | $ | 1,277 | $ | 553 | $ | (4,149 | ) | |||||||||||
2014 | 3,224 | 25,200 | 1,163 | 989 | 553 | (4,067 | ) | |||||||||||||||||
2015 | 2,594 | 20,391 | 928 | 754 | 553 | (3,801 | ) | |||||||||||||||||
2016 | 1,519 | 16,877 | 734 | 659 | 553 | (3,499 | ) | |||||||||||||||||
2017 | 1,225 | 14,141 | 654 | 587 | 553 | (3,256 | ) | |||||||||||||||||
Thereafter | 1,814 | 33,569 | 2,065 | 780 | 1,643 | (14,864 | ) | |||||||||||||||||
$ | 13,897 | $ | 139,814 | $ | 6,858 | $ | 5,046 | $ | 4,408 | $ | (33,636 | ) | ||||||||||||
Weighted average remaining amortization periods as of December 31, 2012 (in years) | 4.6 | 6.9 | 7.7 | 5.6 | 8.0 | 9.9 |
Acquisition-Related Intangible Assets (amortized in Rental and Other Revenues) | Acquisition-Related Intangible Assets (amortized in Depreciation and Amortization) | Acquisition-Related Intangible Assets (amortized in Rental Property and Other Expenses) | Acquisition-Related Below Market Lease Liabilities (amortized in Rental and Other Revenues) | |||||||||||||
Amount recorded from acquisition activity | $ | 2,636 | $ | 37,247 | $ | 4,593 | $ | (20,934 | ) | |||||||
Weighted average remaining amortization periods (in years) | 5.3 | 8.7 | 8.0 | 10.6 |
|
December 31, | |||||||
2012 | 2011 | ||||||
Secured indebtedness: (1) | |||||||
5.45% (5.12% effective rate) mortgage loan due 2014 (2) | 67,604 | 67,809 | |||||
5.18% (4.22% effective rate) mortgage loan due 2017 (3) | 120,924 | 123,613 | |||||
6.03% mortgage loan due 2013 | — | 125,264 | |||||
5.68% mortgage loan due 2013 | 107,289 | 110,343 | |||||
5.17% (6.43% effective rate) mortgage loan due 2015 (4) | 39,805 | 40,015 | |||||
6.88% mortgage loans due 2016 | 110,671 | 112,075 | |||||
7.50% mortgage loan due 2016 | 45,662 | 46,181 | |||||
5.74% to 9.00% mortgage loans due between 2012 and 2016 (5) (6) (7) | 57,652 | 72,640 | |||||
Variable rate construction loan due 2012 | — | 17,802 | |||||
549,607 | 715,742 | ||||||
Unsecured indebtedness: | |||||||
5.85% (5.88% effective rate) notes due 2017 (8) | 379,194 | 391,164 | |||||
7.50% notes due 2018 | 200,000 | 200,000 | |||||
3.625% (3.752% effective rate) notes due 2023 (9) | 247,361 | — | |||||
Variable rate term loan due 2016 (10) | 35,000 | 200,000 | |||||
Variable rate term loan due 2018 (11) | 200,000 | — | |||||
Variable rate term loan due 2019 (12) | 225,000 | — | |||||
Revolving credit facility due 2015 (13) | 23,000 | 362,000 | |||||
1,309,555 | 1,153,164 | ||||||
Total | $ | 1,859,162 | $ | 1,868,906 |
(1) | The secured mortgage loans payable are collateralized by real estate assets with an aggregate undepreciated book value of $966.9 million at December 31, 2012. Our fixed rate mortgage loans generally are either locked out to prepayment for all or a portion of their term or are prepayable subject to certain conditions including prepayment penalties. |
(2) | Includes unamortized fair market premium of $0.2 million as of December 31, 2012. |
(3) | Includes unamortized fair market premium of $4.6 million as of December 31, 2012. |
(4) | Net of unamortized fair market value discount of $1.2 million as of December 31, 2012. |
(5) | Includes mortgage debt related to Harborview, a consolidated 20.0% owned joint venture, of $21.0 million at December 31, 2011. See Note 8. |
(6) | Includes mortgage debt related to Markel, a consolidated 50.0% owned joint venture, of $33.1 million and $34.0 million at December 31, 2012 and 2011, respectively. See Note 10. |
(7) | Net of unamortized fair market value premium of $0.5 million and $0.3 million at December 31, 2012 and 2011, respectively. |
(8) | Net of unamortized original issuance discount of $0.5 million and $0.6 million at December 31, 2012 and 2011, respectively. |
(9) | Net of unamortized original issuance discount of $2.6 million at December 31, 2012. |
(10) | The interest rate is 2.42% at December 31, 2012. |
(11) | The interest rate is 1.87% at December 31, 2012. |
(12) | As more fully described in Note 7, we entered into floating-to-fixed interest rate swaps that effectively fix LIBOR for the full amount and duration of this loan. Accordingly, the equivalent fixed rate of this loan is 3.58%. |
(13) | The interest rate is 1.71% at December 31, 2012. |
Years Ending December 31, | Principal Amount | |||
2013 | $ | 123,537 | ||
2014 | 112,283 | |||
2015 | 67,733 | |||
2016 | 193,217 | |||
2017 | 488,617 | |||
Thereafter | 873,775 | |||
$ | 1,859,162 |
December 31, | |||||||
2012 | 2011 | ||||||
Secured indebtedness: (1) | |||||||
5.45% (5.12% effective rate) mortgage loan due 2014 (2) | 67,604 | 67,809 | |||||
5.18% (4.22% effective rate) mortgage loan due 2017 (3) | 120,924 | 123,613 | |||||
6.03% mortgage loan due 2013 | — | 125,264 | |||||
5.68% mortgage loan due 2013 | 107,289 | 110,343 | |||||
5.17% (6.43% effective rate) mortgage loan due 2015 (4) | 39,805 | 40,015 | |||||
6.88% mortgage loans due 2016 | 110,671 | 112,075 | |||||
7.50% mortgage loan due 2016 | 45,662 | 46,181 | |||||
5.74% to 9.00% mortgage loans due between 2012 and 2016 (5) (6) (7) | 57,652 | 72,640 | |||||
Variable rate construction loan due 2012 | — | 17,802 | |||||
549,607 | 715,742 | ||||||
Unsecured indebtedness: | |||||||
5.85% (5.88% effective rate) notes due 2017 (8) | 379,194 | 391,164 | |||||
7.50% notes due 2018 | 200,000 | 200,000 | |||||
3.625% (3.752% effective rate) notes due 2023 (9) | 247,361 | — | |||||
Variable rate term loan due 2016 (10) | 35,000 | 200,000 | |||||
Variable rate term loan due 2018 (11) | 200,000 | — | |||||
Variable rate term loan due 2019 (12) | 225,000 | — | |||||
Revolving credit facility due 2015 (13) | 23,000 | 362,000 | |||||
1,309,555 | 1,153,164 | ||||||
Total | $ | 1,859,162 | $ | 1,868,906 |
(1) | The secured mortgage loans payable are collateralized by real estate assets with an aggregate undepreciated book value of $966.9 million at December 31, 2012. Our fixed rate mortgage loans generally are either locked out to prepayment for all or a portion of their term or are prepayable subject to certain conditions including prepayment penalties. |
(2) | Includes unamortized fair market premium of $0.2 million as of December 31, 2012. |
(3) | Includes unamortized fair market premium of $4.6 million as of December 31, 2012. |
(4) | Net of unamortized fair market value discount of $1.2 million as of December 31, 2012. |
(5) | Includes mortgage debt related to Harborview, a consolidated 20.0% owned joint venture, of $21.0 million at December 31, 2011. See Note 8. |
(6) | Includes mortgage debt related to Markel, a consolidated 50.0% owned joint venture, of $33.1 million and $34.0 million at December 31, 2012 and 2011, respectively. See Note 10. |
(7) | Net of unamortized fair market value premium of $0.5 million and $0.3 million at December 31, 2012 and 2011, respectively. |
(8) | Net of unamortized original issuance discount of $0.5 million and $0.6 million at December 31, 2012 and 2011, respectively. |
(9) | Net of unamortized original issuance discount of $2.6 million at December 31, 2012. |
(10) | The interest rate is 2.42% at December 31, 2012. |
(11) | The interest rate is 1.87% at December 31, 2012. |
(12) | As more fully described in Note 7, we entered into floating-to-fixed interest rate swaps that effectively fix LIBOR for the full amount and duration of this loan. Accordingly, the equivalent fixed rate of this loan is 3.58%. |
(13) | The interest rate is 1.71% at December 31, 2012. |
Years Ending December 31, | Principal Amount | |||
2013 | $ | 123,537 | ||
2014 | 112,283 | |||
2015 | 67,733 | |||
2016 | 193,217 | |||
2017 | 488,617 | |||
Thereafter | 873,775 | |||
$ | 1,859,162 |
|
7. | Derivative Financial Instruments - Continued |
Fair Value as of December 31, | |||||||
2012 | 2011 | ||||||
Liability Derivatives: | |||||||
Derivatives designated as cash flow hedges in accounts payable, accrued expenses and other liabilities: | |||||||
Interest rate swaps | $ | 9,369 | $ | 2,202 |
Year Ended December 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Derivatives Designated as Cash Flow Hedges: | |||||||||||
Amount of unrealized losses recognized in AOCL on derivatives (effective portion): | |||||||||||
Interest rate swaps | $ | (10,358 | ) | $ | (2,202 | ) | $ | — | |||
Amount of (gains)/losses reclassified out of AOCL into contractual interest expense (effective portion): | |||||||||||
Interest rate swaps | $ | 3,053 | $ | (118 | ) | $ | 237 |
7. | Derivative Financial Instruments- Continued |
Fair Value as of December 31, | |||||||
2012 | 2011 | ||||||
Liability Derivatives: | |||||||
Derivatives designated as cash flow hedges in accounts payable, accrued expenses and other liabilities: | |||||||
Interest rate swaps | $ | 9,369 | $ | 2,202 |
Year Ended December 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Derivatives Designated as Cash Flow Hedges: | |||||||||||
Amount of unrealized losses recognized in AOCL on derivatives (effective portion): | |||||||||||
Interest rate swaps | $ | (10,358 | ) | $ | (2,202 | ) | $ | — | |||
Amount of (gains)/losses reclassified out of AOCL into contractual interest expense (effective portion): | |||||||||||
Interest rate swaps | $ | 3,053 | $ | (118 | ) | $ | 237 |
|
December 31, | |||||||
2012 | 2011 | ||||||
Harborview financing obligation | $ | 17,571 | $ | 17,086 | |||
Tax increment financing bond | 11,787 | 13,064 | |||||
Total | $ | 29,358 | $ | 30,150 |
8. | Financing Arrangements - Continued |
December 31, | |||||||
2012 | 2011 | ||||||
Harborview financing obligation | $ | 17,571 | $ | 17,086 | |||
Tax increment financing bond | 11,787 | 13,064 | |||||
Total | $ | 29,358 | $ | 30,150 |
8. | Financing Arrangements - Continued |
|
Years Ending December 31, | Minimum Payments | |||
2013 | $ | 2,383 | ||
2014 | 2,404 | |||
2015 | 2,427 | |||
2016 | 2,451 | |||
2017 | 2,476 | |||
Thereafter | 49,875 | |||
$ | 62,016 |
9. | Commitments and Contingencies - Continued |
Years Ending December 31, | Minimum Payments | |||
2013 | $ | 2,383 | ||
2014 | 2,404 | |||
2015 | 2,427 | |||
2016 | 2,451 | |||
2017 | 2,476 | |||
Thereafter | 49,875 | |||
$ | 62,016 |
9. | Commitments and Contingencies - Continued |
|
Year Ended December 31, | |||||||
2012 | 2011 | ||||||
Beginning noncontrolling interests in the Operating Partnership | $ | 110,655 | $ | 120,838 | |||
Adjustments of noncontrolling interests in the Operating Partnership to fair value | 16,491 | (3,955 | ) | ||||
Issuances of Common Units | 2,299 | — | |||||
Conversion of Common Units to Common Stock | (2,096 | ) | (1,906 | ) | |||
Net income attributable to noncontrolling interests in the Operating Partnership | 3,854 | 2,091 | |||||
Distributions to noncontrolling interests in the Operating Partnership | (6,334 | ) | (6,413 | ) | |||
Total noncontrolling interests in the Operating Partnership | $ | 124,869 | $ | 110,655 |
Year Ended December 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Net income available for common stockholders | $ | 77,087 | $ | 38,677 | $ | 61,790 | |||||
Increase in additional paid in capital from conversion of Common Units to Common Stock | 2,096 | 1,906 | 3,060 | ||||||||
Issuances of Common Units | (2,299 | ) | — | — | |||||||
Change from net income available for common stockholders and transfers from noncontrolling interests | $ | 76,884 | $ | 40,583 | $ | 64,850 |
|
11. | Disclosure About Fair Value of Financial Instruments – Continued |
Level 1 | Level 2 | Level 3 | |||||||||||||
December 31, 2012 | Quoted Prices in Active Markets for Identical Assets or Liabilities | Significant Observable Inputs | Significant Unobservable Inputs | ||||||||||||
Assets: | |||||||||||||||
Mortgages and notes receivable, at fair value (1) | $ | 24,725 | $ | — | $ | 16,077 | $ | 8,648 | |||||||
Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets) | 3,354 | 3,354 | — | — | |||||||||||
Tax increment financing bond (in prepaid expenses and other assets) | 14,496 | — | — | 14,496 | |||||||||||
Total Assets | $ | 42,575 | $ | 3,354 | $ | 16,077 | $ | 23,144 | |||||||
Noncontrolling Interests in the Operating Partnership | $ | 124,869 | $ | 124,869 | $ | — | $ | — | |||||||
Liabilities: | |||||||||||||||
Mortgages and notes payable, at fair value (1) | $ | 1,987,364 | $ | — | $ | 1,987,364 | $ | — | |||||||
Interest rate swaps (in accounts payable, accrued expenses and other liabilities) | 9,369 | — | 9,369 | — | |||||||||||
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities) | 3,354 | 3,354 | — | — | |||||||||||
Contingent consideration to acquire real estate assets (in accounts payable, accrued expenses and other liabilities) | 563 | — | — | 563 | |||||||||||
Financing obligations, at fair value (1) | 23,252 | — | — | 23,252 | |||||||||||
Total Liabilities | $ | 2,023,902 | $ | 3,354 | $ | 1,996,733 | $ | 23,815 |
Level 1 | Level 2 | Level 3 | |||||||||||||
December 31, 2011 | Quoted Prices in Active Markets for Identical Assets or Liabilities | Significant Observable Inputs | Significant Unobservable Inputs | ||||||||||||
Assets: | |||||||||||||||
Mortgages and notes receivable, at fair value (1) | $ | 18,990 | $ | — | $ | 18,990 | $ | — | |||||||
Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets) | 3,149 | 3,149 | — | — | |||||||||||
Tax increment financing bond (in prepaid expenses and other assets) | 14,788 | — | — | 14,788 | |||||||||||
Impaired real estate assets and for-sale residential condominiums | 12,767 | — | — | 12,767 | |||||||||||
Total Assets | $ | 49,694 | $ | 3,149 | $ | 18,990 | $ | 27,555 | |||||||
Noncontrolling Interests in the Operating Partnership | $ | 110,655 | $ | 110,655 | $ | — | $ | — | |||||||
Liabilities: | |||||||||||||||
Mortgages and notes payable, at fair value (1) | $ | 1,959,438 | $ | — | $ | 1,959,438 | $ | — | |||||||
Interest rate swaps (in accounts payable, accrued expenses and other liabilities) | 2,202 | — | 2,202 | — | |||||||||||
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities) | 3,149 | 3,149 | — | — | |||||||||||
Financing obligations, at fair value (1) | 17,572 | — | — | 17,572 | |||||||||||
Total Liabilities | $ | 1,982,361 | $ | 3,149 | $ | 1,961,640 | $ | 17,572 |
11. | Disclosure About Fair Value of Financial Instruments – Continued |
December 31, | |||||||
2012 | 2011 | ||||||
Asset: | |||||||
Tax Increment Financing Bond: | |||||||
Beginning balance | $ | 14,788 | $ | 15,699 | |||
Principal repayment | (703 | ) | (1,145 | ) | |||
Unrealized gains (in AOCL) | 411 | 234 | |||||
Ending balance | $ | 14,496 | $ | 14,788 | |||
Liability: | |||||||
Contingent Consideration to Acquire Real Estate Assets: | |||||||
Beginning balance | $ | — | $ | — | |||
Fair value at acquisition date | 677 | — | |||||
Unrealized gains (in general and administrative expenses) | (114 | ) | — | ||||
Ending balance | $ | 563 | $ | — |
Fair Value at December 31, 2012 | Valuation Technique | Unobservable Input | Rate/ Percentage | |||||||
Asset: | ||||||||||
Tax increment financing bond | $ | 14,496 | Income approach | Discount rate | 10.34 | % | ||||
Liability: | ||||||||||
Contingent consideration to acquire real estate assets | $ | 563 | Income approach | Payout percentage | 75.00 | % |
11. | Disclosure About Fair Value of Financial Instruments |
11. | Disclosure About Fair Value of Financial Instruments – Continued |
Level 1 | Level 2 | Level 3 | |||||||||||||
December 31, 2012 | Quoted Prices in Active Markets for Identical Assets or Liabilities | Significant Observable Inputs | Significant Unobservable Inputs | ||||||||||||
Assets: | |||||||||||||||
Mortgages and notes receivable, at fair value (1) | $ | 24,725 | $ | — | $ | 16,077 | $ | 8,648 | |||||||
Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets) | 3,354 | 3,354 | — | — | |||||||||||
Tax increment financing bond (in prepaid expenses and other assets) | 14,496 | — | — | 14,496 | |||||||||||
Total Assets | $ | 42,575 | $ | 3,354 | $ | 16,077 | $ | 23,144 | |||||||
Liabilities: | |||||||||||||||
Mortgages and notes payable, at fair value (1) | $ | 1,987,364 | $ | — | $ | 1,987,364 | $ | — | |||||||
Interest rate swaps (in accounts payable, accrued expenses and other liabilities) | 9,369 | — | 9,369 | — | |||||||||||
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities) | 3,354 | 3,354 | — | — | |||||||||||
Contingent consideration to acquire real estate assets (in accounts payable, accrued expenses and other liabilities) | 563 | — | — | 563 | |||||||||||
Financing obligations, at fair value (1) | 23,252 | — | — | 23,252 | |||||||||||
Total Liabilities | $ | 2,023,902 | $ | 3,354 | $ | 1,996,733 | $ | 23,815 |
Level 1 | Level 2 | Level 3 | |||||||||||||
December 31, 2011 | Quoted Prices in Active Markets for Identical Assets or Liabilities | Significant Observable Inputs | Significant Unobservable Inputs | ||||||||||||
Assets: | |||||||||||||||
Mortgages and notes receivable, at fair value (1) | $ | 18,990 | $ | — | $ | 18,990 | $ | — | |||||||
Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets) | 3,149 | 3,149 | — | — | |||||||||||
Tax increment financing bond (in prepaid expenses and other assets) | 14,788 | — | — | 14,788 | |||||||||||
Impaired real estate assets and for-sale residential condominiums | 12,767 | — | — | 12,767 | |||||||||||
Total Assets | $ | 49,694 | $ | 3,149 | $ | 18,990 | $ | 27,555 | |||||||
Liabilities: | |||||||||||||||
Mortgages and notes payable, at fair value (1) | $ | 1,959,438 | $ | — | $ | 1,959,438 | $ | — | |||||||
Interest rate swaps (in accounts payable, accrued expenses and other liabilities) | 2,202 | — | 2,202 | — | |||||||||||
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities) | 3,149 | 3,149 | — | — | |||||||||||
Financing obligations, at fair value (1) | 17,572 | — | — | 17,572 | |||||||||||
Total Liabilities | $ | 1,982,361 | $ | 3,149 | $ | 1,961,640 | $ | 17,572 |
11. | Disclosure About Fair Value of Financial Instruments – Continued |
December 31, | |||||||
2012 | 2011 | ||||||
Asset: | |||||||
Tax Increment Financing Bond: | |||||||
Beginning balance | $ | 14,788 | $ | 15,699 | |||
Principal repayment | (703 | ) | (1,145 | ) | |||
Unrealized gains (in AOCL) | 411 | 234 | |||||
Ending balance | $ | 14,496 | $ | 14,788 | |||
Liability: | |||||||
Contingent Consideration to Acquire Real Estate Assets: | |||||||
Beginning balance | $ | — | $ | — | |||
Fair value at acquisition date | 677 | — | |||||
Unrealized gains (in general and administrative expenses) | (114 | ) | — | ||||
Ending balance | $ | 563 | $ | — |
Fair Value at December 31, 2012 | Valuation Technique | Unobservable Input | Rate/ Percentage | |||||||
Asset: | ||||||||||
Tax increment financing bond | $ | 14,496 | Income approach | Discount rate | 10.34 | % | ||||
Liability: | ||||||||||
Contingent consideration to acquire real estate assets | $ | 563 | Income approach | Payout percentage | 75.00 | % |
|
12. | Equity - Continued |
Year Ended December 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Ordinary income | $ | 1.28 | $ | 1.15 | $ | 0.41 | |||||
Capital gains | 0.24 | — | 0.44 | ||||||||
Return of capital | 0.18 | 0.55 | 0.85 | ||||||||
Total | $ | 1.70 | $ | 1.70 | $ | 1.70 |
Preferred Stock Issuances | Issue Date | Number of Shares Outstanding | Carrying Value | Liquidation Preference Per Share | Optional Redemption Date | Annual Dividends Payable Per Share | |||||||||||||
(in thousands) | |||||||||||||||||||
December 31, 2012 | |||||||||||||||||||
8.625% Series A Cumulative Redeemable | 2/12/1997 | 29 | $ | 29,077 | $ | 1,000 | 2/12/2027 | $ | 86.25 | ||||||||||
December 31, 2011 | |||||||||||||||||||
8.625% Series A Cumulative Redeemable | 2/12/1997 | 29 | $ | 29,077 | $ | 1,000 | 2/12/2027 | $ | 86.25 |
Year Ended December 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
8.625% Series A Cumulative Redeemable: | |||||||||||
Ordinary income | $ | 72.46 | $ | 86.25 | $ | 41.80 | |||||
Capital gains | 13.79 | — | 44.45 | ||||||||
Total | $ | 86.25 | $ | 86.25 | $ | 86.25 | |||||
8.000% Series B Cumulative Redeemable: | |||||||||||
Ordinary income | $ | — | $ | 1.05 | $ | 0.97 | |||||
Capital gains | — | — | 1.03 | ||||||||
Total | $ | — | $ | 1.05 | $ | 2.00 |
12. | Equity - Continued |
12. | Equity - Continued |
Preferred Unit Issuances | Issue Date | Number of Units Outstanding | Carrying Value | Liquidation Preference Per Unit | Optional Redemption Date | Annual Distributions Payable Per Unit | |||||||||||||
(in thousands) | |||||||||||||||||||
December 31, 2012 | |||||||||||||||||||
8.625% Series A Cumulative Redeemable | 2/12/1997 | 29 | $ | 29,077 | $ | 1,000 | 2/12/2027 | $ | 86.25 | ||||||||||
December 31, 2011 | |||||||||||||||||||
8.625% Series A Cumulative Redeemable | 2/12/1997 | 29 | $ | 29,077 | $ | 1,000 | 2/12/2027 | $ | 86.25 |
|
December 31, | |||||
2012 | 2011 | ||||
Outstanding stock options and warrants | 1,144,309 | 1,224,455 | |||
Possible future issuance under equity incentive plans | 2,047,550 | 2,363,695 | |||
3,191,859 | 3,588,150 |
13. | Employee Benefit Plans - Continued |
2012 | 2011 | 2010 | ||||||
Risk free interest rate (1) | 1.1 | % | 2.4 | % | 2.6 | % | ||
Common stock dividend yield (2) | 5.3 | % | 5.0 | % | 5.9 | % | ||
Expected volatility (3) | 33.4 | % | 32.5 | % | 32.2 | % | ||
Average expected option life (years) (4) | 5.75 | 5.75 | 5.75 |
(1) | Represents the interest rate as of the grant date on US treasury bonds having the same life as the estimated life of the option grants. |
(2) | The dividend yield is calculated utilizing the dividends paid for the previous one-year period and the per share price of Common Stock on the date of grant. |
(3) | Based on the historical volatility of Common Stock over a period relevant to the related stock option grant. |
(4) | The average expected option life is based on an analysis of our historical data. |
Options Outstanding | ||||||
Number of Shares | Weighted Average Exercise Price | |||||
Balances at December 31, 2009 | 1,467,773 | $ | 27.15 | |||
Options granted | 190,826 | 29.05 | ||||
Options exercised | (178,403 | ) | 22.54 | |||
Balances at December 31, 2010 | 1,480,196 | 27.95 | ||||
Options granted | 146,581 | 33.93 | ||||
Options exercised | (417,322 | ) | 26.79 | |||
Balances at December 31, 2011 | 1,209,455 | 29.08 | ||||
Options granted | 190,886 | 31.97 | ||||
Options exercised | (271,032 | ) | 26.87 | |||
Balances at December 31, 2012 (1) (2) | 1,129,309 | $ | 30.10 |
13. | Employee Benefit Plans - Continued |
(1) | The outstanding options at December 31, 2012 had a weighted average remaining life of 3.3 years. |
(2) | We have 634,550 options exercisable at December 31, 2012 with a weighted average exercise price of $30.75, weighted average remaining life of 2.1 years and intrinsic value of $2.6 million. Of these exercisable options, 173,007 had exercise prices higher than the market price of our Common Stock at December 31, 2012. |
Number of Shares | Weighted Average Grant Date Fair Value | |||||
Restricted shares outstanding at December 31, 2009 | 316,074 | $ | 28.60 | |||
Awarded and issued (1) | 88,930 | 29.05 | ||||
Vested (2) | (138,745 | ) | 31.81 | |||
Forfeited | (1,933 | ) | 25.86 | |||
Restricted shares outstanding at December 31, 2010 | 264,326 | 27.08 | ||||
Awarded and issued (1) | 76,966 | 33.70 | ||||
Vested (2) | (116,631 | ) | 30.64 | |||
Restricted shares outstanding at December 31, 2011 | 224,661 | 28.02 | ||||
Awarded and issued (1) | 90,983 | 32.27 | ||||
Vested (2) | (92,239 | ) | 27.14 | |||
Forfeited | (903 | ) | 30.12 | |||
Restricted shares outstanding at December 31, 2012 | 222,502 | $ | 30.31 |
(1) | The fair value at grant date of time-based restricted stock issued during the years ended December 31, 2012, 2011 and 2010 was $2.9 million, $2.6 million and $2.6 million, respectively. |
(2) | The vesting date fair value of time-based restricted stock that vested during the years ended December 31, 2012, 2011 and 2010 was $2.9 million, $3.9 million and $4.3 million, respectively. Vested shares include those shares repurchased for withholding taxes. |
13. | Employee Benefit Plans - Continued |
2012 | 2011 | 2010 | ||||||
Risk free interest rate (1) | 0.4 | % | 1.0 | % | 1.3 | % | ||
Common stock dividend yield (2) | 5.4 | % | 5.4 | % | 5.6 | % | ||
Expected volatility (3) | 43.7 | % | 42.8 | % | 42.5 | % |
(1) | Represents the interest rate as of the grant date on US treasury bonds having the same life as the estimated life of the total return-based restricted stock grants. |
(2) | The dividend yield is calculated utilizing the dividends paid for the previous one-year period and the per share price of Common Stock on the date of grant. |
(3) | Based on the historical volatility of Common Stock over a period relevant to the related total return-based restricted stock grant. |
Number of Shares | Weighted Average Grant Date Fair Value | |||||
Restricted shares outstanding at December 31, 2009 | 202,775 | $ | 22.05 | |||
Awarded and issued (1) | 77,624 | 29.05 | ||||
Vested (2) | (47,257 | ) | 38.50 | |||
Forfeited | (1,307 | ) | 22.99 | |||
Restricted shares outstanding at December 31, 2010 | 231,835 | 21.03 | ||||
Awarded and issued (1) | 57,386 | 41.02 | ||||
Vested (2) | (66,417 | ) | 13.79 | |||
Forfeited | (99,975 | ) | 13.79 | |||
Restricted shares outstanding at December 31, 2011 | 122,829 | 34.86 | ||||
Awarded and issued (1) | 67,902 | 38.71 | ||||
Vested (2) | (32,722 | ) | 29.47 | |||
Forfeited | (32,721 | ) | 29.47 | |||
Restricted shares outstanding at December 31, 2012 | 125,288 | $ | 32.87 |
(1) | The fair value at grant date of total return-based restricted stock issued during the years ended December 31, 2012, 2011 and 2010 was $2.6 million, $2.4 million and $2.3 million, respectively. There were no performance-based restricted stock issued subsequent to 2008. |
(2) | The vesting date fair value of total return-based and other types of performance-based restricted stock that vested during the years ended December 31, 2012, 2011 and 2010 was $1.1 million, $2.0 million and $1.6 million, respectively. Vested shares include those shares repurchased for withholding taxes. |
13. | Employee Benefit Plans - Continued |
Year Ended December 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Beginning deferred compensation liability | $ | 3,149 | $ | 4,091 | $ | 6,898 | |||||
Contributions to deferred compensation plans | — | 545 | 229 | ||||||||
Mark-to-market adjustment to deferred compensation (in general and administrative expenses) | 475 | (119 | ) | 246 | |||||||
Distributions from deferred compensation plans | (270 | ) | (1,368 | ) | (3,282 | ) | |||||
Total deferred compensation liability | $ | 3,354 | $ | 3,149 | $ | 4,091 |
13. | Employee Benefit Plans - Continued |
13. | Employee Benefit Plans - Continued |
December 31, | |||||
2012 | 2011 | ||||
Outstanding stock options and warrants | 1,144,309 | 1,224,455 | |||
Possible future issuance under equity incentive plans | 2,047,550 | 2,363,695 | |||
3,191,859 | 3,588,150 |
2012 | 2011 | 2010 | ||||||
Risk free interest rate (1) | 1.1 | % | 2.4 | % | 2.6 | % | ||
Common stock dividend yield (2) | 5.3 | % | 5.0 | % | 5.9 | % | ||
