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June 30, 2012 | December 31, 2011 | ||||||
Seller financing (first mortgages) | $ | 15,853 | $ | 17,180 | |||
Less allowance | — | — | |||||
15,853 | 17,180 | ||||||
Promissory notes | 1,321 | 1,481 | |||||
Less allowance | (118 | ) | (61 | ) | |||
1,203 | 1,420 | ||||||
Mortgages and notes receivable, net | $ | 17,056 | $ | 18,600 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Beginning notes receivable allowance | $ | 122 | $ | 497 | $ | 61 | $ | 868 | |||||||
Bad debt expense | — | 162 | — | 184 | |||||||||||
Recoveries/write-offs/other | (4 | ) | (42 | ) | 57 | (435 | ) | ||||||||
Total notes receivable allowance | $ | 118 | $ | 617 | $ | 118 | $ | 617 |
June 30, 2012 | December 31, 2011 | ||||||
Seller financing (first mortgages) | $ | 15,853 | $ | 17,180 | |||
Less allowance | — | — | |||||
15,853 | 17,180 | ||||||
Promissory notes | 1,321 | 1,481 | |||||
Less allowance | (118 | ) | (61 | ) | |||
1,203 | 1,420 | ||||||
Mortgages and notes receivable, net | $ | 17,056 | $ | 18,600 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Beginning notes receivable allowance | $ | 122 | $ | 497 | $ | 61 | $ | 868 | |||||||
Bad debt expense | — | 162 | — | 184 | |||||||||||
Recoveries/write-offs/other | (4 | ) | (42 | ) | 57 | (435 | ) | ||||||||
Total notes receivable allowance | $ | 118 | $ | 617 | $ | 118 | $ | 617 |
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Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Income Statements: | |||||||||||||||
Rental and other revenues | $ | 26,049 | $ | 24,779 | $ | 50,869 | $ | 49,996 | |||||||
Expenses: | |||||||||||||||
Rental property and other expenses | 12,666 | 10,774 | 24,082 | 22,771 | |||||||||||
Depreciation and amortization | 5,919 | 6,295 | 12,484 | 12,911 | |||||||||||
Impairment of real estate assets | — | — | 7,180 | — | |||||||||||
Interest expense | 5,267 | 5,858 | 11,097 | 11,865 | |||||||||||
Total expenses | 23,852 | 22,927 | 54,843 | 47,547 | |||||||||||
Income/(loss) before disposition of properties | 2,197 | 1,852 | (3,974 | ) | 2,449 | ||||||||||
Gains on disposition of properties | 6,275 | — | 6,275 | — | |||||||||||
Net income | $ | 8,472 | $ | 1,852 | $ | 2,301 | $ | 2,449 | |||||||
Our share of: | |||||||||||||||
Depreciation and amortization of real estate assets | $ | 1,675 | $ | 2,033 | $ | 3,773 | $ | 4,126 | |||||||
Impairment of real estate assets | $ | — | $ | — | $ | 1,002 | $ | — | |||||||
Interest expense | $ | 1,843 | $ | 2,033 | $ | 3,823 | $ | 4,194 | |||||||
Net income | $ | 1,133 | $ | 749 | $ | 338 | $ | 1,670 | |||||||
Our share of net income | $ | 1,133 | $ | 749 | $ | 338 | $ | 1,670 | |||||||
Management and other fees adjustments | 375 | 604 | 1,008 | 1,150 | |||||||||||
Equity in earnings of unconsolidated affiliates | $ | 1,508 | $ | 1,353 | $ | 1,346 | $ | 2,820 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Income Statements: | |||||||||||||||
Rental and other revenues | $ | 25,057 | $ | 23,756 | $ | 48,854 | $ | 47,958 | |||||||
Expenses: | |||||||||||||||
Rental property and other expenses | 12,076 | 10,155 | 22,877 | 21,526 | |||||||||||
Depreciation and amortization | 5,607 | 6,053 | 11,861 | 12,299 | |||||||||||
Impairment of real estate assets | — | — | 7,180 | — | |||||||||||
Interest expense | 5,103 | 5,683 | 10,766 | 11,508 | |||||||||||
Total expenses | 22,786 | 21,891 | 52,684 | 45,333 | |||||||||||
Income/(loss) before disposition of properties | 2,271 | 1,865 | (3,830 | ) | 2,625 | ||||||||||
Gains on disposition of properties | 6,275 | — | 6,275 | — | |||||||||||
Net income | $ | 8,546 | $ | 1,865 | $ | 2,445 | $ | 2,625 | |||||||
Our share of: | |||||||||||||||
Depreciation and amortization of real estate assets | $ | 1,636 | $ | 1,995 | $ | 3,695 | $ | 4,050 | |||||||
Impairment of real estate assets | $ | — | $ | — | $ | 1,002 | $ | — | |||||||
Interest expense | $ | 1,823 | $ | 2,012 | $ | 3,782 | $ | 4,149 | |||||||
Net income | $ | 1,142 | $ | 759 | $ | 356 | $ | 1,694 | |||||||
Our share of net income | $ | 1,142 | $ | 759 | $ | 356 | $ | 1,694 | |||||||
Management and other fees adjustments | 369 | 598 | 995 | 1,138 | |||||||||||
Equity in earnings of unconsolidated affiliates | $ | 1,511 | $ | 1,357 | $ | 1,351 | $ | 2,832 |
|
June 30, 2012 | December 31, 2011 | ||||||
Assets: | |||||||
Deferred financing costs | $ | 20,112 | $ | 18,044 | |||
Less accumulated amortization | (7,488 | ) | (5,797 | ) | |||
12,624 | 12,247 | ||||||
Deferred leasing costs (including lease incentives and acquisition-related intangible assets) | 177,140 | 172,049 | |||||
Less accumulated amortization | (63,084 | ) | (56,522 | ) | |||
114,056 | 115,527 | ||||||
Deferred financing and leasing costs, net | $ | 126,680 | $ | 127,774 | |||
Liabilities (in accounts payable, accrued expenses and other liabilities): | |||||||
Acquisition-related below market lease liabilities | $ | 16,346 | $ | 16,441 | |||
Less accumulated amortization | (1,966 | ) | (971 | ) | |||
$ | 14,380 | $ | 15,470 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Amortization of deferred financing costs | $ | 900 | $ | 821 | $ | 1,802 | $ | 1,642 | |||||||
Amortization of deferred leasing costs and acquisition-related intangible assets (in depreciation and amortization) | $ | 7,266 | $ | 4,401 | $ | 13,706 | $ | 8,757 | |||||||
Amortization of lease incentives (in rental and other revenues) | $ | 340 | $ | 303 | $ | 683 | $ | 641 | |||||||
Amortization of acquisition-related intangible assets (in rental and other revenues) | $ | 324 | $ | 191 | $ | 594 | $ | 377 | |||||||
Amortization of acquisition-related below market lease liabilities (in rental and other revenues) | $ | (553 | ) | $ | (25 | ) | $ | (1,097 | ) | $ | (50 | ) |
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 Below Market Lease Liabilities (in Rental and Other Revenues) | ||||||||||||||||
July 1, 2012 through December 31, 2012 | $ | 2,234 | $ | 14,242 | $ | 772 | $ | 579 | $ | (1,229 | ) | |||||||||
2013 | 3,262 | 21,834 | 1,167 | 765 | (2,081 | ) | ||||||||||||||
2014 | 2,987 | 17,877 | 1,013 | 504 | (2,005 | ) | ||||||||||||||
2015 | 2,264 | 13,879 | 779 | 328 | (1,768 | ) | ||||||||||||||
2016 | 957 | 10,880 | 608 | 280 | (1,498 | ) | ||||||||||||||
Thereafter | 920 | 25,453 | 2,379 | 717 | (5,799 | ) | ||||||||||||||
$ | 12,624 | $ | 104,165 | $ | 6,718 | $ | 3,173 | $ | (14,380 | ) |
June 30, 2012 | December 31, 2011 | ||||||
Assets: | |||||||
Deferred financing costs | $ | 20,112 | $ | 18,044 | |||
Less accumulated amortization | (7,488 | ) | (5,797 | ) | |||
12,624 | 12,247 | ||||||
Deferred leasing costs (including lease incentives and acquisition-related intangible assets) | 177,140 | 172,049 | |||||
Less accumulated amortization | (63,084 | ) | (56,522 | ) | |||
114,056 | 115,527 | ||||||
Deferred financing and leasing costs, net | $ | 126,680 | $ | 127,774 | |||
Liabilities (in accounts payable, accrued expenses and other liabilities): | |||||||
Acquisition-related below market lease liabilities | $ | 16,346 | $ | 16,441 | |||
Less accumulated amortization | (1,966 | ) | (971 | ) | |||
$ | 14,380 | $ | 15,470 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Amortization of deferred financing costs | $ | 900 | $ | 821 | $ | 1,802 | $ | 1,642 | |||||||
Amortization of deferred leasing costs and acquisition-related intangible assets (in depreciation and amortization) | $ | 7,266 | $ | 4,401 | $ | 13,706 | $ | 8,757 | |||||||
Amortization of lease incentives (in rental and other revenues) | $ | 340 | $ | 303 | $ | 683 | $ | 641 | |||||||
Amortization of acquisition-related intangible assets (in rental and other revenues) | $ | 324 | $ | 191 | $ | 594 | $ | 377 | |||||||
Amortization of acquisition-related below market lease liabilities (in rental and other revenues) | $ | (553 | ) | $ | (25 | ) | $ | (1,097 | ) | $ | (50 | ) |
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 Below Market Lease Liabilities (in Rental and Other Revenues) | ||||||||||||||||
July 1, 2012 through December 31, 2012 | $ | 2,234 | $ | 14,242 | $ | 772 | $ | 579 | $ | (1,229 | ) | |||||||||
2013 | 3,262 | 21,834 | 1,167 | 765 | (2,081 | ) | ||||||||||||||
2014 | 2,987 | 17,877 | 1,013 | 504 | (2,005 | ) | ||||||||||||||
2015 | 2,264 | 13,879 | 779 | 328 | (1,768 | ) | ||||||||||||||
2016 | 957 | 10,880 | 608 | 280 | (1,498 | ) | ||||||||||||||
