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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 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Proforma rental and other revenues | $ | 132,632 | $ | 132,269 | $ | 395,161 | $ | 385,246 | |||||||
Proforma net income | $ | 35,765 | $ | 7,626 | $ | 68,526 | $ | 33,268 | |||||||
Proforma earnings per share - basic | $ | 0.43 | $ | 0.09 | $ | 0.84 | $ | 0.35 | |||||||
Proforma earnings per share - diluted | $ | 0.43 | $ | 0.09 | $ | 0.84 | $ | 0.35 |
• | an office property in Kansas City, MO for $6.5 million and recorded gain on disposition of discontinued operations of $1.9 million. |
• | five office buildings in Nashville, TN for $41.0 million and recorded gain on disposition of discontinued operations of $7.0 million. |
• | three buildings in Jackson, MS and Atlanta, GA for $86.5 million and recorded gain on disposition of discontinued operations of $14.0 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 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Proforma rental and other revenues | $ | 132,632 | $ | 132,269 | $ | 395,161 | $ | 385,246 | |||||||
Proforma net income | $ | 35,769 | $ | 7,626 | $ | 68,535 | $ | 33,280 | |||||||
Proforma earnings per share - basic | $ | 0.44 | $ | 0.09 | $ | 0.85 | $ | 0.36 | |||||||
Proforma earnings per share - diluted | $ | 0.44 | $ | 0.09 | $ | 0.85 | $ | 0.36 |
• | an office property in Kansas City, MO for $6.5 million and recorded gain on disposition of discontinued operations of $1.9 million. |
• | five office buildings in Nashville, TN for $41.0 million and recorded gain on disposition of discontinued operations of $7.0 million. |
• | three buildings in Jackson, MS and Atlanta, GA for $86.5 million and recorded gain on disposition of discontinued operations of $14.0 million. |
|
September 30, 2012 | December 31, 2011 | ||||||
Seller financing (first mortgages) | $ | 15,853 | $ | 17,180 | |||
Less allowance | — | — | |||||
15,853 | 17,180 | ||||||
Promissory notes | 1,301 | 1,481 | |||||
Less allowance | (211 | ) | (61 | ) | |||
1,090 | 1,420 | ||||||
Mortgages and notes receivable, net | $ | 16,943 | $ | 18,600 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Beginning notes receivable allowance | $ | 118 | $ | 617 | $ | 61 | $ | 868 | |||||||
Bad debt expense | — | — | — | 184 | |||||||||||
Recoveries/write-offs/other | 93 | (72 | ) | 150 | (507 | ) | |||||||||
Total notes receivable allowance | $ | 211 | $ | 545 | $ | 211 | $ | 545 |
September 30, 2012 | December 31, 2011 | ||||||
Seller financing (first mortgages) | $ | 15,853 | $ | 17,180 | |||
Less allowance | — | — | |||||
15,853 | 17,180 | ||||||
Promissory notes | 1,301 | 1,481 | |||||
Less allowance | (211 | ) | (61 | ) | |||
1,090 | 1,420 | ||||||
Mortgages and notes receivable, net | $ | 16,943 | $ | 18,600 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Beginning notes receivable allowance | $ | 118 | $ | 617 | $ | 61 | $ | 868 | |||||||
Bad debt expense | — | — | — | 184 | |||||||||||
Recoveries/write-offs/other | 93 | (72 | ) | 150 | (507 | ) | |||||||||
Total notes receivable allowance | $ | 211 | $ | 545 | $ | 211 | $ | 545 |
|
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Income Statements: | |||||||||||||||
Rental and other revenues | $ | 25,051 | $ | 25,623 | $ | 75,920 | $ | 75,619 | |||||||
Expenses: | |||||||||||||||
Rental property and other expenses | 11,624 | 10,805 | 35,706 | 33,576 | |||||||||||
Depreciation and amortization | 6,355 | 6,759 | 18,839 | 19,670 | |||||||||||
Impairments of real estate assets | — | — | 7,180 | — | |||||||||||
Interest expense | 4,980 | 5,976 | 16,077 | 17,841 | |||||||||||
Total expenses | 22,959 | 23,540 | 77,802 | 71,087 | |||||||||||
Income/(loss) before disposition of properties | 2,092 | 2,083 | (1,882 | ) | 4,532 | ||||||||||
Gains on disposition of properties | — | — | 6,275 | — | |||||||||||
Net income | $ | 2,092 | $ | 2,083 | $ | 4,393 | $ | 4,532 | |||||||
Our share of: | |||||||||||||||
Depreciation and amortization of real estate assets | $ | 2,028 | $ | 2,066 | $ | 5,801 | $ | 6,192 | |||||||
Impairments of real estate assets | $ | — | $ | — | $ | 1,002 | $ | — | |||||||
Interest expense | $ | 1,775 | $ | 1,965 | $ | 5,598 | $ | 6,159 | |||||||
Net income | $ | 914 | $ | 442 | $ | 1,252 | $ | 2,112 | |||||||
Our share of net income | $ | 914 | $ | 442 | $ | 1,252 | $ | 2,112 | |||||||
Adjustments for management and other fees | 410 | 671 | 1,418 | 1,821 | |||||||||||