Expected volatility (3) | 33.4 | % | 32.5 | % | 32.2 | % | ||
Average expected option life (years) (4) | 5.75 | 5.75 | 5.75 |
(1) | Represents the interest rate as of the grant date on US treasury bonds having the same life as the estimated life of the option grants. |
(2) | The dividend yield is calculated utilizing the dividends paid for the previous one-year period and the per share price of Common Stock on the date of grant. |
(3) | Based on the historical volatility of Common Stock over a period relevant to the related stock option grant. |
(4) | The average expected option life is based on an analysis of the Company's historical data. |
13. | Employee Benefit Plans - Continued |
Options Outstanding | ||||||
Number of Shares | Weighted Average Exercise Price | |||||
Balances at December 31, 2009 | 1,467,773 | $ | 27.15 | |||
Options granted | 190,826 | 29.05 | ||||
Options exercised | (178,403 | ) | 22.54 | |||
Balances at December 31, 2010 | 1,480,196 | 27.95 | ||||
Options granted | 146,581 | 33.93 | ||||
Options exercised | (417,322 | ) | 26.79 | |||
Balances at December 31, 2011 | 1,209,455 | 29.08 | ||||
Options granted | 190,886 | 31.97 | ||||
Options exercised | (271,032 | ) | 26.87 | |||
Balances at December 31, 2012 (1) (2) | 1,129,309 | $ | 30.10 |
(1) | The outstanding options at December 31, 2012 had a weighted average remaining life of 3.3 years. |
(2) | The Company has 634,550 options exercisable at December 31, 2012 with a weighted average exercise price of $30.75, weighted average remaining life of 2.1 years and intrinsic value of $2.6 million. Of these exercisable options, 173,007 had exercise prices higher than the market price of our Common Stock at December 31, 2012. |
13. | Employee Benefit Plans - Continued |
Number of Shares | Weighted Average Grant Date Fair Value | |||||
Restricted shares outstanding at December 31, 2009 | 316,074 | $ | 28.60 | |||
Awarded and issued (1) | 88,930 | 29.05 | ||||
Vested (2) | (138,745 | ) | 31.81 | |||
Forfeited | (1,933 | ) | 25.86 | |||
Restricted shares outstanding at December 31, 2010 | 264,326 | 27.08 | ||||
Awarded and issued (1) | 76,966 | 33.70 | ||||
Vested (2) | (116,631 | ) | 30.64 | |||
Restricted shares outstanding at December 31, 2011 | 224,661 | 28.02 | ||||
Awarded and issued (1) | 90,983 | 32.27 | ||||
Vested (2) | (92,239 | ) | 27.14 | |||
Forfeited | (903 | ) | 30.12 | |||
Restricted shares outstanding at December 31, 2012 | 222,502 | $ | 30.31 |
(1) | The fair value at grant date of time-based restricted stock issued during the years ended December 31, 2012, 2011 and 2010 was $2.9 million, $2.6 million and $2.6 million, respectively. |
(2) | The vesting date fair value of time-based restricted stock that vested during the years ended December 31, 2012, 2011 and 2010 was $2.9 million, $3.9 million and $4.3 million, respectively. Vested shares include those shares repurchased for withholding taxes. |
2012 | 2011 | 2010 | ||||||
Risk free interest rate (1) | 0.4 | % | 1.0 | % | 1.3 | % | ||
Common stock dividend yield (2) | 5.4 | % | 5.4 | % | 5.6 | % | ||
Expected volatility (3) | 43.7 | % | 42.8 | % | 42.5 | % |
(1) | Represents the interest rate as of the grant date on US treasury bonds having the same life as the estimated life of the total return-based restricted stock grants. |
(2) | The dividend yield is calculated utilizing the dividends paid for the previous one-year period and the per share price of Common Stock on the date of grant. |
(3) | Based on the historical volatility of Common Stock over a period relevant to the related total return-based restricted stock grant. |
13. | Employee Benefit Plans - Continued |
Number of Shares | Weighted Average Grant Date Fair Value | |||||
Restricted shares outstanding at December 31, 2009 | 202,775 | $ | 22.05 | |||
Awarded and issued (1) | 77,624 | 29.05 | ||||
Vested (2) | (47,257 | ) | 38.50 | |||
Forfeited | (1,307 | ) | 22.99 | |||
Restricted shares outstanding at December 31, 2010 | 231,835 | 21.03 | ||||
Awarded and issued (1) | 57,386 | 41.02 | ||||
Vested (2) | (66,417 | ) | 13.79 | |||
Forfeited | (99,975 | ) | 13.79 | |||
Restricted shares outstanding at December 31, 2011 | 122,829 | 34.86 | ||||
Awarded and issued (1) | 67,902 | 38.71 | ||||
Vested (2) | (32,722 | ) | 29.47 | |||
Forfeited | (32,721 | ) | 29.47 | |||
Restricted shares outstanding at December 31, 2012 | 125,288 | $ | 32.87 |
(1) | The fair value at grant date of total return-based restricted stock issued during the years ended December 31, 2012, 2011 and 2010 was $2.6 million, $2.4 million and $2.3 million, respectively. There were no performance-based restricted stock issued subsequent to 2008. |
(2) | The vesting date fair value of total return-based and other types of performance-based restricted stock that vested during the years ended December 31, 2012, 2011 and 2010 was $1.1 million, $2.0 million and $1.6 million, respectively. Vested shares include those shares repurchased for withholding taxes. |
13. | Employee Benefit Plans - Continued |
Year Ended December 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Beginning deferred compensation liability | $ | 3,149 | $ | 4,091 | $ | 6,898 | |||||
Contributions to deferred compensation plans | — | 545 | 229 | ||||||||
Mark-to-market adjustment to deferred compensation (in general and administrative expenses) | 475 | (119 | ) | 246 | |||||||
Distributions from deferred compensation plans | (270 | ) | (1,368 | ) | (3,282 | ) | |||||
Total deferred compensation liability | $ | 3,354 | $ | 3,149 | $ | 4,091 |
|
December 31, | |||||||
2012 | 2011 | ||||||
Tax increment financing bond: | |||||||
Beginning balance | $ | (2,309 | ) | $ | (2,543 | ) | |
Unrealized gains on tax increment financing bond | 411 | 234 | |||||
Ending balance | (1,898 | ) | (2,309 | ) | |||
Cash flow hedges: | |||||||
Beginning balance | (3,425 | ) | (1,105 | ) | |||
Unrealized losses on cash flow hedges | (10,358 | ) | (2,202 | ) | |||
Amortization of cash flow hedges | 3,053 | (118 | ) | ||||
Ending balance | (10,730 | ) | (3,425 | ) | |||
Total accumulated other comprehensive loss | $ | (12,628 | ) | $ | (5,734 | ) |
December 31, | |||||||
2012 | 2011 | ||||||
Tax increment financing bond: | |||||||
Beginning balance | $ | (2,309 | ) | $ | (2,543 | ) | |
Unrealized gains on tax increment financing bond | 411 | 234 | |||||
Ending balance | (1,898 | ) | (2,309 | ) | |||
Cash flow hedges: | |||||||
Beginning balance | (3,425 | ) | (1,105 | ) | |||
Unrealized losses on cash flow hedges | (10,358 | ) | (2,202 | ) | |||
Amortization of cash flow hedges | 3,053 | (118 | ) | ||||
Ending balance | (10,730 | ) | (3,425 | ) | |||
Total accumulated other comprehensive loss | $ | (12,628 | ) | $ | (5,734 | ) |
|
Year Ended December 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Contractual rents, net | $ | 439,610 | $ | 402,275 | $ | 379,554 | |||||
Straight-line rental income, net | 18,775 | 12,173 | 10,582 | ||||||||
Amortization of lease incentives | (1,424 | ) | (1,342 | ) | (1,202 | ) | |||||
Cost recovery income, net | 41,289 | 35,561 | 41,101 | ||||||||
Lease termination fees | 1,848 | 2,439 | 2,938 | ||||||||
Fee income | 4,965 | 5,571 | 5,466 | ||||||||
Other miscellaneous operating revenues | 11,039 | 6,767 | 2,397 | ||||||||
$ | 516,102 | $ | 463,444 | $ | 440,836 |
2013 | $ | 463,913 | |
2014 | 430,278 | ||
2015 | 378,021 | ||
2016 | 325,970 | ||
2017 | 267,530 | ||
Thereafter | 878,894 | ||
$ | 2,744,606 |
Year Ended December 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Utilities, insurance and real estate taxes | $ | 100,956 | $ | 92,119 | $ | 86,013 | |||||
Maintenance, cleaning and general building | 69,026 | 58,910 | 54,422 | ||||||||
Property management and administrative expenses | 12,542 | 11,295 | 10,832 | ||||||||
Other miscellaneous operating expenses | 4,910 | 5,529 | 4,504 | ||||||||
$ | 187,434 | $ | 167,853 | $ | 155,771 |
Year Ended December 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Contractual rents, net | $ | 439,610 | $ | 402,275 | $ | 379,554 | |||||
Straight-line rental income, net | 18,775 | 12,173 | 10,582 | ||||||||
Amortization of lease incentives | (1,424 | ) | (1,342 | ) | (1,202 | ) | |||||
Cost recovery income, net | 41,289 | 35,561 | 41,101 | ||||||||
Lease termination fees | 1,848 | 2,439 | 2,938 | ||||||||
Fee income | 4,965 | 5,571 | 5,466 | ||||||||
Other miscellaneous operating revenues | 11,039 | 6,767 | 2,397 | ||||||||
$ | 516,102 | $ | 463,444 | $ | 440,836 |
2013 | $ | 463,913 | |
2014 | 430,278 | ||
2015 | 378,021 | ||
2016 | 325,970 | ||
2017 | 267,530 | ||
Thereafter | 878,894 | ||
$ | 2,744,606 |
Year Ended December 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Utilities, insurance and real estate taxes | $ | 100,707 | $ | 92,093 | $ | 85,653 | |||||
Maintenance, cleaning and general building | 69,026 | 58,910 | 54,422 | ||||||||
Property management and administrative expenses | 12,542 | 11,295 | 10,832 | ||||||||
Other miscellaneous operating expenses | 4,910 | 5,529 | 4,504 | ||||||||
$ | 187,185 | $ | 167,827 | $ | 155,411 |
|
Year Ended December 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Rental and other revenues | $ | 10,120 | $ | 21,002 | $ | 23,917 | |||||
Operating expenses: | |||||||||||
Rental property and other expenses | 3,766 | 8,865 | 9,273 | ||||||||
Depreciation and amortization | 2,009 | 5,256 | 5,926 | ||||||||
Total operating expenses | 5,775 | 14,121 | 15,199 | ||||||||
Interest expense | 283 | 489 | 421 | ||||||||
Income from discontinued operations | 4,062 | 6,392 | 8,297 | ||||||||
Net gains/(losses) on disposition of discontinued operations | 29,455 | 2,573 | (86 | ) | |||||||
Total discontinued operations | $ | 33,517 | $ | 8,965 | $ | 8,211 | |||||
Carrying value of assets held for sale and assets sold that qualified for discontinued operations during the year | $ | 122,861 | $ | 137,237 | $ | 165,243 |
December 31, | |||||||
2012 | 2011 | ||||||
Assets: | |||||||
Land | $ | — | $ | 14,077 | |||
Buildings and tenant improvements | — | 135,013 | |||||
Less - accumulated depreciation | — | (32,254 | ) | ||||
Net real estate assets | — | 116,836 | |||||
Accrued straight-line rents receivable | — | 6,520 | |||||
Deferred leasing costs, net | — | 811 | |||||
Prepaid expenses and other assets | — | 106 | |||||
Real estate and other assets, net, held for sale | $ | — | $ | 124,273 | |||
Liabilities: | |||||||
Mortgages and notes payable | $ | — | $ | 34,307 | |||
Accrued expenses and other liabilities | — | 214 | |||||
Financing obligations | — | 1,294 | |||||
Liabilities held for sale | $ | — | $ | 35,815 |
Year Ended December 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Rental and other revenues | $ | 10,120 | $ | 21,002 | $ | 23,917 | |||||
Operating expenses: | |||||||||||
Rental property and other expenses | 3,766 | 8,865 | 9,273 | ||||||||
Depreciation and amortization | 2,009 | 5,256 | 5,926 | ||||||||
Total operating expenses | 5,775 | 14,121 | 15,199 | ||||||||
Interest expense | 283 | 489 | 421 | ||||||||
Income from discontinued operations | 4,062 | 6,392 | 8,297 | ||||||||
Net gains/(losses) on disposition of discontinued operations | 29,455 | 2,573 | (86 | ) | |||||||
Total discontinued operations | $ | 33,517 | $ | 8,965 | $ | 8,211 | |||||
Carrying value of assets held for sale and assets sold that qualified for discontinued operations during the year | $ | 122,861 | $ | 137,237 | $ | 165,243 |
December 31, | |||||||
2012 | 2011 | ||||||
Assets: | |||||||
Land | $ | — | $ | 14,077 | |||
Buildings and tenant improvements | — | 135,013 | |||||
Less - accumulated depreciation | — | (32,254 | ) | ||||
Net real estate assets | — | 116,836 | |||||
Accrued straight-line rents receivable | — | 6,520 | |||||
Deferred leasing costs, net | — | 811 | |||||
Prepaid expenses and other assets | — | 106 | |||||
Real estate and other assets, net, held for sale | $ | — | $ | 124,273 | |||
Liabilities: | |||||||
Mortgages and notes payable | $ | — | $ | 34,307 | |||
Accrued expenses and other liabilities | — | 214 | |||||
Financing obligations | — | 1,294 | |||||
Liabilities held for sale | $ | — | $ | 35,815 |
|
Year Ended December 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Earnings per Common Share - basic: | |||||||||||
Numerator: | |||||||||||
Income from continuing operations | $ | 50,718 | $ | 39,006 | $ | 64,092 | |||||
Net (income) attributable to noncontrolling interests in the Operating Partnership from continuing operations | (2,260 | ) | (1,645 | ) | (2,905 | ) | |||||
Net (income) attributable to noncontrolling interests in consolidated affiliates from continuing operations | (786 | ) | (755 | ) | (485 | ) | |||||
Dividends on Preferred Stock | (2,508 | ) | (4,553 | ) | (6,708 | ) | |||||
Excess of Preferred Stock redemption/repurchase cost over carrying value | — | (1,895 | ) | — | |||||||
Income from continuing operations available for common stockholders | 45,164 | 30,158 | 53,994 | ||||||||
Income from discontinued operations | 33,517 | 8,965 | 8,211 | ||||||||
Net (income) attributable to noncontrolling interests in the Operating Partnership from discontinued operations | (1,594 | ) | (446 | ) | (415 | ) | |||||
Income from discontinued operations available for common stockholders | 31,923 | 8,519 | 7,796 | ||||||||
Net income available for common stockholders | $ | 77,087 | $ | 38,677 | $ | 61,790 | |||||
Denominator: | |||||||||||
Denominator for basic earnings per Common Share – weighted average shares (1) (2) | 75,811 | 72,281 | 71,578 | ||||||||
Earnings per Common Share - basic: | |||||||||||
Income from continuing operations available for common stockholders | $ | 0.60 | $ | 0.42 | $ | 0.75 | |||||
Income from discontinued operations available for common stockholders | 0.42 | 0.12 | 0.11 | ||||||||
Net income available for common stockholders | $ | 1.02 | $ | 0.54 | $ | 0.86 | |||||
Earnings per Common Share - diluted: | |||||||||||
Numerator: | |||||||||||
Income from continuing operations | $ | 50,718 | $ | 39,006 | $ | 64,092 | |||||
Net (income) attributable to noncontrolling interests in consolidated affiliates from continuing operations | (786 | ) | (755 | ) | (485 | ) | |||||
Dividends on Preferred Stock | (2,508 | ) | (4,553 | ) | (6,708 | ) | |||||
Excess of Preferred Stock redemption/repurchase cost over carrying value | — | (1,895 | ) | — | |||||||
Income from continuing operations available for common stockholders before net (income) attributable to noncontrolling interests in the Operating Partnership | 47,424 | 31,803 | 56,899 | ||||||||
Income from discontinued operations available for common stockholders | 33,517 | 8,965 | 8,211 | ||||||||
Net income available for common stockholders before net (income) attributable to noncontrolling interests in the Operating Partnership | $ | 80,941 | $ | 40,768 | $ | 65,110 | |||||
Denominator: | |||||||||||
Denominator for basic earnings per Common Share –weighted average shares (1) (2) | 75,811 | 72,281 | 71,578 | ||||||||
Add: | |||||||||||
Stock options using the treasury method | 122 | 136 | 198 | ||||||||
Noncontrolling interests Common Units | 3,745 | 3,772 | 3,802 | ||||||||
Denominator for diluted earnings per Common Share – adjusted weighted average shares and assumed conversions (1) | 79,678 | 76,189 | 75,578 | ||||||||
Earnings per Common Share - diluted: | |||||||||||
Income from continuing operations available for common stockholders | $ | 0.60 | $ | 0.42 | $ | 0.75 | |||||
Income from discontinued operations available for common stockholders | 0.42 | 0.12 | 0.11 | ||||||||
Net income available for common stockholders | $ | 1.02 | $ | 0.54 | $ | 0.86 |
17. | Earnings Per Share - Continued |
(1) | There were 0.5 million, 0.4 million and 0.7 million options outstanding during the years ended December 31, 2012, 2011 and 2010, respectively, that were not included in the computation of diluted earnings per share because the impact of including such options would be anti-dilutive. |
(2) | Includes all unvested restricted stock since dividends on such restricted stock are non-forfeitable. |
Year Ended December 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Earnings per Common Unit - basic: | |||||||||||
Numerator: | |||||||||||
Income from continuing operations | $ | 50,778 | $ | 39,067 | $ | 64,065 | |||||
Net (income) attributable to noncontrolling interests in consolidated affiliates from continuing operations | (786 | ) | (755 | ) | (485 | ) | |||||
Distributions on Preferred Units | (2,508 | ) | (4,553 | ) | (6,708 | ) | |||||
Excess of Preferred Unit redemption/repurchase cost over carrying value | — | (1,895 | ) | — | |||||||
Income from continuing operations available for common unitholders | 47,484 | 31,864 | 56,872 | ||||||||
Income from discontinued operations available for common unitholders | 33,517 | 8,965 | 8,211 | ||||||||
Net income available for common unitholders | $ | 81,001 | $ | 40,829 | $ | 65,083 | |||||
Denominator: | |||||||||||
Denominator for basic earnings per Common Unit – weighted average units (1) (2) | 79,147 | 75,644 | 74,971 | ||||||||
Earnings per Common Unit - basic: | |||||||||||
Income from continuing operations available for common unitholders | $ | 0.60 | $ | 0.42 | $ | 0.76 | |||||
Income from discontinued operations available for common unitholders | 0.42 | 0.12 | 0.11 | ||||||||
Net income available for common unitholders | $ | 1.02 | $ | 0.54 | $ | 0.87 | |||||
Earnings per Common Unit - diluted: | |||||||||||
Numerator: | |||||||||||
Income from continuing operations | $ | 50,778 | $ | 39,067 | $ | 64,065 | |||||
Net (income) attributable to noncontrolling interests in consolidated affiliates from continuing operations | (786 | ) | (755 | ) | (485 | ) | |||||
Distributions on Preferred Units | (2,508 | ) | (4,553 | ) | (6,708 | ) | |||||
Excess of Preferred Unit redemption/repurchase cost over carrying value | — | (1,895 | ) | — | |||||||
Income from continuing operations available for common unitholders | 47,484 | 31,864 | 56,872 | ||||||||
Income from discontinued operations available for common unitholders | 33,517 | 8,965 | 8,211 | ||||||||
Net income available for common unitholders | $ | 81,001 | $ | 40,829 | $ | 65,083 | |||||
Denominator: | |||||||||||
Denominator for basic earnings per Common Unit –weighted average units (1) (2) | 79,147 | 75,644 | 74,971 | ||||||||
Add: | |||||||||||
Stock options using the treasury method | 122 | 136 | 198 | ||||||||
Denominator for diluted earnings per Common Unit – adjusted weighted average units and assumed conversions (1) | 79,269 | 75,780 | 75,169 | ||||||||
Earnings per Common Unit - diluted: | |||||||||||
Income from continuing operations available for common unitholders | $ | 0.60 | $ | 0.42 | $ | 0.76 | |||||
Income from discontinued operations available for common unitholders | 0.42 | 0.12 | 0.11 | ||||||||
Net income available for common unitholders | $ | 1.02 | $ | 0.54 | $ | 0.87 |
(1) | There were 0.5 million, 0.4 million and 0.7 million options outstanding during the years ended December 31, 2012, 2011 and 2010, respectively, that were not included in the computation of diluted earnings per unit because the impact of including such options would be anti-dilutive. |
(2) | Includes all unvested restricted stock since dividends on such restricted stock are non-forfeitable. |
|
|
Year Ended December 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Rental and Other Revenues: (1) | |||||||||||
Office: | |||||||||||
Atlanta, GA | $ | 61,947 | $ | 49,521 | $ | 44,480 | |||||
Greenville, SC | 13,395 | 14,076 | 13,612 | ||||||||
Kansas City, MO | 15,003 | 13,795 | 14,160 | ||||||||
Memphis, TN | 36,832 | 36,801 | 31,479 | ||||||||
Nashville, TN | 56,542 | 53,645 | 52,159 | ||||||||
Orlando, FL | 11,169 | 10,233 | 11,611 | ||||||||
Piedmont Triad, NC | 21,569 | 20,645 | 21,163 | ||||||||
Pittsburgh, PA | 38,796 | 10,963 | — | ||||||||
Raleigh, NC | 81,624 | 78,638 | 75,714 | ||||||||
Richmond, VA | 47,310 | 47,525 | 47,175 | ||||||||
Tampa, FL | 69,381 | 68,240 | 71,060 | ||||||||
Total Office Segment | 453,568 | 404,082 | 382,613 | ||||||||
Industrial: | |||||||||||
Atlanta, GA | 12,805 | 13,266 | 12,335 | ||||||||
Piedmont Triad, NC | 12,518 | 11,827 | 12,372 | ||||||||
Total Industrial Segment | 25,323 | 25,093 | 24,707 | ||||||||
Retail: | |||||||||||
Kansas City, MO | 37,211 | 34,269 | 33,516 | ||||||||
Total Retail Segment | 37,211 | 34,269 | 33,516 | ||||||||
Total Rental and Other Revenues | $ | 516,102 | $ | 463,444 | $ | 440,836 |
19. | Segment Information - Continued |
Year Ended December 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Net Operating Income: (1) | |||||||||||
Office: | |||||||||||
Atlanta, GA | $ | 39,306 | $ | 31,077 | $ | 27,607 | |||||
Greenville, SC | 7,612 | 8,333 | 8,142 | ||||||||
Kansas City, MO | 9,516 | 8,374 | 8,824 | ||||||||
Memphis, TN | 21,848 | 20,874 | 18,640 | ||||||||
Nashville, TN | 38,831 | 36,586 | 35,451 | ||||||||
Orlando, FL | 5,841 | 5,187 | 6,256 | ||||||||
Piedmont Triad, NC | 13,325 | 13,041 | 13,886 | ||||||||
Pittsburgh, PA | 19,545 | 5,450 | — | ||||||||
Raleigh, NC | 56,628 | 54,699 | 52,347 | ||||||||
Richmond, VA | 32,407 | 31,281 | 32,035 | ||||||||
Tampa, FL | 43,114 | 42,371 | 44,622 | ||||||||
Total Office Segment | 287,973 | 257,273 | 247,810 | ||||||||
Industrial: | |||||||||||
Atlanta, GA | 9,282 | 9,780 | 8,734 | ||||||||
Piedmont Triad, NC | 9,149 | 8,652 | 9,037 | ||||||||
Total Industrial Segment | 18,431 | 18,432 | 17,771 | ||||||||
Retail: | |||||||||||
Kansas City, MO | 22,528 | 20,157 | 19,927 | ||||||||
Total Retail Segment | 22,528 | 20,157 | 19,927 | ||||||||
Residential: | |||||||||||
Raleigh, NC | (178 | ) | (195 | ) | (362 | ) | |||||
Total Residential Segment | (178 | ) | (195 | ) | (362 | ) | |||||
Corporate and other (2) | (86 | ) | (76 | ) | (81 | ) | |||||
Total Net Operating Income | 328,668 | 295,591 | 285,065 | ||||||||
Reconciliation to income from continuing operations before disposition of property, condominiums and investments in unconsolidated affiliates and equity in earnings of unconsolidated affiliates: | |||||||||||
Depreciation and amortization | (156,318 | ) | (137,890 | ) | (130,232 | ) | |||||
Impairments of real estate assets | — | (2,429 | ) | — | |||||||
General and administrative expenses | (37,377 | ) | (35,727 | ) | (32,948 | ) | |||||
Interest expense | (96,114 | ) | (95,510 | ) | (92,951 | ) | |||||
Other income | 6,380 | 7,363 | 5,657 | ||||||||
Income from continuing operations before disposition of property, condominiums and investments in unconsolidated affiliates and equity in earnings of unconsolidated affiliates | $ | 45,239 | $ | 31,398 | $ | 34,591 |
(1) | Net of discontinued operations. |
(2) | Negative NOI with no corresponding revenues represents expensed real estate taxes and other carrying costs associated with land held for development that is currently zoned for the respective product type. |
19. | Segment Information - Continued |
December 31, | |||||||
2012 | 2011 | ||||||
Total Assets: | |||||||
Office: | |||||||
Atlanta, GA | $ | 495,175 | $ | 359,225 | |||
Greenville, SC | 69,138 | 69,669 | |||||
Kansas City, MO | 84,538 | 86,028 | |||||
Memphis, TN | 225,541 | 265,259 | |||||
Nashville, TN | 314,705 | 325,272 | |||||
Orlando, FL | 51,373 | 46,547 | |||||
Piedmont Triad, NC | 144,404 | 115,096 | |||||
Pittsburgh, PA | 330,975 | 227,965 | |||||
Raleigh, NC | 479,995 | 468,494 | |||||
Richmond, VA | 246,276 | 254,364 | |||||
Tampa, FL | 386,676 | 394,569 | |||||
Total Office Segment | 2,828,796 | 2,612,488 | |||||
Industrial: | |||||||
Atlanta, GA | 115,330 | 133,640 | |||||
Piedmont Triad, NC | 76,013 | 78,081 | |||||
Total Industrial Segment | 191,343 | 211,721 | |||||
Retail: | |||||||
Kansas City, MO | 166,030 | 170,717 | |||||
Total Retail Segment | 166,030 | 170,717 | |||||
Residential: | |||||||
Kansas City, MO | — | 5,707 | |||||
Raleigh, NC | 8 | 4,768 | |||||
Total Residential Segment | 8 | 10,475 | |||||
Corporate and other | 164,251 | 175,591 | |||||
Total Assets | $ | 3,350,428 | $ | 3,180,992 |
Year Ended December 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Rental and Other Revenues: (1) | |||||||||||
Office: | |||||||||||
Atlanta, GA | $ | 61,948 | $ | 49,521 | $ | 44,480 | |||||
Greenville, SC | 13,394 | 14,076 | 13,612 | ||||||||
Kansas City, MO | 15,003 | 13,795 | 14,160 | ||||||||
Memphis, TN | 36,832 | 36,801 | 31,479 | ||||||||
Nashville, TN | 56,542 | 53,643 | 52,159 | ||||||||
Orlando, FL | 11,169 | 10,233 | 11,611 | ||||||||
Piedmont Triad, NC | 21,569 | 20,645 | 21,162 | ||||||||
Pittsburgh, PA | 38,796 | 10,963 | — | ||||||||
Raleigh, NC | 81,624 | 78,640 | 75,715 | ||||||||
Richmond, VA | 47,310 | 47,525 | 47,175 | ||||||||
Tampa, FL | 69,381 | 68,240 | 71,060 | ||||||||
Total Office Segment | 453,568 | 404,082 | 382,613 | ||||||||
Industrial: | |||||||||||
Atlanta, GA | 12,805 | 13,266 | 12,335 | ||||||||
Piedmont Triad, NC | 12,518 | 11,827 | 12,372 | ||||||||
Total Industrial Segment | 25,323 | 25,093 | 24,707 | ||||||||
Retail: | |||||||||||
Kansas City, MO | 37,211 | 34,269 | 33,516 | ||||||||
Total Retail Segment | 37,211 | 34,269 | 33,516 | ||||||||
Total Rental and Other Revenues | $ | 516,102 | $ | 463,444 | $ | 440,836 |
19. | Segment Information - Continued |
Year Ended December 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Net Operating Income: (1) | |||||||||||
Office: | |||||||||||
Atlanta, GA | $ | 39,335 | $ | 31,080 | $ | 27,641 | |||||
Greenville, SC | 7,618 | 8,334 | 8,152 | ||||||||
Kansas City, MO | 9,523 | 8,375 | 8,835 | ||||||||
Memphis, TN | 21,864 | 20,876 | 18,664 | ||||||||
Nashville, TN | 38,860 | 36,589 | 35,497 | ||||||||
Orlando, FL | 5,845 | 5,187 | 6,264 | ||||||||
Piedmont Triad, NC | 13,335 | 13,042 | 13,903 | ||||||||
Pittsburgh, PA | 19,548 | 5,450 | — | ||||||||
Raleigh, NC | 56,682 | 54,704 | 52,413 | ||||||||
Richmond, VA | 32,431 | 31,283 | 32,075 | ||||||||
Tampa, FL | 43,150 | 42,375 | 44,679 | ||||||||
Total Office Segment | 288,191 | 257,295 | 248,123 | ||||||||
Industrial: | |||||||||||
Atlanta, GA | 9,289 | 9,781 | 8,745 | ||||||||
Piedmont Triad, NC | 9,156 | 8,653 | 9,048 | ||||||||
Total Industrial Segment | 18,445 | 18,434 | 17,793 | ||||||||
Retail: | |||||||||||
Kansas City, MO | 22,545 | 20,159 | 19,952 | ||||||||
Total Retail Segment | 22,545 | 20,159 | 19,952 | ||||||||
Residential: | |||||||||||
Raleigh, NC | (178 | ) | (195 | ) | (362 | ) | |||||
Total Residential Segment | (178 | ) | (195 | ) | (362 | ) | |||||
Corporate and other (2) | (86 | ) | (76 | ) | (81 | ) | |||||
Total Net Operating Income | 328,917 | 295,617 | 285,425 | ||||||||
Reconciliation to income from continuing operations before disposition of property, condominiums and investments in unconsolidated affiliates and equity in earnings of unconsolidated affiliates: | |||||||||||
Depreciation and amortization | (156,318 | ) | (137,890 | ) | (130,232 | ) | |||||
Impairments of real estate assets | — | (2,429 | ) | — | |||||||