Thereafter | 920 | 25,453 | 2,379 | 717 | (5,799 | ) | ||||||||||||||
$ | 12,624 | $ | 104,165 | $ | 6,718 | $ | 3,173 | $ | (14,380 | ) |
|
June 30, 2012 | December 31, 2011 | ||||||
Secured indebtedness | $ | 743,492 | $ | 750,049 | |||
Unsecured indebtedness | 1,079,636 | 1,153,164 | |||||
Total mortgages and notes payable | $ | 1,823,128 | $ | 1,903,213 |
June 30, 2012 | December 31, 2011 | ||||||
Secured indebtedness | $ | 743,492 | $ | 750,049 | |||
Unsecured indebtedness | 1,079,636 | 1,153,164 | |||||
Total mortgages and notes payable | $ | 1,823,128 | $ | 1,903,213 |
|
June 30, 2012 | December 31, 2011 | ||||||
Liability Derivatives: | |||||||
Derivatives designated as cash flow hedges in other liabilities: | |||||||
Interest rate swaps | $ | 7,763 | $ | 2,202 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Derivatives Designated as Cash Flow Hedges: | |||||||||||||||
Amount of unrealized losses recognized in AOCL on derivatives (effective portion): | |||||||||||||||
Interest rate swaps | $ | (7,481 | ) | $ | — | $ | (7,087 | ) | $ | — | |||||
Amount of (gains)/losses reclassified out of AOCL into contractual interest expense (effective portion): | |||||||||||||||
Interest rate swaps | $ | 782 | $ | (29 | ) | $ | 1,459 | $ | (58 | ) |
June 30, 2012 | December 31, 2011 | ||||||
Liability Derivatives: | |||||||
Derivatives designated as cash flow hedges in other liabilities: | |||||||
Interest rate swaps | $ | 7,763 | $ | 2,202 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Derivatives Designated as Cash Flow Hedges: | |||||||||||||||
Amount of unrealized losses recognized in AOCL on derivatives (effective portion): | |||||||||||||||
Interest rate swaps | $ | (7,481 | ) | $ | — | $ | (7,087 | ) | $ | — | |||||
Amount of (gains)/losses reclassified out of AOCL into contractual interest expense (effective portion): | |||||||||||||||
Interest rate swaps | $ | 782 | $ | (29 | ) | $ | 1,459 | $ | (58 | ) |
|
Six Months Ended June 30, | |||||||
2012 | 2011 | ||||||
Beginning noncontrolling interests in the Operating Partnership | $ | 110,655 | $ | 120,838 | |||
Adjustments of noncontrolling interests in the Operating Partnership to fair value | 16,501 | 6,957 | |||||
Conversion of Common Units to Common Stock | (631 | ) | (635 | ) | |||
Net income attributable to noncontrolling interests in the Operating Partnership | 1,513 | 1,130 | |||||
Distributions to noncontrolling interests in the Operating Partnership | (3,158 | ) | (3,215 | ) | |||
Total noncontrolling interests in the Operating Partnership | $ | 124,880 | $ | 125,075 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Net income available for common stockholders | $ | 12,962 | $ | 10,112 | $ | 29,656 | $ | 20,248 | |||||||
Increase in additional paid in capital from conversion of Common Units to Common Stock | 568 | 449 | 631 | 635 | |||||||||||
Change from net income available for common stockholders and transfers from noncontrolling interests | $ | 13,530 | $ | 10,561 | $ | 30,287 | $ | 20,883 |
|
9. | Disclosure About Fair Value of Financial Instruments - Continued |
Level 1 | Level 2 | Level 3 | |||||||||||||
June 30, 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) | $ | 17,330 | $ | — | $ | 17,330 | $ | — | |||||||
Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets) | 3,099 | 3,099 | — | — | |||||||||||
Tax increment financing bond (in prepaid expenses and other assets) | 15,371 | — | — | 15,371 | |||||||||||
Total Assets | $ | 35,800 | $ | 3,099 | $ | 17,330 | $ | 15,371 | |||||||
Noncontrolling Interests in the Operating Partnership | $ | 124,880 | $ | 124,880 | $ | — | $ | — | |||||||
Liabilities: | |||||||||||||||
Mortgages and notes payable, at fair value (1) | $ | 1,918,241 | $ | — | $ | 1,918,241 | $ | — | |||||||
Interest rate swaps (in accounts payable, accrued expenses and other liabilities) | 7,763 | — | 7,763 | — | |||||||||||
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities) | 3,099 | 3,099 | — | — | |||||||||||
Financing obligations, at fair value (1) | 21,141 | — | — | 21,141 | |||||||||||
Total Liabilities | $ | 1,950,244 | $ | 3,099 | $ | 1,926,004 | $ | 21,141 |
9. | Disclosure About Fair Value of Financial Instruments - Continued |
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) | $ | 1,992,937 | $ | — | $ | 1,992,937 | $ | — | |||||||
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) | 18,866 | — | — | 18,866 | |||||||||||
Total Liabilities | $ | 2,017,154 | $ | 3,149 | $ | 1,995,139 | $ | 18,866 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Asset: | |||||||||||||||
Tax Increment Financing Bond: | |||||||||||||||
Beginning balance | $ | 15,075 | $ | 15,564 | $ | 14,788 | $ | 15,699 | |||||||
Unrealized gains/(losses) (in AOCL) | 296 | (336 | ) | 583 | (471 | ) | |||||||||
Ending balance | $ | 15,371 | $ | 15,228 | $ | 15,371 | $ | 15,228 |
9. | Disclosure About Fair Value of Financial Instruments - Continued |
Fair Value at June 30, 2012 | Valuation Technique | Unobservable Input | Discount Rate | |||||||
Tax increment financing bond | $ | 15,371 | Income approach | Discount rate | 9.85 | % |
9. | Disclosure About Fair Value of Financial Instruments - Continued |
Level 1 | Level 2 | Level 3 | |||||||||||||
June 30, 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) | $ | 17,330 | $ | — | $ | 17,330 | $ | — | |||||||
Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets) | 3,099 | 3,099 | — | — | |||||||||||
Tax increment financing bond (in prepaid expenses and other assets) | 15,371 | — | — | 15,371 | |||||||||||
Total Assets | $ | 35,800 | $ | 3,099 | $ | 17,330 | $ | 15,371 | |||||||
Liabilities: | |||||||||||||||
Mortgages and notes payable, at fair value (1) | $ | 1,918,241 | $ | — | $ | 1,918,241 | $ | — | |||||||
Interest rate swaps (in accounts payable, accrued expenses and other liabilities) | 7,763 | — | 7,763 | — | |||||||||||
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities) | 3,099 | 3,099 | — | — | |||||||||||
Financing obligations, at fair value (1) | 21,141 | — | — | 21,141 | |||||||||||
Total Liabilities | $ | 1,950,244 | $ | 3,099 | $ | 1,926,004 | $ | 21,141 |
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) | $ | 1,992,937 | $ | — | $ | 1,992,937 | $ | — | |||||||
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) | 18,866 | — | — | 18,866 | |||||||||||
Total Liabilities | $ | 2,017,154 | $ | 3,149 | $ | 1,995,139 | $ | 18,866 |
9. | Disclosure About Fair Value of Financial Instruments - Continued |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Asset: | |||||||||||||||
Tax Increment Financing Bond: | |||||||||||||||
Beginning balance | $ | 15,075 | $ | 15,564 | $ | 14,788 | $ | 15,699 | |||||||
Unrealized gains/(losses) (in AOCL) | 296 | (336 | ) | 583 | (471 | ) | |||||||||
Ending balance | $ | 15,371 | $ | 15,228 | $ | 15,371 | $ | 15,228 |
Fair Value at June 30, 2012 | Valuation Technique | Unobservable Input | Discount Rate | |||||||
Tax increment financing bond | $ | 15,371 | Income approach | Discount rate | 9.85 | % |
|
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Six Months Ended June 30, | |||||||
2012 | 2011 | ||||||
Tax increment financing bond: | |||||||
Beginning balance | $ | (2,309 | ) | $ | (2,543 | ) | |
Unrealized gains/(losses) on tax increment financing bond | 583 | (471 | ) | ||||
Ending balance | (1,726 | ) | (3,014 | ) | |||
Cash flow hedges: | |||||||
Beginning balance | (3,425 | ) | (1,105 | ) | |||
Unrealized losses on cash flow hedges | (7,087 | ) | — | ||||
Amortization of cash flow hedges | 1,459 | (58 | ) | ||||
Ending balance | (9,053 | ) | (1,163 | ) | |||
Total accumulated other comprehensive loss | $ | (10,779 | ) | $ | (4,177 | ) |
Six Months Ended June 30, | |||||||
2012 | 2011 | ||||||
Tax increment financing bond: | |||||||
Beginning balance | $ | (2,309 | ) | $ | (2,543 | ) | |
Unrealized gains/(losses) on tax increment financing bond | 583 | (471 | ) | ||||
Ending balance | (1,726 | ) | (3,014 | ) | |||
Cash flow hedges: | |||||||
Beginning balance | (3,425 | ) | (1,105 | ) | |||
Unrealized losses on cash flow hedges | (7,087 | ) | — | ||||
Amortization of cash flow hedges | 1,459 | (58 | ) | ||||
Ending balance | (9,053 | ) | (1,163 | ) | |||
Total accumulated other comprehensive loss | $ | (10,779 | ) | $ | (4,177 | ) |
|
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Rental and other revenues | $ | 2,044 | $ | 2,907 | $ | 4,383 | $ | 6,169 | |||||||