Equity in earnings of unconsolidated affiliates | $ | 1,324 | $ | 1,113 | $ | 2,670 | $ | 3,933 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Income Statements: | |||||||||||||||
Rental and other revenues | $ | 24,062 | $ | 24,618 | $ | 72,916 | $ | 72,576 | |||||||
Expenses: | |||||||||||||||
Rental property and other expenses | 11,024 | 10,239 | 33,901 | 31,765 | |||||||||||
Depreciation and amortization | 6,044 | 6,437 | 17,905 | 18,736 | |||||||||||
Impairments of real estate assets | — | — | 7,180 | — | |||||||||||
Interest expense | 4,817 | 5,802 | 15,583 | 17,310 | |||||||||||
Total expenses | 21,885 | 22,478 | 74,569 | 67,811 | |||||||||||
Income/(loss) before disposition of properties | 2,177 | 2,140 | (1,653 | ) | 4,765 | ||||||||||
Gains on disposition of properties | — | — | 6,275 | — | |||||||||||
Net income | $ | 2,177 | $ | 2,140 | $ | 4,622 | $ | 4,765 | |||||||
Our share of: | |||||||||||||||
Depreciation and amortization of real estate assets | $ | 1,989 | $ | 2,028 | $ | 5,684 | $ | 6,078 | |||||||
Impairments of real estate assets | $ | — | $ | — | $ | 1,002 | $ | — | |||||||
Interest expense | $ | 1,754 | $ | 1,944 | $ | 5,536 | $ | 6,093 | |||||||
Net income | $ | 925 | $ | 448 | $ | 1,281 | $ | 2,142 | |||||||
Our share of net income | $ | 925 | $ | 448 | $ | 1,281 | $ | 2,142 | |||||||
Adjustments for management and other fees | 403 | 665 | 1,398 | 1,803 | |||||||||||
Equity in earnings of unconsolidated affiliates | $ | 1,328 | $ | 1,113 | $ | 2,679 | $ | 3,945 |
|
September 30, 2012 | December 31, 2011 | ||||||
Assets: | |||||||
Deferred financing costs | $ | 19,952 | $ | 18,044 | |||
Less accumulated amortization | (8,115 | ) | (5,797 | ) | |||
11,837 | 12,247 | ||||||
Deferred leasing costs (including lease incentives and acquisition-related intangible assets) | 202,797 | 172,049 | |||||
Less accumulated amortization | (65,464 | ) | (56,522 | ) | |||
137,333 | 115,527 | ||||||
Deferred financing and leasing costs, net | $ | 149,170 | $ | 127,774 | |||
Liabilities (in accounts payable, accrued expenses and other liabilities): | |||||||
Acquisition-related below market lease liabilities | $ | 28,015 | $ | 16,441 | |||
Less accumulated amortization | (2,556 | ) | (971 | ) | |||
$ | 25,459 | $ | 15,470 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Amortization of deferred financing costs | $ | 907 | $ | 806 | $ | 2,709 | $ | 2,448 | |||||||
Amortization of deferred leasing costs and acquisition-related intangible assets (in depreciation and amortization) | $ | 6,836 | $ | 5,189 | $ | 20,542 | $ | 13,945 | |||||||
Amortization of lease incentives (in rental and other revenues) | $ | 393 | $ | 369 | $ | 1,075 | $ | 1,010 | |||||||
Amortization of acquisition-related intangible assets (in rental and other revenues) | $ | 433 | $ | 239 | $ | 1,027 | $ | 617 | |||||||
Amortization of acquisition-related intangible assets (in rental property and other expenses) | $ | 46 | $ | — | $ | 46 | $ | — | |||||||
Amortization of acquisition-related below market lease liabilities (in rental and other revenues) | $ | (647 | ) | $ | (230 | ) | $ | (1,744 | ) | $ | (280 | ) |
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) | |||||||||||||||||||
October 1 through December 31, 2012 | $ | 1,069 | $ | 7,020 | $ | 349 | $ | 293 | $ | 140 | $ | (802 | ) | |||||||||||
2013 | 3,381 | 25,080 | 1,286 | 991 | 553 | (3,168 | ) | |||||||||||||||||
2014 | 3,009 | 21,190 | 1,134 | 734 | 553 | (3,106 | ) | |||||||||||||||||
2015 | 2,395 | 17,216 | 902 | 549 | 553 | (2,894 | ) | |||||||||||||||||
2016 | 1,024 | 14,047 | 708 | 489 | 553 | (2,603 | ) | |||||||||||||||||
Thereafter | 959 | 37,292 | 2,536 | 969 | 2,196 | (12,886 | ) | |||||||||||||||||
$ | 11,837 | $ | 121,845 | $ | 6,915 | $ | 4,025 | $ | 4,548 | $ | (25,459 | ) | ||||||||||||
Weighted average remaining amortization periods as of September 30, 2012 (in years) | 3.6 | 7.1 | 7.6 | 5.6 | 8.2 | 9.9 |
Above Market Lease Intangible Assets | In-Place Lease Intangible Assets | Tax Abatement Intangible Assets | Below Market Lease Liabilities | |||||||||||||
Amount recorded from acquisition activity | $ | 1,285 | $ | 21,479 | $ | 4,593 | $ | (11,875 | ) | |||||||
Weighted average remaining amortization periods (in years) | 5.3 | 9.2 | 8.2 | 11.3 |
September 30, 2012 | December 31, 2011 | ||||||
Assets: | |||||||
Deferred financing costs | $ | 19,952 | $ | 18,044 | |||
Less accumulated amortization | (8,115 | ) | (5,797 | ) | |||
11,837 | 12,247 | ||||||