General and administrative expenses | (37,626 | ) | (35,753 | ) | (33,308 | ) | |||||
Interest expense | (96,114 | ) | (95,510 | ) | (92,951 | ) | |||||
Other income | 6,380 | 7,363 | 5,657 | ||||||||
Income from continuing operations before disposition of property, condominiums and investments in unconsolidated affiliates and equity in earnings of unconsolidated affiliates | $ | 45,239 | $ | 31,398 | $ | 34,591 |
(1) | Net of discontinued operations. |
(2) | Negative NOI with no corresponding revenues represents expensed real estate taxes and other carrying costs associated with land held for development that is currently zoned for the respective product type. |
19. | Segment Information - Continued |
December 31, | |||||||
2012 | 2011 | ||||||
Total Assets: | |||||||
Office: | |||||||
Atlanta, GA | $ | 495,175 | $ | 359,225 | |||
Greenville, SC | 69,138 | 69,669 | |||||
Kansas City, MO | 84,538 | 86,028 | |||||
Memphis, TN | 225,541 | 265,259 | |||||
Nashville, TN | 314,705 | 325,272 | |||||
Orlando, FL | 51,373 | 46,547 | |||||
Piedmont Triad, NC | 144,404 | 115,096 | |||||
Pittsburgh, PA | 330,975 | 227,965 | |||||
Raleigh, NC | 479,995 | 468,494 | |||||
Richmond, VA | 246,276 | 254,364 | |||||
Tampa, FL | 386,676 | 394,569 | |||||
Total Office Segment | 2,828,796 | 2,612,488 | |||||
Industrial: | |||||||
Atlanta, GA | 115,330 | 133,640 | |||||
Piedmont Triad, NC | 76,013 | 78,081 | |||||
Total Industrial Segment | 191,343 | 211,721 | |||||
Retail: | |||||||
Kansas City, MO | 166,030 | 170,717 | |||||
Total Retail Segment | 166,030 | 170,717 | |||||
Residential: | |||||||
Kansas City, MO | — | 5,707 | |||||
Raleigh, NC | 8 | 4,768 | |||||
Total Residential Segment | 8 | 10,475 | |||||
Corporate and other | 163,348 | 174,483 | |||||
Total Assets | $ | 3,349,525 | $ | 3,179,884 |
|
Year Ended December 31, 2012 | |||||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total | |||||||||||||||
Rental and other revenues (1) | $ | 125,583 | $ | 128,323 | $ | 128,214 | $ | 133,982 | $ | 516,102 | |||||||||
Income from continuing operations (1) | 11,419 | 11,377 | 12,313 | 15,609 | 50,718 | ||||||||||||||
Income from discontinued operations (1) | 6,913 | 3,121 | 23,483 | — | 33,517 | ||||||||||||||
Net income | 18,332 | 14,498 | 35,796 | 15,609 | 84,235 | ||||||||||||||
Net (income) attributable to noncontrolling interests in the Operating Partnership | (827 | ) | (686 | ) | (1,653 | ) | (688 | ) | (3,854 | ) | |||||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | (184 | ) | (223 | ) | (159 | ) | (220 | ) | (786 | ) | |||||||||
Dividends on Preferred Stock | (627 | ) | (627 | ) | (627 | ) | (627 | ) | (2,508 | ) | |||||||||
Net income available for common stockholders | $ | 16,694 | $ | 12,962 | $ | 33,357 | $ | 14,074 | $ | 77,087 | |||||||||
Earnings per Common Share-basic: | |||||||||||||||||||
Income from continuing operations available for common stockholders | $ | 0.14 | $ | 0.13 | $ | 0.15 | $ | 0.18 | $ | 0.60 | |||||||||
Income from discontinued operations available for common stockholders | 0.09 | 0.04 | 0.29 | — | 0.42 | ||||||||||||||
Net income available for common stockholders | $ | 0.23 | $ | 0.17 | $ | 0.44 | $ | 0.18 | $ | 1.02 | |||||||||
Earnings per Common Share-diluted: | |||||||||||||||||||
Income from continuing operations available for common stockholders | $ | 0.14 | $ | 0.13 | $ | 0.14 | $ | 0.18 | $ | 0.60 | |||||||||
Income from discontinued operations available for common stockholders | 0.09 | 0.04 | 0.29 | — | 0.42 | ||||||||||||||
Net income available for common stockholders | $ | 0.23 | $ | 0.17 | $ | 0.43 | $ | 0.18 | $ | 1.02 |
20. | Quarterly Financial Data (Unaudited) |
Year Ended December 31, 2011 | |||||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total | |||||||||||||||
Rental and other revenues (1) | $ | 110,047 | $ | 112,185 | $ | 117,265 | $ | 123,947 | $ | 463,444 | |||||||||
Income from continuing operations (1) | 10,671 | 12,572 | 3,957 | 11,806 | 39,006 | ||||||||||||||
Income from discontinued operations (1) | 1,772 | 1,862 | 4,287 | 1,044 | 8,965 | ||||||||||||||
Net income | 12,443 | 14,434 | 8,244 | 12,850 | 47,971 | ||||||||||||||
Net (income) attributable to noncontrolling interests in the Operating Partnership | (507 | ) | (623 | ) | (366 | ) | (595 | ) | (2,091 | ) | |||||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | (123 | ) | (182 | ) | (249 | ) | (201 | ) | (755 | ) | |||||||||
Dividends on Preferred Stock | (1,677 | ) | (1,622 | ) | (627 | ) | (627 | ) | (4,553 | ) | |||||||||
Excess of Preferred Stock redemption/repurchase cost over carrying value | — | (1,895 | ) | — | — | (1,895 | ) | ||||||||||||
Net income available for common stockholders | $ | 10,136 | $ | 10,112 | $ | 7,002 | $ | 11,427 | $ | 38,677 | |||||||||
Earnings per Common Share-basic: | |||||||||||||||||||
Income from continuing operations available for common stockholders | $ | 0.12 | $ | 0.12 | $ | 0.04 | $ | 0.14 | $ | 0.42 | |||||||||
Income from discontinued operations available for common stockholders | 0.02 | 0.02 | 0.06 | 0.02 | 0.12 | ||||||||||||||
Net income available for common stockholders | $ | 0.14 | $ | 0.14 | $ | 0.10 | $ | 0.16 | $ | 0.54 | |||||||||
Earnings per Common Share-diluted: | |||||||||||||||||||
Income from continuing operations available for common stockholders | $ | 0.12 | $ | 0.12 | $ | 0.04 | $ | 0.14 | $ | 0.42 | |||||||||
Income from discontinued operations available for common stockholders | 0.02 | 0.02 | 0.06 | 0.02 | 0.12 | ||||||||||||||
Net income available for common stockholders | $ | 0.14 | $ | 0.14 | $ | 0.10 | $ | 0.16 | $ | 0.54 |
20. | Quarterly Financial Data (Unaudited) – Continued |
(1) | The amounts presented may not equal to the amounts previously reported in the most recent Form 10-Qs or prior 10-K for each period as a result of discontinued operations. Below is the reconciliation to the amounts previously reported: |
Quarter Ended | |||||||||||
March 31, | June 30, | September 30, | |||||||||
2012 | 2012 | 2012 | |||||||||
Rental and other revenues, as reported | $ | 129,943 | $ | 130,735 | $ | 128,214 | |||||
Discontinued operations | (4,360 | ) | (2,412 | ) | — | ||||||
Rental and other revenues, as adjusted | $ | 125,583 | $ | 128,323 | $ | 128,214 | |||||
Income from continuing operations, as reported | $ | 13,115 | $ | 12,357 | $ | 12,313 | |||||
Discontinued operations | (1,696 | ) | (980 | ) | — | ||||||
Income from continuing operations, as adjusted | $ | 11,419 | $ | 11,377 | $ | 12,313 | |||||
Income from discontinued operations, as reported | $ | 5,217 | $ | 2,141 | $ | 23,483 | |||||
Additional discontinued operations from properties sold subsequent to the respective reporting period | 1,696 | 980 | — | ||||||||
Income from discontinued operations, as adjusted | $ | 6,913 | $ | 3,121 | $ | 23,483 |
Quarter Ended | |||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||
2011 | 2011 | 2011 | 2011 | ||||||||||||
Rental and other revenues, as reported | $ | 114,351 | $ | 114,651 | $ | 117,265 | $ | 128,730 | |||||||
Discontinued operations | (4,304 | ) | (2,466 | ) | — | (4,783 | ) | ||||||||
Rental and other revenues, as adjusted | $ | 110,047 | $ | 112,185 | $ | 117,265 | $ | 123,947 | |||||||
Income from continuing operations, as reported | $ | 11,903 | $ | 13,695 | $ | 3,957 | $ | 12,850 | |||||||
Discontinued operations | (1,232 | ) | (1,123 | ) | — | (1,044 | ) | ||||||||
Income from continuing operations, as adjusted | $ | 10,671 | $ | 12,572 | $ | 3,957 | $ | 11,806 | |||||||
Income from discontinued operations, as reported | $ | 540 | $ | 739 | $ | 4,287 | $ | — | |||||||
Additional discontinued operations from properties sold subsequent to the respective reporting period | 1,232 | 1,123 | — | 1,044 | |||||||||||
Income from discontinued operations, as adjusted | $ | 1,772 | $ | 1,862 | $ | 4,287 | $ | 1,044 |
Year Ended December 31, 2012 | |||||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total | |||||||||||||||
Rental and other revenues (1) | $ | 125,583 | $ | 128,323 | $ | 128,214 | $ | 133,982 | $ | 516,102 | |||||||||
Income from continuing operations (1) | 11,421 | 11,380 | 12,317 | 15,660 | 50,778 | ||||||||||||||
Income from discontinued operations (1) | 6,913 | 3,121 | 23,483 | — | 33,517 | ||||||||||||||
Net income | 18,334 | 14,501 | 35,800 | 15,660 | 84,295 | ||||||||||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | (184 | ) | (223 | ) | (159 | ) | (220 | ) | (786 | ) | |||||||||
Distributions on Preferred Units | (627 | ) | (627 | ) | (627 | ) | (627 | ) | (2,508 | ) | |||||||||
Net income available for common unitholders | $ | 17,523 | $ | 13,651 | $ | 35,014 | $ | 14,813 | $ | 81,001 | |||||||||
Earnings per Common Unit-basic: | |||||||||||||||||||
Income from continuing operations available for common unitholders | 0.14 | 0.14 | 0.15 | 0.18 | 0.60 | ||||||||||||||
Income from discontinued operations available for common unitholders | 0.09 | 0.04 | 0.29 | — | 0.42 | ||||||||||||||
Net income available for common unitholders | 0.23 | 0.18 | 0.44 | 0.18 | 1.02 | ||||||||||||||
Earnings per Common Unit-diluted: | |||||||||||||||||||
Income from continuing operations available for common unitholders | 0.14 | 0.13 | 0.15 | 0.18 | 0.60 | ||||||||||||||
Income from discontinued operations available for common unitholders | 0.09 | 0.04 | 0.29 | — | 0.42 | ||||||||||||||
Net income available for common unitholders | 0.23 | 0.17 | 0.44 | 0.18 | 1.02 |
20. | Quarterly Financial Data (Unaudited) |
Year Ended December 31, 2011 | |||||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total | |||||||||||||||
Rental and other revenues (1) | $ | 110,047 | $ | 112,185 | $ | 117,265 | $ | 123,947 | $ | 463,444 | |||||||||
Income from continuing operations (1) | 10,679 | 12,576 | 3,957 | 11,855 | 39,067 | ||||||||||||||
Income from discontinued operations (1) | 1,772 | 1,862 | 4,287 | 1,044 | 8,965 | ||||||||||||||
Net income | 12,451 | 14,438 | 8,244 | 12,899 | 48,032 | ||||||||||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | (123 | ) | (182 | ) | (249 | ) | (201 | ) | (755 | ) | |||||||||
Distributions on Preferred Units | (1,677 | ) | (1,622 | ) | (627 | ) | (627 | ) | (4,553 | ) | |||||||||
Excess of Preferred Unit redemption/repurchase cost over carrying value | — | (1,895 | ) | — | — | (1,895 | ) | ||||||||||||
Net income available for common unitholders | $ | 10,651 | $ | 10,739 | $ | 7,368 | $ | 12,071 | $ | 40,829 | |||||||||
Earnings per Common Unit-basic: | |||||||||||||||||||
Income from continuing operations available for common unitholders | 0.12 | 0.12 | 0.04 | 0.15 | 0.42 | ||||||||||||||
Income from discontinued operations available for common unitholders | 0.02 | 0.02 | 0.06 | 0.01 | 0.12 | ||||||||||||||
Net income available for common unitholders | 0.14 | 0.14 | 0.10 | 0.16 | 0.54 | ||||||||||||||
Earnings per Common Unit-diluted: | |||||||||||||||||||
Income from continuing operations available for common unitholders | 0.12 | 0.12 | 0.04 | 0.15 | 0.42 | ||||||||||||||
Income from discontinued operations available for common unitholders | 0.02 | 0.02 | 0.06 | 0.01 | 0.12 | ||||||||||||||
Net income available for common unitholders | 0.14 | 0.14 | 0.10 | 0.16 | 0.54 |
20. | Quarterly Financial Data (Unaudited) – Continued |
(1) | The amounts presented may not equal to the amounts previously reported in the most recent Form 10-Qs or prior 10-K for each period as a result of discontinued operations. Below is the reconciliation to the amounts previously reported: |
Quarter Ended | |||||||||||
March 31, | June 30, | September 30, | |||||||||
2012 | 2012 | 2012 | |||||||||
Rental and other revenues, as reported | $ | 129,943 | $ | 130,735 | $ | 128,214 | |||||
Discontinued operations | (4,360 | ) | (2,412 | ) | — | ||||||
Rental and other revenues, as adjusted | $ | 125,583 | $ | 128,323 | $ | 128,214 | |||||
Income from continuing operations, as reported | $ | 13,117 | $ | 12,360 | $ | 12,317 | |||||
Discontinued operations | (1,696 | ) | (980 | ) | — | ||||||
Income from continuing operations, as adjusted | $ | 11,421 | $ | 11,380 | $ | 12,317 | |||||
Income from discontinued operations, as reported | $ | 5,217 | $ | 2,141 | $ | 23,483 | |||||
Additional discontinued operations from properties sold subsequent to the respective reporting period | 1,696 | 980 | — | ||||||||
Income from discontinued operations, as adjusted | $ | 6,913 | $ | 3,121 | $ | 23,483 |
Quarter Ended | |||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||
2011 | 2011 | 2011 | 2011 | ||||||||||||
Rental and other revenues, as reported | $ | 114,351 | $ | 114,651 | $ | 117,265 | $ | 128,730 | |||||||
Discontinued operations | (4,304 | ) | (2,466 | ) | — | (4,783 | ) | ||||||||
Rental and other revenues, as adjusted | $ | 110,047 | $ | 112,185 | $ | 117,265 | $ | 123,947 | |||||||
Income from continuing operations, as reported | $ | 11,911 | $ | 13,699 | $ | 3,957 | $ | 12,899 | |||||||
Discontinued operations | (1,232 | ) | (1,123 | ) | — | (1,044 | ) | ||||||||
Income from continuing operations, as adjusted | $ | 10,679 | $ | 12,576 | $ | 3,957 | $ | 11,855 | |||||||
Income from discontinued operations, as reported | $ | 540 | $ | 739 | $ | 4,287 | $ | — | |||||||
Additional discontinued operations from properties sold subsequent to the respective reporting period | 1,232 | 1,123 | — | 1,044 | |||||||||||
Income from discontinued operations, as adjusted | $ | 1,772 | $ | 1,862 | $ | 4,287 | $ | 1,044 |
|
|
Balance at December 31, 2011 | Additions | Deductions | Balance at December 31, 2012 | ||||||||||||
Allowance for Doubtful Accounts - Straight-Line Rent | $ | 1,294 | $ | 1,382 | $ | (1,747 | ) | $ | 929 | ||||||
Allowance for Doubtful Accounts - Accounts Receivable | 3,548 | 767 | (1,467 | ) | 2,848 | ||||||||||
Allowance for Doubtful Accounts - Notes Receivable | 61 | 186 | (65 | ) | 182 | ||||||||||
Totals | $ | 4,903 | $ | 2,335 | $ | (3,279 | ) | $ | 3,959 |
Balance at December 31, 2010 | Additions | Deductions | Balance at December 31, 2011 | ||||||||||||
Allowance for Doubtful Accounts - Straight-Line Rent | $ | 2,209 | $ | 710 | $ | (1,625 | ) | $ | 1,294 | ||||||
Allowance for Doubtful Accounts - Accounts Receivable | 3,595 | 1,616 | (1,663 | ) | 3,548 | ||||||||||
Allowance for Doubtful Accounts - Notes Receivable | 868 | 196 | (1,003 | ) | 61 | ||||||||||
Totals | $ | 6,672 | $ | 2,522 | $ | (4,291 | ) | $ | 4,903 |
Balance at December 31, 2009 | Additions | Deductions | Balance at December 31, 2010 | ||||||||||||
Allowance for Doubtful Accounts - Straight-Line Rent | $ | 2,443 | $ | 635 | $ | (869 | ) | $ | 2,209 | ||||||
Allowance for Doubtful Accounts - Accounts Receivable | 2,810 | 2,961 | (2,176 | ) | 3,595 | ||||||||||
Allowance for Doubtful Accounts - Notes Receivable | 698 | 413 | (243 | ) | 868 | ||||||||||
Totals | $ | 5,951 | $ | 4,009 | $ | (3,288 | ) | $ | 6,672 |
|
December 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Real estate assets: | |||||||||||
Beginning balance | $ | 3,594,328 | $ | 3,308,306 | $ | 3,341,257 | |||||
Additions: | |||||||||||
Acquisitions, development and improvements | 214,959 | 329,675 | 104,199 | ||||||||
Cost of real estate sold and retired | (12,823 | ) | (43,653 | ) | (137,150 | ) | |||||
Ending balance (a) | $ | 3,796,464 | $ | 3,594,328 | $ | 3,308,306 | |||||
Accumulated depreciation: | |||||||||||
Beginning balance | $ | 901,300 | $ | 832,918 | $ | 782,557 | |||||
Depreciation expense | 128,971 | 120,812 | 117,639 | ||||||||
Real estate sold and retired | (82,704 | ) | (52,430 | ) | (67,278 | ) | |||||
Ending balance (b) | $ | 947,567 | $ | 901,300 | $ | 832,918 |
(a) | Reconciliation of total real estate assets to balance sheet caption: |
2012 | 2011 | 2010 | |||||||||
Total per Schedule III | $ | 3,796,464 | $ | 3,594,328 | $ | 3,308,306 | |||||
Development in progress exclusive of land included in Schedule III | 21,198 | — | 4,524 | ||||||||
Real estate assets, net, held for sale | — | (124,273 | ) | (142,783 | ) | ||||||
Total real estate assets | $ | 3,817,662 | $ | 3,470,055 | $ | 3,170,047 |
(b) | Reconciliation of total accumulated depreciation to balance sheet caption: |
2012 | 2011 | 2010 | |||||||||
Total per Schedule III | $ | 947,567 | $ | 901,300 | $ | 832,918 | |||||
Real estate assets, net, held for sale | — | (32,254 | ) | (34,501 | ) | ||||||
Total accumulated depreciation | $ | 947,567 | $ | 869,046 | $ | 798,417 |
Initial Costs | Costs Capitalized Subsequent to Acquisition | Gross Value at Close of Period | |||||||||||||||||||||||||||||||||||||||||
Description | Segment Type | City | 2012 Encumbrance | Land | Bldg & Improv | Land | Bldg & Improv | Land | Bldg & Improv | Total Assets | Accumulated Depreciation | Date of Construction | Life on Which Depreciation is Calculated | ||||||||||||||||||||||||||||||
Atlanta, GA | |||||||||||||||||||||||||||||||||||||||||||
1700 Century Circle | Office | Atlanta | $ | — | $ | 2,482 | $ | 2 | $ | 1 | $ | 2 | $ | 2,483 | $ | 2,485 | $ | 591 | 1983 | 5-40 yrs. | |||||||||||||||||||||||
1800 Century Boulevard | Office | Atlanta | 1,444 | 29,081 | — | 13,179 | 1,444 | 42,260 | 43,704 | 17,806 | 1975 | 5-40 yrs. | |||||||||||||||||||||||||||||||
1825 Century Parkway | Office | Atlanta | 864 | — | 303 | 14,392 | 1,167 | 14,392 | 15,559 | 3,686 | 2002 | 5-40 yrs. | |||||||||||||||||||||||||||||||
1875 Century Boulevard | Office | Atlanta | — | 8,924 | — | 2,280 | — | 11,204 | 11,204 | 5,022 | 1976 | 5-40 yrs. | |||||||||||||||||||||||||||||||
1900 Century Boulevard | Office | Atlanta | — | 4,744 | — | 702 | — | 5,446 | 5,446 | 2,296 | 1971 | 5-40 yrs. | |||||||||||||||||||||||||||||||
2200 Century Parkway | Office | Atlanta | — | 14,432 | — | 3,672 | — | 18,104 | 18,104 | 7,320 | 1971 | 5-40 yrs. | |||||||||||||||||||||||||||||||
2400 Century Parkway | Office | Atlanta | — | — | 406 | 12,646 | 406 | 12,646 | 13,052 | 4,640 | 1998 | 5-40 yrs. | |||||||||||||||||||||||||||||||
2500 Century Parkway | Office | Atlanta | — | — | 328 | 14,329 | 328 | 14,329 | 14,657 | 3,907 | 2005 | 5-40 yrs. | |||||||||||||||||||||||||||||||
2500/2635 Parking Garage | Office | Atlanta | — | — | — | 6,319 | — | 6,319 | 6,319 | 1,108 | 2005 | 5-40 yrs. | |||||||||||||||||||||||||||||||
2600 Century Parkway | Office | Atlanta | — | 10,679 | — | 3,971 | — | 14,650 | 14,650 | 6,205 | 1973 | 5-40 yrs. | |||||||||||||||||||||||||||||||
2635 Century Parkway | Office | Atlanta | — | 21,643 | — | 4,513 | — | 26,156 | 26,156 | 10,219 | 1980 | 5-40 yrs. | |||||||||||||||||||||||||||||||
2800 Century Parkway | Office | Atlanta | — | 20,449 | — | 6,728 | — | 27,177 | 27,177 | 8,810 | 1983 | 5-40 yrs. | |||||||||||||||||||||||||||||||
50 Glenlake | Office | Atlanta | 2,500 | 20,006 | — | 2,944 | 2,500 | 22,950 | 25,450 | 8,873 | 1997 | 5-40 yrs. | |||||||||||||||||||||||||||||||
6348 Northeast Expressway | Industrial | Atlanta | 275 | 1,655 | — | 199 | 275 | 1,854 | 2,129 | 789 | 1978 | 5-40 yrs. | |||||||||||||||||||||||||||||||
6438 Northeast Expressway | Industrial | Atlanta | 179 | 2,216 | — | 612 | 179 | 2,828 | 3,007 | 1,041 | 1981 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Bluegrass Lakes I | Industrial | Atlanta | 816 | — | 336 | 2,972 | 1,152 | 2,972 | 4,124 | 1,159 | 1999 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Bluegrass Place I | Industrial | Atlanta | 491 | 2,061 | — | 125 | 491 | 2,186 | 2,677 | 854 | 1995 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Bluegrass Place II | Industrial | Atlanta | 412 | 2,583 | — | 103 | 412 | 2,686 | 3,098 | 1,026 | 1996 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Bluegrass Valley I | Industrial | Atlanta | 1,500 | — | 374 | 3,117 | 1,874 | 3,117 | 4,991 | 927 | 2000 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Bluegrass Valley - Land | Industrial | Atlanta | 19,711 | — | (14,810 | ) | — | 4,901 | — | 4,901 | — | N/A | N/A | ||||||||||||||||||||||||||||||
Century Plaza I | Office | Atlanta | 1,290 | 8,567 | — | 3,240 | 1,290 | 11,807 | 13,097 | 4,224 | 1981 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Century Plaza II | Office | Atlanta | 1,380 | 7,733 | — | 2,222 | 1,380 | 9,955 | 11,335 | 3,245 | 1984 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Chastain Place I | Industrial | Atlanta | 451 | — | 341 | 3,767 | 792 | 3,767 | 4,559 | 1,153 | 1997 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Chastain Place II | Industrial | Atlanta | 599 | — | 194 | 1,505 | 793 | 1,505 | 2,298 | 515 | 1998 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Chastain Place III | Industrial | Atlanta | 539 | — | 173 | 1,318 | 712 | 1,318 | 2,030 | 482 | 1999 | 5-40 yrs. |
HIGHWOODS PROPERTIES, INC. HIGHWOODS REALTY LIMITED PARTNERSHIP SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) | |||||||||||||||||||||||||||||||||||||||||||
Initial Costs | Costs Capitalized Subsequent to Acquisition | Gross Value at Close of Period | |||||||||||||||||||||||||||||||||||||||||
Description | Segment Type | City | 2012 Encumbrance | Land | Bldg & Improv | Land | Bldg & Improv | Land | Bldg & Improv | Total Assets | Accumulated Depreciation | Date of Construction | Life on Which Depreciation is Calculated | ||||||||||||||||||||||||||||||
Corporate Lakes | Industrial | Atlanta | 1,265 | 7,243 | — | 2,124 | 1,265 | 9,367 | 10,632 | 3,540 | 1988 | 5-40 yrs. | |||||||||||||||||||||||||||||||
General Services Administration | Office | Atlanta | 3,100 | — | (3,100 | ) | — | — | — | — | — | 2007 | 5-40 yrs. | ||||||||||||||||||||||||||||||
Federal Aviation Administration | Office | Atlanta | 1,196 | — | 1,416 | 15,143 | 2,612 | 15,143 | 17,755 | 2,232 | 2009 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Gwinnett Distribution Center | Industrial | Atlanta | 1,119 | 5,960 | — | 3,875 | 1,119 | 9,835 | 10,954 | 3,322 | 1991 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Henry County - Land | Industrial | Atlanta | 3,010 | — | 13 | — | 3,023 | — | 3,023 | — | N/A | N/A | |||||||||||||||||||||||||||||||
Highwoods Ctr I at Tradeport | Office | Atlanta | 307 | — | 139 | 2,049 | 446 | 2,049 | 2,495 | 697 | 1999 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Highwoods Ctr II at Tradeport | Office | Atlanta | 641 | — | 181 | 9,024 | 822 | 9,024 | 9,846 | 379 | 1999 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Highwoods Ctr III at Tradeport | Office | Atlanta | 409 | — | 130 | 3,900 | 539 | 3,900 | 4,439 | 623 | 2001 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Highwoods River Point IV | Industrial | Atlanta | 1,037 | — | 858 | 8,820 | 1,895 | 8,820 | 10,715 | 1,275 | 2009 | 5-40 yrs. | |||||||||||||||||||||||||||||||
NARA | Industrial | Atlanta | 1,484 | — | (1,484 | ) | — | — | — | — | — | 2004 | 5-40 yrs. | ||||||||||||||||||||||||||||||
Newpoint Place I | Industrial | Atlanta | 819 | — | 391 | 2,871 | 1,210 | 2,871 | 4,081 | 991 | 1998 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Newpoint Place II | Industrial | Atlanta | 1,499 | — | 434 | 3,085 | 1,933 | 3,085 | 5,018 | 917 | 1999 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Newpoint Place III | Industrial | Atlanta | 668 | — | 276 | 1,879 | 944 | 1,879 | 2,823 | 686 | 1998 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Newpoint Place IV | Industrial | Atlanta | 989 | — | 455 | 4,048 | 1,444 | 4,048 | 5,492 | 973 | 2001 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Newpoint Place V | Industrial | Atlanta | 2,150 | — | 920 | 8,949 | 3,070 | 8,949 | 12,019 | 2,134 | 2007 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Norcross, I & II | Industrial | Atlanta | 323 | 2,000 | — | 602 | 323 | 2,602 | 2,925 | 1,099 | 1970 | 5-40 yrs. | |||||||||||||||||||||||||||||||
5405 Windward Parkway | Office | Atlanta | 3,342 | 32,111 | — | 411 | 3,342 | 32,522 | 35,864 | 12,155 | 1998 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Riverpoint - Land | Industrial | Atlanta | 7,250 | — | 4,525 | 2,712 | 11,775 | 2,712 | 14,487 | 211 | N/A | N/A | |||||||||||||||||||||||||||||||
Riverwood 100 | Office | Atlanta | (1) | 5,785 | 64,913 | — | 4,629 | 5,785 | 69,542 | 75,327 | 3,175 | 1989 | 5-40 yrs. | ||||||||||||||||||||||||||||||
South Park Residential - Land | Other | Atlanta | 50 | — | 7 | — | 57 | — | 57 | — | N/A | N/A | |||||||||||||||||||||||||||||||
South Park Site - Land | Industrial | Atlanta | 1,204 | — | 754 | — | 1,958 | — | 1,958 | — | N/A | N/A | |||||||||||||||||||||||||||||||
Southside Distribution Center | Industrial | Atlanta | 804 | 4,553 | — | 2,207 | 804 | 6,760 | 7,564 | 2,664 | 1988 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Tradeport Place I | Industrial | Atlanta | 557 | — | 261 | 2,218 | 818 | 2,218 | 3,036 | 750 | 1999 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Tradeport Place II | Industrial | Atlanta | 557 | — | 261 | 2,305 | 818 | 2,305 | 3,123 | 809 | 1999 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Tradeport Place III | Industrial | Atlanta | 673 | — | 370 | 2,684 | 1,043 | 2,684 | 3,727 | 907 | 1999 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Tradeport Place IV | Industrial | Atlanta | 667 | — | 365 | 3,683 | 1,032 | 3,683 | 4,715 | 1,105 | 2001 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Tradeport - Land | Industrial | Atlanta | 5,243 | — | (387 | ) | — | 4,856 | — | 4,856 | — | N/A | N/A | ||||||||||||||||||||||||||||||
Tradeport Place V | Industrial | Atlanta | 463 | — | 180 | 2,322 | 643 | 2,322 | 2,965 | 565 | 2002 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Two Point Royal | Office | Atlanta | 1,793 | 14,964 | — | 2,486 | 1,793 | 17,450 | 19,243 | 6,737 | 1997 | 5-40 yrs. |
HIGHWOODS PROPERTIES, INC. HIGHWOODS REALTY LIMITED PARTNERSHIP SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) | |||||||||||||||||||||||||||||||||||||||||||
Initial Costs | Costs Capitalized Subsequent to Acquisition | Gross Value at Close of Period | |||||||||||||||||||||||||||||||||||||||||
Description | Segment Type | City | 2012 Encumbrance | Land | Bldg & Improv | Land | Bldg & Improv | Land | Bldg & Improv | Total Assets | Accumulated Depreciation | Date of Construction | Life on Which Depreciation is Calculated | ||||||||||||||||||||||||||||||
Two Alliance Center | Office | Atlanta | 9,579 | 125,549 | — | 2,020 | 9,579 | 127,569 | 137,148 | 1,587 | 2009 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Greenville, SC | |||||||||||||||||||||||||||||||||||||||||||
Brookfield Plaza | Office | Greenville | 1,500 | 8,514 | — | 2,691 | 1,500 | 11,205 | 12,705 | 4,922 | 1987 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Jacobs Building | Office | Greenville | 3,050 | 17,280 | (23 | ) | 3,880 | 3,027 | 21,160 | 24,187 | 9,155 | 1990 | 5-40 yrs. | ||||||||||||||||||||||||||||||