Operating expenses: | |||||||||||||||
Rental property and other expenses | 966 | 1,390 | 2,084 | 2,862 | |||||||||||
Depreciation and amortization | 322 | 778 | 1,008 | 1,653 | |||||||||||
Total operating expenses | 1,288 | 2,168 | 3,092 | 4,515 | |||||||||||
Income from discontinued operations | 756 | 739 | 1,291 | 1,654 | |||||||||||
Net gains on disposition of discontinued operations | 1,385 | — | 6,519 | — | |||||||||||
Total discontinued operations | $ | 2,141 | $ | 739 | $ | 7,810 | $ | 1,654 |
June 30, 2012 | December 31, 2011 | ||||||
Assets: | |||||||
Land | $ | 3,849 | $ | 5,749 | |||
Buildings and tenant improvements | 49,460 | 65,860 | |||||
Accumulated depreciation | (18,743 | ) | (23,917 | ) | |||
Net real estate assets | 34,566 | 47,692 | |||||
Accrued straight line rents receivable | 1,490 | 1,726 | |||||
Deferred leasing costs, net | 678 | 811 | |||||
Prepaid expenses and other assets | 17 | 106 | |||||
Real estate and other assets, net, held for sale | $ | 36,751 | $ | 50,335 | |||
Tenant security deposits, deferred rents and accrued costs (1) | $ | 595 | $ | 238 |
(1) | Included in accounts payable, accrued expenses and other liabilities. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Rental and other revenues | $ | 2,044 | $ | 2,907 | $ | 4,383 | $ | 6,169 | |||||||
Operating expenses: | |||||||||||||||
Rental property and other expenses | 966 | 1,390 | 2,084 | 2,862 | |||||||||||
Depreciation and amortization | 322 | 778 | 1,008 | 1,653 | |||||||||||
Total operating expenses | 1,288 | 2,168 | 3,092 | 4,515 | |||||||||||
Income from discontinued operations | 756 | 739 | 1,291 | 1,654 | |||||||||||
Net gains on disposition of discontinued operations | 1,385 | — | 6,519 | — | |||||||||||
Total discontinued operations | $ | 2,141 | $ | 739 | $ | 7,810 | $ | 1,654 |
June 30, 2012 | December 31, 2011 | ||||||
Assets: | |||||||
Land | $ | 3,849 | $ | 5,749 | |||
Buildings and tenant improvements | 49,460 | 65,860 | |||||
Accumulated depreciation | (18,743 | ) | (23,917 | ) | |||
Net real estate assets | 34,566 | 47,692 | |||||
Accrued straight line rents receivable | 1,490 | 1,726 | |||||
Deferred leasing costs, net | 678 | 811 | |||||
Prepaid expenses and other assets | 17 | 106 | |||||
Real estate and other assets, net, held for sale | $ | 36,751 | $ | 50,335 | |||
Tenant security deposits, deferred rents and accrued costs (1) | $ | 595 | $ | 238 |
(1) | Included in accounts payable, accrued expenses and other liabilities. |
|
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Earnings per Common Share - basic: | |||||||||||||||
Numerator: | |||||||||||||||
Income from continuing operations | $ | 12,357 | $ | 13,695 | $ | 25,020 | $ | 25,223 | |||||||
Net (income) attributable to noncontrolling interests in the Operating Partnership from continuing operations | (584 | ) | (586 | ) | (1,133 | ) | (1,047 | ) | |||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates from continuing operations | (223 | ) | (182 | ) | (407 | ) | (305 | ) | |||||||
Dividends on Preferred Stock | (627 | ) | (1,622 | ) | (1,254 | ) | (3,299 | ) | |||||||
Excess of Preferred Stock redemption/repurchase cost over carrying value | — | (1,895 | ) | — | (1,895 | ) | |||||||||
Income from continuing operations available for common stockholders | 10,923 | 9,410 | 22,226 | 18,677 | |||||||||||
Income from discontinued operations | 2,141 | 739 | 7,810 | 1,654 | |||||||||||
Net (income) attributable to noncontrolling interests in the Operating Partnership from discontinued operations | (102 | ) | (37 | ) | (380 | ) | (83 | ) | |||||||
Income from discontinued operations available for common stockholders | 2,039 | 702 | 7,430 | 1,571 | |||||||||||
Net income available for common stockholders | $ | 12,962 | $ | 10,112 | $ | 29,656 | $ | 20,248 | |||||||
Denominator: | |||||||||||||||
Denominator for basic earnings per Common Share – weighted average shares (1) (2) | 74,662 | 72,211 | 73,749 | 72,015 | |||||||||||
Earnings per Common Share - basic: | |||||||||||||||
Income from continuing operations available for common stockholders | $ | 0.15 | $ | 0.13 | $ | 0.30 | $ | 0.26 | |||||||
Income from discontinued operations available for common stockholders | 0.02 | 0.01 | 0.10 | 0.02 | |||||||||||
Net income available for common stockholders | $ | 0.17 | $ | 0.14 | $ | 0.40 | $ | 0.28 | |||||||
Earnings per Common Share - diluted: | |||||||||||||||
Numerator: | |||||||||||||||
Income from continuing operations | $ | 12,357 | $ | 13,695 | $ | 25,020 | $ | 25,223 | |||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates from continuing operations | (223 | ) | (182 | ) | (407 | ) | (305 | ) | |||||||
Dividends on Preferred Stock | (627 | ) | (1,622 | ) | (1,254 | ) | (3,299 | ) | |||||||
Excess of Preferred Stock redemption/repurchase cost over carrying value | — | (1,895 | ) | — | (1,895 | ) | |||||||||
Income from continuing operations available for common stockholders before net (income) attributable to noncontrolling interests in the Operating Partnership | 11,507 | 9,996 | 23,359 | 19,724 | |||||||||||
Income from discontinued operations available for common stockholders | 2,141 | 739 | 7,810 | 1,654 | |||||||||||
Net income available for common stockholders before net (income) attributable to noncontrolling interests in the Operating Partnership | $ | 13,648 | $ | 10,735 | $ | 31,169 | $ | 21,378 | |||||||
Denominator: | |||||||||||||||
Denominator for basic earnings per Common Share –weighted average shares (1) (2) | 74,662 | 72,211 | 73,749 | 72,015 | |||||||||||
Add: | |||||||||||||||
Stock options using the treasury method | 141 | 202 | 129 | 185 | |||||||||||
Noncontrolling interests Common Units | 3,718 | 3,784 | 3,723 | 3,787 | |||||||||||
Denominator for diluted earnings per Common Share – adjusted weighted average shares and assumed conversions (1) | 78,521 | 76,197 | 77,601 | 75,987 | |||||||||||
Earnings per Common Share - diluted: | |||||||||||||||
Income from continuing operations available for common stockholders | $ | 0.15 | $ | 0.13 | $ | 0.30 | $ | 0.26 | |||||||
Income from discontinued operations available for common stockholders | 0.02 | 0.01 | 0.10 | 0.02 | |||||||||||
Net income available for common stockholders | $ | 0.17 | $ | 0.14 | $ | 0.40 | $ | 0.28 |
13. | Earnings Per Share - Continued |
(1) | There were 0.5 million and 0.3 million options outstanding during the three months ended June 30, 2012 and 2011, respectively, and 0.5 million and 0.6 million options outstanding during the six months ended June 30, 2012 and 2011, 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 restricted stock are non-forfeitable. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Earnings per Common Unit - basic: | |||||||||||||||
Numerator: | |||||||||||||||
Income from continuing operations | $ | 12,360 | $ | 13,699 | $ | 25,025 | $ | 25,235 | |||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates from continuing operations | (223 | ) | (182 | ) | (407 | ) | (305 | ) | |||||||
Distributions on Preferred Units | (627 | ) | (1,622 | ) | (1,254 | ) | (3,299 | ) | |||||||
Excess of Preferred Unit redemption/repurchase cost over carrying value | — | (1,895 | ) | — | (1,895 | ) | |||||||||
Income from continuing operations available for common unitholders | 11,510 | 10,000 | 23,364 | 19,736 | |||||||||||
Income from discontinued operations available for common unitholders | 2,141 | 739 | 7,810 | 1,654 | |||||||||||
Net income available for common unitholders | $ | 13,651 | $ | 10,739 | $ | 31,174 | $ | 21,390 | |||||||
Denominator: | |||||||||||||||
Denominator for basic earnings per Common Unit – weighted average units (1) (2) | 77,971 | 75,586 | 77,063 | 75,393 | |||||||||||
Earnings per Common Unit - basic: | |||||||||||||||
Income from continuing operations available for common unitholders | $ | 0.15 | $ | 0.13 | $ | 0.30 | $ | 0.26 | |||||||
Income from discontinued operations available for common unitholders | 0.03 | 0.01 | 0.10 | 0.02 | |||||||||||
Net income available for common unitholders | $ | 0.18 | $ | 0.14 | $ | 0.40 | $ | 0.28 | |||||||
Earnings per Common Unit - diluted: | |||||||||||||||
Numerator: | |||||||||||||||
Income from continuing operations | $ | 12,360 | $ | 13,699 | $ | 25,025 | $ | 25,235 | |||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates from continuing operations | (223 | ) | (182 | ) | (407 | ) | (305 | ) | |||||||