Deferred leasing costs (including lease incentives and acquisition-related intangible assets) | 202,797 | 172,049 | |||||
Less accumulated amortization | (65,464 | ) | (56,522 | ) | |||
137,333 | 115,527 | ||||||
Deferred financing and leasing costs, net | $ | 149,170 | $ | 127,774 | |||
Liabilities (in accounts payable, accrued expenses and other liabilities): | |||||||
Acquisition-related below market lease liabilities | $ | 28,015 | $ | 16,441 | |||
Less accumulated amortization | (2,556 | ) | (971 | ) | |||
$ | 25,459 | $ | 15,470 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Amortization of deferred financing costs | $ | 907 | $ | 806 | $ | 2,709 | $ | 2,448 | |||||||
Amortization of deferred leasing costs and acquisition-related intangible assets (in depreciation and amortization) | $ | 6,836 | $ | 5,189 | $ | 20,542 | $ | 13,945 | |||||||
Amortization of lease incentives (in rental and other revenues) | $ | 393 | $ | 369 | $ | 1,075 | $ | 1,010 | |||||||
Amortization of acquisition-related intangible assets (in rental and other revenues) | $ | 433 | $ | 239 | $ | 1,027 | $ | 617 | |||||||
Amortization of acquisition-related intangible assets (in rental property and other expenses) | $ | 46 | $ | — | $ | 46 | $ | — | |||||||
Amortization of acquisition-related below market lease liabilities (in rental and other revenues) | $ | (647 | ) | $ | (230 | ) | $ | (1,744 | ) | $ | (280 | ) |
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) | |||||||||||||||||||
October 1 through December 31, 2012 | $ | 1,069 | $ | 7,020 | $ | 349 | $ | 293 | $ | 140 | $ | (802 | ) | |||||||||||
2013 | 3,381 | 25,080 | 1,286 | 991 | 553 | (3,168 | ) | |||||||||||||||||
2014 | 3,009 | 21,190 | 1,134 | 734 | 553 | (3,106 | ) | |||||||||||||||||
2015 | 2,395 | 17,216 | 902 | 549 | 553 | (2,894 | ) | |||||||||||||||||
2016 | 1,024 | 14,047 | 708 | 489 | 553 | (2,603 | ) | |||||||||||||||||
Thereafter | 959 | 37,292 | 2,536 | 969 | 2,196 | (12,886 | ) | |||||||||||||||||
$ | 11,837 | $ | 121,845 | $ | 6,915 | $ | 4,025 | $ | 4,548 | $ | (25,459 | ) | ||||||||||||
Weighted average remaining amortization periods as of September 30, 2012 (in years) | 3.6 | 7.1 | 7.6 | 5.6 | 8.2 | 9.9 |
Above Market Lease Intangible Assets | In-Place Lease Intangible Assets | Tax Abatement Intangible Assets | Below Market Lease Liabilities | |||||||||||||
Amount recorded from acquisition activity | $ | 1,285 | $ | 21,479 | $ | 4,593 | $ | (11,875 | ) | |||||||
Weighted average remaining amortization periods (in years) | 5.3 | 9.2 | 8.2 | 11.3 |
|
September 30, 2012 | December 31, 2011 | ||||||
Secured indebtedness | $ | 685,390 | $ | 715,742 | |||
Unsecured indebtedness | 1,093,165 | 1,153,164 | |||||
Total mortgages and notes payable | $ | 1,778,555 | $ | 1,868,906 |
September 30, 2012 | December 31, 2011 | ||||||
Secured indebtedness | $ | 685,390 | $ | 715,742 | |||
Unsecured indebtedness | 1,093,165 | 1,153,164 | |||||
Total mortgages and notes payable | $ | 1,778,555 | $ | 1,868,906 |
|
September 30, 2012 | December 31, 2011 | ||||||
Liability Derivatives: | |||||||
Derivatives designated as cash flow hedges in accounts payable, accrued expenses and other liabilities: | |||||||
Interest rate swaps | $ | 10,274 | $ | 2,202 |
7. | Derivative Financial Instruments - Continued |
Three Months Ended September 30, | Nine Months Ended September 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 | $ | (3,337 | ) | $ | — | $ | (10,424 | ) | $ | — | |||||
Amount of (gains)/losses reclassified out of AOCL into contractual interest expense (effective portion): | |||||||||||||||
Interest rate swaps | $ | 791 | $ | (30 | ) | $ | 2,250 | $ | (87 | ) |
September 30, 2012 | December 31, 2011 | ||||||
Liability Derivatives: | |||||||
Derivatives designated as cash flow hedges in accounts payable, accrued expenses and other liabilities: | |||||||
Interest rate swaps | $ | 10,274 | $ | 2,202 |
7. | Derivative Financial Instruments - Continued |
Three Months Ended September 30, | Nine Months Ended September 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 | $ | (3,337 | ) | $ | — | $ | (10,424 | ) | $ | — | |||||
Amount of (gains)/losses reclassified out of AOCL into contractual interest expense (effective portion): | |||||||||||||||
Interest rate swaps | $ | 791 | $ | (30 | ) | $ | 2,250 | $ | (87 | ) |
|
Nine Months Ended September 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 | 12,485 | (10,177 | ) | ||||
Issuances of Common Units | 2,299 | — | |||||
Conversion of Common Units to Common Stock | (731 | ) | (1,344 | ) | |||