Brookfield Metlife | Office | Greenville | 1,039 | — | 352 | 8,033 | 1,391 | 8,033 | 9,424 | 2,226 | 2001 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Patewood I | Office | Greenville | 942 | 5,117 | — | 992 | 942 | 6,109 | 7,051 | 2,315 | 1985 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Patewood II | Office | Greenville | 942 | 5,176 | — | 651 | 942 | 5,827 | 6,769 | 2,259 | 1987 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Patewood III | Office | Greenville | 842 | 4,776 | — | 489 | 842 | 5,265 | 6,107 | 2,147 | 1989 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Patewood IV | Office | Greenville | 1,219 | 6,918 | — | 618 | 1,219 | 7,536 | 8,755 | 3,095 | 1989 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Patewood V | Office | Greenville | 1,690 | 9,589 | — | 1,359 | 1,690 | 10,948 | 12,638 | 4,448 | 1990 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Patewood VI | Office | Greenville | 2,360 | — | 321 | 7,661 | 2,681 | 7,661 | 10,342 | 2,693 | 1999 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Kansas City, MO | |||||||||||||||||||||||||||||||||||||||||||
Country Club Plaza | Retail | Kansas City | 14,286 | 146,879 | (198 | ) | 126,551 | 14,088 | 273,430 | 287,518 | 98,798 | 1920-2002 | 5-40 yrs. | ||||||||||||||||||||||||||||||
Land - Hotel Land - Valencia | Office | Kansas City | 978 | — | 111 | — | 1,089 | — | 1,089 | — | N/A | N/A | |||||||||||||||||||||||||||||||
Neptune Apartments | Office | Kansas City | 1,098 | 6,282 | (1,098 | ) | (6,282 | ) | — | — | — | — | 1988 | 5-40 yrs. | |||||||||||||||||||||||||||||
One Ward Parkway | Office | Kansas City | 681 | 3,937 | (681 | ) | (3,937 | ) | — | — | — | — | 1980 | 5-40 yrs. | |||||||||||||||||||||||||||||
Park Plaza Building | Office | Kansas City | (1) | 1,384 | 6,410 | — | 1,982 | 1,384 | 8,392 | 9,776 | 2,706 | 1983 | 5-40 yrs. | ||||||||||||||||||||||||||||||
Two Emanuel Cleaver Boulevard | Office | Kansas City | 984 | 4,402 | — | 2,074 | 984 | 6,476 | 7,460 | 1,956 | 1983 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Valencia Place Office | Office | Kansas City | (1) | 1,576 | — | 970 | 36,673 | 2,546 | 36,673 | 39,219 | 13,283 | 1999 | 5-40 yrs. | ||||||||||||||||||||||||||||||
Memphis, TN | |||||||||||||||||||||||||||||||||||||||||||
3400 Players Club Parkway | Office | Memphis | 1,005 | — | 207 | 5,260 | 1,212 | 5,260 | 6,472 | 2,020 | 1997 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Triad Centre I | Office | Memphis | 2,340 | 11,385 | (849 | ) | 4,289 | 1,491 | 15,674 | 17,165 | 4,848 | 1985 | 5-40 yrs. | ||||||||||||||||||||||||||||||
Triad Centre II | Office | Memphis | 1,980 | 8,677 | (404 | ) | 3,269 | 1,576 | 11,946 | 13,522 | 3,713 | 1987 | 5-40 yrs. | ||||||||||||||||||||||||||||||
Atrium I & II | Office | Memphis | 1,570 | 6,253 | — | 2,449 | 1,570 | 8,702 | 10,272 | 3,659 | 1984 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Centrum | Office | Memphis | 1,013 | 5,580 | — | 2,587 | 1,013 | 8,167 | 9,180 | 3,193 | 1979 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Comcast | Office | Memphis | 946 | — | — | 8,621 | 946 | 8,621 | 9,567 | 1,805 | 2008 | 5-40 yrs. | |||||||||||||||||||||||||||||||
International Place Phase II | Office | Memphis | (2) | 4,884 | 27,782 | — | 4,060 | 4,884 | 31,842 | 36,726 | 13,333 | 1988 | 5-40 yrs. |
HIGHWOODS PROPERTIES, INC. HIGHWOODS REALTY LIMITED PARTNERSHIP SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) | |||||||||||||||||||||||||||||||||||||||||||
Initial Costs | Costs Capitalized Subsequent to Acquisition | Gross Value at Close of Period | |||||||||||||||||||||||||||||||||||||||||
Description | Segment Type | City | 2012 Encumbrance | Land | Bldg & Improv | Land | Bldg & Improv | Land | Bldg & Improv | Total Assets | Accumulated Depreciation | Date of Construction | Life on Which Depreciation is Calculated | ||||||||||||||||||||||||||||||
PennMarc Centre | Office | Memphis | 7,028 | 3,607 | 10,240 | — | 1,423 | 3,607 | 11,663 | 15,270 | 1,751 | 2008 | 5-40 yrs. | ||||||||||||||||||||||||||||||
Shadow Creek I | Office | Memphis | 924 | — | 466 | 6,559 | 1,390 | 6,559 | 7,949 | 2,025 | 2000 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Shadow Creek II | Office | Memphis | 734 | — | 467 | 7,164 | 1,201 | 7,164 | 8,365 | 1,968 | 2001 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Southwind Office Center A | Office | Memphis | 1,004 | 5,694 | 282 | 1,448 | 1,286 | 7,142 | 8,428 | 2,975 | 1991 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Southwind Office Center B | Office | Memphis | 1,366 | 7,754 | — | 981 | 1,366 | 8,735 | 10,101 | 3,578 | 1990 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Southwind Office Center C | Office | Memphis | 1,070 | — | 221 | 5,079 | 1,291 | 5,079 | 6,370 | 1,833 | 1998 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Southwind Office Center D | Office | Memphis | 744 | — | 193 | 5,310 | 937 | 5,310 | 6,247 | 1,666 | 1999 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Colonnade | Office | Memphis | 1,300 | 6,481 | 267 | 505 | 1,567 | 6,986 | 8,553 | 2,612 | 1998 | 5-40 yrs. | |||||||||||||||||||||||||||||||
ThyssenKrupp Elevator Mfg Headquarters | Office | Memphis | 1,040 | — | 25 | 8,342 | 1,065 | 8,342 | 9,407 | 2,198 | 2007 | 5-40 yrs. | |||||||||||||||||||||||||||||||
General Services Administration | Office | Memphis | 871 | — | (871 | ) | — | — | — | — | — | 2007 | 5-40 yrs. | ||||||||||||||||||||||||||||||
Crescent Center | Office | Memphis | 39,805 | 7,875 | 32,756 | — | 4,168 | 7,875 | 36,924 | 44,799 | 2,975 | 1986 | 5-40 yrs. | ||||||||||||||||||||||||||||||
Southwind - Land | Office | Memphis | 3,662 | — | (1,477 | ) | — | 2,185 | — | 2,185 | — | N/A | N/A | ||||||||||||||||||||||||||||||
Triad Centre III | Office | Memphis | 1,253 | — | — | 35,122 | 1,253 | 35,122 | 36,375 | 2,943 | 2009 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Nashville, TN | |||||||||||||||||||||||||||||||||||||||||||
3322 West End | Office | Nashville | 3,025 | 27,490 | — | 3,556 | 3,025 | 31,046 | 34,071 | 10,301 | 1986 | 5-40 yrs. | |||||||||||||||||||||||||||||||
3401 West End | Office | Nashville | 5,862 | 22,917 | — | 5,630 | 5,862 | 28,547 | 34,409 | 12,724 | 1982 | 5-40 yrs. | |||||||||||||||||||||||||||||||
5310 Maryland Way | Office | Nashville | 1,863 | 7,201 | — | 230 | 1,863 | 7,431 | 9,294 | 3,139 | 1994 | 5-40 yrs. | |||||||||||||||||||||||||||||||
BNA Corporate Center | Office | Nashville | — | 18,506 | — | (18,506 | ) | — | — | — | — | 1985 | 5-40 yrs. | ||||||||||||||||||||||||||||||
Century City Plaza I | Office | Nashville | 903 | 6,919 | (903 | ) | (6,919 | ) | — | — | — | — | 1987 | 5-40 yrs. | |||||||||||||||||||||||||||||
Cool Springs 1 & 2 Deck | Office | Nashville | (3) | — | — | — | 3,957 | — | 3,957 | 3,957 | 511 | 2007 | 5-40 yrs. | ||||||||||||||||||||||||||||||
Cool Springs 3 & 4 Deck | Office | Nashville | (1) | — | — | — | 4,418 | — | 4,418 | 4,418 | 636 | 2007 | 5-40 yrs. | ||||||||||||||||||||||||||||||
Cool Springs I | Office | Nashville | (3) | 1,583 | — | 15 | 12,288 | 1,598 | 12,288 | 13,886 | 4,135 | 1999 | 5-40 yrs. | ||||||||||||||||||||||||||||||
Cool Springs II | Office | Nashville | (3) | 1,824 | — | 346 | 18,154 | 2,170 | 18,154 | 20,324 | 5,429 | 1999 | 5-40 yrs. | ||||||||||||||||||||||||||||||
Cool Springs III | Office | Nashville | (3) | 1,631 | — | 804 | 16,949 | 2,435 | 16,949 | 19,384 | 4,089 | 2006 | 5-40 yrs. | ||||||||||||||||||||||||||||||
Cool Springs IV | Office | Nashville | (1) | 1,715 | — | — | 21,371 | 1,715 | 21,371 | 23,086 | 3,546 | 2008 | 5-40 yrs. | ||||||||||||||||||||||||||||||
Cool Springs V – Healthways | Office | Nashville | 3,688 | — | 295 | 52,433 | 3,983 | 52,433 | 56,416 | 8,586 | 2007 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Harpeth On The Green II | Office | Nashville | 1,419 | 5,677 | — | 1,292 | 1,419 | 6,969 | 8,388 | 2,941 | 1984 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Harpeth On The Green III | Office | Nashville | 1,660 | 6,649 | — | 1,836 | 1,660 | 8,485 | 10,145 | 3,514 | 1987 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Harpeth On The Green IV | Office | Nashville | 1,713 | 6,842 | — | 1,464 | 1,713 | 8,306 | 10,019 | 3,314 | 1989 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Harpeth On The Green V | Office | Nashville | 662 | — | 197 | 4,304 | 859 | 4,304 | 5,163 | 1,647 | 1998 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Hickory Trace | Office | Nashville | (2) | 1,164 | — | 164 | 4,657 | 1,328 | 4,657 | 5,985 | 1,350 | 2001 | 5-40 yrs. |
HIGHWOODS PROPERTIES, INC. HIGHWOODS REALTY LIMITED PARTNERSHIP SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) | |||||||||||||||||||||||||||||||||||||||||||
Initial Costs | Costs Capitalized Subsequent to Acquisition | Gross Value at Close of Period | |||||||||||||||||||||||||||||||||||||||||
Description | Segment Type | City | 2012 Encumbrance | Land | Bldg & Improv | Land | Bldg & Improv | Land | Bldg & Improv | Total Assets | Accumulated Depreciation | Date of Construction | Life on Which Depreciation is Calculated | ||||||||||||||||||||||||||||||
Highwoods Plaza I | Office | Nashville | 1,552 | — | 307 | 7,989 | 1,859 | 7,989 | 9,848 | 3,337 | 1996 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Highwoods Plaza II | Office | Nashville | 1,448 | — | 307 | 5,799 | 1,755 | 5,799 | 7,554 | 2,160 | 1997 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Lakeview Ridge II | Office | Nashville | 605 | — | (605 | ) | — | — | — | — | — | 1998 | 5-40 yrs. | ||||||||||||||||||||||||||||||
Lakeview Ridge III | Office | Nashville | 1,073 | — | (1,073 | ) | — | — | — | — | — | 1999 | 5-40 yrs. | ||||||||||||||||||||||||||||||
Seven Springs - Land I | Office | Nashville | 3,122 | — | (1,314 | ) | — | 1,808 | — | 1,808 | — | N/A | N/A | ||||||||||||||||||||||||||||||
Seven Springs - Land II | Office | Nashville | 3,715 | — | (1,025 | ) | — | 2,690 | — | 2,690 | — | N/A | N/A | ||||||||||||||||||||||||||||||
Seven Springs I | Office | Nashville | 2,076 | — | 592 | 12,658 | 2,668 | 12,658 | 15,326 | 4,392 | 2002 | 5-40 yrs. | |||||||||||||||||||||||||||||||
SouthPointe | Office | Nashville | 1,655 | — | 310 | 6,761 | 1,965 | 6,761 | 8,726 | 2,484 | 1998 | 5-40 yrs. | |||||||||||||||||||||||||||||||
The Ramparts of Brentwood | Office | Nashville | 2,394 | 12,806 | — | 2,109 | 2,394 | 14,915 | 17,309 | 4,907 | 1986 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Westwood South | Office | Nashville | 2,106 | — | 382 | 9,006 | 2,488 | 9,006 | 11,494 | 2,972 | 1999 | 5-40 yrs. | |||||||||||||||||||||||||||||||
100 Winners Circle | Office | Nashville | 1,497 | 7,258 | — | 1,368 | 1,497 | 8,626 | 10,123 | 3,158 | 1987 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Nashville - Land | Office | Nashville | 15,000 | — | — | — | 15,000 | — | 15,000 | — | N/A | N/A | |||||||||||||||||||||||||||||||
Orlando, FL | |||||||||||||||||||||||||||||||||||||||||||
Berkshire at MetroCenter | Office | Orlando | 1,265 | — | 672 | 12,781 | 1,937 | 12,781 | 14,718 | 2,984 | 2007 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Capital Plaza III - Land | Office | Orlando | 2,994 | — | 18 | — | 3,012 | — | 3,012 | — | N/A | N/A | |||||||||||||||||||||||||||||||
Eola Park - Land | Office | Orlando | 2,027 | — | — | — | 2,027 | — | 2,027 | — | N/A | N/A | |||||||||||||||||||||||||||||||
Cambridge at MetroCenter | Office | Orlando | 501 | — | 14 | 3,320 | 515 | 3,320 | 3,835 | 773 | 2000 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Oxford - Land | Office | Orlando | 1,100 | — | 51 | — | 1,151 | — | 1,151 | — | N/A | N/A | |||||||||||||||||||||||||||||||
MetroWest Commerce Center | Office | Orlando | 1,354 | 7,687 | (164 | ) | 4,816 | 1,190 | 12,503 | 13,693 | 4,315 | 1988 | 5-40 yrs. | ||||||||||||||||||||||||||||||
Stratford - Land | Office | Orlando | 2,034 | — | (148 | ) | — | 1,886 | — | 1,886 | — | N/A | N/A | ||||||||||||||||||||||||||||||
Windsor at MetroCenter | Office | Orlando | — | — | 2,060 | 8,296 | 2,060 | 8,296 | 10,356 | 2,000 | 2002 | 5-40 yrs. | |||||||||||||||||||||||||||||||
The 1800 Eller Drive Building | Office | South Florida | — | 9,851 | — | 2,619 | — | 12,470 | 12,470 | 5,550 | 1983 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Piedmont Triad, NC | |||||||||||||||||||||||||||||||||||||||||||
101 South Stratford Road | Office | Piedmont Triad | 1,205 | 6,916 | — | 1,164 | 1,205 | 8,080 | 9,285 | 3,013 | 1986 | 5-40 yrs. | |||||||||||||||||||||||||||||||
6348 Burnt Poplar | Industrial | Piedmont Triad | 724 | 2,900 | — | 254 | 724 | 3,154 | 3,878 | 1,355 | 1990 | 5-40 yrs. | |||||||||||||||||||||||||||||||
6350 Burnt Poplar | Industrial | Piedmont Triad | 341 | 1,374 | — | 237 | 341 | 1,611 | 1,952 | 701 | 1992 | 5-40 yrs. | |||||||||||||||||||||||||||||||
7341 West Friendly Avenue | Industrial | Piedmont Triad | 113 | 841 | — | 381 | 113 | 1,222 | 1,335 | 521 | 1988 | 5-40 yrs. | |||||||||||||||||||||||||||||||
7343 West Friendly Avenue | Industrial | Piedmont Triad | 72 | 555 | — | 273 | 72 | 828 | 900 | 331 | 1988 | 5-40 yrs. |
HIGHWOODS PROPERTIES, INC. HIGHWOODS REALTY LIMITED PARTNERSHIP SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) | |||||||||||||||||||||||||||||||||||||||||||
Initial Costs | Costs Capitalized Subsequent to Acquisition | Gross Value at Close of Period | |||||||||||||||||||||||||||||||||||||||||
Description | Segment Type | City | 2012 Encumbrance | Land | Bldg & Improv | Land | Bldg & Improv | Land | Bldg & Improv | Total Assets | Accumulated Depreciation | Date of Construction | Life on Which Depreciation is Calculated | ||||||||||||||||||||||||||||||
7345 West Friendly Avenue | Industrial | Piedmont Triad | 66 | 492 | — | 210 | 66 | 702 | 768 | 295 | 1988 | 5-40 yrs. | |||||||||||||||||||||||||||||||
7347 West Friendly Avenue | Industrial | Piedmont Triad | 97 | 719 | — | 269 | 97 | 988 | 1,085 | 407 | 1988 | 5-40 yrs. | |||||||||||||||||||||||||||||||
7349 West Friendly Avenue | Industrial | Piedmont Triad | 53 | 393 | — | 161 | 53 | 554 | 607 | 202 | 1988 | 5-40 yrs. | |||||||||||||||||||||||||||||||
7351 West Friendly Avenue | Industrial | Piedmont Triad | 106 | 788 | — | 153 | 106 | 941 | 1,047 | 399 | 1988 | 5-40 yrs. | |||||||||||||||||||||||||||||||
7353 West Friendly Avenue | Industrial | Piedmont Triad | 123 | 912 | — | 120 | 123 | 1,032 | 1,155 | 420 | 1988 | 5-40 yrs. | |||||||||||||||||||||||||||||||
7355 West Friendly Avenue | Industrial | Piedmont Triad | 72 | 538 | — | 156 | 72 | 694 | 766 | 276 | 1988 | 5-40 yrs. | |||||||||||||||||||||||||||||||
420 Gallimore Dairy Road | Office | Piedmont Triad | 379 | 1,516 | — | 419 | 379 | 1,935 | 2,314 | 803 | 1990 | 5-40 yrs. | |||||||||||||||||||||||||||||||
418 Gallimore Dairy Road | Office | Piedmont Triad | 462 | 1,849 | — | 414 | 462 | 2,263 | 2,725 | 949 | 1986 | 5-40 yrs. | |||||||||||||||||||||||||||||||
416 Gallimore Dairy Road | Office | Piedmont Triad | 322 | 1,293 | — | 485 | 322 | 1,778 | 2,100 | 766 | 1986 | 5-40 yrs. | |||||||||||||||||||||||||||||||
7031 Albert Pick Road | Office | Piedmont Triad | 510 | 2,921 | — | 1,668 | 510 | 4,589 | 5,099 | 2,008 | 1986 | 5-40 yrs. | |||||||||||||||||||||||||||||||
7029 Albert Pick Road | Office | Piedmont Triad | 739 | 3,237 | — | 875 | 739 | 4,112 | 4,851 | 1,933 | 1988 | 5-40 yrs. | |||||||||||||||||||||||||||||||
7025 Albert Pick Road | Office | Piedmont Triad | (2) | 2,393 | 9,576 | — | 2,884 | 2,393 | 12,460 | 14,853 | 5,424 | 1990 | 5-40 yrs. | ||||||||||||||||||||||||||||||
7027 Albert Pick Road | Office | Piedmont Triad | (2) | 850 | — | 699 | 3,911 | 1,549 | 3,911 | 5,460 | 1,486 | 1997 | 5-40 yrs. | ||||||||||||||||||||||||||||||
7009 Albert Pick Road | Industrial | Piedmont Triad | 224 | 1,068 | — | 320 | 224 | 1,388 | 1,612 | 748 | 1990 | 5-40 yrs. | |||||||||||||||||||||||||||||||
426 Gallimore Dairy Road | Office | Piedmont Triad | 465 | — | 380 | 1,024 | 845 | 1,024 | 1,869 | 429 | 1996 | 5-40 yrs. | |||||||||||||||||||||||||||||||
422 Gallimore Dairy Road | Industrial | Piedmont Triad | 145 | 1,081 | — | 331 | 145 | 1,412 | 1,557 | 570 | 1990 | 5-40 yrs. | |||||||||||||||||||||||||||||||
406 Gallimore Dairy Road | Office | Piedmont Triad | 265 | — | 270 | 951 | 535 | 951 | 1,486 | 378 | 1996 | 5-40 yrs. | |||||||||||||||||||||||||||||||
7021 Albert Pick Road | Industrial | Piedmont Triad | 237 | 1,103 | — | 199 | 237 | 1,302 | 1,539 | 567 | 1985 | 5-40 yrs. | |||||||||||||||||||||||||||||||
7019 Albert Pick Road | Industrial | Piedmont Triad | 192 | 946 | — | 199 | 192 | 1,145 | 1,337 | 488 | 1985 | 5-40 yrs. |
HIGHWOODS PROPERTIES, INC. HIGHWOODS REALTY LIMITED PARTNERSHIP SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) | |||||||||||||||||||||||||||||||||||||||||||
Initial Costs | Costs Capitalized Subsequent to Acquisition | Gross Value at Close of Period | |||||||||||||||||||||||||||||||||||||||||
Description | Segment Type | City | 2012 Encumbrance | Land | Bldg & Improv | Land | Bldg & Improv | Land | Bldg & Improv | Total Assets | Accumulated Depreciation | Date of Construction | Life on Which Depreciation is Calculated | ||||||||||||||||||||||||||||||
7015 Albert Pick Road | Industrial | Piedmont Triad | 305 | 1,219 | — | 372 | 305 | 1,591 | 1,896 | 682 | 1985 | 5-40 yrs. | |||||||||||||||||||||||||||||||
7017 Albert Pick Road | Industrial | Piedmont Triad | 225 | 928 | — | 116 | 225 | 1,044 | 1,269 | 454 | 1985 | 5-40 yrs. | |||||||||||||||||||||||||||||||
7011 Albert Pick Road | Industrial | Piedmont Triad | 171 | 777 | — | 230 | 171 | 1,007 | 1,178 | 432 | 1990 | 5-40 yrs. | |||||||||||||||||||||||||||||||
424 Gallimore Dairy Road | Office | Piedmont Triad | 271 | — | 239 | 989 | 510 | 989 | 1,499 | 480 | 1997 | 5-40 yrs. | |||||||||||||||||||||||||||||||
410 Gallimore Dairy Road | Industrial | Piedmont Triad | 356 | 1,613 | — | 202 | 356 | 1,815 | 2,171 | 840 | 1985 | 5-40 yrs. | |||||||||||||||||||||||||||||||
412 Gallimore Dairy Road | Industrial | Piedmont Triad | 374 | 1,523 | — | 377 | 374 | 1,900 | 2,274 | 787 | 1985 | 5-40 yrs. | |||||||||||||||||||||||||||||||
408 Gallimore Dairy Road | Industrial | Piedmont Triad | 341 | 1,486 | — | 629 | 341 | 2,115 | 2,456 | 1,006 | 1986 | 5-40 yrs. | |||||||||||||||||||||||||||||||
414 Gallimore Dairy Road | Industrial | Piedmont Triad | 659 | 2,676 | — | 646 | 659 | 3,322 | 3,981 | 1,447 | 1988 | 5-40 yrs. | |||||||||||||||||||||||||||||||
237 Burgess Road | Industrial | Piedmont Triad | 860 | 2,919 | — | 550 | 860 | 3,469 | 4,329 | 1,548 | 1986 | 5-40 yrs. | |||||||||||||||||||||||||||||||
235 Burgess Road | Industrial | Piedmont Triad | 1,302 | 4,392 | — | 706 | 1,302 | 5,098 | 6,400 | 2,504 | 1987 | 5-40 yrs. | |||||||||||||||||||||||||||||||
241 Burgess Road | Industrial | Piedmont Triad | 450 | 1,517 | — | 897 | 450 | 2,414 | 2,864 | 964 | 1988 | 5-40 yrs. | |||||||||||||||||||||||||||||||
243 Burgess Road | Industrial | Piedmont Triad | 452 | 1,514 | — | 153 | 452 | 1,667 | 2,119 | 774 | 1988 | 5-40 yrs. | |||||||||||||||||||||||||||||||
496 Gallimore Dairy Road | Industrial | Piedmont Triad | 546 | — | — | 2,918 | 546 | 2,918 | 3,464 | 1,157 | 1998 | 5-40 yrs. | |||||||||||||||||||||||||||||||
494 Gallimore Dairy Road | Industrial | Piedmont Triad | 749 | — | — | 2,509 | 749 | 2,509 | 3,258 | 854 | 1999 | 5-40 yrs. | |||||||||||||||||||||||||||||||
486 Gallimore Dairy Road | Industrial | Piedmont Triad | 603 | — | — | 2,273 | 603 | 2,273 | 2,876 | 729 | 1999 | 5-40 yrs. | |||||||||||||||||||||||||||||||
488 Gallimore Dairy Road | Industrial | Piedmont Triad | 499 | — | — | 2,075 | 499 | 2,075 | 2,574 | 661 | 1999 | 5-40 yrs. | |||||||||||||||||||||||||||||||
490 Gallimore Dairy Road | Industrial | Piedmont Triad | 1,733 | — | — | 5,742 | 1,733 | 5,742 | 7,475 | 2,691 | 1999 | 5-40 yrs. | |||||||||||||||||||||||||||||||
7825 National Service Road | Office | Piedmont Triad | 944 | 3,831 | — | 1,017 | 944 | 4,848 | 5,792 | 2,230 | 1984 | 5-40 yrs. | |||||||||||||||||||||||||||||||
7823 National Service Road | Office | Piedmont Triad | 887 | 3,550 | — | 506 | 887 | 4,056 | 4,943 | 1,818 | 1985 | 5-40 yrs. |
HIGHWOODS PROPERTIES, INC. HIGHWOODS REALTY LIMITED PARTNERSHIP SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) | |||||||||||||||||||||||||||||||||||||||||||
Initial Costs | Costs Capitalized Subsequent to Acquisition | Gross Value at Close of Period | |||||||||||||||||||||||||||||||||||||||||
Description | Segment Type | City | 2012 Encumbrance | Land | Bldg & Improv | Land | Bldg & Improv | Land | Bldg & Improv | Total Assets | Accumulated Depreciation | Date of Construction | Life on Which Depreciation is Calculated | ||||||||||||||||||||||||||||||
7819 National Service Road | Office | Piedmont Triad | 227 | 907 | — | 430 | 227 | 1,337 | 1,564 | 644 | 1985 | 5-40 yrs. | |||||||||||||||||||||||||||||||
7817 National Service Road | Office | Piedmont Triad | 243 | 971 | — | 647 | 243 | 1,618 | 1,861 | 622 | 1985 | 5-40 yrs. | |||||||||||||||||||||||||||||||
7815 National Service Road | Office | Piedmont Triad | 327 | 1,309 | — | 842 | 327 | 2,151 | 2,478 | 968 | 1985 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Brigham Road - Land | Industrial | Piedmont Triad | 7,059 | — | (3,720 | ) | — | 3,339 | — | 3,339 | — | N/A | N/A | ||||||||||||||||||||||||||||||
3330 Healy Drive | Office | Piedmont Triad | 625 | 2,183 | (235 | ) | 555 | 390 | 2,738 | 3,128 | 1,344 | 1983 | 5-40 yrs. | ||||||||||||||||||||||||||||||
3334 Healy Drive | Office | Piedmont Triad | 625 | 4,435 | (203 | ) | (983 | ) | 422 | 3,452 | 3,874 | 1,754 | 1983 | 5-40 yrs. | |||||||||||||||||||||||||||||
1381 Old Mill Circle | Office | Piedmont Triad | 680 | 3,572 | (217 | ) | (963 | ) | 463 | 2,609 | 3,072 | 1,317 | 1989 | 5-40 yrs. | |||||||||||||||||||||||||||||
1399 Ashleybrook Lane | Office | Piedmont Triad | 376 | 1,655 | (123 | ) | (337 | ) | 253 | 1,318 | 1,571 | 667 | 1989 | 5-40 yrs. | |||||||||||||||||||||||||||||
7800 Thorndike Road | Office | Piedmont Triad | 1,041 | 5,892 | — | 1,429 | 1,041 | 7,321 | 8,362 | 2,812 | 1989 | 5-40 yrs. | |||||||||||||||||||||||||||||||
651 Brigham Road | Industrial | Piedmont Triad | 453 | — | 360 | 2,900 | 813 | 2,900 | 3,713 | 896 | 2002 | 5-40 yrs. | |||||||||||||||||||||||||||||||
657 Brigham Road | Industrial | Piedmont Triad | 2,733 | — | 881 | 11,097 | 3,614 | 11,097 | 14,711 | 1,924 | 2006 | 5-40 yrs. | |||||||||||||||||||||||||||||||
653 Brigham Road | Industrial | Piedmont Triad | 814 | — | — | 3,587 | 814 | 3,587 | 4,401 | 454 | 2007 | 5-40 yrs. | |||||||||||||||||||||||||||||||
2000 Frontis Plaza Boulevard | Office | Piedmont Triad | 329 | 1,867 | — | 767 | 329 | 2,634 | 2,963 | 1,227 | 1985 | 5-40 yrs. | |||||||||||||||||||||||||||||||
1501 Highwoods Boulevard | Office | Piedmont Triad | 1,476 | — | — | 7,848 | 1,476 | 7,848 | 9,324 | 2,126 | 2001 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Jefferson Pilot - Land | Office | Piedmont Triad | 11,759 | — | (4,311 | ) | — | 7,448 | — | 7,448 | — | N/A | N/A | ||||||||||||||||||||||||||||||
4200 Tudor Lane | Industrial | Piedmont Triad | 515 | — | 383 | 2,352 | 898 | 2,352 | 3,250 | 988 | 1996 | 5-40 yrs. | |||||||||||||||||||||||||||||||
4224 Tudor Lane | Industrial | Piedmont Triad | 435 | — | 288 | 1,838 | 723 | 1,838 | 2,561 | 724 | 1996 | 5-40 yrs. | |||||||||||||||||||||||||||||||
7023 Albert Pick Road | Office | Piedmont Triad | 834 | 3,459 | — | 500 | 834 | 3,959 | 4,793 | 1,706 | 1989 | 5-40 yrs. | |||||||||||||||||||||||||||||||
380 Knollwood Street - Retail | Office | Piedmont Triad | — | 1 | — | 227 | — | 228 | 228 | 117 | 1995 | 5-40 yrs. |
HIGHWOODS PROPERTIES, INC. HIGHWOODS REALTY LIMITED PARTNERSHIP SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) | |||||||||||||||||||||||||||||||||||||||||||
Initial Costs | Costs Capitalized Subsequent to Acquisition | Gross Value at Close of Period | |||||||||||||||||||||||||||||||||||||||||
Description | Segment Type | City | 2012 Encumbrance | Land | Bldg & Improv | Land | Bldg & Improv | Land | Bldg & Improv | Total Assets | Accumulated Depreciation | Date of Construction | Life on Which Depreciation is Calculated | ||||||||||||||||||||||||||||||
370 Knollwood Street | Office | Piedmont Triad | 1,826 | 7,495 | — | 2,627 | 1,826 | 10,122 | 11,948 | 3,716 | 1994 | 5-40 yrs. | |||||||||||||||||||||||||||||||
380 Knollwood Street | Office | Piedmont Triad | 2,989 | 12,028 | — | 2,902 | 2,989 | 14,930 | 17,919 | 6,580 | 1990 | 5-40 yrs. | |||||||||||||||||||||||||||||||
799 Hanes Mall Boulevard | Office | Piedmont Triad | 1,450 | 11,375 | — | 1,005 | 1,450 | 12,380 | 13,830 | 4,924 | 1970-1987 | 5-40 yrs. | |||||||||||||||||||||||||||||||
3901 Westpoint Boulevard | Office | Piedmont Triad | 347 | 1,389 | — | 97 | 347 | 1,486 | 1,833 | 653 | 1990 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Church St Medical Center I | Office | Piedmont Triad | 7,764 | 2,734 | 9,129 | — | — | 2,734 | 9,129 | 11,863 | 91 | 2003 | 5-40 yrs. | ||||||||||||||||||||||||||||||
Church St Medical Center II | Office | Piedmont Triad | 2,376 | 5,451 | — | 3 | 2,376 | 5,454 | 7,830 | 125 | 2007 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Church St Medical Center III | Office | Piedmont Triad | 925 | 4,551 | — | 76 | 925 | 4,627 | 5,552 | 91 | 2008 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Pittsburgh, PA | |||||||||||||||||||||||||||||||||||||||||||
One PPG Place | Office | Pittsburgh | (4) | 9,819 | 107,643 | — | 11,751 | 9,819 | 119,394 | 129,213 | 5,274 | 1983-1985 | 5-40 yrs. | ||||||||||||||||||||||||||||||
Two PPG Place-Office | Office | Pittsburgh | (4) | 2,302 | 10,863 | — | 376 | 2,302 | 11,239 | 13,541 | 520 | 1983-1985 | 5-40 yrs. | ||||||||||||||||||||||||||||||
Two PPG Place-Retail | Office | Pittsburgh | (4) | — | 115 | — | 150 | — | 265 | 265 | 28 | 1983-1985 | 5-40 yrs. | ||||||||||||||||||||||||||||||
Three PPG Place | Office | Pittsburgh | (4) | 501 | 2,923 | — | 556 | 501 | 3,479 | 3,980 | 152 | 1983-1985 | 5-40 yrs. | ||||||||||||||||||||||||||||||
Four PPG Place | Office | Pittsburgh | (4) | 620 | 3,239 | — | 689 | 620 | 3,928 | 4,548 | 154 | 1983-1985 | 5-40 yrs. | ||||||||||||||||||||||||||||||
Five PPG Place | Office | Pittsburgh | (4) | 803 | 4,924 | — | 1,149 | 803 | 6,073 | 6,876 | 310 | 1983-1985 | 5-40 yrs. | ||||||||||||||||||||||||||||||
Six PPG Place | Office | Pittsburgh | (4) | 3,353 | 25,602 | — | 2,744 | 3,353 | 28,346 | 31,699 | 1,698 | 1983-1985 | 5-40 yrs. | ||||||||||||||||||||||||||||||
EQT Plaza | Office | Pittsburgh | — | 83,812 | — | — | — | 83,812 | 83,812 | 282 | 1987 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Raleigh, NC | |||||||||||||||||||||||||||||||||||||||||||
3600 Glenwood Avenue | Office | Raleigh | — | 10,994 | — | 4,581 | — | 15,575 | 15,575 | 5,441 | 1986 | 5-40 yrs. | |||||||||||||||||||||||||||||||
3737 Glenwood Avenue | Office | Raleigh | — | — | 318 | 15,347 | 318 | 15,347 | 15,665 | 4,822 | 1999 | 5-40 yrs. | |||||||||||||||||||||||||||||||
4101 Research Commons | Office | Raleigh | 1,348 | 8,346 | 220 | (2,109 | ) | 1,568 | 6,237 | 7,805 | 2,026 | 1999 | 5-40 yrs. | ||||||||||||||||||||||||||||||
4201 Research Commons | Office | Raleigh | 1,204 | 11,858 | — | (1,284 | ) | 1,204 | 10,574 | 11,778 | 4,029 | 1991 | 5-40 yrs. | ||||||||||||||||||||||||||||||
4301 Research Commons | Office | Raleigh | 900 | 8,237 | — | 534 | 900 | 8,771 | 9,671 | 3,853 | 1989 | 5-40 yrs. | |||||||||||||||||||||||||||||||