Distributions on Preferred Units | (627 | ) | (1,622 | ) | (1,254 | ) | (3,299 | ) | |||||||
Excess of Preferred Unit redemption/repurchase cost over carrying value | — | (1,895 | ) | — | (1,895 | ) | |||||||||
Income from continuing operations available for common unitholders | 11,510 | 10,000 | 23,364 | 19,736 | |||||||||||
Income from discontinued operations available for common unitholders | 2,141 | 739 | 7,810 | 1,654 | |||||||||||
Net income available for common unitholders | $ | 13,651 | $ | 10,739 | $ | 31,174 | $ | 21,390 | |||||||
Denominator: | |||||||||||||||
Denominator for basic earnings per Common Unit –weighted average units (1) (2) | 77,971 | 75,586 | 77,063 | 75,393 | |||||||||||
Add: | |||||||||||||||
Stock options using the treasury method | 141 | 202 | 129 | 185 | |||||||||||
Denominator for diluted earnings per Common Unit – adjusted weighted average units and assumed conversions (1) | 78,112 | 75,788 | 77,192 | 75,578 | |||||||||||
Earnings per Common Unit - diluted: | |||||||||||||||
Income from continuing operations available for common unitholders | $ | 0.15 | $ | 0.13 | $ | 0.30 | $ | 0.26 | |||||||
Income from discontinued operations available for common unitholders | 0.02 | 0.01 | 0.10 | 0.02 | |||||||||||
Net income available for common unitholders | $ | 0.17 | $ | 0.14 | $ | 0.40 | $ | 0.28 |
(1) | There were 0.5 million and 0.3 million options outstanding during the three months ended June 30, 2012 and 2011, respectively, and 0.5 million and 0.6 million options outstanding during the six months ended June 30, 2012 and 2011, 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 restricted stock are non-forfeitable. |
|
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Rental and Other Revenues: (1) | |||||||||||||||
Office: | |||||||||||||||
Atlanta, GA | $ | 16,209 | $ | 12,341 | $ | 31,993 | $ | 24,242 | |||||||
Greenville, SC | 3,489 | 3,437 | 6,993 | 6,942 | |||||||||||
Kansas City, MO | 3,560 | 3,441 | 7,163 | 6,960 | |||||||||||
Memphis, TN | 10,130 | 10,077 | 20,268 | 20,179 | |||||||||||
Nashville, TN | 14,321 | 13,572 | 28,186 | 26,315 | |||||||||||
Orlando, FL | 2,756 | 2,619 | 5,443 | 4,936 | |||||||||||
Piedmont Triad, NC | 5,072 | 5,273 | 10,152 | 10,637 | |||||||||||
Pittsburgh, PA | 9,113 | — | 18,199 | — | |||||||||||
Raleigh, NC | 20,400 | 20,103 | 40,179 | 39,421 | |||||||||||
Richmond, VA | 12,095 | 11,668 | 23,605 | 23,046 | |||||||||||
Tampa, FL | 17,579 | 17,064 | 34,715 | 33,436 | |||||||||||
Total Office Segment | 114,724 | 99,595 | 226,896 | 196,114 | |||||||||||
Industrial: | |||||||||||||||
Atlanta, GA | 3,849 | 4,028 | 7,623 | 7,962 | |||||||||||
Piedmont Triad, NC | 3,087 | 2,825 | 6,251 | 5,802 | |||||||||||
Total Industrial Segment | 6,936 | 6,853 | 13,874 | 13,764 | |||||||||||
Retail: | |||||||||||||||
Kansas City, MO | 9,075 | 8,203 | 17,998 | 17,103 | |||||||||||
Total Retail Segment | 9,075 | 8,203 | 17,998 | 17,103 | |||||||||||
Total Rental and Other Revenues | $ | 130,735 | $ | 114,651 | $ | 258,768 | $ | 226,981 |
14. | Segment Information - Continued |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Net Operating Income: (1) | |||||||||||||||
Office: | |||||||||||||||
Atlanta, GA | $ | 10,426 | $ | 7,973 | $ | 20,821 | $ | 15,464 | |||||||
Greenville, SC | 2,051 | 2,067 | 4,183 | 4,142 | |||||||||||
Kansas City, MO | 2,186 | 2,112 | 4,518 | 4,256 | |||||||||||
Memphis, TN | 5,841 | 5,462 | 11,942 | 11,222 | |||||||||||
Nashville, TN | 9,835 | 9,369 | 19,490 | 18,001 | |||||||||||
Orlando, FL | 1,431 | 1,284 | 2,847 | 2,450 | |||||||||||
Piedmont Triad, NC | 3,219 | 3,452 | 6,452 | 7,053 | |||||||||||
Pittsburgh, PA | 4,627 | — | 8,910 | — | |||||||||||
Raleigh, NC | 14,291 | 14,273 | 28,146 | 27,489 | |||||||||||
Richmond, VA | 8,536 | 8,231 | 16,419 | 16,090 | |||||||||||
Tampa, FL | 10,811 | 10,557 | 21,650 | 20,684 | |||||||||||
Total Office Segment | 73,254 | 64,780 | 145,378 | 126,851 | |||||||||||
Industrial: | |||||||||||||||
Atlanta, GA | 2,761 | 3,001 | 5,649 | 5,840 | |||||||||||
Piedmont Triad, NC | 2,308 | 2,107 | 4,596 | 4,331 | |||||||||||
Total Industrial Segment | 5,069 | 5,108 | 10,245 | 10,171 | |||||||||||
Retail: | |||||||||||||||
Kansas City, MO | 5,323 | 4,832 | 10,857 | 10,121 | |||||||||||
Total Retail Segment | 5,323 | 4,832 | 10,857 | 10,121 | |||||||||||
Total Net Operating Income | 83,646 | 74,720 | 166,480 | 147,143 | |||||||||||
Reconciliation to income from continuing operations before disposition of property and condominiums and equity in earnings of unconsolidated affiliates: | |||||||||||||||
Depreciation and amortization | (40,276 | ) | (32,684 | ) | (78,105 | ) | (65,621 | ) | |||||||
General and administrative expense | (8,900 | ) | (7,978 | ) | (18,573 | ) | (15,771 | ) | |||||||
Interest expense | (24,495 | ) | (23,907 | ) | (49,297 | ) | (47,450 | ) | |||||||
Other income | 764 | 1,875 | 2,994 | 3,748 | |||||||||||
Income from continuing operations before disposition of property and condominiums and equity in earnings of unconsolidated affiliates | $ | 10,739 | $ | 12,026 | $ | 23,499 | $ | 22,049 |
(1) | Net of discontinued operations. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Rental and Other Revenues: (1) | |||||||||||||||
Office: | |||||||||||||||
Atlanta, GA | $ | 16,209 | $ | 12,341 | $ | 31,993 | $ | 24,242 | |||||||
Greenville, SC | 3,489 | 3,437 | 6,993 | 6,942 | |||||||||||
Kansas City, MO | 3,560 | 3,441 | 7,163 | 6,960 | |||||||||||
Memphis, TN | 10,130 | 10,077 | 20,268 | 20,179 | |||||||||||
Nashville, TN | 14,321 | 13,572 | 28,186 | 26,315 | |||||||||||
Orlando, FL | 2,756 | 2,619 | 5,443 | 4,936 | |||||||||||
Piedmont Triad, NC | 5,072 | 5,273 | 10,152 | 10,637 | |||||||||||
Pittsburgh, PA | 9,113 | — | 18,199 | — | |||||||||||
Raleigh, NC | 20,400 | 20,103 | 40,179 | 39,421 | |||||||||||
Richmond, VA | 12,095 | 11,668 | 23,605 | 23,046 | |||||||||||
Tampa, FL | 17,579 | 17,064 | 34,715 | 33,436 | |||||||||||
Total Office Segment | 114,724 | 99,595 | 226,896 | 196,114 | |||||||||||
Industrial: | |||||||||||||||
Atlanta, GA | 3,849 | 4,028 | 7,623 | 7,962 | |||||||||||
Piedmont Triad, NC | 3,087 | 2,825 | 6,251 | 5,802 | |||||||||||
Total Industrial Segment | 6,936 | 6,853 | 13,874 | 13,764 | |||||||||||
Retail: | |||||||||||||||
Kansas City, MO | 9,075 | 8,203 | 17,998 | 17,103 | |||||||||||
Total Retail Segment | 9,075 | 8,203 | 17,998 | 17,103 | |||||||||||
Total Rental and Other Revenues | $ | 130,735 | $ | 114,651 | $ | 258,768 | $ | 226,981 |
14. | Segment Information - Continued |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Net Operating Income: (1) | |||||||||||||||
Office: | |||||||||||||||
Atlanta, GA | $ | 10,435 | $ | 7,980 | $ | 20,837 | $ | 15,456 | |||||||
Greenville, SC | 2,052 | 2,069 | 4,186 | 4,140 | |||||||||||
Kansas City, MO | 2,188 | 2,114 | 4,521 | 4,254 | |||||||||||
Memphis, TN | 5,845 | 5,467 | 11,951 | 11,215 | |||||||||||
Nashville, TN | 9,842 | 9,376 | 19,504 | 17,989 | |||||||||||
Orlando, FL | 1,432 | 1,285 | 2,849 | 2,449 | |||||||||||
Piedmont Triad, NC | 3,221 | 3,455 | 6,457 | 7,049 | |||||||||||
Pittsburgh, PA | 4,630 | — | 8,911 | — | |||||||||||
Raleigh, NC | 14,301 | 14,285 | 28,169 | 27,473 | |||||||||||
Richmond, VA | 8,541 | 8,238 | 16,431 | 16,080 | |||||||||||
Tampa, FL | 10,818 | 10,565 | 21,668 | 20,672 | |||||||||||
Total Office Segment | 73,305 | 64,834 | 145,484 | 126,777 | |||||||||||
Industrial: | |||||||||||||||
Atlanta, GA | 2,763 | 3,004 | 5,653 | 5,837 | |||||||||||
Piedmont Triad, NC | 2,310 | 2,109 | 4,599 | 4,328 | |||||||||||
Total Industrial Segment | 5,073 | 5,113 | 10,252 | 10,165 | |||||||||||
Retail: | |||||||||||||||
Kansas City, MO | 5,327 | 4,836 | 10,865 | 10,115 | |||||||||||
Total Retail Segment | 5,327 | 4,836 | 10,865 | 10,115 | |||||||||||
Total Net Operating Income | 83,705 | 74,783 | 166,601 | 147,057 | |||||||||||
Reconciliation to income from continuing operations before disposition of property and condominiums and equity in earnings of unconsolidated affiliates: | |||||||||||||||
Depreciation and amortization | (40,276 | ) | (32,684 | ) | (78,105 | ) | (65,621 | ) | |||||||
General and administrative expense | (8,959 | ) | (8,041 | ) | (18,694 | ) | (15,685 | ) | |||||||
Interest expense | (24,495 | ) | (23,907 | ) | (49,297 | ) | (47,450 | ) | |||||||
Other income | 764 | 1,875 | 2,994 | 3,748 | |||||||||||