Net income attributable to noncontrolling interests in the Operating Partnership | 3,166 | 1,496 | |||||
Distributions to noncontrolling interests in the Operating Partnership | (4,733 | ) | (4,818 | ) | |||
Total noncontrolling interests in the Operating Partnership | $ | 123,141 | $ | 105,995 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Net income available for common stockholders | $ | 33,357 | $ | 7,002 | $ | 63,013 | $ | 27,250 | |||||||
Increase in additional paid in capital from conversion of Common Units to Common Stock | 100 | 709 | 731 | 1,344 | |||||||||||
Issuances of Common Units | (2,299 | ) | — | (2,299 | ) | — | |||||||||
Change from net income available for common stockholders and transfers from noncontrolling interests | $ | 31,158 | $ | 7,711 | $ | 61,445 | $ | 28,594 |
8. | Noncontrolling Interests - Continued |
|
9. | Disclosure About Fair Value of Financial Instruments - Continued |
Level 1 | Level 2 | Level 3 | |||||||||||||
September 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) | $ | 17,382 | $ | — | $ | 17,382 | $ | — | |||||||
Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets) | 3,264 | 3,264 | — | — | |||||||||||
Tax increment financing bond (in prepaid expenses and other assets) | 15,270 | — | — | 15,270 | |||||||||||
Total Assets | $ | 35,916 | $ | 3,264 | $ | 17,382 | $ | 15,270 | |||||||
Noncontrolling Interests in the Operating Partnership | $ | 123,141 | $ | 123,141 | $ | — | $ | — | |||||||
Liabilities: | |||||||||||||||
Mortgages and notes payable, at fair value (1) | $ | 1,889,775 | $ | — | $ | 1,889,775 | $ | — | |||||||
Interest rate swaps (in accounts payable, accrued expenses and other liabilities) | 10,274 | — | 10,274 | — | |||||||||||
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities) | 3,264 | 3,264 | — | — | |||||||||||
Contingent consideration to acquire real estate assets (in accounts payable, accrued expenses and other liabilities) | 563 | — | — | 563 | |||||||||||
Financing obligations, at fair value (1) | 18,930 | — | — | 18,930 | |||||||||||
Total Liabilities | $ | 1,922,806 | $ | 3,264 | $ | 1,900,049 | $ | 19,493 |
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) | 18,866 | — | — | 18,866 | |||||||||||
Total Liabilities | $ | 1,983,655 | $ | 3,149 | $ | 1,961,640 | $ | 18,866 |
9. | Disclosure About Fair Value of Financial Instruments - Continued |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Asset: | |||||||||||||||
Tax Increment Financing Bond: | |||||||||||||||
Beginning balance | $ | 15,371 | $ | 15,228 | $ | 14,788 | $ | 15,699 | |||||||
Unrealized gains/(losses) (in AOCL) | (101 | ) | 600 | 482 | 129 | ||||||||||
Ending balance | $ | 15,270 | $ | 15,828 | $ | 15,270 | $ | 15,828 | |||||||
Liability: | |||||||||||||||
Contingent Consideration to Acquire Real Estate Assets: | |||||||||||||||
Beginning balance | $ | 677 | $ | — | $ | 677 | $ | — | |||||||
Unrealized gains (in general and administrative) | (114 | ) | — | (114 | ) | — | |||||||||
Ending balance | $ | 563 | $ | — | $ | 563 | $ | — |
Fair Value at September 30, 2012 | Valuation Technique | Unobservable Input | Rate/ Percentage | |||||||
Tax increment financing bond | $ | 15,270 | Income approach | Discount rate | 10.73 | % | ||||
Contingent consideration to acquire real estate assets | $ | 563 | Income approach | Payout percentage | 75.00 | % |
9. | Disclosure About Fair Value of Financial Instruments - Continued |
Level 1 | Level 2 | Level 3 | |||||||||||||
September 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) | $ | 17,382 | $ | — | $ | 17,382 | $ | — | |||||||
Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets) | 3,264 | 3,264 | — | — | |||||||||||
Tax increment financing bond (in prepaid expenses and other assets) | 15,270 | — | — | 15,270 | |||||||||||
Total Assets | $ | 35,916 | $ | 3,264 | $ | 17,382 | $ | 15,270 | |||||||
Liabilities: | |||||||||||||||
Mortgages and notes payable, at fair value (1) | $ | 1,889,775 | $ | — | $ | 1,889,775 | $ | — | |||||||
Interest rate swaps (in accounts payable, accrued expenses and other liabilities) | 10,274 | — | 10,274 | — | |||||||||||
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities) | 3,264 | 3,264 | — | — | |||||||||||
Contingent consideration to acquire real estate assets (in accounts payable, accrued expenses and other liabilities) | 563 | — | — | 563 | |||||||||||
Financing obligations, at fair value (1) | 18,930 | — | — | 18,930 | |||||||||||