4401 Research Commons | Office | Raleigh | 1,249 | 9,387 | — | 2,007 | 1,249 | 11,394 | 12,643 | 4,988 | 1987 | 5-40 yrs. | |||||||||||||||||||||||||||||||
4501 Research Commons | Office | Raleigh | 785 | 5,856 | — | 1,780 | 785 | 7,636 | 8,421 | 3,854 | 1985 | 5-40 yrs. | |||||||||||||||||||||||||||||||
4800 North Park | Office | Raleigh | 2,678 | 17,630 | — | 7,493 | 2,678 | 25,123 | 27,801 | 11,333 | 1985 | 5-40 yrs. | |||||||||||||||||||||||||||||||
4900 North Park | Office | Raleigh | 87 | 770 | 1,983 | — | 1,275 | 770 | 3,258 | 4,028 | 1,373 | 1984 | 5-40 yrs. | ||||||||||||||||||||||||||||||
5000 North Park | Office | Raleigh | 1,010 | 4,612 | (49 | ) | 2,423 | 961 | 7,035 | 7,996 | 3,546 | 1980 | 5-40 yrs. |
HIGHWOODS PROPERTIES, INC. HIGHWOODS REALTY LIMITED PARTNERSHIP SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) | |||||||||||||||||||||||||||||||||||||||||||
Initial Costs | Costs Capitalized Subsequent to Acquisition | Gross Value at Close of Period | |||||||||||||||||||||||||||||||||||||||||
Description | Segment Type | City | 2012 Encumbrance | Land | Bldg & Improv | Land | Bldg & Improv | Land | Bldg & Improv | Total Assets | Accumulated Depreciation | Date of Construction | Life on Which Depreciation is Calculated | ||||||||||||||||||||||||||||||
801 Raleigh Corporate Center | Office | Raleigh | (3) | 828 | — | 272 | 9,565 | 1,100 | 9,565 | 10,665 | 2,700 | 2002 | 5-40 yrs. | ||||||||||||||||||||||||||||||
Blue Ridge I | Office | Raleigh | 722 | 4,606 | — | 1,082 | 722 | 5,688 | 6,410 | 2,705 | 1982 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Blue Ridge II | Office | Raleigh | 462 | 1,410 | — | 494 | 462 | 1,904 | 2,366 | 1,091 | 1988 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Cape Fear | Office | Raleigh | 131 | 1,630 | — | 770 | 131 | 2,400 | 2,531 | 2,224 | 1979 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Catawba | Office | Raleigh | 125 | 1,635 | — | 2,390 | 125 | 4,025 | 4,150 | 2,975 | 1980 | 5-40 yrs. | |||||||||||||||||||||||||||||||
CentreGreen One | Office | Raleigh | (2) | 1,529 | — | (378 | ) | 9,400 | 1,151 | 9,400 | 10,551 | 2,677 | 2000 | 5-40 yrs. | |||||||||||||||||||||||||||||
CentreGreen Two | Office | Raleigh | (2) | 1,653 | — | (389 | ) | 8,885 | 1,264 | 8,885 | 10,149 | 2,655 | 2001 | 5-40 yrs. | |||||||||||||||||||||||||||||
CentreGreen Three - Land | Office | Raleigh | 1,876 | — | (384 | ) | — | 1,492 | — | 1,492 | — | N/A | N/A | ||||||||||||||||||||||||||||||
CentreGreen Four | Office | Raleigh | (2) | 1,779 | — | (397 | ) | 11,127 | 1,382 | 11,127 | 12,509 | 3,984 | 2002 | 5-40 yrs. | |||||||||||||||||||||||||||||
CentreGreen Five | Office | Raleigh | 1,280 | — | 69 | 12,781 | 1,349 | 12,781 | 14,130 | 2,428 | 2008 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Cottonwood | Office | Raleigh | 609 | 3,244 | — | 434 | 609 | 3,678 | 4,287 | 1,728 | 1983 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Dogwood | Office | Raleigh | 766 | 2,769 | — | 524 | 766 | 3,293 | 4,059 | 1,656 | 1983 | 5-40 yrs. | |||||||||||||||||||||||||||||||
EPA | Office | Raleigh | 2,597 | — | — | 1,670 | 2,597 | 1,670 | 4,267 | 949 | 2003 | 5-40 yrs. | |||||||||||||||||||||||||||||||
GlenLake - Land | Office | Raleigh | 13,003 | — | (6,096 | ) | 114 | 6,907 | 114 | 7,021 | 33 | N/A | N/A | ||||||||||||||||||||||||||||||
GlenLake One | Office | Raleigh | (2) | 924 | — | 1,324 | 21,914 | 2,248 | 21,914 | 24,162 | 6,652 | 2002 | 5-40 yrs. | ||||||||||||||||||||||||||||||
GlenLake Four | Office | Raleigh | (3) | 1,659 | — | 493 | 21,920 | 2,152 | 21,920 | 24,072 | 4,717 | 2006 | 5-40 yrs. | ||||||||||||||||||||||||||||||
GlenLake Six | Office | Raleigh | 941 | — | 737 | 22,186 | 1,678 | 22,186 | 23,864 | 3,557 | 2008 | 5-40 yrs. | |||||||||||||||||||||||||||||||
701 Raleigh Corporate Center | Office | Raleigh | (3) | 1,304 | — | 540 | 13,812 | 1,844 | 13,812 | 15,656 | 5,570 | 1996 | 5-40 yrs. | ||||||||||||||||||||||||||||||
Highwoods Centre | Office | Raleigh | 531 | — | (267 | ) | 7,553 | 264 | 7,553 | 7,817 | 2,918 | 1998 | 5-40 yrs. | ||||||||||||||||||||||||||||||
Highwoods Office Center North - Land | Office | Raleigh | 357 | 49 | — | — | 357 | 49 | 406 | 31 | N/A | N/A | |||||||||||||||||||||||||||||||
Highwoods Tower One | Office | Raleigh | 203 | 16,744 | — | 3,377 | 203 | 20,121 | 20,324 | 10,313 | 1991 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Highwoods Tower Two | Office | Raleigh | 365 | — | 503 | 21,362 | 868 | 21,362 | 22,230 | 6,114 | 2001 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Inveresk Parcel 2 - Land | Office | Raleigh | 657 | — | 197 | — | 854 | — | 854 | — | N/A | N/A | |||||||||||||||||||||||||||||||
Inveresk Parcel 3 - Land | Office | Raleigh | 548 | — | 306 | — | 854 | — | 854 | — | N/A | N/A | |||||||||||||||||||||||||||||||
Lake Boone Medical Center | Office | Raleigh | 1,450 | 6,311 | — | 257 | 1,450 | 6,568 | 8,018 | 527 | 1998 | 5-40 yrs. | |||||||||||||||||||||||||||||||
4620 Creekstone Drive | Office | Raleigh | 149 | — | 107 | 3,153 | 256 | 3,153 | 3,409 | 982 | 2001 | 5-40 yrs. | |||||||||||||||||||||||||||||||
4825 Creekstone Drive | Office | Raleigh | 398 | — | 293 | 9,282 | 691 | 9,282 | 9,973 | 3,131 | 1999 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Pamlico | Office | Raleigh | 289 | — | — | 14,825 | 289 | 14,825 | 15,114 | 9,943 | 1980 | 5-40 yrs. | |||||||||||||||||||||||||||||||
ParkWest One | Office | Raleigh | 242 | — | — | 3,315 | 242 | 3,315 | 3,557 | 946 | 2001 | 5-40 yrs. | |||||||||||||||||||||||||||||||
ParkWest Two | Office | Raleigh | 356 | — | — | 4,099 | 356 | 4,099 | 4,455 | 1,574 | 2001 | 5-40 yrs. | |||||||||||||||||||||||||||||||
ParkWest Three - Land - Weston | Office | Raleigh | 306 | — | — | — | 306 | — | 306 | — | N/A | 5-40 yrs. |
HIGHWOODS PROPERTIES, INC. HIGHWOODS REALTY LIMITED PARTNERSHIP SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) | |||||||||||||||||||||||||||||||||||||||||||
Initial Costs | Costs Capitalized Subsequent to Acquisition | Gross Value at Close of Period | |||||||||||||||||||||||||||||||||||||||||
Description | Segment Type | City | 2012 Encumbrance | Land | Bldg & Improv | Land | Bldg & Improv | Land | Bldg & Improv | Total Assets | Accumulated Depreciation | Date of Construction | Life on Which Depreciation is Calculated | ||||||||||||||||||||||||||||||
Progress Center Renovation | Office | Raleigh | — | — | — | 362 | — | 362 | 362 | 215 | 2003 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Raleigh Corp Center Lot D | Office | Raleigh | 1,211 | — | 8 | — | 1,219 | — | 1,219 | — | N/A | N/A | |||||||||||||||||||||||||||||||
PNC Plaza | Office | Raleigh | 45,662 | 1,206 | — | — | 71,553 | 1,206 | 71,553 | 72,759 | 9,831 | 2008 | 5-40 yrs. | ||||||||||||||||||||||||||||||
Rexwoods Center I | Office | Raleigh | 878 | 3,730 | — | 1,224 | 878 | 4,954 | 5,832 | 2,798 | 1990 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Rexwoods Center II | Office | Raleigh | 362 | 1,818 | — | 1,001 | 362 | 2,819 | 3,181 | 930 | 1993 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Rexwoods Center III | Office | Raleigh | 919 | 2,816 | — | 751 | 919 | 3,567 | 4,486 | 1,889 | 1992 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Rexwoods Center IV | Office | Raleigh | 586 | — | — | 3,888 | 586 | 3,888 | 4,474 | 1,574 | 1995 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Rexwoods Center V | Office | Raleigh | 1,301 | — | 184 | 5,241 | 1,485 | 5,241 | 6,726 | 1,942 | 1998 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Riverbirch | Office | Raleigh | 469 | 4,038 | 23 | 6,409 | 492 | 10,447 | 10,939 | 599 | 1987 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Situs I | Office | Raleigh | 692 | 4,646 | 178 | (1,189 | ) | 870 | 3,457 | 4,327 | 1,334 | 1996 | 5-40 yrs. | ||||||||||||||||||||||||||||||
Situs II | Office | Raleigh | 718 | 6,254 | 181 | (1,081 | ) | 899 | 5,173 | 6,072 | 1,857 | 1998 | 5-40 yrs. | ||||||||||||||||||||||||||||||
Situs III | Office | Raleigh | 440 | 4,078 | 119 | (1,008 | ) | 559 | 3,070 | 3,629 | 1,025 | 2000 | 5-40 yrs. | ||||||||||||||||||||||||||||||
Six Forks Center I | Office | Raleigh | 666 | 2,665 | — | 1,268 | 666 | 3,933 | 4,599 | 1,774 | 1982 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Six Forks Center II | Office | Raleigh | 1,086 | 4,533 | — | 1,582 | 1,086 | 6,115 | 7,201 | 2,803 | 1983 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Six Forks Center III | Office | Raleigh | 862 | 4,411 | — | 1,897 | 862 | 6,308 | 7,170 | 2,956 | 1987 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Smoketree Tower | Office | Raleigh | 2,353 | 11,743 | — | 4,245 | 2,353 | 15,988 | 18,341 | 7,083 | 1984 | 5-40 yrs. | |||||||||||||||||||||||||||||||
4601 Creekstone Drive | Office | Raleigh | 255 | — | 217 | 5,184 | 472 | 5,184 | 5,656 | 1,945 | 1997 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Weston - Land | Office | Raleigh | 22,771 | — | (8,938 | ) | — | 13,833 | — | 13,833 | — | N/A | N/A | ||||||||||||||||||||||||||||||
4625 Creekstone Drive | Office | Raleigh | 458 | — | 268 | 5,142 | 726 | 5,142 | 5,868 | 2,200 | 1995 | 5-40 yrs. | |||||||||||||||||||||||||||||||
11000 Weston Parkway | Office | Raleigh | 2,651 | 18,850 | — | 233 | 2,651 | 19,083 | 21,734 | 572 | 1998 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Other Property | Other | Raleigh | 24,976 | 9,495 | (23,151 | ) | 4,574 | 1,825 | 14,069 | 15,894 | 7,467 | N/A | N/A | ||||||||||||||||||||||||||||||
Richmond, VA | |||||||||||||||||||||||||||||||||||||||||||
4900 Cox Road | Office | Richmond | 1,324 | 5,311 | — | 3,006 | 1,324 | 8,317 | 9,641 | 3,605 | 1991 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Colonnade Building | Office | Richmond | (2) | 1,364 | 6,105 | — | 722 | 1,364 | 6,827 | 8,191 | 1,967 | 2003 | 5-40 yrs. | ||||||||||||||||||||||||||||||
Dominion Place - Pitts Parcel - Land | Office | Richmond | 1,101 | — | (189 | ) | — | 912 | — | 912 | — | N/A | N/A | ||||||||||||||||||||||||||||||
Markel 4521 | Office | Richmond | 10,142 | 1,581 | 13,299 | — | (1,746 | ) | 1,581 | 11,553 | 13,134 | 3,683 | 1999 | 5-40 yrs. | |||||||||||||||||||||||||||||
Grove Park I | Office | Richmond | 713 | — | 319 | 5,230 | 1,032 | 5,230 | 6,262 | 1,974 | 1997 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Hamilton Beach/Proctor-Silex | Office | Richmond | 1,086 | 4,345 | — | 2,025 | 1,086 | 6,370 | 7,456 | 3,028 | 1986 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Highwoods Commons | Office | Richmond | 521 | — | 446 | 3,343 | 967 | 3,343 | 4,310 | 1,133 | 1999 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Highwoods One | Office | Richmond | 1,688 | — | — | 11,014 | 1,688 | 11,014 | 12,702 | 4,249 | 1996 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Highwoods Two | Office | Richmond | (2) | 786 | — | 213 | 6,070 | 999 | 6,070 | 7,069 | 2,370 | 1997 | 5-40 yrs. |
HIGHWOODS PROPERTIES, INC. HIGHWOODS REALTY LIMITED PARTNERSHIP SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) | |||||||||||||||||||||||||||||||||||||||||||
Initial Costs | Costs Capitalized Subsequent to Acquisition | Gross Value at Close of Period | |||||||||||||||||||||||||||||||||||||||||
Description | Segment Type | City | 2012 Encumbrance | Land | Bldg & Improv | Land | Bldg & Improv | Land | Bldg & Improv | Total Assets | Accumulated Depreciation | Date of Construction | Life on Which Depreciation is Calculated | ||||||||||||||||||||||||||||||
Highwoods Five | Office | Richmond | 783 | — | — | 5,339 | 783 | 5,339 | 6,122 | 1,961 | 1998 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Highwoods Plaza | Office | Richmond | 909 | — | 176 | 5,719 | 1,085 | 5,719 | 6,804 | 1,785 | 2000 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Markel 4551 | Office | Richmond | 4,809 | 1,300 | 6,958 | (144 | ) | (414 | ) | 1,156 | 6,544 | 7,700 | 1,475 | 1987 | 5-40 yrs. | ||||||||||||||||||||||||||||
Innslake Center | Office | Richmond | 845 | — | 195 | 5,396 | 1,040 | 5,396 | 6,436 | 1,521 | 2001 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Highwoods Centre | Office | Richmond | 1,205 | 4,825 | — | 1,098 | 1,205 | 5,923 | 7,128 | 2,374 | 1990 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Markel 4501 | Office | Richmond | 7,992 | 1,300 | 13,259 | 72 | (4,410 | ) | 1,372 | 8,849 | 10,221 | 2,013 | 1998 | 5-40 yrs. | |||||||||||||||||||||||||||||
Markel 4600 | Office | Richmond | 10,142 | 1,700 | 17,081 | (386 | ) | (5,389 | ) | 1,314 | 11,692 | 13,006 | 2,617 | 1989 | 5-40 yrs. | ||||||||||||||||||||||||||||
North Park | Office | Richmond | 2,163 | 8,659 | (14 | ) | 1,846 | 2,149 | 10,505 | 12,654 | 4,849 | 1989 | 5-40 yrs. | ||||||||||||||||||||||||||||||
North Shore Commons I | Office | Richmond | (2) | 951 | — | — | 11,361 | 951 | 11,361 | 12,312 | 3,189 | 2002 | 5-40 yrs. | ||||||||||||||||||||||||||||||
North Shore Commons II | Office | Richmond | (2) | 2,067 | — | (103 | ) | 11,075 | 1,964 | 11,075 | 13,039 | 2,215 | 2007 | 5-40 yrs. | |||||||||||||||||||||||||||||
North Shore Commons C - Land | Office | Richmond | 1,497 | — | — | — | 1,497 | — | 1,497 | — | N/A | N/A | |||||||||||||||||||||||||||||||
North Shore Commons D - Land | Office | Richmond | 1,261 | — | — | — | 1,261 | — | 1,261 | — | N/A | N/A | |||||||||||||||||||||||||||||||
Nucklos Corner Land | Office | Richmond | 1,259 | — | — | — | 1,259 | — | 1,259 | — | N/A | N/A | |||||||||||||||||||||||||||||||
One Shockoe Plaza | Office | Richmond | — | — | 356 | 15,164 | 356 | 15,164 | 15,520 | 6,684 | 1996 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Pavilion Land | Office | Richmond | 181 | 46 | 20 | (46 | ) | 201 | — | 201 | — | N/A | N/A | ||||||||||||||||||||||||||||||
Lake Brook Commons | Office | Richmond | 1,600 | 8,864 | — | 2,063 | 1,600 | 10,927 | 12,527 | 1,332 | 1996 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Sadler & Cox Land | Office | Richmond | 1,535 | — | — | — | 1,535 | — | 1,535 | — | N/A | N/A | |||||||||||||||||||||||||||||||
4840 Cox Road | Office | Richmond | (2) | 1,918 | — | 337 | 13,550 | 2,255 | 13,550 | 15,805 | 4,075 | 2005 | 5-40 yrs. | ||||||||||||||||||||||||||||||
Stony Point F Land | Office | Richmond | 1,841 | — | — | — | 1,841 | — | 1,841 | — | N/A | N/A | |||||||||||||||||||||||||||||||
Stony Point I | Office | Richmond | (2) | 1,384 | 11,630 | 59 | 2,480 | 1,443 | 14,110 | 15,553 | 5,268 | 1990 | 5-40 yrs. | ||||||||||||||||||||||||||||||
Stony Point II | Office | Richmond | 1,240 | — | — | 11,826 | 1,240 | 11,826 | 13,066 | 3,896 | 1999 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Stony Point III | Office | Richmond | (2) | 995 | — | — | 9,270 | 995 | 9,270 | 10,265 | 2,738 | 2002 | 5-40 yrs. | ||||||||||||||||||||||||||||||
Stony Point IV | Office | Richmond | 955 | — | — | 11,459 | 955 | 11,459 | 12,414 | 2,868 | 2006 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Technology Park I | Office | Richmond | 541 | 2,166 | — | 363 | 541 | 2,529 | 3,070 | 1,054 | 1991 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Technology Park II | Office | Richmond | 264 | 1,058 | — | 109 | 264 | 1,167 | 1,431 | 507 | 1991 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Vantage Place-A | Office | Richmond | (2) | 203 | 811 | — | 168 | 203 | 979 | 1,182 | 449 | 1987 | 5-40 yrs. | ||||||||||||||||||||||||||||||
Vantage Place-B | Office | Richmond | (2) | 233 | 931 | — | 254 | 233 | 1,185 | 1,418 | 513 | 1988 | 5-40 yrs. | ||||||||||||||||||||||||||||||
Vantage Place-C | Office | Richmond | (2) | 235 | 940 | — | 282 | 235 | 1,222 | 1,457 | 542 | 1987 | 5-40 yrs. | ||||||||||||||||||||||||||||||
Vantage Place-D | Office | Richmond | (2) | 218 | 873 | — | 283 | 218 | 1,156 | 1,374 | 515 | 1988 | 5-40 yrs. | ||||||||||||||||||||||||||||||
Vantage Pointe | Office | Richmond | (2) | 1,089 | 4,500 | — | 1,279 | 1,089 | 5,779 | 6,868 | 2,547 | 1990 | 5-40 yrs. | ||||||||||||||||||||||||||||||
Virginia Mutual | Office | Richmond | 1,301 | 6,036 | — | 709 | 1,301 | 6,745 | 8,046 | 2,137 | 1996 | 5-40 yrs. |
HIGHWOODS PROPERTIES, INC. HIGHWOODS REALTY LIMITED PARTNERSHIP SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) | |||||||||||||||||||||||||||||||||||||||||||
Initial Costs | Costs Capitalized Subsequent to Acquisition | Gross Value at Close of Period | |||||||||||||||||||||||||||||||||||||||||
Description | Segment Type | City | 2012 Encumbrance | Land | Bldg & Improv | Land | Bldg & Improv | Land | Bldg & Improv | Total Assets | Accumulated Depreciation | Date of Construction | Life on Which Depreciation is Calculated | ||||||||||||||||||||||||||||||
Waterfront Plaza | Office | Richmond | 585 | 2,347 | — | 1,180 | 585 | 3,527 | 4,112 | 1,572 | 1988 | 5-40 yrs. | |||||||||||||||||||||||||||||||
West Shore I | Office | Richmond | 332 | 1,431 | — | 195 | 332 | 1,626 | 1,958 | 668 | 1995 | 5-40 yrs. | |||||||||||||||||||||||||||||||
West Shore II | Office | Richmond | 489 | 2,181 | — | 593 | 489 | 2,774 | 3,263 | 1,096 | 1995 | 5-40 yrs. | |||||||||||||||||||||||||||||||
West Shore III | Office | Richmond | 961 | — | 141 | 4,295 | 1,102 | 4,295 | 5,397 | 1,505 | 1997 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Tampa, FL | |||||||||||||||||||||||||||||||||||||||||||
380 Park Place | Office | Tampa | 1,502 | — | 240 | 6,946 | 1,742 | 6,946 | 8,688 | 2,059 | 2001 | 5-40 yrs. | |||||||||||||||||||||||||||||||
4200 Cypress | Office | Tampa | 2,673 | 16,470 | — | 897 | 2,673 | 17,367 | 20,040 | 2,425 | 1989 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Anchor Plaza | Office | Tampa | 1,281 | 11,318 | — | 1,241 | 1,281 | 12,559 | 13,840 | 4,773 | 1988 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Avion Park - Land | Office | Tampa | 5,237 | — | — | 1,487 | 5,237 | 1,487 | 6,724 | 158 | N/A | N/A | |||||||||||||||||||||||||||||||
Bayshore Place | Office | Tampa | 2,276 | 11,817 | — | 1,244 | 2,276 | 13,061 | 15,337 | 4,960 | 1990 | 5-40 yrs. | |||||||||||||||||||||||||||||||
General Services Administration | Office | Tampa | (3) | 4,054 | — | 406 | 27,273 | 4,460 | 27,273 | 31,733 | 6,330 | 2005 | 5-40 yrs. | ||||||||||||||||||||||||||||||
Feather Sound Corporate Ctr II | Office | Tampa | 802 | 7,463 | (802 | ) | (7,463 | ) | — | — | — | — | 1986 | 5-40 yrs. | |||||||||||||||||||||||||||||
Harborview Plaza | Office | Tampa | 3,537 | 29,944 | 969 | (5,138 | ) | 4,506 | 24,806 | 29,312 | 6,143 | 2001 | 5-40 yrs. | ||||||||||||||||||||||||||||||
Highwoods Preserve Building I | Office | Tampa | (3) | 991 | — | — | 22,216 | 991 | 22,216 | 23,207 | 7,350 | 1999 | 5-40 yrs. | ||||||||||||||||||||||||||||||
Highwoods Preserve - Land | Office | Tampa | 1,485 | — | 485 | — | 1,970 | — | 1,970 | — | N/A | N/A | |||||||||||||||||||||||||||||||
Highwoods Preserve Building V | Office | Tampa | (3) | 881 | — | — | 27,282 | 881 | 27,282 | 28,163 | 10,195 | 2001 | 5-40 yrs. | ||||||||||||||||||||||||||||||
Highwoods Bay Center I | Office | Tampa | 3,565 | — | (64 | ) | 37,754 | 3,501 | 37,754 | 41,255 | 7,307 | 2007 | 5-40 yrs. | ||||||||||||||||||||||||||||||
HIW Bay Center II - Land | Office | Tampa | 3,482 | — | — | — | 3,482 | — | 3,482 | — | N/A | N/A | |||||||||||||||||||||||||||||||
Highwoods Preserve Building VII | Office | Tampa | 790 | — | — | 12,498 | 790 | 12,498 | 13,288 | 1,781 | 2007 | 5-40 yrs. | |||||||||||||||||||||||||||||||
HIW Preserve VII Garage | Office | Tampa | — | — | — | 6,789 | — | 6,789 | 6,789 | 1,004 | 2007 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Horizon | Office | Tampa | — | 6,257 | — | 2,724 | — | 8,981 | 8,981 | 3,850 | 1980 | 5-40 yrs. | |||||||||||||||||||||||||||||||
LakePointe One | Office | Tampa | 2,106 | 89 | — | 36,297 | 2,106 | 36,386 | 38,492 | 13,845 | 1986 | 5-40 yrs. | |||||||||||||||||||||||||||||||
LakePointe Two | Office | Tampa | 2,000 | 15,848 | 672 | 7,803 | 2,672 | 23,651 | 26,323 | 7,974 | 1999 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Lakeside | Office | Tampa | — | 7,369 | — | 965 | — | 8,334 | 8,334 | 3,172 | 1978 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Lakeside/Parkside Garage | Office | Tampa | — | — | — | 3,571 | — | 3,571 | 3,571 | 658 | 2004 | 5-40 yrs. | |||||||||||||||||||||||||||||||
One Harbour Place | Office | Tampa | 2,016 | 25,252 | — | 6,730 | 2,016 | 31,982 | 33,998 | 10,983 | 1985 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Parkside | Office | Tampa | — | 9,407 | — | 3,502 | — | 12,909 | 12,909 | 5,864 | 1979 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Pavilion | Office | Tampa | — | 16,394 | — | 3,209 | — | 19,603 | 19,603 | 7,501 | 1982 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Pavilion Parking Garage | Office | Tampa | — | — | — | 5,689 | — | 5,689 | 5,689 | 1,851 | 1999 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Spectrum | Office | Tampa | 1,454 | 14,502 | — | 5,261 | 1,454 | 19,763 | 21,217 | 7,447 | 1984 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Tower Place | Office | Tampa | (3) | 3,218 | 19,898 | — | 2,764 | 3,218 | 22,662 | 25,880 | 9,467 | 1988 | 5-40 yrs. |
HIGHWOODS PROPERTIES, INC. HIGHWOODS REALTY LIMITED PARTNERSHIP SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) | |||||||||||||||||||||||||||||||||||||||||||
Initial Costs | Costs Capitalized Subsequent to Acquisition | Gross Value at Close of Period | |||||||||||||||||||||||||||||||||||||||||
Description | Segment Type | City | 2012 Encumbrance | Land | Bldg & Improv | Land | Bldg & Improv | Land | Bldg & Improv | Total Assets | Accumulated Depreciation | Date of Construction | Life on Which Depreciation is Calculated | ||||||||||||||||||||||||||||||
Westshore Square | Office | Tampa | 1,126 | 5,186 | — | 1,641 | 1,126 | 6,827 | 7,953 | 2,258 | 1976 | 5-40 yrs. | |||||||||||||||||||||||||||||||
Independence Park - Land | Office | Tampa | 4,943 | — | — | — | 4,943 | — | 4,943 | — | N/A | N/A | |||||||||||||||||||||||||||||||
Independence Park I | Office | Tampa | 2,531 | 4,526 | — | 4,716 | 2,531 | 9,242 | 11,773 | 561 | 1983 | 5-40 yrs. | |||||||||||||||||||||||||||||||
533,198 | 1,809,760 | (41,202 | ) | 1,494,708 | 491,996 | 3,304,468 | 3,796,464 | 947,567 |
(1) | These assets are pledged as collateral for a $67,604,000 first mortgage loan. |
(2) | These assets are pledged as collateral for a $116,977,000 first mortgage loan. |
(3) | These assets are pledged as collateral for a $110,671,000 first mortgage loan. |
(4) | These assets are pledged as collateral for a $120,924,000 first mortgage loan. |
|
|
Total Purchase Price Allocation | |||
Real estate assets | $ | 135,128 | |
Acquisition-related intangible assets (in deferred financing and leasing costs) | 21,637 | ||
Acquisition-related below market lease liabilities (in accounts payable, accrued expenses and other liabilities) | (11,875 | ) | |
Total allocation | $ | 144,890 |
Year Ended December 31, | |||||||
2012 | 2011 | ||||||
(unaudited) | |||||||
Pro forma rental and other revenues | $ | 530,613 | $ | 479,908 | |||
Pro forma net income | $ | 84,135 | $ | 44,817 | |||
Pro forma earnings per share - basic | $ | 1.02 | $ | 0.49 | |||
Pro forma earnings per share - diluted | $ | 1.01 | $ | 0.49 |
Total Purchase Price Allocation | |||
Real estate assets | $ | 241,602 | |
Acquisition-related intangible assets (in deferred financing and leasing costs) | 39,721 | ||
Furniture, fixtures and equipment (in prepaid expenses and other assets) | 1,101 | ||
Acquisition-related below market lease liabilities (in accounts payable, accrued expenses and other liabilities) | (15,627 | ) | |
Total allocation | $ | 266,797 |
Year Ended December 31, | |||||||
2011 | 2010 | ||||||
(unaudited) | |||||||
Pro forma rental and other revenues | $ | 505,072 | $ | 491,573 | |||
Pro forma net income | $ | 45,674 | $ | 65,409 | |||
Pro forma earnings per share - basic | $ | 0.50 | $ | 0.77 | |||
Pro forma earnings per share - diluted | $ | 0.50 | $ | 0.77 |
Total Purchase Price Allocation | |||
Real estate assets | $ | 135,128 | |
Acquisition-related intangible assets (in deferred financing and leasing costs) | 21,637 | ||
Acquisition-related below market lease liabilities (in accounts payable, accrued expenses and other liabilities) | (11,875 | ) | |
Total allocation | $ | 144,890 |
Year Ended December 31, | |||||||
2012 | 2011 | ||||||
(unaudited) | |||||||
Pro forma rental and other revenues | $ | 530,613 | $ | 479,908 | |||
Pro forma net income | $ | 84,195 | $ | 44,878 | |||
Pro forma earnings per share - basic | $ | 1.02 | $ | 0.50 | |||
Pro forma earnings per share - diluted | $ | 1.02 | $ | 0.50 |
Total Purchase Price Allocation | |||
Real estate assets | $ | 241,602 | |
Acquisition-related intangible assets (in deferred financing and leasing costs) | 39,721 | ||
Furniture, fixtures and equipment (in prepaid expenses and other assets) | 1,101 | ||
Acquisition-related below market lease liabilities (in accounts payable, accrued expenses and other liabilities) | (15,627 | ) | |
Total allocation | $ | 266,797 |
Year Ended December 31, | |||||||
2011 | 2010 | ||||||
(unaudited) | |||||||
Pro forma rental and other revenues | $ | 505,072 | $ | 491,573 | |||
Pro forma net income | $ | 38,470 | $ | 58,216 | |||
Pro forma earnings per share - basic | $ | 0.51 | $ | 0.78 | |||
Pro forma earnings per share - diluted | $ | 0.51 | $ | 0.77 |
|
December 31, | |||||||
2012 | 2011 | ||||||
Seller financing (first mortgages) | $ | 15,853 | $ | 17,180 | |||
Less allowance | — | — | |||||
15,853 | 17,180 | ||||||
Mortgage receivable | 8,648 | — | |||||
Less allowance | — | — | |||||
8,648 | — | ||||||
Promissory notes | 1,153 | 1,481 | |||||
Less allowance | (182 | ) | (61 | ) | |||
971 | 1,420 | ||||||
Mortgages and notes receivable, net | $ | 25,472 | $ | 18,600 |
December 31, | |||||||
2012 | 2011 | ||||||
Beginning notes receivable allowance | $ | 61 | $ | 868 | |||
Bad debt expense | 186 | 196 | |||||
Recoveries/write-offs/other | (65 | ) | (1,003 | ) | |||
Total notes receivable allowance | $ | 182 | $ | 61 |
December 31, | |||||||
2012 | 2011 | ||||||
Seller financing (first mortgages) | $ | 15,853 | $ | 17,180 | |||
Less allowance | — | — | |||||
15,853 | 17,180 | ||||||
Mortgage receivable | 8,648 | — | |||||
Less allowance | — | — | |||||
8,648 | — | ||||||
Promissory notes | 1,153 | 1,481 | |||||
Less allowance | (182 | ) | (61 | ) | |||
971 | 1,420 | ||||||
Mortgages and notes receivable, net | $ | 25,472 | $ | 18,600 |
December 31, | |||||||
2012 | 2011 | ||||||
Beginning notes receivable allowance | $ | 61 | $ | 868 | |||
Bad debt expense | 186 | 196 | |||||
Recoveries/write-offs/other | (65 | ) | (1,003 | ) | |||
Total notes receivable allowance | $ | 182 | $ | 61 |
|
Joint Venture | Location of Properties | Ownership Interest | ||
Concourse Center Associates, LLC | Greensboro, NC | 50.0% | ||
Plaza Colonnade, LLC | Kansas City, MO | 50.0% | ||
Lofts at Weston, LLC | Raleigh, NC | 50.0% | ||
Board of Trade Investment Company | Kansas City, MO | 49.0% | ||
Highwoods DLF 97/26 DLF 99/32, LP | Atlanta, GA; Greensboro, NC; Orlando, FL | 42.9% | ||