Income from continuing operations before disposition of property and condominiums and equity in earnings of unconsolidated affiliates | $ | 10,739 | $ | 12,026 | $ | 23,499 | $ | 22,049 |
(1) | Net of discontinued operations. |
|
|
|
June 30, 2012 | December 31, 2011 | ||||||
Seller financing (first mortgages) | $ | 15,853 | $ | 17,180 | |||
Less allowance | — | — | |||||
15,853 | 17,180 | ||||||
Promissory notes | 1,321 | 1,481 | |||||
Less allowance | (118 | ) | (61 | ) | |||
1,203 | 1,420 | ||||||
Mortgages and notes receivable, net | $ | 17,056 | $ | 18,600 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Beginning notes receivable allowance | $ | 122 | $ | 497 | $ | 61 | $ | 868 | |||||||
Bad debt expense | — | 162 | — | 184 | |||||||||||
Recoveries/write-offs/other | (4 | ) | (42 | ) | 57 | (435 | ) | ||||||||
Total notes receivable allowance | $ | 118 | $ | 617 | $ | 118 | $ | 617 |
June 30, 2012 | December 31, 2011 | ||||||
Seller financing (first mortgages) | $ | 15,853 | $ | 17,180 | |||
Less allowance | — | — | |||||
15,853 | 17,180 | ||||||
Promissory notes | 1,321 | 1,481 | |||||
Less allowance | (118 | ) | (61 | ) | |||
1,203 | 1,420 | ||||||
Mortgages and notes receivable, net | $ | 17,056 | $ | 18,600 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Beginning notes receivable allowance | $ | 122 | $ | 497 | $ | 61 | $ | 868 | |||||||
Bad debt expense | — | 162 | — | 184 | |||||||||||
Recoveries/write-offs/other | (4 | ) | (42 | ) | 57 | (435 | ) | ||||||||
Total notes receivable allowance | $ | 118 | $ | 617 | $ | 118 | $ | 617 |
|
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Income Statements: | |||||||||||||||
Rental and other revenues | $ | 26,049 | $ | 24,779 | $ | 50,869 | $ | 49,996 | |||||||
Expenses: | |||||||||||||||
Rental property and other expenses | 12,666 | 10,774 | 24,082 | 22,771 | |||||||||||
Depreciation and amortization | 5,919 | 6,295 | 12,484 | 12,911 | |||||||||||
Impairment of real estate assets | — | — | 7,180 | — | |||||||||||
Interest expense | 5,267 | 5,858 | 11,097 | 11,865 | |||||||||||
Total expenses | 23,852 | 22,927 | 54,843 | 47,547 | |||||||||||
Income/(loss) before disposition of properties | 2,197 | 1,852 | (3,974 | ) | 2,449 | ||||||||||
Gains on disposition of properties | 6,275 | — | 6,275 | — | |||||||||||
Net income | $ | 8,472 | $ | 1,852 | $ | 2,301 | $ | 2,449 | |||||||
Our share of: | |||||||||||||||
Depreciation and amortization of real estate assets | $ | 1,675 | $ | 2,033 | $ | 3,773 | $ | 4,126 | |||||||
Impairment of real estate assets | $ | — | $ | — | $ | 1,002 | $ | — | |||||||
Interest expense | $ | 1,843 | $ | 2,033 | $ | 3,823 | $ | 4,194 | |||||||
Net income | $ | 1,133 | $ | 749 | $ | 338 | $ | 1,670 | |||||||
Our share of net income | $ | 1,133 | $ | 749 | $ | 338 | $ | 1,670 | |||||||
Management and other fees adjustments | 375 | 604 | 1,008 | 1,150 | |||||||||||
Equity in earnings of unconsolidated affiliates | $ | 1,508 | $ | 1,353 | $ | 1,346 | $ | 2,820 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Income Statements: | |||||||||||||||
Rental and other revenues | $ | 25,057 | $ | 23,756 | $ | 48,854 | $ | 47,958 | |||||||
Expenses: | |||||||||||||||
Rental property and other expenses | 12,076 | 10,155 | 22,877 | 21,526 | |||||||||||
Depreciation and amortization | 5,607 | 6,053 | 11,861 | 12,299 | |||||||||||
Impairment of real estate assets | — | — | 7,180 | — | |||||||||||
Interest expense | 5,103 | 5,683 | 10,766 | 11,508 | |||||||||||
Total expenses | 22,786 | 21,891 | 52,684 | 45,333 | |||||||||||
Income/(loss) before disposition of properties | 2,271 | 1,865 | (3,830 | ) | 2,625 | ||||||||||
Gains on disposition of properties | 6,275 | — | 6,275 | — | |||||||||||
Net income | $ | 8,546 | $ | 1,865 | $ | 2,445 | $ | 2,625 | |||||||
Our share of: | |||||||||||||||
Depreciation and amortization of real estate assets | $ | 1,636 | $ | 1,995 | $ | 3,695 | $ | 4,050 | |||||||
Impairment of real estate assets | $ | — | $ | — | $ | 1,002 | $ | — | |||||||
Interest expense | $ | 1,823 | $ | 2,012 | $ | 3,782 | $ | 4,149 | |||||||
Net income | $ | 1,142 | $ | 759 | $ | 356 | $ | 1,694 | |||||||
Our share of net income | $ | 1,142 | $ | 759 | $ | 356 | $ | 1,694 | |||||||
Management and other fees adjustments | 369 | 598 | 995 | 1,138 | |||||||||||
Equity in earnings of unconsolidated affiliates | $ | 1,511 | $ | 1,357 | $ | 1,351 | $ | 2,832 |
|
June 30, 2012 | December 31, 2011 | ||||||
Assets: | |||||||
Deferred financing costs | $ | 20,112 | $ | 18,044 | |||
Less accumulated amortization | (7,488 | ) | (5,797 | ) | |||
12,624 | 12,247 | ||||||
Deferred leasing costs (including lease incentives and acquisition-related intangible assets) | 177,140 | 172,049 | |||||
Less accumulated amortization | (63,084 | ) | (56,522 | ) | |||
114,056 | 115,527 | ||||||
Deferred financing and leasing costs, net | $ | 126,680 | $ | 127,774 | |||
Liabilities (in accounts payable, accrued expenses and other liabilities): | |||||||
Acquisition-related below market lease liabilities | $ | 16,346 | $ | 16,441 | |||
Less accumulated amortization | (1,966 | ) | (971 | ) | |||
$ | 14,380 | $ | 15,470 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Amortization of deferred financing costs | $ | 900 | $ | 821 | $ | 1,802 | $ | 1,642 | |||||||
Amortization of deferred leasing costs and acquisition-related intangible assets (in depreciation and amortization) | $ | 7,266 | $ | 4,401 | $ | 13,706 | $ | 8,757 | |||||||
Amortization of lease incentives (in rental and other revenues) | $ | 340 | $ | 303 | $ | 683 | $ | 641 | |||||||
Amortization of acquisition-related intangible assets (in rental and other revenues) | $ | 324 | $ | 191 | $ | 594 | $ | 377 | |||||||
Amortization of acquisition-related below market lease liabilities (in rental and other revenues) | $ | (553 | ) | $ | (25 | ) | $ | (1,097 | ) | $ | (50 | ) |
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 Below Market Lease Liabilities (in Rental and Other Revenues) | ||||||||||||||||
July 1, 2012 through December 31, 2012 | $ | 2,234 | $ | 14,242 | $ | 772 | $ | 579 | $ | (1,229 | ) | |||||||||
2013 | 3,262 | 21,834 | 1,167 | 765 | (2,081 | ) | ||||||||||||||
2014 | 2,987 | 17,877 | 1,013 | 504 | (2,005 | ) | ||||||||||||||
2015 | 2,264 | 13,879 | 779 | 328 | (1,768 | ) | ||||||||||||||
2016 | 957 | 10,880 | 608 | 280 | (1,498 | ) | ||||||||||||||
Thereafter | 920 | 25,453 | 2,379 | 717 | (5,799 | ) | ||||||||||||||
$ | 12,624 | $ | 104,165 | $ | 6,718 | $ | 3,173 | $ | (14,380 | ) |
June 30, 2012 | December 31, 2011 | ||||||
Assets: | |||||||
Deferred financing costs | $ | 20,112 | $ | 18,044 | |||
Less accumulated amortization | (7,488 | ) | (5,797 | ) | |||
12,624 | 12,247 | ||||||
Deferred leasing costs (including lease incentives and acquisition-related intangible assets) | 177,140 | 172,049 | |||||
Less accumulated amortization | (63,084 | ) | (56,522 | ) | |||
114,056 | 115,527 | ||||||
Deferred financing and leasing costs, net | $ | 126,680 | $ | 127,774 | |||
Liabilities (in accounts payable, accrued expenses and other liabilities): | |||||||
Acquisition-related below market lease liabilities | $ | 16,346 | $ | 16,441 | |||
Less accumulated amortization | (1,966 | ) | (971 | ) | |||
$ | 14,380 | $ | 15,470 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Amortization of deferred financing costs | $ | 900 | $ | 821 | $ | 1,802 | $ | 1,642 | |||||||
Amortization of deferred leasing costs and acquisition-related intangible assets (in depreciation and amortization) | $ | 7,266 | $ | 4,401 | $ | 13,706 | $ | 8,757 | |||||||
Amortization of lease incentives (in rental and other revenues) | $ | 340 | $ | 303 | $ | 683 | $ | 641 | |||||||
Amortization of acquisition-related intangible assets (in rental and other revenues) | $ | 324 | $ | 191 | $ | 594 | $ | 377 | |||||||
Amortization of acquisition-related below market lease liabilities (in rental and other revenues) | $ | (553 | ) | $ | (25 | ) | $ | (1,097 | ) | $ | (50 | ) |
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 Below Market Lease Liabilities (in Rental and Other Revenues) | ||||||||||||||||
July 1, 2012 through December 31, 2012 | $ | 2,234 | $ | 14,242 | $ | 772 | $ | 579 | $ | (1,229 | ) | |||||||||
2013 | 3,262 | 21,834 | 1,167 | 765 | (2,081 | ) | ||||||||||||||
2014 | 2,987 | 17,877 | 1,013 | 504 | (2,005 | ) | ||||||||||||||
2015 | 2,264 | 13,879 | 779 | 328 | (1,768 | ) | ||||||||||||||