Total Liabilities | $ | 1,922,806 | $ | 3,264 | $ | 1,900,049 | $ | 19,493 |
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 | |||||||
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) | 18,866 | — | — | 18,866 | |||||||||||
Total Liabilities | $ | 1,983,655 | $ | 3,149 | $ | 1,961,640 | $ | 18,866 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Asset: | |||||||||||||||
Tax Increment Financing Bond: | |||||||||||||||
Beginning balance | $ | 15,371 | $ | 15,228 | $ | 14,788 | $ | 15,699 | |||||||
Unrealized gains/(losses) (in AOCL) | (101 | ) | 600 | 482 | 129 | ||||||||||
Ending balance | $ | 15,270 | $ | 15,828 | $ | 15,270 | $ | 15,828 | |||||||
Liability: | |||||||||||||||
Contingent Consideration to Acquire Real Estate Assets: | |||||||||||||||
Beginning balance | $ | 677 | $ | — | $ | 677 | $ | — | |||||||
Unrealized gains (in general and administrative) | (114 | ) | — | (114 | ) | — | |||||||||
Ending balance | $ | 563 | $ | — | $ | 563 | $ | — |
9. | Disclosure About Fair Value of Financial Instruments - Continued |
Fair Value at September 30, 2012 | Valuation Technique | Unobservable Input | Rate/ Percentage | |||||||
Tax increment financing bond | $ | 15,270 | Income approach | Discount rate | 10.73 | % | ||||
Contingent consideration to acquire real estate assets | $ | 563 | Income approach | Payout percentage | 75.00 | % |
|
|
Nine Months Ended September 30, | |||||||
2012 | 2011 | ||||||
Tax increment financing bond: | |||||||
Beginning balance | $ | (2,309 | ) | $ | (2,543 | ) | |
Unrealized gains on tax increment financing bond | 482 | 129 | |||||
Ending balance | (1,827 | ) | (2,414 | ) | |||
Cash flow hedges: | |||||||
Beginning balance | (3,425 | ) | (1,105 | ) | |||
Unrealized losses on cash flow hedges | (10,424 | ) | — | ||||
Amortization of cash flow hedges | 2,250 | (87 | ) | ||||
Ending balance | (11,599 | ) | (1,192 | ) | |||
Total accumulated other comprehensive loss | $ | (13,426 | ) | $ | (3,606 | ) |
Nine Months Ended September 30, | |||||||
2012 | 2011 | ||||||
Tax increment financing bond: | |||||||
Beginning balance | $ | (2,309 | ) | $ | (2,543 | ) | |
Unrealized gains/(losses) on tax increment financing bond | 482 | 129 | |||||
Ending balance | (1,827 | ) | (2,414 | ) | |||
Cash flow hedges: | |||||||
Beginning balance | (3,425 | ) | (1,105 | ) | |||
Unrealized losses on cash flow hedges | (10,424 | ) | — | ||||
Amortization of cash flow hedges | 2,250 | (87 | ) | ||||
Ending balance | (11,599 | ) | (1,192 | ) | |||
Total accumulated other comprehensive loss | $ | (13,426 | ) | $ | (3,606 | ) |
|
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Rental and other revenues | $ | 875 | $ | 5,301 | $ | 10,120 | $ | 16,219 | |||||||
Operating expenses: | |||||||||||||||
Rental property and other expenses | 293 | 2,199 | 3,766 | 6,572 | |||||||||||
Depreciation and amortization | — | 1,269 | 2,009 | 3,935 | |||||||||||
Total operating expenses | 293 | 3,468 | 5,775 | 10,507 | |||||||||||
Interest expense | 35 | 119 | 283 | 364 | |||||||||||
Income from discontinued operations | 547 | 1,714 | 4,062 | 5,348 | |||||||||||
Net gains on disposition of discontinued operations | 22,936 | 2,573 | 29,455 | 2,573 | |||||||||||
Total discontinued operations | $ | 23,483 | $ | 4,287 | $ | 33,517 | $ | 7,921 |
September 30, 2012 | December 31, 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, net, held for sale | $ | — | $ | 35,815 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Rental and other revenues | $ | 875 | $ | 5,301 | $ | 10,120 | $ | 16,219 | |||||||
Operating expenses: | |||||||||||||||
Rental property and other expenses | 293 | 2,199 | 3,766 | 6,572 | |||||||||||
Depreciation and amortization | — | 1,269 | 2,009 | 3,935 | |||||||||||
Total operating expenses | 293 | 3,468 | 5,775 | 10,507 | |||||||||||
Interest expense | 35 | 119 | 283 | 364 | |||||||||||
Income from discontinued operations | 547 | 1,714 | 4,062 | 5,348 | |||||||||||
Net gains on disposition of discontinued operations | 22,936 | 2,573 | 29,455 | 2,573 | |||||||||||
Total discontinued operations | $ | 23,483 | $ | 4,287 | $ | 33,517 | $ | 7,921 |
September 30, 2012 | December 31, 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, net, held for sale | $ | — | $ | 35,815 |
|
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Earnings per Common Share - basic: | |||||||||||||||
Numerator: | |||||||||||||||
Income from continuing operations | $ | 12,313 | $ | 3,957 | $ | 35,109 | $ | 27,200 | |||||||