Highwoods KC Glenridge Office, LLC | Atlanta, GA | 40.0% | ||
Highwoods KC Glenridge Land, LLC | Atlanta, GA | 39.9% | ||
HIW-KC Orlando, LLC | Orlando, FL | 40.0% | ||
Kessinger/Hunter, LLC | Kansas City, MO | 26.5% | ||
Highwoods DLF Forum, LLC | Raleigh, NC | 25.0% | ||
Highwoods DLF 98/29, LLC | Atlanta, GA; Charlotte, NC; Greensboro, NC; Raleigh, NC; Orlando, FL | 22.8% | ||
4600 Madison Associates, LP | Kansas City, MO | 12.5% |
December 31, | |||||||
2012 | 2011 | ||||||
Balance Sheets: | |||||||
Assets: | |||||||
Real estate assets, net | $ | 491,180 | $ | 536,088 | |||
All other assets, net | 113,734 | 96,944 | |||||
Total Assets | $ | 604,914 | $ | 633,032 | |||
Liabilities and Partners’ or Shareholders’ Equity: | |||||||
Mortgages and notes payable (1) | $ | 370,393 | $ | 406,875 | |||
All other liabilities | 24,507 | 21,808 | |||||
Partners’ or shareholders’ equity | 210,014 | 204,349 | |||||
Total Liabilities and Partners’ or Shareholders’ Equity | $ | 604,914 | $ | 633,032 | |||
Our share of historical partners’ or shareholders’ equity | $ | 63,847 | $ | 59,584 | |||
Advances to unconsolidated affiliate | — | 38,323 | |||||
Net excess of cost of investments over the net book value of underlying net assets (2) | 2,953 | 2,460 | |||||
Carrying value of investments in and advances to unconsolidated affiliates | $ | 66,800 | $ | 100,367 | |||
Our share of unconsolidated non-recourse mortgage debt (1) | $ | 137,261 | $ | 146,926 |
(1) | Our share of scheduled future principal payments, including amortization, due on mortgages and notes payable at December 31, 2012 is as follows: |
2013 | $ | 23,458 | |
2014 | 57,163 | ||
2015 | 21,821 | ||
2016 | 1,054 | ||
2017 | 26,452 | ||
Thereafter | 7,313 | ||
$ | 137,261 |
(2) | This amount represents the aggregate difference between our historical cost basis and the basis reflected at the joint venture level, which is typically depreciated over the life of the related asset. |
2013 | $ | 23,458 | |
2014 | 57,163 | ||
2015 | 21,821 | ||
2016 | 1,054 | ||
2017 | 26,452 | ||
Thereafter | 7,313 | ||
$ | 137,261 |
Year Ended December 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Income Statements: | |||||||||||
Rental and other revenues | $ | 101,233 | $ | 100,958 | $ | 119,868 | |||||
Expenses: | |||||||||||
Rental property and other expenses | 47,762 | 44,584 | 56,868 | ||||||||
Depreciation and amortization | 25,253 | 26,430 | 31,401 | ||||||||
Impairments of real estate assets | 7,180 | — | — | ||||||||
Interest expense | 20,953 | 23,762 | 27,956 | ||||||||
Total expenses | 101,148 | 94,776 | 116,225 | ||||||||
Income before disposition of properties | 85 | 6,182 | 3,643 | ||||||||
Gains on disposition of properties | 11,184 | — | — | ||||||||
Net income | $ | 11,269 | $ | 6,182 | $ | 3,643 | |||||
Our share of: | |||||||||||
Depreciation and amortization | $ | 7,736 | $ | 8,388 | $ | 10,471 | |||||
Impairments of real estate assets | $ | 1,002 | $ | — | $ | — | |||||
Interest expense | $ | 7,368 | $ | 8,163 | $ | 10,545 | |||||
Gains on disposition of properties | $ | 1,120 | $ | — | $ | — | |||||
Net income | $ | 3,304 | $ | 2,429 | $ | 1,466 | |||||
Our share of net income | $ | 3,304 | $ | 2,429 | $ | 1,466 | |||||
Adjustment for management and other fees | 1,731 | 2,449 | 2,355 | ||||||||
Equity in earnings of unconsolidated affiliates | $ | 5,035 | $ | 4,878 | $ | 3,821 |
Joint Venture | Location of Properties | Ownership Interest | ||
Concourse Center Associates, LLC | Greensboro, NC | 50.0% | ||
Plaza Colonnade, LLC | Kansas City, MO | 50.0% | ||
Lofts at Weston, LLC | Raleigh, NC | 50.0% | ||
Board of Trade Investment Company | Kansas City, MO | 49.0% | ||
Highwoods DLF 97/26 DLF 99/32, LP | Atlanta, GA; Greensboro, NC; Orlando, FL | 42.9% | ||
Highwoods KC Glenridge Office, LLC | Atlanta, GA | 40.0% | ||
Highwoods KC Glenridge Land, LLC | Atlanta, GA | 39.9% | ||
HIW-KC Orlando, LLC | Orlando, FL | 40.0% | ||
Kessinger/Hunter, LLC | Kansas City, MO | 26.5% | ||
Highwoods DLF Forum, LLC | Raleigh, NC | 25.0% | ||
Highwoods DLF 98/29, LLC | Atlanta, GA; Charlotte, NC; Greensboro, NC; Raleigh, NC; Orlando, FL | 22.8% |
December 31, | |||||||
2012 | 2011 | ||||||
Balance Sheets: | |||||||
Assets: | |||||||
Real estate assets, net | $ | 480,245 | $ | 523,992 | |||
All other assets, net | 112,295 | 95,504 | |||||
Total Assets | $ | 592,540 | $ | 619,496 | |||
Liabilities and Partners’ or Shareholders’ Equity: | |||||||
Mortgages and notes payable (1) | $ | 360,944 | $ | 396,977 | |||
All other liabilities | 23,983 | 21,121 | |||||
Partners’ or shareholders’ equity | 207,613 | 201,398 | |||||
Total Liabilities and Partners’ or Shareholders’ Equity | $ | 592,540 | $ | 619,496 | |||
Our share of historical partners’ or shareholders’ equity | $ | 63,546 | $ | 59,215 | |||
Advances to unconsolidated affiliate | — | 38,323 | |||||
Net excess of cost of investments over the net book value of underlying net assets (2) | $ | 2,267 | $ | 1,758 | |||
Carrying value of investments in and advances to unconsolidated affiliates | $ | 65,813 | $ | 99,296 | |||
Our share of unconsolidated non-recourse mortgage debt (1) | $ | 136,080 | $ | 145,689 |
(1) | Our share of scheduled future principal payments, including amortization, due on mortgages and notes payable at December 31, 2012 is as follows: |
2013 | $ | 23,427 | |
2014 | 57,130 | ||
2015 | 21,786 | ||
2016 | 1,017 | ||
2017 | 26,412 | ||
Thereafter | 6,308 | ||
$ | 136,080 |
(2) | This amount represents the aggregate difference between our historical cost basis and the basis reflected at the joint venture level, which is typically depreciated over the life of the related asset. |
2013 | $ | 23,427 | |
2014 | 57,130 | ||
2015 | 21,786 | ||
2016 | 1,017 | ||
2017 | 26,412 | ||
Thereafter | 6,308 | ||
$ | 136,080 |
Year Ended December 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Income Statements: | |||||||||||
Rental and other revenues | $ | 97,225 | $ | 96,771 | $ | 115,826 | |||||
Expenses: | |||||||||||
Rental property and other expenses | 45,391 | 42,052 | 54,695 | ||||||||
Depreciation and amortization | 24,007 | 25,184 | 29,945 | ||||||||
Impairments of real estate assets | 7,180 | — | — | ||||||||
Interest expense | 20,296 | 23,062 | 27,187 | ||||||||
Total expenses | 96,874 | 90,298 | 111,827 | ||||||||
Income before disposition of properties | 351 | 6,473 | 3,999 | ||||||||
Gains on disposition of properties | 11,184 | — | — | ||||||||
Net income | $ | 11,535 | $ | 6,473 | $ | 3,999 | |||||
Our share of: | |||||||||||
Depreciation and amortization | $ | 7,580 | $ | 8,232 | $ | 10,318 | |||||
Impairments of real estate assets | $ | 12,924 | $ | — | $ | — | |||||
Interest expense | $ | 7,286 | $ | 8,075 | $ | 10,449 | |||||
Gains on disposition of properties | $ | 1,120 | $ | — | $ | — | |||||
Net income | $ | 3,337 | $ | 2,585 | $ | 1,483 | |||||
Our share of net income | $ | 3,337 | $ | 2,585 | $ | 1,483 | |||||
Adjustment for management and other fees | 1,758 | 2,354 | 2,311 | ||||||||
Equity in earnings of unconsolidated affiliates | $ | 5,095 | $ | 4,939 | $ | 3,794 |
|
December 31, | |||||||
2012 | 2011 | ||||||
Assets: | |||||||
Deferred financing costs | $ | 21,759 | $ | 18,044 | |||
Less accumulated amortization | (7,862 | ) | (5,797 | ) | |||
13,897 | 12,247 | ||||||
Deferred leasing costs (including lease incentives and acquisition-related intangible assets) | 225,647 | 172,049 | |||||
Less accumulated amortization | (69,521 | ) | (56,522 | ) | |||
156,126 | 115,527 | ||||||
Deferred financing and leasing costs, net | $ | 170,023 | $ | 127,774 | |||
Liabilities (in accounts payable, accrued expenses and other liabilities): | |||||||
Acquisition-related below market lease liabilities | $ | 37,019 | $ | 16,441 | |||
Less accumulated amortization | (3,383 | ) | (971 | ) | |||
$ | 33,636 | $ | 15,470 |
Year Ended December 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Amortization of deferred financing costs | $ | 3,685 | $ | 3,312 | $ | 3,385 | |||||
Amortization of deferred leasing costs and acquisition-related intangible assets (in depreciation and amortization) | $ | 27,731 | $ | 20,980 | $ | 17,383 | |||||
Amortization of lease incentives (in rental and other revenues) | $ | 1,439 | $ | 1,371 | $ | 1,239 | |||||
Amortization of acquisition-related intangible assets (in rental and other revenues) | $ | 1,357 | $ | 915 | $ | 531 | |||||
Amortization of acquisition-related intangible assets (in rental property and other expenses) | $ | 186 | $ | — | $ | — | |||||
Amortization of acquisition-related below market lease liabilities (in rental and other revenues) | $ | (2,627 | ) | $ | (840 | ) | $ | (96 | ) |
Years Ending December 31, | Amortization of Deferred Financing Costs | Amortization of Deferred Leasing Costs and Acquisition-Related Intangible Assets (in Depreciation and Amortization) | Amortization of Lease Incentives (in Rental and Other Revenues) | Amortization of Acquisition-Related Intangible Assets (in Rental and Other Revenues) | Amortization of Acquisition-Related Intangible Assets (in Rental Property and Other Expenses) | Amortization of Acquisition-Related Below Market Lease Liabilities (in Rental and Other Revenues) | ||||||||||||||||||
2013 | $ | 3,521 | $ | 29,636 | $ | 1,314 | $ | 1,277 | $ | 553 | $ | (4,149 | ) | |||||||||||
2014 | 3,224 | 25,200 | 1,163 | 989 | 553 | (4,067 | ) | |||||||||||||||||
2015 | 2,594 | 20,391 | 928 | 754 | 553 | (3,801 | ) | |||||||||||||||||
2016 | 1,519 | 16,877 | 734 | 659 | 553 | (3,499 | ) | |||||||||||||||||
2017 | 1,225 | 14,141 | 654 | 587 | 553 | (3,256 | ) | |||||||||||||||||
Thereafter | 1,814 | 33,569 | 2,065 | 780 | 1,643 | (14,864 | ) | |||||||||||||||||
$ | 13,897 | $ | 139,814 | $ | 6,858 | $ | 5,046 | $ | 4,408 | $ | (33,636 | ) | ||||||||||||
Weighted average remaining amortization periods as of December 31, 2012 (in years) | 4.6 | 6.9 | 7.7 | 5.6 | 8.0 | 9.9 |
Acquisition-Related Intangible Assets (amortized in Rental and Other Revenues) | Acquisition-Related Intangible Assets (amortized in Depreciation and Amortization) | Acquisition-Related Intangible Assets (amortized in Rental Property and Other Expenses) | Acquisition-Related Below Market Lease Liabilities (amortized in Rental and Other Revenues) | |||||||||||||
Amount recorded from acquisition activity | $ | 2,636 | $ | 37,247 | $ | 4,593 | $ | (20,934 | ) | |||||||
Weighted average remaining amortization periods (in years) | 5.3 | 8.7 | 8.0 | 10.6 |
December 31, | |||||||
2012 | 2011 | ||||||
Assets: | |||||||
Deferred financing costs | $ | 21,759 | $ | 18,044 | |||
Less accumulated amortization | (7,862 | ) | (5,797 | ) | |||
13,897 | 12,247 | ||||||
Deferred leasing costs (including lease incentives and acquisition-related intangible assets) | 225,647 | 172,049 | |||||
Less accumulated amortization | (69,521 | ) | (56,522 | ) | |||
156,126 | 115,527 | ||||||
Deferred financing and leasing costs, net | $ | 170,023 | $ | 127,774 | |||
Liabilities (in accounts payable, accrued expenses and other liabilities): | |||||||
Acquisition-related below market lease liabilities | $ | 37,019 | $ | 16,441 | |||
Less accumulated amortization | (3,383 | ) | (971 | ) | |||
$ | 33,636 | $ | 15,470 |
Year Ended December 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Amortization of deferred financing costs | $ | 3,685 | $ | 3,312 | $ | 3,385 | |||||
Amortization of deferred leasing costs and acquisition-related intangible assets (in depreciation and amortization) | $ | 27,731 | $ | 20,980 | $ | 17,383 | |||||
Amortization of lease incentives (in rental and other revenues) | $ | 1,439 | $ | 1,371 | $ | 1,239 | |||||
Amortization of acquisition-related intangible assets (in rental and other revenues) | $ | 1,357 | $ | 915 | $ | 531 | |||||
Amortization of acquisition-related intangible assets (in rental property and other expenses) | $ | 186 | $ | — | $ | — | |||||
Amortization of acquisition-related below market lease liabilities (in rental and other revenues) | $ | (2,627 | ) | $ | (840 | ) | $ | (96 | ) |
Years Ending December 31, | Amortization of Deferred Financing Costs | Amortization of Deferred Leasing Costs and Acquisition-Related Intangible Assets (in Depreciation and Amortization) | Amortization of Lease Incentives (in Rental and Other Revenues) | Amortization of Acquisition-Related Intangible Assets (in Rental and Other Revenues) | Amortization of Acquisition-Related Intangible Assets (in Rental Property and Other Expenses) | Amortization of Acquisition-Related Below Market Lease Liabilities (in Rental and Other Revenues) | ||||||||||||||||||
2013 | $ | 3,521 | $ | 29,636 | $ | 1,314 | $ | 1,277 | $ | 553 | $ | (4,149 | ) | |||||||||||
2014 | 3,224 | 25,200 | 1,163 | 989 | 553 | (4,067 | ) | |||||||||||||||||
2015 | 2,594 | 20,391 | 928 | 754 | 553 | (3,801 | ) | |||||||||||||||||
2016 | 1,519 | 16,877 | 734 | 659 | 553 | (3,499 | ) | |||||||||||||||||
2017 | 1,225 | 14,141 | 654 | 587 | 553 | (3,256 | ) | |||||||||||||||||
Thereafter | 1,814 | 33,569 | 2,065 | 780 | 1,643 | (14,864 | ) | |||||||||||||||||
$ | 13,897 | $ | 139,814 | $ | 6,858 | $ | 5,046 | $ | 4,408 | $ | (33,636 | ) | ||||||||||||
Weighted average remaining amortization periods as of December 31, 2012 (in years) | 4.6 | 6.9 | 7.7 | 5.6 | 8.0 | 9.9 |
Acquisition-Related Intangible Assets (amortized in Rental and Other Revenues) | Acquisition-Related Intangible Assets (amortized in Depreciation and Amortization) | Acquisition-Related Intangible Assets (amortized in Rental Property and Other Expenses) | Acquisition-Related Below Market Lease Liabilities (amortized in Rental and Other Revenues) | |||||||||||||
Amount recorded from acquisition activity | $ | 2,636 | $ | 37,247 | $ | 4,593 | $ | (20,934 | ) | |||||||
Weighted average remaining amortization periods (in years) | 5.3 | 8.7 | 8.0 | 10.6 |
|
December 31, | |||||||
2012 | 2011 | ||||||
Secured indebtedness: (1) | |||||||
5.45% (5.12% effective rate) mortgage loan due 2014 (2) | 67,604 | 67,809 | |||||
5.18% (4.22% effective rate) mortgage loan due 2017 (3) | 120,924 | 123,613 | |||||
6.03% mortgage loan due 2013 | — | 125,264 | |||||
5.68% mortgage loan due 2013 | 107,289 | 110,343 | |||||
5.17% (6.43% effective rate) mortgage loan due 2015 (4) | 39,805 | 40,015 | |||||
6.88% mortgage loans due 2016 | 110,671 | 112,075 | |||||
7.50% mortgage loan due 2016 | 45,662 | 46,181 | |||||
5.74% to 9.00% mortgage loans due between 2012 and 2016 (5) (6) (7) | 57,652 | 72,640 | |||||
Variable rate construction loan due 2012 | — | 17,802 | |||||
549,607 | 715,742 | ||||||
Unsecured indebtedness: | |||||||
5.85% (5.88% effective rate) notes due 2017 (8) | 379,194 | 391,164 | |||||
7.50% notes due 2018 | 200,000 | 200,000 | |||||
3.625% (3.752% effective rate) notes due 2023 (9) | 247,361 | — | |||||
Variable rate term loan due 2016 (10) | 35,000 | 200,000 | |||||
Variable rate term loan due 2018 (11) | 200,000 | — | |||||
Variable rate term loan due 2019 (12) | 225,000 | — | |||||
Revolving credit facility due 2015 (13) | 23,000 | 362,000 | |||||
1,309,555 | 1,153,164 | ||||||
Total | $ | 1,859,162 | $ | 1,868,906 |
(1) | The secured mortgage loans payable are collateralized by real estate assets with an aggregate undepreciated book value of $966.9 million at December 31, 2012. Our fixed rate mortgage loans generally are either locked out to prepayment for all or a portion of their term or are prepayable subject to certain conditions including prepayment penalties. |
(2) | Includes unamortized fair market premium of $0.2 million as of December 31, 2012. |
(3) | Includes unamortized fair market premium of $4.6 million as of December 31, 2012. |
(4) | Net of unamortized fair market value discount of $1.2 million as of December 31, 2012. |
(5) | Includes mortgage debt related to Harborview, a consolidated 20.0% owned joint venture, of $21.0 million at December 31, 2011. See Note 8. |
(6) | Includes mortgage debt related to Markel, a consolidated 50.0% owned joint venture, of $33.1 million and $34.0 million at December 31, 2012 and 2011, respectively. See Note 10. |
(7) | Net of unamortized fair market value premium of $0.5 million and $0.3 million at December 31, 2012 and 2011, respectively. |
(8) | Net of unamortized original issuance discount of $0.5 million and $0.6 million at December 31, 2012 and 2011, respectively. |
(9) | Net of unamortized original issuance discount of $2.6 million at December 31, 2012. |
(10) | The interest rate is 2.42% at December 31, 2012. |
(11) | The interest rate is 1.87% at December 31, 2012. |
(12) | As more fully described in Note 7, we entered into floating-to-fixed interest rate swaps that effectively fix LIBOR for the full amount and duration of this loan. Accordingly, the equivalent fixed rate of this loan is 3.58%. |
(13) | The interest rate is 1.71% at December 31, 2012. |
Years Ending December 31, | Principal Amount | |||
2013 | $ | 123,537 | ||
2014 | 112,283 | |||
2015 | 67,733 | |||
2016 | 193,217 | |||
2017 | 488,617 | |||
Thereafter | 873,775 | |||
$ | 1,859,162 |
December 31, | |||||||
2012 | 2011 | ||||||
Secured indebtedness: (1) | |||||||
5.45% (5.12% effective rate) mortgage loan due 2014 (2) | 67,604 | 67,809 | |||||
5.18% (4.22% effective rate) mortgage loan due 2017 (3) | 120,924 | 123,613 | |||||
6.03% mortgage loan due 2013 | — | 125,264 | |||||
5.68% mortgage loan due 2013 | 107,289 | 110,343 | |||||
5.17% (6.43% effective rate) mortgage loan due 2015 (4) | 39,805 | 40,015 | |||||
6.88% mortgage loans due 2016 | 110,671 | 112,075 | |||||
7.50% mortgage loan due 2016 | 45,662 | 46,181 | |||||
5.74% to 9.00% mortgage loans due between 2012 and 2016 (5) (6) (7) | 57,652 | 72,640 | |||||
Variable rate construction loan due 2012 | — | 17,802 | |||||
549,607 | 715,742 | ||||||
Unsecured indebtedness: | |||||||
5.85% (5.88% effective rate) notes due 2017 (8) | 379,194 | 391,164 | |||||
7.50% notes due 2018 | 200,000 | 200,000 | |||||
3.625% (3.752% effective rate) notes due 2023 (9) | 247,361 | — | |||||
Variable rate term loan due 2016 (10) | 35,000 | 200,000 | |||||
Variable rate term loan due 2018 (11) | 200,000 | — | |||||
Variable rate term loan due 2019 (12) | 225,000 | — | |||||
Revolving credit facility due 2015 (13) | 23,000 | 362,000 | |||||
1,309,555 | 1,153,164 | ||||||
Total | $ | 1,859,162 | $ | 1,868,906 |
(1) | The secured mortgage loans payable are collateralized by real estate assets with an aggregate undepreciated book value of $966.9 million at December 31, 2012. Our fixed rate mortgage loans generally are either locked out to prepayment for all or a portion of their term or are prepayable subject to certain conditions including prepayment penalties. |
(2) | Includes unamortized fair market premium of $0.2 million as of December 31, 2012. |
(3) | Includes unamortized fair market premium of $4.6 million as of December 31, 2012. |
(4) | Net of unamortized fair market value discount of $1.2 million as of December 31, 2012. |
(5) | Includes mortgage debt related to Harborview, a consolidated 20.0% owned joint venture, of $21.0 million at December 31, 2011. See Note 8. |
(6) | Includes mortgage debt related to Markel, a consolidated 50.0% owned joint venture, of $33.1 million and $34.0 million at December 31, 2012 and 2011, respectively. See Note 10. |
(7) | Net of unamortized fair market value premium of $0.5 million and $0.3 million at December 31, 2012 and 2011, respectively. |
(8) | Net of unamortized original issuance discount of $0.5 million and $0.6 million at December 31, 2012 and 2011, respectively. |
(9) | Net of unamortized original issuance discount of $2.6 million at December 31, 2012. |
(10) | The interest rate is 2.42% at December 31, 2012. |
(11) | The interest rate is 1.87% at December 31, 2012. |
(12) | As more fully described in Note 7, we entered into floating-to-fixed interest rate swaps that effectively fix LIBOR for the full amount and duration of this loan. Accordingly, the equivalent fixed rate of this loan is 3.58%. |
(13) | The interest rate is 1.71% at December 31, 2012. |
Years Ending December 31, | Principal Amount | |||
2013 | $ | 123,537 | ||
2014 | 112,283 | |||
2015 | 67,733 | |||
2016 | 193,217 | |||
2017 | 488,617 | |||
Thereafter | 873,775 | |||
$ | 1,859,162 |
|
December 31, | |||||||
2012 | 2011 | ||||||
Harborview financing obligation | $ | 17,571 | $ | 17,086 | |||
Tax increment financing bond | 11,787 | 13,064 | |||||
Total | $ | 29,358 | $ | 30,150 |
Fair Value as of December 31, | |||||||
2012 | 2011 | ||||||
Liability Derivatives: | |||||||
Derivatives designated as cash flow hedges in accounts payable, accrued expenses and other liabilities: | |||||||
Interest rate swaps | $ | 9,369 | $ | 2,202 |
Year Ended December 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Derivatives Designated as Cash Flow Hedges: | |||||||||||
Amount of unrealized losses recognized in AOCL on derivatives (effective portion): | |||||||||||
Interest rate swaps | $ | (10,358 | ) | $ | (2,202 | ) | $ | — | |||
Amount of (gains)/losses reclassified out of AOCL into contractual interest expense (effective portion): | |||||||||||
Interest rate swaps | $ | 3,053 | $ | (118 | ) | $ | 237 |
December 31, | |||||||
2012 | 2011 | ||||||
Harborview financing obligation | $ | 17,571 | $ | 17,086 | |||
Tax increment financing bond | 11,787 | 13,064 | |||||
Total | $ | 29,358 | $ | 30,150 |
Fair Value as of December 31, | |||||||
2012 | 2011 | ||||||
Liability Derivatives: | |||||||
Derivatives designated as cash flow hedges in accounts payable, accrued expenses and other liabilities: | |||||||
Interest rate swaps | $ | 9,369 | $ | 2,202 |
Year Ended December 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Derivatives Designated as Cash Flow Hedges: | |||||||||||
Amount of unrealized losses recognized in AOCL on derivatives (effective portion): | |||||||||||
Interest rate swaps | $ | (10,358 | ) | $ | (2,202 | ) | $ | — | |||
Amount of (gains)/losses reclassified out of AOCL into contractual interest expense (effective portion): | |||||||||||
Interest rate swaps | $ | 3,053 | $ | (118 | ) | $ | 237 |
|
December 31, | |||||||
2012 | 2011 | ||||||
Harborview financing obligation | $ | 17,571 | $ | 17,086 | |||
Tax increment financing bond | 11,787 | 13,064 | |||||
Total | $ | 29,358 | $ | 30,150 |
December 31, | |||||||
2012 | 2011 | ||||||
Harborview financing obligation | $ | 17,571 | $ | 17,086 | |||
Tax increment financing bond | 11,787 | 13,064 | |||||
Total | $ | 29,358 | $ | 30,150 |
|
Years Ending December 31, | Minimum Payments | |||
2013 | $ | 2,383 | ||
2014 | 2,404 | |||
2015 | 2,427 | |||
2016 | 2,451 | |||
2017 | 2,476 | |||
Thereafter | 49,875 | |||
$ | 62,016 |
Years Ending December 31, | Minimum Payments | |||
2013 | $ | 2,383 | ||
2014 | 2,404 | |||
2015 | 2,427 | |||
2016 | 2,451 | |||
2017 | 2,476 | |||
Thereafter | 49,875 | |||
$ | 62,016 |
|
Year Ended December 31, | |||||||
2012 | 2011 | ||||||
Beginning noncontrolling interests in the Operating Partnership | $ | 110,655 | $ | 120,838 | |||
Adjustments of noncontrolling interests in the Operating Partnership to fair value | 16,491 | (3,955 | ) | ||||
Issuances of Common Units | 2,299 | — | |||||
Conversion of Common Units to Common Stock | (2,096 | ) | (1,906 | ) | |||
Net income attributable to noncontrolling interests in the Operating Partnership | 3,854 | 2,091 | |||||
Distributions to noncontrolling interests in the Operating Partnership | (6,334 | ) | (6,413 | ) | |||
Total noncontrolling interests in the Operating Partnership | $ | 124,869 | $ | 110,655 |
Year Ended December 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Net income available for common stockholders | $ | 77,087 | $ | 38,677 | $ | 61,790 | |||||
Increase in additional paid in capital from conversion of Common Units to Common Stock | 2,096 | 1,906 | 3,060 | ||||||||
Issuances of Common Units | (2,299 | ) | — | — | |||||||
Change from net income available for common stockholders and transfers from noncontrolling interests | $ | 76,884 | $ | 40,583 | $ | 64,850 |
|
11. | Disclosure About Fair Value of Financial Instruments – Continued |
Level 1 | Level 2 | Level 3 | |||||||||||||
December 31, 2012 | Quoted Prices in Active Markets for Identical Assets or Liabilities | Significant Observable Inputs | Significant Unobservable Inputs | ||||||||||||
Assets: | |||||||||||||||
Mortgages and notes receivable, at fair value (1) | $ | 24,725 | $ | — | $ | 16,077 | $ | 8,648 | |||||||
Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets) | 3,354 | 3,354 | — | — | |||||||||||
Tax increment financing bond (in prepaid expenses and other assets) | 14,496 | — | — | 14,496 | |||||||||||
Total Assets | $ | 42,575 | $ | 3,354 | $ | 16,077 | $ | 23,144 | |||||||
Noncontrolling Interests in the Operating Partnership | $ | 124,869 | $ | 124,869 | $ | — | $ | — | |||||||
Liabilities: | |||||||||||||||
Mortgages and notes payable, at fair value (1) | $ | 1,987,364 | $ | — | $ | 1,987,364 | $ | — | |||||||
Interest rate swaps (in accounts payable, accrued expenses and other liabilities) | 9,369 | — | 9,369 | — | |||||||||||
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities) | 3,354 | 3,354 | — | — | |||||||||||
Contingent consideration to acquire real estate assets (in accounts payable, accrued expenses and other liabilities) | 563 | — | — | 563 | |||||||||||
Financing obligations, at fair value (1) | 23,252 | — | — | 23,252 | |||||||||||
Total Liabilities | $ | 2,023,902 | $ | 3,354 | $ | 1,996,733 | $ | 23,815 |
Level 1 | Level 2 | Level 3 | |||||||||||||
December 31, 2011 | Quoted Prices in Active Markets for Identical Assets or Liabilities | Significant Observable Inputs | Significant Unobservable Inputs | ||||||||||||
Assets: | |||||||||||||||
Mortgages and notes receivable, at fair value (1) | $ | 18,990 | $ | — | $ | 18,990 | $ | — | |||||||
Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets) | 3,149 | 3,149 | — | — | |||||||||||
Tax increment financing bond (in prepaid expenses and other assets) | 14,788 | — | — | 14,788 | |||||||||||
Impaired real estate assets and for-sale residential condominiums | 12,767 | — | — | 12,767 | |||||||||||
Total Assets | $ | 49,694 | $ | 3,149 | $ | 18,990 | $ | 27,555 | |||||||
Noncontrolling Interests in the Operating Partnership | $ | 110,655 | $ | 110,655 | $ | — | $ | — | |||||||
Liabilities: | |||||||||||||||
Mortgages and notes payable, at fair value (1) | $ | 1,959,438 | $ | — | $ | 1,959,438 | $ | — | |||||||
Interest rate swaps (in accounts payable, accrued expenses and other liabilities) | 2,202 | — | 2,202 | — | |||||||||||
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities) | 3,149 | 3,149 | — | — | |||||||||||
Financing obligations, at fair value (1) | 17,572 | — | — | 17,572 | |||||||||||
Total Liabilities | $ | 1,982,361 | $ | 3,149 | $ | 1,961,640 | $ | 17,572 |
December 31, | |||||||
2012 | 2011 | ||||||
Asset: | |||||||
Tax Increment Financing Bond: | |||||||
Beginning balance | $ | 14,788 | $ | 15,699 | |||
Principal repayment | (703 | ) | (1,145 | ) | |||