2016 | 957 | 10,880 | 608 | 280 | (1,498 | ) | ||||||||||||||
Thereafter | 920 | 25,453 | 2,379 | 717 | (5,799 | ) | ||||||||||||||
$ | 12,624 | $ | 104,165 | $ | 6,718 | $ | 3,173 | $ | (14,380 | ) |
|
June 30, 2012 | December 31, 2011 | ||||||
Secured indebtedness | $ | 743,492 | $ | 750,049 | |||
Unsecured indebtedness | 1,079,636 | 1,153,164 | |||||
Total mortgages and notes payable | $ | 1,823,128 | $ | 1,903,213 |
June 30, 2012 | December 31, 2011 | ||||||
Secured indebtedness | $ | 743,492 | $ | 750,049 | |||
Unsecured indebtedness | 1,079,636 | 1,153,164 | |||||
Total mortgages and notes payable | $ | 1,823,128 | $ | 1,903,213 |
|
June 30, 2012 | December 31, 2011 | ||||||
Liability Derivatives: | |||||||
Derivatives designated as cash flow hedges in other liabilities: | |||||||
Interest rate swaps | $ | 7,763 | $ | 2,202 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Derivatives Designated as Cash Flow Hedges: | |||||||||||||||
Amount of unrealized losses recognized in AOCL on derivatives (effective portion): | |||||||||||||||
Interest rate swaps | $ | (7,481 | ) | $ | — | $ | (7,087 | ) | $ | — | |||||
Amount of (gains)/losses reclassified out of AOCL into contractual interest expense (effective portion): | |||||||||||||||
Interest rate swaps | $ | 782 | $ | (29 | ) | $ | 1,459 | $ | (58 | ) |
June 30, 2012 | December 31, 2011 | ||||||
Liability Derivatives: | |||||||
Derivatives designated as cash flow hedges in other liabilities: | |||||||
Interest rate swaps | $ | 7,763 | $ | 2,202 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Derivatives Designated as Cash Flow Hedges: | |||||||||||||||
Amount of unrealized losses recognized in AOCL on derivatives (effective portion): | |||||||||||||||
Interest rate swaps | $ | (7,481 | ) | $ | — | $ | (7,087 | ) | $ | — | |||||
Amount of (gains)/losses reclassified out of AOCL into contractual interest expense (effective portion): | |||||||||||||||
Interest rate swaps | $ | 782 | $ | (29 | ) | $ | 1,459 | $ | (58 | ) |
|
Six Months Ended June 30, | |||||||
2012 | 2011 | ||||||
Beginning noncontrolling interests in the Operating Partnership | $ | 110,655 | $ | 120,838 | |||
Adjustments of noncontrolling interests in the Operating Partnership to fair value | 16,501 | 6,957 | |||||
Conversion of Common Units to Common Stock | (631 | ) | (635 | ) | |||
Net income attributable to noncontrolling interests in the Operating Partnership | 1,513 | 1,130 | |||||
Distributions to noncontrolling interests in the Operating Partnership | (3,158 | ) | (3,215 | ) | |||
Total noncontrolling interests in the Operating Partnership | $ | 124,880 | $ | 125,075 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Net income available for common stockholders | $ | 12,962 | $ | 10,112 | $ | 29,656 | $ | 20,248 | |||||||
Increase in additional paid in capital from conversion of Common Units to Common Stock | 568 | 449 | 631 | 635 | |||||||||||
Change from net income available for common stockholders and transfers from noncontrolling interests | $ | 13,530 | $ | 10,561 | $ | 30,287 | $ | 20,883 |
|
Level 1 | Level 2 | Level 3 | |||||||||||||
June 30, 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) | $ | 17,330 | $ | — | $ | 17,330 | $ | — | |||||||
Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets) | 3,099 | 3,099 | — | — | |||||||||||
Tax increment financing bond (in prepaid expenses and other assets) | 15,371 | — | — | 15,371 | |||||||||||
Total Assets | $ | 35,800 | $ | 3,099 | $ | 17,330 | $ | 15,371 | |||||||
Noncontrolling Interests in the Operating Partnership | $ | 124,880 | $ | 124,880 | $ | — | $ | — | |||||||
Liabilities: | |||||||||||||||
Mortgages and notes payable, at fair value (1) | $ | 1,918,241 | $ | — | $ | 1,918,241 | $ | — | |||||||
Interest rate swaps (in accounts payable, accrued expenses and other liabilities) | 7,763 | — | 7,763 | — | |||||||||||
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities) | 3,099 | 3,099 | — | — | |||||||||||
Financing obligations, at fair value (1) | 21,141 | — | — | 21,141 | |||||||||||
Total Liabilities | $ | 1,950,244 | $ | 3,099 | $ | 1,926,004 | $ | 21,141 |
9. | Disclosure About Fair Value of Financial Instruments - Continued |
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) | $ | 1,992,937 | $ | — | $ | 1,992,937 | $ | — | |||||||
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) | 18,866 | — | — | 18,866 | |||||||||||
Total Liabilities | $ | 2,017,154 | $ | 3,149 | $ | 1,995,139 | $ | 18,866 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Asset: | |||||||||||||||
Tax Increment Financing Bond: | |||||||||||||||
Beginning balance | $ | 15,075 | $ | 15,564 | $ | 14,788 | $ | 15,699 | |||||||
Unrealized gains/(losses) (in AOCL) | 296 | (336 | ) | 583 | (471 | ) | |||||||||
Ending balance | $ | 15,371 | $ | 15,228 | $ | 15,371 | $ | 15,228 |
Fair Value at June 30, 2012 | Valuation Technique | Unobservable Input | Discount Rate | |||||||
Tax increment financing bond | $ | 15,371 | Income approach | Discount rate | 9.85 | % |
Level 1 | Level 2 | Level 3 | |||||||||||||
June 30, 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) | $ | 17,330 | $ | — | $ | 17,330 | $ | — | |||||||
Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets) | 3,099 | 3,099 | — | — | |||||||||||
Tax increment financing bond (in prepaid expenses and other assets) | 15,371 | — | — | 15,371 | |||||||||||
Total Assets | $ | 35,800 | $ | 3,099 | $ | 17,330 | $ | 15,371 | |||||||
Liabilities: | |||||||||||||||
Mortgages and notes payable, at fair value (1) | $ | 1,918,241 | $ | — | $ | 1,918,241 | $ | — | |||||||
Interest rate swaps (in accounts payable, accrued expenses and other liabilities) | 7,763 | — | 7,763 | — | |||||||||||
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities) | 3,099 | 3,099 | — | — | |||||||||||
Financing obligations, at fair value (1) | 21,141 | — | — | 21,141 | |||||||||||
Total Liabilities | $ | 1,950,244 | $ | 3,099 | $ | 1,926,004 | $ | 21,141 |
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) | $ | 1,992,937 | $ | — | $ | 1,992,937 | $ | — | |||||||
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) | 18,866 | — | — | 18,866 | |||||||||||
Total Liabilities | $ | 2,017,154 | $ | 3,149 | $ | 1,995,139 | $ | 18,866 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Asset: | |||||||||||||||
Tax Increment Financing Bond: | |||||||||||||||
Beginning balance | $ | 15,075 | $ | 15,564 | $ | 14,788 | $ | 15,699 | |||||||
Unrealized gains/(losses) (in AOCL) | 296 | (336 | ) | 583 | (471 | ) | |||||||||
Ending balance | $ | 15,371 | $ | 15,228 | $ | 15,371 | $ | 15,228 |
Fair Value at June 30, 2012 | Valuation Technique | Unobservable Input | Discount Rate | |||||||
Tax increment financing bond | $ | 15,371 | Income approach | Discount rate | 9.85 | % |
|
Six Months Ended June 30, | |||||||
2012 | 2011 | ||||||
Tax increment financing bond: | |||||||
Beginning balance | $ | (2,309 | ) | $ | (2,543 | ) | |
Unrealized gains/(losses) on tax increment financing bond | 583 | (471 | ) | ||||
Ending balance | (1,726 | ) | (3,014 | ) | |||
Cash flow hedges: | |||||||
Beginning balance | (3,425 | ) | (1,105 | ) | |||
Unrealized losses on cash flow hedges | (7,087 | ) | — | ||||
Amortization of cash flow hedges | 1,459 | (58 | ) | ||||
Ending balance | (9,053 | ) | (1,163 | ) | |||
Total accumulated other comprehensive loss | $ | (10,779 | ) | $ | (4,177 | ) |
Six Months Ended June 30, | |||||||
2012 | 2011 | ||||||
Tax increment financing bond: | |||||||
Beginning balance | $ | (2,309 | ) | $ | (2,543 | ) | |
Unrealized gains/(losses) on tax increment financing bond | 583 | (471 | ) | ||||
Ending balance | (1,726 | ) | (3,014 | ) | |||
Cash flow hedges: | |||||||
Beginning balance | (3,425 | ) | (1,105 | ) | |||
Unrealized losses on cash flow hedges | (7,087 | ) | — | ||||
Amortization of cash flow hedges | 1,459 | (58 | ) | ||||
Ending balance | (9,053 | ) | (1,163 | ) | |||
Total accumulated other comprehensive loss | $ | (10,779 | ) | $ | (4,177 | ) |
|
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Rental and other revenues | $ | 2,044 | $ | 2,907 | $ | 4,383 | $ | 6,169 | |||||||
Operating expenses: | |||||||||||||||
Rental property and other expenses | 966 | 1,390 | 2,084 | 2,862 | |||||||||||
Depreciation and amortization | 322 | 778 | 1,008 | 1,653 | |||||||||||
Total operating expenses | 1,288 | 2,168 | 3,092 | 4,515 | |||||||||||