Net (income) attributable to noncontrolling interests in the Operating Partnership from continuing operations | (547 | ) | (153 | ) | (1,572 | ) | (1,101 | ) | |||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates from continuing operations | (159 | ) | (249 | ) | (566 | ) | (554 | ) | |||||||
Dividends on Preferred Stock | (627 | ) | (627 | ) | (1,881 | ) | (3,926 | ) | |||||||
Excess of Preferred Stock redemption/repurchase cost over carrying value | — | — | — | (1,895 | ) | ||||||||||
Income from continuing operations available for common stockholders | 10,980 | 2,928 | 31,090 | 19,724 | |||||||||||
Income from discontinued operations | 23,483 | 4,287 | 33,517 | 7,921 | |||||||||||
Net (income) attributable to noncontrolling interests in the Operating Partnership from discontinued operations | (1,106 | ) | (213 | ) | (1,594 | ) | (395 | ) | |||||||
Income from discontinued operations available for common stockholders | 22,377 | 4,074 | 31,923 | 7,526 | |||||||||||
Net income available for common stockholders | $ | 33,357 | $ | 7,002 | $ | 63,013 | $ | 27,250 | |||||||
Denominator: | |||||||||||||||
Denominator for basic earnings per Common Share – weighted average shares (1) (2) | 76,590 | 72,492 | 74,703 | 72,176 | |||||||||||
Earnings per Common Share - basic: | |||||||||||||||
Income from continuing operations available for common stockholders | $ | 0.15 | $ | 0.04 | $ | 0.42 | $ | 0.28 | |||||||
Income from discontinued operations available for common stockholders | 0.29 | 0.06 | 0.42 | 0.10 | |||||||||||
Net income available for common stockholders | $ | 0.44 | $ | 0.10 | $ | 0.84 | $ | 0.38 | |||||||
Earnings per Common Share - diluted: | |||||||||||||||
Numerator: | |||||||||||||||
Income from continuing operations | $ | 12,313 | $ | 3,957 | $ | 35,109 | $ | 27,200 | |||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates from continuing operations | (159 | ) | (249 | ) | (566 | ) | (554 | ) | |||||||
Dividends on Preferred Stock | (627 | ) | (627 | ) | (1,881 | ) | (3,926 | ) | |||||||
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 | 11,527 | 3,081 | 32,662 | 20,825 | |||||||||||
Income from discontinued operations available for common stockholders | 23,483 | 4,287 | 33,517 | 7,921 | |||||||||||
Net income available for common stockholders before net (income) attributable to noncontrolling interests in the Operating Partnership | $ | 35,010 | $ | 7,368 | $ | 66,179 | $ | 28,746 | |||||||
Denominator: | |||||||||||||||
Denominator for basic earnings per Common Share –weighted average shares (1) (2) | 76,590 | 72,492 | 74,703 | 72,176 | |||||||||||
Add: | |||||||||||||||
Stock options using the treasury method | 137 | 138 | 127 | 169 | |||||||||||
Noncontrolling interests Common Units | 3,768 | 3,772 | 3,738 | 3,782 | |||||||||||
Denominator for diluted earnings per Common Share – adjusted weighted average shares and assumed conversions (1) | 80,495 | 76,402 | 78,568 | 76,127 | |||||||||||
Earnings per Common Share - diluted: | |||||||||||||||
Income from continuing operations available for common stockholders | $ | 0.14 | $ | 0.04 | $ | 0.42 | $ | 0.28 | |||||||
Income from discontinued operations available for common stockholders | 0.29 | 0.06 | 0.42 | 0.10 | |||||||||||
Net income available for common stockholders | $ | 0.43 | $ | 0.10 | $ | 0.84 | $ | 0.38 |
13. | Earnings Per Share - Continued |
(1) | There were 0.5 million and 0.4 million options outstanding during the three months ended September 30, 2012 and 2011, respectively, and 0.5 million and 0.3 million options outstanding during the nine months ended September 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 September 30, | Nine Months Ended September 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Earnings per Common Unit - basic: | |||||||||||||||
Numerator: | |||||||||||||||
Income from continuing operations | $ | 12,317 | $ | 3,957 | $ | 35,118 | $ | 27,212 | |||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates from continuing operations | (159 | ) | (249 | ) | (566 | ) | (554 | ) | |||||||
Distributions on Preferred Units | (627 | ) | (627 | ) | (1,881 | ) | (3,926 | ) | |||||||
Excess of Preferred Unit redemption/repurchase cost over carrying value | — | — | — | (1,895 | ) | ||||||||||
Income from continuing operations available for common unitholders | 11,531 | 3,081 | 32,671 | 20,837 | |||||||||||
Income from discontinued operations available for common unitholders | 23,483 | 4,287 | 33,517 | 7,921 | |||||||||||