Unrealized gains (in AOCL) | 411 | 234 | |||||
Ending balance | $ | 14,496 | $ | 14,788 | |||
Liability: | |||||||
Contingent Consideration to Acquire Real Estate Assets: | |||||||
Beginning balance | $ | — | $ | — | |||
Fair value at acquisition date | 677 | — | |||||
Unrealized gains (in general and administrative expenses) | (114 | ) | — | ||||
Ending balance | $ | 563 | $ | — |
Fair Value at December 31, 2012 | Valuation Technique | Unobservable Input | Rate/ Percentage | |||||||
Asset: | ||||||||||
Tax increment financing bond | $ | 14,496 | Income approach | Discount rate | 10.34 | % | ||||
Liability: | ||||||||||
Contingent consideration to acquire real estate assets | $ | 563 | Income approach | Payout percentage | 75.00 | % |
11. | Disclosure About Fair Value of Financial Instruments – Continued |
Level 1 | Level 2 | Level 3 | |||||||||||||
December 31, 2012 | Quoted Prices in Active Markets for Identical Assets or Liabilities | Significant Observable Inputs | Significant Unobservable Inputs | ||||||||||||
Assets: | |||||||||||||||
Mortgages and notes receivable, at fair value (1) | $ | 24,725 | $ | — | $ | 16,077 | $ | 8,648 | |||||||
Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets) | 3,354 | 3,354 | — | — | |||||||||||
Tax increment financing bond (in prepaid expenses and other assets) | 14,496 | — | — | 14,496 | |||||||||||
Total Assets | $ | 42,575 | $ | 3,354 | $ | 16,077 | $ | 23,144 | |||||||
Liabilities: | |||||||||||||||
Mortgages and notes payable, at fair value (1) | $ | 1,987,364 | $ | — | $ | 1,987,364 | $ | — | |||||||
Interest rate swaps (in accounts payable, accrued expenses and other liabilities) | 9,369 | — | 9,369 | — | |||||||||||
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities) | 3,354 | 3,354 | — | — | |||||||||||
Contingent consideration to acquire real estate assets (in accounts payable, accrued expenses and other liabilities) | 563 | — | — | 563 | |||||||||||
Financing obligations, at fair value (1) | 23,252 | — | — | 23,252 | |||||||||||
Total Liabilities | $ | 2,023,902 | $ | 3,354 | $ | 1,996,733 | $ | 23,815 |
Level 1 | Level 2 | Level 3 | |||||||||||||
December 31, 2011 | Quoted Prices in Active Markets for Identical Assets or Liabilities | Significant Observable Inputs | Significant Unobservable Inputs | ||||||||||||
Assets: | |||||||||||||||
Mortgages and notes receivable, at fair value (1) | $ | 18,990 | $ | — | $ | 18,990 | $ | — | |||||||
Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets) | 3,149 | 3,149 | — | — | |||||||||||
Tax increment financing bond (in prepaid expenses and other assets) | 14,788 | — | — | 14,788 | |||||||||||
Impaired real estate assets and for-sale residential condominiums | 12,767 | — | — | 12,767 | |||||||||||
Total Assets | $ | 49,694 | $ | 3,149 | $ | 18,990 | $ | 27,555 | |||||||
Liabilities: | |||||||||||||||
Mortgages and notes payable, at fair value (1) | $ | 1,959,438 | $ | — | $ | 1,959,438 | $ | — | |||||||
Interest rate swaps (in accounts payable, accrued expenses and other liabilities) | 2,202 | — | 2,202 | — | |||||||||||
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities) | 3,149 | 3,149 | — | — | |||||||||||
Financing obligations, at fair value (1) | 17,572 | — | — | 17,572 | |||||||||||
Total Liabilities | $ | 1,982,361 | $ | 3,149 | $ | 1,961,640 | $ | 17,572 |
December 31, | |||||||
2012 | 2011 | ||||||
Asset: | |||||||
Tax Increment Financing Bond: | |||||||
Beginning balance | $ | 14,788 | $ | 15,699 | |||
Principal repayment | (703 | ) | (1,145 | ) | |||
Unrealized gains (in AOCL) | 411 | 234 | |||||
Ending balance | $ | 14,496 | $ | 14,788 | |||
Liability: | |||||||
Contingent Consideration to Acquire Real Estate Assets: | |||||||
Beginning balance | $ | — | $ | — | |||
Fair value at acquisition date | 677 | — | |||||
Unrealized gains (in general and administrative expenses) | (114 | ) | — | ||||
Ending balance | $ | 563 | $ | — |
Fair Value at December 31, 2012 | Valuation Technique | Unobservable Input | Rate/ Percentage | |||||||
Asset: | ||||||||||
Tax increment financing bond | $ | 14,496 | Income approach | Discount rate | 10.34 | % | ||||
Liability: | ||||||||||
Contingent consideration to acquire real estate assets | $ | 563 | Income approach | Payout percentage | 75.00 | % |
|
Preferred Stock Issuances | Issue Date | Number of Shares Outstanding | Carrying Value | Liquidation Preference Per Share | Optional Redemption Date | Annual Dividends Payable Per Share | |||||||||||||
(in thousands) | |||||||||||||||||||
December 31, 2012 | |||||||||||||||||||
8.625% Series A Cumulative Redeemable | 2/12/1997 | 29 | $ | 29,077 | $ | 1,000 | 2/12/2027 | $ | 86.25 | ||||||||||
December 31, 2011 | |||||||||||||||||||
8.625% Series A Cumulative Redeemable | 2/12/1997 | 29 | $ | 29,077 | $ | 1,000 | 2/12/2027 | $ | 86.25 |
December 31, | |||||
2012 | 2011 | ||||
Outstanding stock options and warrants | 1,144,309 | 1,224,455 | |||
Possible future issuance under equity incentive plans | 2,047,550 | 2,363,695 | |||
3,191,859 | 3,588,150 |
Year Ended December 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Ordinary income | $ | 1.28 | $ | 1.15 | $ | 0.41 | |||||
Capital gains | 0.24 | — | 0.44 | ||||||||
Return of capital | 0.18 | 0.55 | 0.85 | ||||||||
Total | $ | 1.70 | $ | 1.70 | $ | 1.70 |
Year Ended December 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
8.625% Series A Cumulative Redeemable: | |||||||||||
Ordinary income | $ | 72.46 | $ | 86.25 | $ | 41.80 | |||||
Capital gains | 13.79 | — | 44.45 | ||||||||
Total | $ | 86.25 | $ | 86.25 | $ | 86.25 | |||||
8.000% Series B Cumulative Redeemable: | |||||||||||
Ordinary income | $ | — | $ | 1.05 | $ | 0.97 | |||||
Capital gains | — | — | 1.03 | ||||||||
Total | $ | — | $ | 1.05 | $ | 2.00 |
Preferred Unit Issuances | Issue Date | Number of Units Outstanding | Carrying Value | Liquidation Preference Per Unit | Optional Redemption Date | Annual Distributions Payable Per Unit | |||||||||||||
(in thousands) | |||||||||||||||||||
December 31, 2012 | |||||||||||||||||||
8.625% Series A Cumulative Redeemable | 2/12/1997 | 29 | $ | 29,077 | $ | 1,000 | 2/12/2027 | $ | 86.25 | ||||||||||
December 31, 2011 | |||||||||||||||||||
8.625% Series A Cumulative Redeemable | 2/12/1997 | 29 | $ | 29,077 | $ | 1,000 | 2/12/2027 | $ | 86.25 |
December 31, | |||||
2012 | 2011 | ||||
Outstanding stock options and warrants | 1,144,309 | 1,224,455 | |||
Possible future issuance under equity incentive plans | 2,047,550 | 2,363,695 | |||
3,191,859 | 3,588,150 |
|
Preferred Stock Issuances | Issue Date | Number of Shares Outstanding | Carrying Value | Liquidation Preference Per Share | Optional Redemption Date | Annual Dividends Payable Per Share | |||||||||||||
(in thousands) | |||||||||||||||||||
December 31, 2012 | |||||||||||||||||||
8.625% Series A Cumulative Redeemable | 2/12/1997 | 29 | $ | 29,077 | $ | 1,000 | 2/12/2027 | $ | 86.25 | ||||||||||
December 31, 2011 | |||||||||||||||||||
8.625% Series A Cumulative Redeemable | 2/12/1997 | 29 | $ | 29,077 | $ | 1,000 | 2/12/2027 | $ | 86.25 |
December 31, | |||||
2012 | 2011 | ||||
Outstanding stock options and warrants | 1,144,309 | 1,224,455 | |||
Possible future issuance under equity incentive plans | 2,047,550 | 2,363,695 | |||
3,191,859 | 3,588,150 |
Options Outstanding | ||||||
Number of Shares | Weighted Average Exercise Price | |||||
Balances at December 31, 2009 | 1,467,773 | $ | 27.15 | |||
Options granted | 190,826 | 29.05 | ||||
Options exercised | (178,403 | ) | 22.54 | |||
Balances at December 31, 2010 | 1,480,196 | 27.95 | ||||
Options granted | 146,581 | 33.93 | ||||
Options exercised | (417,322 | ) | 26.79 | |||
Balances at December 31, 2011 | 1,209,455 | 29.08 | ||||
Options granted | 190,886 | 31.97 | ||||
Options exercised | (271,032 | ) | 26.87 | |||
Balances at December 31, 2012 (1) (2) | 1,129,309 | $ | 30.10 |
13. | Employee Benefit Plans - Continued |
(1) | The outstanding options at December 31, 2012 had a weighted average remaining life of 3.3 years. |
(2) | We have 634,550 options exercisable at December 31, 2012 with a weighted average exercise price of $30.75, weighted average remaining life of 2.1 years and intrinsic value of $2.6 million. Of these exercisable options, 173,007 had exercise prices higher than the market price of our Common Stock at December 31, 2012. |
Year Ended December 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Beginning deferred compensation liability | $ | 3,149 | $ | 4,091 | $ | 6,898 | |||||
Contributions to deferred compensation plans | — | 545 | 229 | ||||||||
Mark-to-market adjustment to deferred compensation (in general and administrative expenses) | 475 | (119 | ) | 246 | |||||||
Distributions from deferred compensation plans | (270 | ) | (1,368 | ) | (3,282 | ) | |||||
Total deferred compensation liability | $ | 3,354 | $ | 3,149 | $ | 4,091 |
2012 | 2011 | 2010 | ||||||
Risk free interest rate (1) | 1.1 | % | 2.4 | % | 2.6 | % | ||
Common stock dividend yield (2) | 5.3 | % | 5.0 | % | 5.9 | % | ||
Expected volatility (3) | 33.4 | % | 32.5 | % | 32.2 | % | ||
Average expected option life (years) (4) | 5.75 | 5.75 | 5.75 |
(1) | Represents the interest rate as of the grant date on US treasury bonds having the same life as the estimated life of the option grants. |
(2) | The dividend yield is calculated utilizing the dividends paid for the previous one-year period and the per share price of Common Stock on the date of grant. |
(3) | Based on the historical volatility of Common Stock over a period relevant to the related stock option grant. |
(4) | The average expected option life is based on an analysis of our historical data. |
Number of Shares | Weighted Average Grant Date Fair Value | |||||
Restricted shares outstanding at December 31, 2009 | 316,074 | $ | 28.60 | |||
Awarded and issued (1) | 88,930 | 29.05 | ||||
Vested (2) | (138,745 | ) | 31.81 | |||
Forfeited | (1,933 | ) | 25.86 | |||
Restricted shares outstanding at December 31, 2010 | 264,326 | 27.08 | ||||
Awarded and issued (1) | 76,966 | 33.70 | ||||
Vested (2) | (116,631 | ) | 30.64 | |||
Restricted shares outstanding at December 31, 2011 | 224,661 | 28.02 | ||||
Awarded and issued (1) | 90,983 | 32.27 | ||||
Vested (2) | (92,239 | ) | 27.14 | |||
Forfeited | (903 | ) | 30.12 | |||
Restricted shares outstanding at December 31, 2012 | 222,502 | $ | 30.31 |
(1) | The fair value at grant date of time-based restricted stock issued during the years ended December 31, 2012, 2011 and 2010 was $2.9 million, $2.6 million and $2.6 million, respectively. |
(2) | The vesting date fair value of time-based restricted stock that vested during the years ended December 31, 2012, 2011 and 2010 was $2.9 million, $3.9 million and $4.3 million, respectively. Vested shares include those shares repurchased for withholding taxes. |
Number of Shares | Weighted Average Grant Date Fair Value | |||||
Restricted shares outstanding at December 31, 2009 | 202,775 | $ | 22.05 | |||
Awarded and issued (1) | 77,624 | 29.05 | ||||
Vested (2) | (47,257 | ) | 38.50 | |||
Forfeited | (1,307 | ) | 22.99 | |||
Restricted shares outstanding at December 31, 2010 | 231,835 | 21.03 | ||||
Awarded and issued (1) | 57,386 | 41.02 | ||||
Vested (2) | (66,417 | ) | 13.79 | |||
Forfeited | (99,975 | ) | 13.79 | |||
Restricted shares outstanding at December 31, 2011 | 122,829 | 34.86 | ||||
Awarded and issued (1) | 67,902 | 38.71 | ||||
Vested (2) | (32,722 | ) | 29.47 | |||
Forfeited | (32,721 | ) | 29.47 | |||
Restricted shares outstanding at December 31, 2012 | 125,288 | $ | 32.87 |
(1) | The fair value at grant date of total return-based restricted stock issued during the years ended December 31, 2012, 2011 and 2010 was $2.6 million, $2.4 million and $2.3 million, respectively. There were no performance-based restricted stock issued subsequent to 2008. |
(2) | The vesting date fair value of total return-based and other types of performance-based restricted stock that vested during the years ended December 31, 2012, 2011 and 2010 was $1.1 million, $2.0 million and $1.6 million, respectively. Vested shares include those shares repurchased for withholding taxes. |
2012 | 2011 | 2010 | ||||||
Risk free interest rate (1) | 0.4 | % | 1.0 | % | 1.3 | % | ||
Common stock dividend yield (2) | 5.4 | % | 5.4 | % | 5.6 | % | ||
Expected volatility (3) | 43.7 | % | 42.8 | % | 42.5 | % |
(1) | Represents the interest rate as of the grant date on US treasury bonds having the same life as the estimated life of the total return-based restricted stock grants. |
(2) | The dividend yield is calculated utilizing the dividends paid for the previous one-year period and the per share price of Common Stock on the date of grant. |
(3) | Based on the historical volatility of Common Stock over a period relevant to the related total return-based restricted stock grant. |
Preferred Unit Issuances | Issue Date | Number of Units Outstanding | Carrying Value | Liquidation Preference Per Unit | Optional Redemption Date | Annual Distributions Payable Per Unit | |||||||||||||
(in thousands) | |||||||||||||||||||
December 31, 2012 | |||||||||||||||||||
8.625% Series A Cumulative Redeemable | 2/12/1997 | 29 | $ | 29,077 | $ | 1,000 | 2/12/2027 | $ | 86.25 | ||||||||||
December 31, 2011 | |||||||||||||||||||
8.625% Series A Cumulative Redeemable | 2/12/1997 | 29 | $ | 29,077 | $ | 1,000 | 2/12/2027 | $ | 86.25 |
December 31, | |||||
2012 | 2011 | ||||
Outstanding stock options and warrants | 1,144,309 | 1,224,455 | |||
Possible future issuance under equity incentive plans | 2,047,550 | 2,363,695 | |||
3,191,859 | 3,588,150 |
Options Outstanding | ||||||
Number of Shares | Weighted Average Exercise Price | |||||
Balances at December 31, 2009 | 1,467,773 | $ | 27.15 | |||
Options granted | 190,826 | 29.05 | ||||
Options exercised | (178,403 | ) | 22.54 | |||
Balances at December 31, 2010 | 1,480,196 | 27.95 | ||||
Options granted | 146,581 | 33.93 | ||||
Options exercised | (417,322 | ) | 26.79 | |||
Balances at December 31, 2011 | 1,209,455 | 29.08 | ||||
Options granted | 190,886 | 31.97 | ||||
Options exercised | (271,032 | ) | 26.87 | |||
Balances at December 31, 2012 (1) (2) | 1,129,309 | $ | 30.10 |
(1) | The outstanding options at December 31, 2012 had a weighted average remaining life of 3.3 years. |
(2) | The Company has 634,550 options exercisable at December 31, 2012 with a weighted average exercise price of $30.75, weighted average remaining life of 2.1 years and intrinsic value of $2.6 million. Of these exercisable options, 173,007 had exercise prices higher than the market price of our Common Stock at December 31, 2012. |
Year Ended December 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Beginning deferred compensation liability | $ | 3,149 | $ | 4,091 | $ | 6,898 | |||||
Contributions to deferred compensation plans | — | 545 | 229 | ||||||||
Mark-to-market adjustment to deferred compensation (in general and administrative expenses) | 475 | (119 | ) | 246 | |||||||
Distributions from deferred compensation plans | (270 | ) | (1,368 | ) | (3,282 | ) | |||||
Total deferred compensation liability | $ | 3,354 | $ | 3,149 | $ | 4,091 |
2012 | 2011 | 2010 | ||||||
Risk free interest rate (1) | 1.1 | % | 2.4 | % | 2.6 | % | ||
Common stock dividend yield (2) | 5.3 | % | 5.0 | % | 5.9 | % | ||
Expected volatility (3) | 33.4 | % | 32.5 | % | 32.2 | % | ||
Average expected option life (years) (4) | 5.75 | 5.75 | 5.75 |
(1) | Represents the interest rate as of the grant date on US treasury bonds having the same life as the estimated life of the option grants. |
(2) | The dividend yield is calculated utilizing the dividends paid for the previous one-year period and the per share price of Common Stock on the date of grant. |
(3) | Based on the historical volatility of Common Stock over a period relevant to the related stock option grant. |
(4) | The average expected option life is based on an analysis of the Company's historical data. |
Number of Shares | Weighted Average Grant Date Fair Value | |||||
Restricted shares outstanding at December 31, 2009 | 316,074 | $ | 28.60 | |||
Awarded and issued (1) | 88,930 | 29.05 | ||||
Vested (2) | (138,745 | ) | 31.81 | |||
Forfeited | (1,933 | ) | 25.86 | |||
Restricted shares outstanding at December 31, 2010 | 264,326 | 27.08 | ||||
Awarded and issued (1) | 76,966 | 33.70 | ||||
Vested (2) | (116,631 | ) | 30.64 | |||
Restricted shares outstanding at December 31, 2011 | 224,661 | 28.02 | ||||
Awarded and issued (1) | 90,983 | 32.27 | ||||
Vested (2) | (92,239 | ) | 27.14 | |||
Forfeited | (903 | ) | 30.12 | |||
Restricted shares outstanding at December 31, 2012 | 222,502 | $ | 30.31 |
(1) | The fair value at grant date of time-based restricted stock issued during the years ended December 31, 2012, 2011 and 2010 was $2.9 million, $2.6 million and $2.6 million, respectively. |
(2) | The vesting date fair value of time-based restricted stock that vested during the years ended December 31, 2012, 2011 and 2010 was $2.9 million, $3.9 million and $4.3 million, respectively. Vested shares include those shares repurchased for withholding taxes. |
Number of Shares | Weighted Average Grant Date Fair Value | |||||
Restricted shares outstanding at December 31, 2009 | 202,775 | $ | 22.05 | |||
Awarded and issued (1) | 77,624 | 29.05 | ||||
Vested (2) | (47,257 | ) | 38.50 | |||
Forfeited | (1,307 | ) | 22.99 | |||
Restricted shares outstanding at December 31, 2010 | 231,835 | 21.03 | ||||
Awarded and issued (1) | 57,386 | 41.02 | ||||
Vested (2) | (66,417 | ) | 13.79 | |||
Forfeited | (99,975 | ) | 13.79 | |||
Restricted shares outstanding at December 31, 2011 | 122,829 | 34.86 | ||||
Awarded and issued (1) | 67,902 | 38.71 | ||||
Vested (2) | (32,722 | ) | 29.47 | |||
Forfeited | (32,721 | ) | 29.47 | |||
Restricted shares outstanding at December 31, 2012 | 125,288 | $ | 32.87 |
(1) | The fair value at grant date of total return-based restricted stock issued during the years ended December 31, 2012, 2011 and 2010 was $2.6 million, $2.4 million and $2.3 million, respectively. There were no performance-based restricted stock issued subsequent to 2008. |
(2) | The vesting date fair value of total return-based and other types of performance-based restricted stock that vested during the years ended December 31, 2012, 2011 and 2010 was $1.1 million, $2.0 million and $1.6 million, respectively. Vested shares include those shares repurchased for withholding taxes. |
2012 | 2011 | 2010 | ||||||
Risk free interest rate (1) | 0.4 | % | 1.0 | % | 1.3 | % | ||
Common stock dividend yield (2) | 5.4 | % | 5.4 | % | 5.6 | % | ||
Expected volatility (3) | 43.7 | % | 42.8 | % | 42.5 | % |
(1) | Represents the interest rate as of the grant date on US treasury bonds having the same life as the estimated life of the total return-based restricted stock grants. |
(2) | The dividend yield is calculated utilizing the dividends paid for the previous one-year period and the per share price of Common Stock on the date of grant. |
(3) | Based on the historical volatility of Common Stock over a period relevant to the related total return-based restricted stock grant. |
|
December 31, | |||||||
2012 | 2011 | ||||||
Tax increment financing bond: | |||||||
Beginning balance | $ | (2,309 | ) | $ | (2,543 | ) | |
Unrealized gains on tax increment financing bond | 411 | 234 | |||||
Ending balance | (1,898 | ) | (2,309 | ) | |||
Cash flow hedges: | |||||||
Beginning balance | (3,425 | ) | (1,105 | ) | |||
Unrealized losses on cash flow hedges | (10,358 | ) | (2,202 | ) | |||
Amortization of cash flow hedges | 3,053 | (118 | ) | ||||
Ending balance | (10,730 | ) | (3,425 | ) | |||
Total accumulated other comprehensive loss | $ | (12,628 | ) | $ | (5,734 | ) |
December 31, | |||||||
2012 | 2011 | ||||||
Tax increment financing bond: | |||||||
Beginning balance | $ | (2,309 | ) | $ | (2,543 | ) | |
Unrealized gains on tax increment financing bond | 411 | 234 | |||||
Ending balance | (1,898 | ) | (2,309 | ) | |||
Cash flow hedges: | |||||||
Beginning balance | (3,425 | ) | (1,105 | ) | |||
Unrealized losses on cash flow hedges | (10,358 | ) | (2,202 | ) | |||
Amortization of cash flow hedges | 3,053 | (118 | ) | ||||
Ending balance | (10,730 | ) | (3,425 | ) | |||
Total accumulated other comprehensive loss | $ | (12,628 | ) | $ | (5,734 | ) |
|
Year Ended December 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Contractual rents, net | $ | 439,610 | $ | 402,275 | $ | 379,554 | |||||
Straight-line rental income, net | 18,775 | 12,173 | 10,582 | ||||||||
Amortization of lease incentives | (1,424 | ) | (1,342 | ) | (1,202 | ) | |||||
Cost recovery income, net | 41,289 | 35,561 | 41,101 | ||||||||
Lease termination fees | 1,848 | 2,439 | 2,938 | ||||||||
Fee income | 4,965 | 5,571 | 5,466 | ||||||||
Other miscellaneous operating revenues | 11,039 | 6,767 | 2,397 | ||||||||
$ | 516,102 | $ | 463,444 | $ | 440,836 |
2013 | $ | 463,913 | |
2014 | 430,278 | ||
2015 | 378,021 | ||
2016 | 325,970 | ||
2017 | 267,530 | ||
Thereafter | 878,894 | ||
$ | 2,744,606 |
Year Ended December 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Utilities, insurance and real estate taxes | $ | 100,956 | $ | 92,119 | $ | 86,013 | |||||
Maintenance, cleaning and general building | 69,026 | 58,910 | 54,422 | ||||||||
Property management and administrative expenses | 12,542 | 11,295 | 10,832 | ||||||||
Other miscellaneous operating expenses | 4,910 | 5,529 | 4,504 | ||||||||
$ | 187,434 | $ | 167,853 | $ | 155,771 |
Year Ended December 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Contractual rents, net | $ | 439,610 | $ | 402,275 | $ | 379,554 | |||||
Straight-line rental income, net | 18,775 | 12,173 | 10,582 | ||||||||
Amortization of lease incentives | (1,424 | ) | (1,342 | ) | (1,202 | ) | |||||
Cost recovery income, net | 41,289 | 35,561 | 41,101 | ||||||||
Lease termination fees | 1,848 | 2,439 | 2,938 | ||||||||
Fee income | 4,965 | 5,571 | 5,466 | ||||||||
Other miscellaneous operating revenues | 11,039 | 6,767 | 2,397 | ||||||||
$ | 516,102 | $ | 463,444 | $ | 440,836 |
2013 | $ | 463,913 | |
2014 | 430,278 | ||
2015 | 378,021 | ||
2016 | 325,970 | ||
2017 | 267,530 | ||
Thereafter | 878,894 | ||
$ | 2,744,606 |
Year Ended December 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Utilities, insurance and real estate taxes | $ | 100,707 | $ | 92,093 | $ | 85,653 | |||||
Maintenance, cleaning and general building | 69,026 | 58,910 | 54,422 | ||||||||
Property management and administrative expenses | 12,542 | 11,295 | 10,832 | ||||||||
Other miscellaneous operating expenses | 4,910 | 5,529 | 4,504 | ||||||||
$ | 187,185 | $ | 167,827 | $ | 155,411 |
|
Year Ended December 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Rental and other revenues | $ | 10,120 | $ | 21,002 | $ | 23,917 | |||||
Operating expenses: | |||||||||||
Rental property and other expenses | 3,766 | 8,865 | 9,273 | ||||||||
Depreciation and amortization | 2,009 | 5,256 | 5,926 | ||||||||
Total operating expenses | 5,775 | 14,121 | 15,199 | ||||||||
Interest expense | 283 | 489 | 421 | ||||||||
Income from discontinued operations | 4,062 | 6,392 | 8,297 | ||||||||
Net gains/(losses) on disposition of discontinued operations | 29,455 | 2,573 | (86 | ) | |||||||
Total discontinued operations | $ | 33,517 | $ | 8,965 | $ | 8,211 | |||||
Carrying value of assets held for sale and assets sold that qualified for discontinued operations during the year | $ | 122,861 | $ | 137,237 | $ | 165,243 |
December 31, | |||||||
2012 | 2011 | ||||||
Assets: | |||||||
Land | $ | — | $ | 14,077 | |||
Buildings and tenant improvements | — | 135,013 | |||||
Less - accumulated depreciation | — | (32,254 | ) | ||||
Net real estate assets | — | 116,836 | |||||
Accrued straight-line rents receivable | — | 6,520 | |||||
Deferred leasing costs, net | — | 811 | |||||
Prepaid expenses and other assets | — | 106 | |||||
Real estate and other assets, net, held for sale | $ | — | $ | 124,273 | |||
Liabilities: | |||||||
Mortgages and notes payable | $ | — | $ | 34,307 | |||
Accrued expenses and other liabilities | — | 214 | |||||
Financing obligations | — | 1,294 | |||||
Liabilities held for sale | $ | — | $ | 35,815 |
Year Ended December 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Rental and other revenues | $ | 10,120 | $ | 21,002 | $ | 23,917 | |||||
Operating expenses: | |||||||||||
Rental property and other expenses | 3,766 | 8,865 | 9,273 | ||||||||
Depreciation and amortization | 2,009 | 5,256 | 5,926 | ||||||||
Total operating expenses | 5,775 | 14,121 | 15,199 | ||||||||
Interest expense | 283 | 489 | 421 | ||||||||
Income from discontinued operations | 4,062 | 6,392 | 8,297 | ||||||||
Net gains/(losses) on disposition of discontinued operations | 29,455 | 2,573 | (86 | ) | |||||||
Total discontinued operations | $ | 33,517 | $ | 8,965 | $ | 8,211 | |||||
Carrying value of assets held for sale and assets sold that qualified for discontinued operations during the year | $ | 122,861 | $ | 137,237 | $ | 165,243 |
December 31, | |||||||
2012 | 2011 | ||||||
Assets: | |||||||
Land | $ | — | $ | 14,077 | |||
Buildings and tenant improvements | — | 135,013 | |||||
Less - accumulated depreciation | — | (32,254 | ) | ||||
Net real estate assets | — | 116,836 | |||||
Accrued straight-line rents receivable | — | 6,520 | |||||
Deferred leasing costs, net | — | 811 | |||||
Prepaid expenses and other assets | — | 106 | |||||
Real estate and other assets, net, held for sale | $ | — | $ | 124,273 | |||
Liabilities: | |||||||
Mortgages and notes payable | $ | — | $ | 34,307 | |||
Accrued expenses and other liabilities | — | 214 | |||||
Financing obligations | — | 1,294 | |||||
Liabilities held for sale | $ | — | $ | 35,815 |
|
Year Ended December 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Earnings per Common Share - basic: | |||||||||||
Numerator: | |||||||||||
Income from continuing operations | $ | 50,718 | $ | 39,006 | $ | 64,092 | |||||
Net (income) attributable to noncontrolling interests in the Operating Partnership from continuing operations | (2,260 | ) | (1,645 | ) | (2,905 | ) | |||||
Net (income) attributable to noncontrolling interests in consolidated affiliates from continuing operations | (786 | ) | (755 | ) | (485 | ) | |||||
Dividends on Preferred Stock | (2,508 | ) | (4,553 | ) | (6,708 | ) | |||||
Excess of Preferred Stock redemption/repurchase cost over carrying value | — | (1,895 | ) | — | |||||||
Income from continuing operations available for common stockholders | 45,164 | 30,158 | 53,994 | ||||||||
Income from discontinued operations | 33,517 | 8,965 | 8,211 | ||||||||
Net (income) attributable to noncontrolling interests in the Operating Partnership from discontinued operations | (1,594 | ) | (446 | ) | (415 | ) | |||||
Income from discontinued operations available for common stockholders | 31,923 | 8,519 | 7,796 | ||||||||
Net income available for common stockholders | $ | 77,087 | $ | 38,677 | $ | 61,790 | |||||
Denominator: | |||||||||||