Income from discontinued operations | 756 | 739 | 1,291 | 1,654 | |||||||||||
Net gains on disposition of discontinued operations | 1,385 | — | 6,519 | — | |||||||||||
Total discontinued operations | $ | 2,141 | $ | 739 | $ | 7,810 | $ | 1,654 |
June 30, 2012 | December 31, 2011 | ||||||
Assets: | |||||||
Land | $ | 3,849 | $ | 5,749 | |||
Buildings and tenant improvements | 49,460 | 65,860 | |||||
Accumulated depreciation | (18,743 | ) | (23,917 | ) | |||
Net real estate assets | 34,566 | 47,692 | |||||
Accrued straight line rents receivable | 1,490 | 1,726 | |||||
Deferred leasing costs, net | 678 | 811 | |||||
Prepaid expenses and other assets | 17 | 106 | |||||
Real estate and other assets, net, held for sale | $ | 36,751 | $ | 50,335 | |||
Tenant security deposits, deferred rents and accrued costs (1) | $ | 595 | $ | 238 |
(1) | Included in accounts payable, accrued expenses and other liabilities. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Rental and other revenues | $ | 2,044 | $ | 2,907 | $ | 4,383 | $ | 6,169 | |||||||
Operating expenses: | |||||||||||||||
Rental property and other expenses | 966 | 1,390 | 2,084 | 2,862 | |||||||||||
Depreciation and amortization | 322 | 778 | 1,008 | 1,653 | |||||||||||
Total operating expenses | 1,288 | 2,168 | 3,092 | 4,515 | |||||||||||
Income from discontinued operations | 756 | 739 | 1,291 | 1,654 | |||||||||||
Net gains on disposition of discontinued operations | 1,385 | — | 6,519 | — | |||||||||||
Total discontinued operations | $ | 2,141 | $ | 739 | $ | 7,810 | $ | 1,654 |
June 30, 2012 | December 31, 2011 | ||||||
Assets: | |||||||
Land | $ | 3,849 | $ | 5,749 | |||
Buildings and tenant improvements | 49,460 | 65,860 | |||||
Accumulated depreciation | (18,743 | ) | (23,917 | ) | |||
Net real estate assets | 34,566 | 47,692 | |||||
Accrued straight line rents receivable | 1,490 | 1,726 | |||||
Deferred leasing costs, net | 678 | 811 | |||||
Prepaid expenses and other assets | 17 | 106 | |||||
Real estate and other assets, net, held for sale | $ | 36,751 | $ | 50,335 | |||
Tenant security deposits, deferred rents and accrued costs (1) | $ | 595 | $ | 238 |
(1) | Included in accounts payable, accrued expenses and other liabilities. |
|
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Earnings per Common Share - basic: | |||||||||||||||
Numerator: | |||||||||||||||
Income from continuing operations | $ | 12,357 | $ | 13,695 | $ | 25,020 | $ | 25,223 | |||||||
Net (income) attributable to noncontrolling interests in the Operating Partnership from continuing operations | (584 | ) | (586 | ) | (1,133 | ) | (1,047 | ) | |||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates from continuing operations | (223 | ) | (182 | ) | (407 | ) | (305 | ) | |||||||
Dividends on Preferred Stock | (627 | ) | (1,622 | ) | (1,254 | ) | (3,299 | ) | |||||||
Excess of Preferred Stock redemption/repurchase cost over carrying value | — | (1,895 | ) | — | (1,895 | ) | |||||||||
Income from continuing operations available for common stockholders | 10,923 | 9,410 | 22,226 | 18,677 | |||||||||||
Income from discontinued operations | 2,141 | 739 | 7,810 | 1,654 | |||||||||||
Net (income) attributable to noncontrolling interests in the Operating Partnership from discontinued operations | (102 | ) | (37 | ) | (380 | ) | (83 | ) | |||||||
Income from discontinued operations available for common stockholders | 2,039 | 702 | 7,430 | 1,571 | |||||||||||
Net income available for common stockholders | $ | 12,962 | $ | 10,112 | $ | 29,656 | $ | 20,248 | |||||||
Denominator: | |||||||||||||||
Denominator for basic earnings per Common Share – weighted average shares (1) (2) | 74,662 | 72,211 | 73,749 | 72,015 | |||||||||||
Earnings per Common Share - basic: | |||||||||||||||
Income from continuing operations available for common stockholders | $ | 0.15 | $ | 0.13 | $ | 0.30 | $ | 0.26 | |||||||
Income from discontinued operations available for common stockholders | 0.02 | 0.01 | 0.10 | 0.02 | |||||||||||
Net income available for common stockholders | $ | 0.17 | $ | 0.14 | $ | 0.40 | $ | 0.28 | |||||||
Earnings per Common Share - diluted: | |||||||||||||||
Numerator: | |||||||||||||||
Income from continuing operations | $ | 12,357 | $ | 13,695 | $ | 25,020 | $ | 25,223 | |||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates from continuing operations | (223 | ) | (182 | ) | (407 | ) | (305 | ) | |||||||
Dividends on Preferred Stock | (627 | ) | (1,622 | ) | (1,254 | ) | (3,299 | ) | |||||||
Excess of Preferred Stock redemption/repurchase cost over carrying value | — | (1,895 | ) | — | (1,895 | ) | |||||||||
Income from continuing operations available for common stockholders before net (income) attributable to noncontrolling interests in the Operating Partnership | 11,507 | 9,996 | 23,359 | 19,724 | |||||||||||
Income from discontinued operations available for common stockholders | 2,141 | 739 | 7,810 | 1,654 | |||||||||||
Net income available for common stockholders before net (income) attributable to noncontrolling interests in the Operating Partnership | $ | 13,648 | $ | 10,735 | $ | 31,169 | $ | 21,378 | |||||||
Denominator: | |||||||||||||||
Denominator for basic earnings per Common Share –weighted average shares (1) (2) | 74,662 | 72,211 | 73,749 | 72,015 | |||||||||||
Add: | |||||||||||||||
Stock options using the treasury method | 141 | 202 | 129 | 185 | |||||||||||
Noncontrolling interests Common Units | 3,718 | 3,784 | 3,723 | 3,787 | |||||||||||
Denominator for diluted earnings per Common Share – adjusted weighted average shares and assumed conversions (1) | 78,521 | 76,197 | 77,601 | 75,987 | |||||||||||
Earnings per Common Share - diluted: | |||||||||||||||
Income from continuing operations available for common stockholders | $ | 0.15 | $ | 0.13 | $ | 0.30 | $ | 0.26 | |||||||
Income from discontinued operations available for common stockholders | 0.02 | 0.01 | 0.10 | 0.02 | |||||||||||
Net income available for common stockholders | $ | 0.17 | $ | 0.14 | $ | 0.40 | $ | 0.28 |
13. | Earnings Per Share - Continued |
(1) | There were 0.5 million and 0.3 million options outstanding during the three months ended June 30, 2012 and 2011, respectively, and 0.5 million and 0.6 million options outstanding during the six months ended June 30, 2012 and 2011, 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 restricted stock are non-forfeitable. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Earnings per Common Unit - basic: | |||||||||||||||
Numerator: | |||||||||||||||
Income from continuing operations | $ | 12,360 | $ | 13,699 | $ | 25,025 | $ | 25,235 | |||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates from continuing operations | (223 | ) | (182 | ) | (407 | ) | (305 | ) | |||||||
Distributions on Preferred Units | (627 | ) | (1,622 | ) | (1,254 | ) | (3,299 | ) | |||||||
Excess of Preferred Unit redemption/repurchase cost over carrying value | — | (1,895 | ) | — | (1,895 | ) | |||||||||
Income from continuing operations available for common unitholders | 11,510 | 10,000 | 23,364 | 19,736 | |||||||||||
Income from discontinued operations available for common unitholders | 2,141 | 739 | 7,810 | 1,654 | |||||||||||
Net income available for common unitholders | $ | 13,651 | $ | 10,739 | $ | 31,174 | $ | 21,390 | |||||||
Denominator: | |||||||||||||||
Denominator for basic earnings per Common Unit – weighted average units (1) (2) | 77,971 | 75,586 | 77,063 | 75,393 | |||||||||||
Earnings per Common Unit - basic: | |||||||||||||||
Income from continuing operations available for common unitholders | $ | 0.15 | $ | 0.13 | $ | 0.30 | $ | 0.26 | |||||||
Income from discontinued operations available for common unitholders | 0.03 | 0.01 | 0.10 | 0.02 | |||||||||||
Net income available for common unitholders | $ | 0.18 | $ | 0.14 | $ | 0.40 | $ | 0.28 | |||||||
Earnings per Common Unit - diluted: | |||||||||||||||
Numerator: | |||||||||||||||
Income from continuing operations | $ | 12,360 | $ | 13,699 | $ | 25,025 | $ | 25,235 | |||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates from continuing operations | (223 | ) | (182 | ) | (407 | ) | (305 | ) | |||||||
Distributions on Preferred Units | (627 | ) | (1,622 | ) | (1,254 | ) | (3,299 | ) | |||||||
Excess of Preferred Unit redemption/repurchase cost over carrying value | — | (1,895 | ) | — | (1,895 | ) | |||||||||