Net income available for common unitholders | $ | 35,014 | $ | 7,368 | $ | 66,188 | $ | 28,758 | |||||||
Denominator: | |||||||||||||||
Denominator for basic earnings per Common Unit – weighted average units (1) (2) | 79,949 | 75,855 | 78,032 | 75,549 | |||||||||||
Earnings per Common Unit - basic: | |||||||||||||||
Income from continuing operations available for common unitholders | $ | 0.15 | $ | 0.04 | $ | 0.42 | $ | 0.28 | |||||||
Income from discontinued operations available for common unitholders | 0.29 | 0.06 | 0.43 | 0.10 | |||||||||||
Net income available for common unitholders | $ | 0.44 | $ | 0.10 | $ | 0.85 | $ | 0.38 | |||||||
Earnings per Common Unit - diluted: | |||||||||||||||
Numerator: | |||||||||||||||
Income from continuing operations | $ | 12,317 | $ | 3,957 | $ | 35,118 | $ | 27,212 | |||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates from continuing operations | (159 | ) | (249 | ) | (566 | ) | (554 | ) | |||||||
Distributions on Preferred Units | (627 | ) | (627 | ) | (1,881 | ) | (3,926 | ) | |||||||
Excess of Preferred Unit redemption/repurchase cost over carrying value | — | — | — | (1,895 | ) | ||||||||||
Income from continuing operations available for common unitholders | 11,531 | 3,081 | 32,671 | 20,837 | |||||||||||
Income from discontinued operations available for common unitholders | 23,483 | 4,287 | 33,517 | 7,921 | |||||||||||
Net income available for common unitholders | $ | 35,014 | $ | 7,368 | $ | 66,188 | $ | 28,758 | |||||||
Denominator: | |||||||||||||||
Denominator for basic earnings per Common Unit –weighted average units (1) (2) | 79,949 | 75,855 | 78,032 | 75,549 | |||||||||||
Add: | |||||||||||||||
Stock options using the treasury method | 137 | 138 | 127 | 169 | |||||||||||
Denominator for diluted earnings per Common Unit – adjusted weighted average units and assumed conversions (1) | 80,086 | 75,993 | 78,159 | 75,718 | |||||||||||
Earnings per Common Unit - diluted: | |||||||||||||||
Income from continuing operations available for common unitholders | $ | 0.15 | $ | 0.04 | $ | 0.42 | $ | 0.28 | |||||||
Income from discontinued operations available for common unitholders | 0.29 | 0.06 | 0.43 | 0.10 | |||||||||||
Net income available for common unitholders | $ | 0.44 | $ | 0.10 | $ | 0.85 | $ | 0.38 |
(1) | There were 0.5 million and 0.4 million options outstanding during the three months ended September 30, 2012 and 2011, respectively, and 0.5 million and 0.3 million options outstanding during the nine months ended September 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 September 30, | Nine Months Ended September 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Rental and Other Revenues: (1) | |||||||||||||||
Office: | |||||||||||||||
Atlanta, GA | $ | 14,074 | $ | 12,167 | $ | 44,315 | $ | 34,701 | |||||||
Greenville, SC | 3,297 | 3,617 | 10,289 | 10,558 | |||||||||||
Kansas City, MO | 4,015 | 3,412 | 11,176 | 10,371 | |||||||||||
Memphis, TN | 9,106 | 9,393 | 27,612 | 27,808 | |||||||||||
Nashville, TN | 14,289 | 13,793 | 42,471 | 40,106 | |||||||||||
Orlando, FL | 2,747 | 2,676 | 8,189 | 7,612 | |||||||||||
Piedmont Triad, NC | 5,603 | 4,913 | 15,753 | 15,546 | |||||||||||
Pittsburgh, PA | 9,485 | 1,568 | 27,681 | 1,568 | |||||||||||
Raleigh, NC | 20,585 | 20,047 | 60,758 | 59,462 | |||||||||||
Richmond, VA | 11,852 | 13,375 | 35,453 | 36,425 | |||||||||||
Tampa, FL | 17,615 | 17,370 | 52,324 | 50,808 | |||||||||||
Total Office Segment | 112,668 | 102,331 | 336,021 | 294,965 | |||||||||||
Industrial: | |||||||||||||||
Atlanta, GA | 3,215 | 3,293 | 9,522 | 9,989 | |||||||||||
Piedmont Triad, NC | 3,142 | 3,151 | 9,392 | 8,953 | |||||||||||
Total Industrial Segment | 6,357 | 6,444 | 18,914 | 18,942 | |||||||||||
Retail: | |||||||||||||||
Kansas City, MO | 9,189 | 8,490 | 27,185 | 25,590 | |||||||||||
Total Retail Segment | 9,189 | 8,490 | 27,185 | 25,590 | |||||||||||
Total Rental and Other Revenues | $ | 128,214 | $ | 117,265 | $ | 382,120 | $ | 339,497 |
14. | Segment Information - Continued |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Net Operating Income: (1) | |||||||||||||||
Office: | |||||||||||||||
Atlanta, GA | $ | 8,700 | $ | 7,402 | $ | 28,215 | $ | 21,555 | |||||||
Greenville, SC | 1,807 | 2,096 | 5,989 | 6,238 | |||||||||||
Kansas City, MO | 2,547 | 2,000 | 7,064 | 6,255 | |||||||||||
Memphis, TN | 5,381 | 5,166 | 16,234 | 15,297 | |||||||||||
Nashville, TN | 9,777 | 9,273 | 29,262 | 27,275 | |||||||||||
Orlando, FL | 1,368 | 1,378 | 4,214 | 3,829 | |||||||||||