Denominator for basic earnings per Common Share – weighted average shares (1) (2) | 75,811 | 72,281 | 71,578 | ||||||||
Earnings per Common Share - basic: | |||||||||||
Income from continuing operations available for common stockholders | $ | 0.60 | $ | 0.42 | $ | 0.75 | |||||
Income from discontinued operations available for common stockholders | 0.42 | 0.12 | 0.11 | ||||||||
Net income available for common stockholders | $ | 1.02 | $ | 0.54 | $ | 0.86 | |||||
Earnings per Common Share - diluted: | |||||||||||
Numerator: | |||||||||||
Income from continuing operations | $ | 50,718 | $ | 39,006 | $ | 64,092 | |||||
Net (income) attributable to noncontrolling interests in consolidated affiliates from continuing operations | (786 | ) | (755 | ) | (485 | ) | |||||
Dividends on Preferred Stock | (2,508 | ) | (4,553 | ) | (6,708 | ) | |||||
Excess of Preferred Stock redemption/repurchase cost over carrying value | — | (1,895 | ) | — | |||||||
Income from continuing operations available for common stockholders before net (income) attributable to noncontrolling interests in the Operating Partnership | 47,424 | 31,803 | 56,899 | ||||||||
Income from discontinued operations available for common stockholders | 33,517 | 8,965 | 8,211 | ||||||||
Net income available for common stockholders before net (income) attributable to noncontrolling interests in the Operating Partnership | $ | 80,941 | $ | 40,768 | $ | 65,110 | |||||
Denominator: | |||||||||||
Denominator for basic earnings per Common Share –weighted average shares (1) (2) | 75,811 | 72,281 | 71,578 | ||||||||
Add: | |||||||||||
Stock options using the treasury method | 122 | 136 | 198 | ||||||||
Noncontrolling interests Common Units | 3,745 | 3,772 | 3,802 | ||||||||
Denominator for diluted earnings per Common Share – adjusted weighted average shares and assumed conversions (1) | 79,678 | 76,189 | 75,578 | ||||||||
Earnings per Common Share - diluted: | |||||||||||
Income from continuing operations available for common stockholders | $ | 0.60 | $ | 0.42 | $ | 0.75 | |||||
Income from discontinued operations available for common stockholders | 0.42 | 0.12 | 0.11 | ||||||||
Net income available for common stockholders | $ | 1.02 | $ | 0.54 | $ | 0.86 |
17. | Earnings Per Share - Continued |
(1) | There were 0.5 million, 0.4 million and 0.7 million options outstanding during the years ended December 31, 2012, 2011 and 2010, respectively, that were not included in the computation of diluted earnings per share because the impact of including such options would be anti-dilutive. |
(2) | Includes all unvested restricted stock since dividends on such restricted stock are non-forfeitable. |
Year Ended December 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Earnings per Common Unit - basic: | |||||||||||
Numerator: | |||||||||||
Income from continuing operations | $ | 50,778 | $ | 39,067 | $ | 64,065 | |||||
Net (income) attributable to noncontrolling interests in consolidated affiliates from continuing operations | (786 | ) | (755 | ) | (485 | ) | |||||
Distributions on Preferred Units | (2,508 | ) | (4,553 | ) | (6,708 | ) | |||||
Excess of Preferred Unit redemption/repurchase cost over carrying value | — | (1,895 | ) | — | |||||||
Income from continuing operations available for common unitholders | 47,484 | 31,864 | 56,872 | ||||||||
Income from discontinued operations available for common unitholders | 33,517 | 8,965 | 8,211 | ||||||||
Net income available for common unitholders | $ | 81,001 | $ | 40,829 | $ | 65,083 | |||||
Denominator: | |||||||||||
Denominator for basic earnings per Common Unit – weighted average units (1) (2) | 79,147 | 75,644 | 74,971 | ||||||||
Earnings per Common Unit - basic: | |||||||||||
Income from continuing operations available for common unitholders | $ | 0.60 | $ | 0.42 | $ | 0.76 | |||||
Income from discontinued operations available for common unitholders | 0.42 | 0.12 | 0.11 | ||||||||
Net income available for common unitholders | $ | 1.02 | $ | 0.54 | $ | 0.87 | |||||
Earnings per Common Unit - diluted: | |||||||||||
Numerator: | |||||||||||
Income from continuing operations | $ | 50,778 | $ | 39,067 | $ | 64,065 | |||||
Net (income) attributable to noncontrolling interests in consolidated affiliates from continuing operations | (786 | ) | (755 | ) | (485 | ) | |||||
Distributions on Preferred Units | (2,508 | ) | (4,553 | ) | (6,708 | ) | |||||
Excess of Preferred Unit redemption/repurchase cost over carrying value | — | (1,895 | ) | — | |||||||
Income from continuing operations available for common unitholders | 47,484 | 31,864 | 56,872 | ||||||||
Income from discontinued operations available for common unitholders | 33,517 | 8,965 | 8,211 | ||||||||
Net income available for common unitholders | $ | 81,001 | $ | 40,829 | $ | 65,083 | |||||
Denominator: | |||||||||||
Denominator for basic earnings per Common Unit –weighted average units (1) (2) | 79,147 | 75,644 | 74,971 | ||||||||
Add: | |||||||||||
Stock options using the treasury method | 122 | 136 | 198 | ||||||||
Denominator for diluted earnings per Common Unit – adjusted weighted average units and assumed conversions (1) | 79,269 | 75,780 | 75,169 | ||||||||
Earnings per Common Unit - diluted: | |||||||||||
Income from continuing operations available for common unitholders | $ | 0.60 | $ | 0.42 | $ | 0.76 | |||||
Income from discontinued operations available for common unitholders | 0.42 | 0.12 | 0.11 | ||||||||
Net income available for common unitholders | $ | 1.02 | $ | 0.54 | $ | 0.87 |
(1) | There were 0.5 million, 0.4 million and 0.7 million options outstanding during the years ended December 31, 2012, 2011 and 2010, respectively, that were not included in the computation of diluted earnings per unit because the impact of including such options would be anti-dilutive. |
(2) | Includes all unvested restricted stock since dividends on such restricted stock are non-forfeitable. |
|
Year Ended December 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Rental and Other Revenues: (1) | |||||||||||
Office: | |||||||||||
Atlanta, GA | $ | 61,947 | $ | 49,521 | $ | 44,480 | |||||
Greenville, SC | 13,395 | 14,076 | 13,612 | ||||||||
Kansas City, MO | 15,003 | 13,795 | 14,160 | ||||||||
Memphis, TN | 36,832 | 36,801 | 31,479 | ||||||||
Nashville, TN | 56,542 | 53,645 | 52,159 | ||||||||
Orlando, FL | 11,169 | 10,233 | 11,611 | ||||||||
Piedmont Triad, NC | 21,569 | 20,645 | 21,163 | ||||||||
Pittsburgh, PA | 38,796 | 10,963 | — | ||||||||
Raleigh, NC | 81,624 | 78,638 | 75,714 | ||||||||
Richmond, VA | 47,310 | 47,525 | 47,175 | ||||||||
Tampa, FL | 69,381 | 68,240 | 71,060 | ||||||||
Total Office Segment | 453,568 | 404,082 | 382,613 | ||||||||
Industrial: | |||||||||||
Atlanta, GA | 12,805 | 13,266 | 12,335 | ||||||||
Piedmont Triad, NC | 12,518 | 11,827 | 12,372 | ||||||||
Total Industrial Segment | 25,323 | 25,093 | 24,707 | ||||||||
Retail: | |||||||||||
Kansas City, MO | 37,211 | 34,269 | 33,516 | ||||||||
Total Retail Segment | 37,211 | 34,269 | 33,516 | ||||||||
Total Rental and Other Revenues | $ | 516,102 | $ | 463,444 | $ | 440,836 |
19. | Segment Information - Continued |
Year Ended December 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Net Operating Income: (1) | |||||||||||
Office: | |||||||||||
Atlanta, GA | $ | 39,306 | $ | 31,077 | $ | 27,607 | |||||
Greenville, SC | 7,612 | 8,333 | 8,142 | ||||||||
Kansas City, MO | 9,516 | 8,374 | 8,824 | ||||||||
Memphis, TN | 21,848 | 20,874 | 18,640 | ||||||||
Nashville, TN | 38,831 | 36,586 | 35,451 | ||||||||
Orlando, FL | 5,841 | 5,187 | 6,256 | ||||||||
Piedmont Triad, NC | 13,325 | 13,041 | 13,886 | ||||||||
Pittsburgh, PA | 19,545 | 5,450 | — | ||||||||
Raleigh, NC | 56,628 | 54,699 | 52,347 | ||||||||
Richmond, VA | 32,407 | 31,281 | 32,035 | ||||||||
Tampa, FL | 43,114 | 42,371 | 44,622 | ||||||||
Total Office Segment | 287,973 | 257,273 | 247,810 | ||||||||
Industrial: | |||||||||||
Atlanta, GA | 9,282 | 9,780 | 8,734 | ||||||||
Piedmont Triad, NC | 9,149 | 8,652 | 9,037 | ||||||||
Total Industrial Segment | 18,431 | 18,432 | 17,771 | ||||||||
Retail: | |||||||||||
Kansas City, MO | 22,528 | 20,157 | 19,927 | ||||||||
Total Retail Segment | 22,528 | 20,157 | 19,927 | ||||||||
Residential: | |||||||||||
Raleigh, NC | (178 | ) | (195 | ) | (362 | ) | |||||
Total Residential Segment | (178 | ) | (195 | ) | (362 | ) | |||||
Corporate and other (2) | (86 | ) | (76 | ) | (81 | ) | |||||
Total Net Operating Income | 328,668 | 295,591 | 285,065 | ||||||||
Reconciliation to income from continuing operations before disposition of property, condominiums and investments in unconsolidated affiliates and equity in earnings of unconsolidated affiliates: | |||||||||||
Depreciation and amortization | (156,318 | ) | (137,890 | ) | (130,232 | ) | |||||
Impairments of real estate assets | — | (2,429 | ) | — | |||||||
General and administrative expenses | (37,377 | ) | (35,727 | ) | (32,948 | ) | |||||
Interest expense | (96,114 | ) | (95,510 | ) | (92,951 | ) | |||||
Other income | 6,380 | 7,363 | 5,657 | ||||||||
Income from continuing operations before disposition of property, condominiums and investments in unconsolidated affiliates and equity in earnings of unconsolidated affiliates | $ | 45,239 | $ | 31,398 | $ | 34,591 |
(1) | Net of discontinued operations. |
(2) | Negative NOI with no corresponding revenues represents expensed real estate taxes and other carrying costs associated with land held for development that is currently zoned for the respective product type. |
19. | Segment Information - Continued |
December 31, | |||||||
2012 | 2011 | ||||||
Total Assets: | |||||||
Office: | |||||||
Atlanta, GA | $ | 495,175 | $ | 359,225 | |||
Greenville, SC | 69,138 | 69,669 | |||||
Kansas City, MO | 84,538 | 86,028 | |||||
Memphis, TN | 225,541 | 265,259 | |||||
Nashville, TN | 314,705 | 325,272 | |||||
Orlando, FL | 51,373 | 46,547 | |||||
Piedmont Triad, NC | 144,404 | 115,096 | |||||
Pittsburgh, PA | 330,975 | 227,965 | |||||
Raleigh, NC | 479,995 | 468,494 | |||||
Richmond, VA | 246,276 | 254,364 | |||||
Tampa, FL | 386,676 | 394,569 | |||||
Total Office Segment | 2,828,796 | 2,612,488 | |||||
Industrial: | |||||||
Atlanta, GA | 115,330 | 133,640 | |||||
Piedmont Triad, NC | 76,013 | 78,081 | |||||
Total Industrial Segment | 191,343 | 211,721 | |||||
Retail: | |||||||
Kansas City, MO | 166,030 | 170,717 | |||||
Total Retail Segment | 166,030 | 170,717 | |||||
Residential: | |||||||
Kansas City, MO | — | 5,707 | |||||
Raleigh, NC | 8 | 4,768 | |||||
Total Residential Segment | 8 | 10,475 | |||||
Corporate and other | 164,251 | 175,591 | |||||
Total Assets | $ | 3,350,428 | $ | 3,180,992 |
Year Ended December 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Rental and Other Revenues: (1) | |||||||||||
Office: | |||||||||||
Atlanta, GA | $ | 61,948 | $ | 49,521 | $ | 44,480 | |||||
Greenville, SC | 13,394 | 14,076 | 13,612 | ||||||||
Kansas City, MO | 15,003 | 13,795 | 14,160 | ||||||||
Memphis, TN | 36,832 | 36,801 | 31,479 | ||||||||
Nashville, TN | 56,542 | 53,643 | 52,159 | ||||||||
Orlando, FL | 11,169 | 10,233 | 11,611 | ||||||||
Piedmont Triad, NC | 21,569 | 20,645 | 21,162 | ||||||||
Pittsburgh, PA | 38,796 | 10,963 | — | ||||||||
Raleigh, NC | 81,624 | 78,640 | 75,715 | ||||||||
Richmond, VA | 47,310 | 47,525 | 47,175 | ||||||||
Tampa, FL | 69,381 | 68,240 | 71,060 | ||||||||
Total Office Segment | 453,568 | 404,082 | 382,613 | ||||||||
Industrial: | |||||||||||
Atlanta, GA | 12,805 | 13,266 | 12,335 | ||||||||
Piedmont Triad, NC | 12,518 | 11,827 | 12,372 | ||||||||
Total Industrial Segment | 25,323 | 25,093 | 24,707 | ||||||||
Retail: | |||||||||||
Kansas City, MO | 37,211 | 34,269 | 33,516 | ||||||||
Total Retail Segment | 37,211 | 34,269 | 33,516 | ||||||||
Total Rental and Other Revenues | $ | 516,102 | $ | 463,444 | $ | 440,836 |
19. | Segment Information - Continued |
Year Ended December 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Net Operating Income: (1) | |||||||||||
Office: | |||||||||||
Atlanta, GA | $ | 39,335 | $ | 31,080 | $ | 27,641 | |||||
Greenville, SC | 7,618 | 8,334 | 8,152 | ||||||||
Kansas City, MO | 9,523 | 8,375 | 8,835 | ||||||||
Memphis, TN | 21,864 | 20,876 | 18,664 | ||||||||
Nashville, TN | 38,860 | 36,589 | 35,497 | ||||||||
Orlando, FL | 5,845 | 5,187 | 6,264 | ||||||||
Piedmont Triad, NC | 13,335 | 13,042 | 13,903 | ||||||||
Pittsburgh, PA | 19,548 | 5,450 | — | ||||||||
Raleigh, NC | 56,682 | 54,704 | 52,413 | ||||||||
Richmond, VA | 32,431 | 31,283 | 32,075 | ||||||||
Tampa, FL | 43,150 | 42,375 | 44,679 | ||||||||
Total Office Segment | 288,191 | 257,295 | 248,123 | ||||||||
Industrial: | |||||||||||
Atlanta, GA | 9,289 | 9,781 | 8,745 | ||||||||
Piedmont Triad, NC | 9,156 | 8,653 | 9,048 | ||||||||
Total Industrial Segment | 18,445 | 18,434 | 17,793 | ||||||||
Retail: | |||||||||||
Kansas City, MO | 22,545 | 20,159 | 19,952 | ||||||||
Total Retail Segment | 22,545 | 20,159 | 19,952 | ||||||||
Residential: | |||||||||||
Raleigh, NC | (178 | ) | (195 | ) | (362 | ) | |||||
Total Residential Segment | (178 | ) | (195 | ) | (362 | ) | |||||
Corporate and other (2) | (86 | ) | (76 | ) | (81 | ) | |||||
Total Net Operating Income | 328,917 | 295,617 | 285,425 | ||||||||
Reconciliation to income from continuing operations before disposition of property, condominiums and investments in unconsolidated affiliates and equity in earnings of unconsolidated affiliates: | |||||||||||
Depreciation and amortization | (156,318 | ) | (137,890 | ) | (130,232 | ) | |||||
Impairments of real estate assets | — | (2,429 | ) | — | |||||||
General and administrative expenses | (37,626 | ) | (35,753 | ) | (33,308 | ) | |||||
Interest expense | (96,114 | ) | (95,510 | ) | (92,951 | ) | |||||
Other income | 6,380 | 7,363 | 5,657 | ||||||||
Income from continuing operations before disposition of property, condominiums and investments in unconsolidated affiliates and equity in earnings of unconsolidated affiliates | $ | 45,239 | $ | 31,398 | $ | 34,591 |
(1) | Net of discontinued operations. |
(2) | Negative NOI with no corresponding revenues represents expensed real estate taxes and other carrying costs associated with land held for development that is currently zoned for the respective product type. |
19. | Segment Information - Continued |
December 31, | |||||||
2012 | 2011 | ||||||
Total Assets: | |||||||
Office: | |||||||
Atlanta, GA | $ | 495,175 | $ | 359,225 | |||
Greenville, SC | 69,138 | 69,669 | |||||
Kansas City, MO | 84,538 | 86,028 | |||||
Memphis, TN | 225,541 | 265,259 | |||||
Nashville, TN | 314,705 | 325,272 | |||||
Orlando, FL | 51,373 | 46,547 | |||||
Piedmont Triad, NC | 144,404 | 115,096 | |||||
Pittsburgh, PA | 330,975 | 227,965 | |||||
Raleigh, NC | 479,995 | 468,494 | |||||
Richmond, VA | 246,276 | 254,364 | |||||
Tampa, FL | 386,676 | 394,569 | |||||
Total Office Segment | 2,828,796 | 2,612,488 | |||||
Industrial: | |||||||
Atlanta, GA | 115,330 | 133,640 | |||||
Piedmont Triad, NC | 76,013 | 78,081 | |||||
Total Industrial Segment | 191,343 | 211,721 | |||||
Retail: | |||||||
Kansas City, MO | 166,030 | 170,717 | |||||
Total Retail Segment | 166,030 | 170,717 | |||||
Residential: | |||||||
Kansas City, MO | — | 5,707 | |||||
Raleigh, NC | 8 | 4,768 | |||||
Total Residential Segment | 8 | 10,475 | |||||
Corporate and other | 163,348 | 174,483 | |||||
Total Assets | $ | 3,349,525 | $ | 3,179,884 |
|
Year Ended December 31, 2012 | |||||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total | |||||||||||||||
Rental and other revenues (1) | $ | 125,583 | $ | 128,323 | $ | 128,214 | $ | 133,982 | $ | 516,102 | |||||||||
Income from continuing operations (1) | 11,419 | 11,377 | 12,313 | 15,609 | 50,718 | ||||||||||||||
Income from discontinued operations (1) | 6,913 | 3,121 | 23,483 | — | 33,517 | ||||||||||||||
Net income | 18,332 | 14,498 | 35,796 | 15,609 | 84,235 | ||||||||||||||
Net (income) attributable to noncontrolling interests in the Operating Partnership | (827 | ) | (686 | ) | (1,653 | ) | (688 | ) | (3,854 | ) | |||||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | (184 | ) | (223 | ) | (159 | ) | (220 | ) | (786 | ) | |||||||||
Dividends on Preferred Stock | (627 | ) | (627 | ) | (627 | ) | (627 | ) | (2,508 | ) | |||||||||
Net income available for common stockholders | $ | 16,694 | $ | 12,962 | $ | 33,357 | $ | 14,074 | $ | 77,087 | |||||||||
Earnings per Common Share-basic: | |||||||||||||||||||
Income from continuing operations available for common stockholders | $ | 0.14 | $ | 0.13 | $ | 0.15 | $ | 0.18 | $ | 0.60 | |||||||||
Income from discontinued operations available for common stockholders | 0.09 | 0.04 | 0.29 | — | 0.42 | ||||||||||||||
Net income available for common stockholders | $ | 0.23 | $ | 0.17 | $ | 0.44 | $ | 0.18 | $ | 1.02 | |||||||||
Earnings per Common Share-diluted: | |||||||||||||||||||
Income from continuing operations available for common stockholders | $ | 0.14 | $ | 0.13 | $ | 0.14 | $ | 0.18 | $ | 0.60 | |||||||||
Income from discontinued operations available for common stockholders | 0.09 | 0.04 | 0.29 | — | 0.42 | ||||||||||||||
Net income available for common stockholders | $ | 0.23 | $ | 0.17 | $ | 0.43 | $ | 0.18 | $ | 1.02 |
20. | Quarterly Financial Data (Unaudited) |
Year Ended December 31, 2011 | |||||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total | |||||||||||||||
Rental and other revenues (1) | $ | 110,047 | $ | 112,185 | $ | 117,265 | $ | 123,947 | $ | 463,444 | |||||||||
Income from continuing operations (1) | 10,671 | 12,572 | 3,957 | 11,806 | 39,006 | ||||||||||||||
Income from discontinued operations (1) | 1,772 | 1,862 | 4,287 | 1,044 | 8,965 | ||||||||||||||
Net income | 12,443 | 14,434 | 8,244 | 12,850 | 47,971 | ||||||||||||||
Net (income) attributable to noncontrolling interests in the Operating Partnership | (507 | ) | (623 | ) | (366 | ) | (595 | ) | (2,091 | ) | |||||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | (123 | ) | (182 | ) | (249 | ) | (201 | ) | (755 | ) | |||||||||
Dividends on Preferred Stock | (1,677 | ) | (1,622 | ) | (627 | ) | (627 | ) | (4,553 | ) | |||||||||
Excess of Preferred Stock redemption/repurchase cost over carrying value | — | (1,895 | ) | — | — | (1,895 | ) | ||||||||||||
Net income available for common stockholders | $ | 10,136 | $ | 10,112 | $ | 7,002 | $ | 11,427 | $ | 38,677 | |||||||||
Earnings per Common Share-basic: | |||||||||||||||||||
Income from continuing operations available for common stockholders | $ | 0.12 | $ | 0.12 | $ | 0.04 | $ | 0.14 | $ | 0.42 | |||||||||
Income from discontinued operations available for common stockholders | 0.02 | 0.02 | 0.06 | 0.02 | 0.12 | ||||||||||||||
Net income available for common stockholders | $ | 0.14 | $ | 0.14 | $ | 0.10 | $ | 0.16 | $ | 0.54 | |||||||||
Earnings per Common Share-diluted: | |||||||||||||||||||
Income from continuing operations available for common stockholders | $ | 0.12 | $ | 0.12 | $ | 0.04 | $ | 0.14 | $ | 0.42 | |||||||||
Income from discontinued operations available for common stockholders | 0.02 | 0.02 | 0.06 | 0.02 | 0.12 | ||||||||||||||
Net income available for common stockholders | $ | 0.14 | $ | 0.14 | $ | 0.10 | $ | 0.16 | $ | 0.54 |
20. | Quarterly Financial Data (Unaudited) – Continued |
(1) | The amounts presented may not equal to the amounts previously reported in the most recent Form 10-Qs or prior 10-K for each period as a result of discontinued operations. Below is the reconciliation to the amounts previously reported: |
Quarter Ended | |||||||||||
March 31, | June 30, | September 30, | |||||||||
2012 | 2012 | 2012 | |||||||||
Rental and other revenues, as reported | $ | 129,943 | $ | 130,735 | $ | 128,214 | |||||
Discontinued operations | (4,360 | ) | (2,412 | ) | — | ||||||
Rental and other revenues, as adjusted | $ | 125,583 | $ | 128,323 | $ | 128,214 | |||||
Income from continuing operations, as reported | $ | 13,115 | $ | 12,357 | $ | 12,313 | |||||
Discontinued operations | (1,696 | ) | (980 | ) | — | ||||||
Income from continuing operations, as adjusted | $ | 11,419 | $ | 11,377 | $ | 12,313 | |||||
Income from discontinued operations, as reported | $ | 5,217 | $ | 2,141 | $ | 23,483 | |||||
Additional discontinued operations from properties sold subsequent to the respective reporting period | 1,696 | 980 | — | ||||||||
Income from discontinued operations, as adjusted | $ | 6,913 | $ | 3,121 | $ | 23,483 |
Quarter Ended | |||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||
2011 | 2011 | 2011 | 2011 | ||||||||||||
Rental and other revenues, as reported | $ | 114,351 | $ | 114,651 | $ | 117,265 | $ | 128,730 | |||||||
Discontinued operations | (4,304 | ) | (2,466 | ) | — | (4,783 | ) | ||||||||
Rental and other revenues, as adjusted | $ | 110,047 | $ | 112,185 | $ | 117,265 | $ | 123,947 | |||||||
Income from continuing operations, as reported | $ | 11,903 | $ | 13,695 | $ | 3,957 | $ | 12,850 | |||||||
Discontinued operations | (1,232 | ) | (1,123 | ) | — | (1,044 | ) | ||||||||
Income from continuing operations, as adjusted | $ | 10,671 | $ | 12,572 | $ | 3,957 | $ | 11,806 | |||||||
Income from discontinued operations, as reported | $ | 540 | $ | 739 | $ | 4,287 | $ | — | |||||||
Additional discontinued operations from properties sold subsequent to the respective reporting period | 1,232 | 1,123 | — | 1,044 | |||||||||||
Income from discontinued operations, as adjusted | $ | 1,772 | $ | 1,862 | $ | 4,287 | $ | 1,044 |
Year Ended December 31, 2012 | |||||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total | |||||||||||||||
Rental and other revenues (1) | $ | 125,583 | $ | 128,323 | $ | 128,214 | $ | 133,982 | $ | 516,102 | |||||||||
Income from continuing operations (1) | 11,421 | 11,380 | 12,317 | 15,660 | 50,778 | ||||||||||||||
Income from discontinued operations (1) | 6,913 | 3,121 | 23,483 | — | 33,517 | ||||||||||||||
Net income | 18,334 | 14,501 | 35,800 | 15,660 | 84,295 | ||||||||||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | (184 | ) | (223 | ) | (159 | ) | (220 | ) | (786 | ) | |||||||||
Distributions on Preferred Units | (627 | ) | (627 | ) | (627 | ) | (627 | ) | (2,508 | ) | |||||||||
Net income available for common unitholders | $ | 17,523 | $ | 13,651 | $ | 35,014 | $ | 14,813 | $ | 81,001 | |||||||||
Earnings per Common Unit-basic: | |||||||||||||||||||
Income from continuing operations available for common unitholders | 0.14 | 0.14 | 0.15 | 0.18 | 0.60 | ||||||||||||||
Income from discontinued operations available for common unitholders | 0.09 | 0.04 | 0.29 | — | 0.42 | ||||||||||||||
Net income available for common unitholders | 0.23 | 0.18 | 0.44 | 0.18 | 1.02 | ||||||||||||||
Earnings per Common Unit-diluted: | |||||||||||||||||||
Income from continuing operations available for common unitholders | 0.14 | 0.13 | 0.15 | 0.18 | 0.60 | ||||||||||||||
Income from discontinued operations available for common unitholders | 0.09 | 0.04 | 0.29 | — | 0.42 | ||||||||||||||
Net income available for common unitholders | 0.23 | 0.17 | 0.44 | 0.18 | 1.02 |
20. | Quarterly Financial Data (Unaudited) |
Year Ended December 31, 2011 | |||||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total | |||||||||||||||
Rental and other revenues (1) | $ | 110,047 | $ | 112,185 | $ | 117,265 | $ | 123,947 | $ | 463,444 | |||||||||
Income from continuing operations (1) | 10,679 | 12,576 | 3,957 | 11,855 | 39,067 | ||||||||||||||
Income from discontinued operations (1) | 1,772 | 1,862 | 4,287 | 1,044 | 8,965 | ||||||||||||||
Net income | 12,451 | 14,438 | 8,244 | 12,899 | 48,032 | ||||||||||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates | (123 | ) | (182 | ) | (249 | ) | (201 | ) | (755 | ) | |||||||||
Distributions on Preferred Units | (1,677 | ) | (1,622 | ) | (627 | ) | (627 | ) | (4,553 | ) | |||||||||
Excess of Preferred Unit redemption/repurchase cost over carrying value | — | (1,895 | ) | — | — | (1,895 | ) | ||||||||||||
Net income available for common unitholders | $ | 10,651 | $ | 10,739 | $ | 7,368 | $ | 12,071 | $ | 40,829 | |||||||||
Earnings per Common Unit-basic: | |||||||||||||||||||
Income from continuing operations available for common unitholders | 0.12 | 0.12 | 0.04 | 0.15 | 0.42 | ||||||||||||||
Income from discontinued operations available for common unitholders | 0.02 | 0.02 | 0.06 | 0.01 | 0.12 | ||||||||||||||
Net income available for common unitholders | 0.14 | 0.14 | 0.10 | 0.16 | 0.54 | ||||||||||||||
Earnings per Common Unit-diluted: | |||||||||||||||||||
Income from continuing operations available for common unitholders | 0.12 | 0.12 | 0.04 | 0.15 | 0.42 | ||||||||||||||
Income from discontinued operations available for common unitholders | 0.02 | 0.02 | 0.06 | 0.01 | 0.12 | ||||||||||||||
Net income available for common unitholders | 0.14 | 0.14 | 0.10 | 0.16 | 0.54 |
20. | Quarterly Financial Data (Unaudited) – Continued |
(1) | The amounts presented may not equal to the amounts previously reported in the most recent Form 10-Qs or prior 10-K for each period as a result of discontinued operations. Below is the reconciliation to the amounts previously reported: |
Quarter Ended | |||||||||||
March 31, | June 30, | September 30, | |||||||||
2012 | 2012 | 2012 | |||||||||
Rental and other revenues, as reported | $ | 129,943 | $ | 130,735 | $ | 128,214 | |||||
Discontinued operations | (4,360 | ) | (2,412 | ) | — | ||||||
Rental and other revenues, as adjusted | $ | 125,583 | $ | 128,323 | $ | 128,214 | |||||
Income from continuing operations, as reported | $ | 13,117 | $ | 12,360 | $ | 12,317 | |||||
Discontinued operations | (1,696 | ) | (980 | ) | — | ||||||
Income from continuing operations, as adjusted | $ | 11,421 | $ | 11,380 | $ | 12,317 | |||||
Income from discontinued operations, as reported | $ | 5,217 | $ | 2,141 | $ | 23,483 | |||||
Additional discontinued operations from properties sold subsequent to the respective reporting period | 1,696 | 980 | — | ||||||||
Income from discontinued operations, as adjusted | $ | 6,913 | $ | 3,121 | $ | 23,483 |
Quarter Ended | |||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||
2011 | 2011 | 2011 | 2011 | ||||||||||||
Rental and other revenues, as reported | $ | 114,351 | $ | 114,651 | $ | 117,265 | $ | 128,730 | |||||||
Discontinued operations | (4,304 | ) | (2,466 | ) | — | (4,783 | ) | ||||||||
Rental and other revenues, as adjusted | $ | 110,047 | $ | 112,185 | $ | 117,265 | $ | 123,947 | |||||||
Income from continuing operations, as reported | $ | 11,911 | $ | 13,699 | $ | 3,957 | $ | 12,899 | |||||||
Discontinued operations | (1,232 | ) | (1,123 | ) | — | (1,044 | ) | ||||||||
Income from continuing operations, as adjusted | $ | 10,679 | $ | 12,576 | $ | 3,957 | $ | 11,855 | |||||||
Income from discontinued operations, as reported | $ | 540 | $ | 739 | $ | 4,287 | $ | — | |||||||
Additional discontinued operations from properties sold subsequent to the respective reporting period | 1,232 | 1,123 | — | 1,044 | |||||||||||
Income from discontinued operations, as adjusted | $ | 1,772 | $ | 1,862 | $ | 4,287 | $ | 1,044 |
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