Income from continuing operations available for common unitholders | 11,510 | 10,000 | 23,364 | 19,736 | |||||||||||
Income from discontinued operations available for common unitholders | 2,141 | 739 | 7,810 | 1,654 | |||||||||||
Net income available for common unitholders | $ | 13,651 | $ | 10,739 | $ | 31,174 | $ | 21,390 | |||||||
Denominator: | |||||||||||||||
Denominator for basic earnings per Common Unit –weighted average units (1) (2) | 77,971 | 75,586 | 77,063 | 75,393 | |||||||||||
Add: | |||||||||||||||
Stock options using the treasury method | 141 | 202 | 129 | 185 | |||||||||||
Denominator for diluted earnings per Common Unit – adjusted weighted average units and assumed conversions (1) | 78,112 | 75,788 | 77,192 | 75,578 | |||||||||||
Earnings per Common Unit - diluted: | |||||||||||||||
Income from continuing operations available for common unitholders | $ | 0.15 | $ | 0.13 | $ | 0.30 | $ | 0.26 | |||||||
Income from discontinued operations available for common unitholders | 0.02 | 0.01 | 0.10 | 0.02 | |||||||||||
Net income available for common unitholders | $ | 0.17 | $ | 0.14 | $ | 0.40 | $ | 0.28 |
(1) | There were 0.5 million and 0.3 million options outstanding during the three months ended June 30, 2012 and 2011, respectively, and 0.5 million and 0.6 million options outstanding during the six months ended June 30, 2012 and 2011, 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 restricted stock are non-forfeitable. |
|
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Rental and Other Revenues: (1) | |||||||||||||||
Office: | |||||||||||||||
Atlanta, GA | $ | 16,209 | $ | 12,341 | $ | 31,993 | $ | 24,242 | |||||||
Greenville, SC | 3,489 | 3,437 | 6,993 | 6,942 | |||||||||||
Kansas City, MO | 3,560 | 3,441 | 7,163 | 6,960 | |||||||||||
Memphis, TN | 10,130 | 10,077 | 20,268 | 20,179 | |||||||||||
Nashville, TN | 14,321 | 13,572 | 28,186 | 26,315 | |||||||||||
Orlando, FL | 2,756 | 2,619 | 5,443 | 4,936 | |||||||||||
Piedmont Triad, NC | 5,072 | 5,273 | 10,152 | 10,637 | |||||||||||
Pittsburgh, PA | 9,113 | — | 18,199 | — | |||||||||||
Raleigh, NC | 20,400 | 20,103 | 40,179 | 39,421 | |||||||||||
Richmond, VA | 12,095 | 11,668 | 23,605 | 23,046 | |||||||||||
Tampa, FL | 17,579 | 17,064 | 34,715 | 33,436 | |||||||||||
Total Office Segment | 114,724 | 99,595 | 226,896 | 196,114 | |||||||||||
Industrial: | |||||||||||||||
Atlanta, GA | 3,849 | 4,028 | 7,623 | 7,962 | |||||||||||
Piedmont Triad, NC | 3,087 | 2,825 | 6,251 | 5,802 | |||||||||||
Total Industrial Segment | 6,936 | 6,853 | 13,874 | 13,764 | |||||||||||
Retail: | |||||||||||||||
Kansas City, MO | 9,075 | 8,203 | 17,998 | 17,103 | |||||||||||
Total Retail Segment | 9,075 | 8,203 | 17,998 | 17,103 | |||||||||||
Total Rental and Other Revenues | $ | 130,735 | $ | 114,651 | $ | 258,768 | $ | 226,981 |
14. | Segment Information - Continued |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Net Operating Income: (1) | |||||||||||||||
Office: | |||||||||||||||
Atlanta, GA | $ | 10,426 | $ | 7,973 | $ | 20,821 | $ | 15,464 | |||||||
Greenville, SC | 2,051 | 2,067 | 4,183 | 4,142 | |||||||||||
Kansas City, MO | 2,186 | 2,112 | 4,518 | 4,256 | |||||||||||
Memphis, TN | 5,841 | 5,462 | 11,942 | 11,222 | |||||||||||
Nashville, TN | 9,835 | 9,369 | 19,490 | 18,001 | |||||||||||
Orlando, FL | 1,431 | 1,284 | 2,847 | 2,450 | |||||||||||
Piedmont Triad, NC | 3,219 | 3,452 | 6,452 | 7,053 | |||||||||||
Pittsburgh, PA | 4,627 | — | 8,910 | — | |||||||||||
Raleigh, NC | 14,291 | 14,273 | 28,146 | 27,489 | |||||||||||
Richmond, VA | 8,536 | 8,231 | 16,419 | 16,090 | |||||||||||
Tampa, FL | 10,811 | 10,557 | 21,650 | 20,684 | |||||||||||
Total Office Segment | 73,254 | 64,780 | 145,378 | 126,851 | |||||||||||
Industrial: | |||||||||||||||
Atlanta, GA | 2,761 | 3,001 | 5,649 | 5,840 | |||||||||||
Piedmont Triad, NC | 2,308 | 2,107 | 4,596 | 4,331 | |||||||||||
Total Industrial Segment | 5,069 | 5,108 | 10,245 | 10,171 | |||||||||||
Retail: | |||||||||||||||
Kansas City, MO | 5,323 | 4,832 | 10,857 | 10,121 | |||||||||||
Total Retail Segment | 5,323 | 4,832 | 10,857 | 10,121 | |||||||||||
Total Net Operating Income | 83,646 | 74,720 | 166,480 | 147,143 | |||||||||||
Reconciliation to income from continuing operations before disposition of property and condominiums and equity in earnings of unconsolidated affiliates: | |||||||||||||||
Depreciation and amortization | (40,276 | ) | (32,684 | ) | (78,105 | ) | (65,621 | ) | |||||||
General and administrative expense | (8,900 | ) | (7,978 | ) | (18,573 | ) | (15,771 | ) | |||||||
Interest expense | (24,495 | ) | (23,907 | ) | (49,297 | ) | (47,450 | ) | |||||||
Other income | 764 | 1,875 | 2,994 | 3,748 | |||||||||||
Income from continuing operations before disposition of property and condominiums and equity in earnings of unconsolidated affiliates | $ | 10,739 | $ | 12,026 | $ | 23,499 | $ | 22,049 |
(1) | Net of discontinued operations. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Rental and Other Revenues: (1) | |||||||||||||||
Office: | |||||||||||||||
Atlanta, GA | $ | 16,209 | $ | 12,341 | $ | 31,993 | $ | 24,242 | |||||||
Greenville, SC | 3,489 | 3,437 | 6,993 | 6,942 | |||||||||||
Kansas City, MO | 3,560 | 3,441 | 7,163 | 6,960 | |||||||||||
Memphis, TN | 10,130 | 10,077 | 20,268 | 20,179 | |||||||||||
Nashville, TN | 14,321 | 13,572 | 28,186 | 26,315 | |||||||||||
Orlando, FL | 2,756 | 2,619 | 5,443 | 4,936 | |||||||||||
Piedmont Triad, NC | 5,072 | 5,273 | 10,152 | 10,637 | |||||||||||
Pittsburgh, PA | 9,113 | — | 18,199 | — | |||||||||||
Raleigh, NC | 20,400 | 20,103 | 40,179 | 39,421 | |||||||||||
Richmond, VA | 12,095 | 11,668 | 23,605 | 23,046 | |||||||||||
Tampa, FL | 17,579 | 17,064 | 34,715 | 33,436 | |||||||||||
Total Office Segment | 114,724 | 99,595 | 226,896 | 196,114 | |||||||||||
Industrial: | |||||||||||||||
Atlanta, GA | 3,849 | 4,028 | 7,623 | 7,962 | |||||||||||
Piedmont Triad, NC | 3,087 | 2,825 | 6,251 | 5,802 | |||||||||||
Total Industrial Segment | 6,936 | 6,853 | 13,874 | 13,764 | |||||||||||
Retail: | |||||||||||||||
Kansas City, MO | 9,075 | 8,203 | 17,998 | 17,103 | |||||||||||
Total Retail Segment | 9,075 | 8,203 | 17,998 | 17,103 | |||||||||||
Total Rental and Other Revenues | $ | 130,735 | $ | 114,651 | $ | 258,768 | $ | 226,981 |
14. | Segment Information - Continued |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Net Operating Income: (1) | |||||||||||||||
Office: | |||||||||||||||
Atlanta, GA | $ | 10,435 | $ | 7,980 | $ | 20,837 | $ | 15,456 | |||||||
Greenville, SC | 2,052 | 2,069 | 4,186 | 4,140 | |||||||||||
Kansas City, MO | 2,188 | 2,114 | 4,521 | 4,254 | |||||||||||
Memphis, TN | 5,845 | 5,467 | 11,951 | 11,215 | |||||||||||
Nashville, TN | 9,842 | 9,376 | 19,504 | 17,989 | |||||||||||
Orlando, FL | 1,432 | 1,285 | 2,849 | 2,449 | |||||||||||
Piedmont Triad, NC | 3,221 | 3,455 | 6,457 | 7,049 | |||||||||||
Pittsburgh, PA | 4,630 | — | 8,911 | — | |||||||||||
Raleigh, NC | 14,301 | 14,285 | 28,169 | 27,473 | |||||||||||
Richmond, VA | 8,541 | 8,238 | 16,431 | 16,080 | |||||||||||
Tampa, FL | 10,818 | 10,565 | 21,668 | 20,672 | |||||||||||
Total Office Segment | 73,305 | 64,834 | 145,484 | 126,777 | |||||||||||
Industrial: | |||||||||||||||
Atlanta, GA | 2,763 | 3,004 | 5,653 | 5,837 | |||||||||||
Piedmont Triad, NC | 2,310 | 2,109 | 4,599 | 4,328 | |||||||||||
Total Industrial Segment | 5,073 | 5,113 | 10,252 | 10,165 | |||||||||||
Retail: | |||||||||||||||
Kansas City, MO | 5,327 | 4,836 | 10,865 | 10,115 | |||||||||||
Total Retail Segment | 5,327 | 4,836 | 10,865 | 10,115 | |||||||||||
Total Net Operating Income | 83,705 | 74,783 | 166,601 | 147,057 | |||||||||||
Reconciliation to income from continuing operations before disposition of property and condominiums and equity in earnings of unconsolidated affiliates: | |||||||||||||||
Depreciation and amortization | (40,276 | ) | (32,684 | ) | (78,105 | ) | (65,621 | ) | |||||||
General and administrative expense | (8,959 | ) | (8,041 | ) | (18,694 | ) | (15,685 | ) | |||||||
Interest expense | (24,495 | ) | (23,907 | ) | (49,297 | ) | (47,450 | ) | |||||||
Other income | 764 | 1,875 | 2,994 | 3,748 | |||||||||||
Income from continuing operations before disposition of property and condominiums and equity in earnings of unconsolidated affiliates | $ | 10,739 | $ | 12,026 | $ | 23,499 | $ | 22,049 |
(1) | Net of discontinued operations. |
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