Piedmont Triad, NC | 3,330 | 2,895 | 9,780 | 9,944 | |||||||||||
Pittsburgh, PA | 4,952 | 888 | 13,859 | 888 | |||||||||||
Raleigh, NC | 13,907 | 13,900 | 42,045 | 41,386 | |||||||||||
Richmond, VA | 7,868 | 7,767 | 24,283 | 23,852 | |||||||||||
Tampa, FL | 11,077 | 10,786 | 32,721 | 31,475 | |||||||||||
Total Office Segment | 70,714 | 63,551 | 213,666 | 187,994 | |||||||||||
Industrial: | |||||||||||||||
Atlanta, GA | 2,331 | 2,406 | 6,936 | 7,417 | |||||||||||
Piedmont Triad, NC | 2,257 | 2,251 | 6,852 | 6,582 | |||||||||||
Total Industrial Segment | 4,588 | 4,657 | 13,788 | 13,999 | |||||||||||
Retail: | |||||||||||||||
Kansas City, MO | 5,679 | 5,026 | 16,534 | 15,146 | |||||||||||
Total Retail Segment | 5,679 | 5,026 | 16,534 | 15,146 | |||||||||||
Total Net Operating Income | 80,981 | 73,234 | 243,988 | 217,139 | |||||||||||
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 | (38,651 | ) | (35,051 | ) | (115,755 | ) | (99,659 | ) | |||||||
Impairments of assets held for use | — | (2,429 | ) | — | (2,429 | ) | |||||||||
General and administrative | (9,725 | ) | (12,212 | ) | (28,298 | ) | (27,983 | ) | |||||||
Interest expense | (23,612 | ) | (24,271 | ) | (72,661 | ) | (71,476 | ) | |||||||
Other income | 1,916 | 1,505 | 4,910 | 5,253 | |||||||||||
Income from continuing operations before disposition of property, condominiums and investments in unconsolidated affiliates and equity in earnings of unconsolidated affiliates | $ | 10,909 | $ | 776 | $ | 32,184 | $ | 20,845 |
(1) | Net of discontinued operations. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Rental and Other Revenues: (1) | |||||||||||||||
Office: | |||||||||||||||
Atlanta, GA | $ | 14,074 | $ | 12,167 | $ | 44,315 | $ | 34,701 | |||||||
Greenville, SC | 3,297 | 3,617 | 10,289 | 10,558 | |||||||||||
Kansas City, MO | 4,015 | 3,412 | 11,176 | 10,371 | |||||||||||
Memphis, TN | 9,106 | 9,393 | 27,612 | 27,808 | |||||||||||
Nashville, TN | 14,289 | 13,793 | 42,471 | 40,106 | |||||||||||
Orlando, FL | 2,747 | 2,676 | 8,189 | 7,612 | |||||||||||
Piedmont Triad, NC | 5,603 | 4,913 | 15,753 | 15,546 | |||||||||||
Pittsburgh, PA | 9,485 | 1,568 | 27,681 | 1,568 | |||||||||||
Raleigh, NC | 20,585 | 20,047 | 60,758 | 59,462 | |||||||||||
Richmond, VA | 11,852 | 13,375 | 35,453 | 36,425 | |||||||||||
Tampa, FL | 17,615 | 17,370 | 52,324 | 50,808 | |||||||||||
Total Office Segment | 112,668 | 102,331 | 336,021 | 294,965 | |||||||||||
Industrial: | |||||||||||||||
Atlanta, GA | 3,215 | 3,293 | 9,522 | 9,989 | |||||||||||
Piedmont Triad, NC | 3,142 | 3,151 | 9,392 | 8,953 | |||||||||||
Total Industrial Segment | 6,357 | 6,444 | 18,914 | 18,942 | |||||||||||
Retail: | |||||||||||||||
Kansas City, MO | 9,189 | 8,490 | 27,185 | 25,590 | |||||||||||
Total Retail Segment | 9,189 | 8,490 | 27,185 | 25,590 | |||||||||||
Total Rental and Other Revenues | $ | 128,214 | $ | 117,265 | $ | 382,120 | $ | 339,497 |
14. | Segment Information - Continued |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Net Operating Income: (1) | |||||||||||||||
Office: | |||||||||||||||
Atlanta, GA | $ | 8,708 | $ | 7,409 | $ | 28,239 | $ | 21,556 | |||||||
Greenville, SC | 1,809 | 2,098 | 5,994 | 6,237 | |||||||||||
Kansas City, MO | 2,549 | 2,002 | 7,070 | 6,254 | |||||||||||
Memphis, TN | 5,386 | 5,171 | 16,247 | 15,295 | |||||||||||
Nashville, TN | 9,786 | 9,282 | 29,285 | 27,271 | |||||||||||
Orlando, FL | 1,369 | 1,379 | 4,217 | 3,829 | |||||||||||
Piedmont Triad, NC | 3,333 | 2,898 | 9,788 | 9,943 | |||||||||||
Pittsburgh, PA | 4,957 | 888 | 13,862 | 888 | |||||||||||
Raleigh, NC | 13,920 | 13,913 | 42,083 | 41,383 | |||||||||||
Richmond, VA | 7,875 | 7,774 | 24,302 | 23,851 | |||||||||||
Tampa, FL | 11,087 | 10,797 | 32,750 | 31,473 | |||||||||||
Total Office Segment | 70,779 | 63,611 | 213,837 | 187,980 | |||||||||||
Industrial: | |||||||||||||||
Atlanta, GA | 2,333 | 2,408 | 6,942 | 7,416 | |||||||||||
Piedmont Triad, NC | 2,259 | 2,253 | 6,857 | 6,581 | |||||||||||
Total Industrial Segment | 4,592 | 4,661 | 13,799 | 13,997 | |||||||||||
Retail: | |||||||||||||||
Kansas City, MO | 5,684 | 5,030 | 16,547 | 15,144 | |||||||||||
Total Retail Segment | 5,684 | 5,030 | 16,547 | 15,144 | |||||||||||
Total Net Operating Income | 81,055 | 73,302 | 244,183 | 217,121 | |||||||||||
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 | (38,651 | ) | (35,051 | ) | (115,755 | ) | (99,659 | ) | |||||||
Impairments of assets held for use | — | (2,429 | ) | — | (2,429 | ) | |||||||||
General and administrative | (9,799 | ) | (12,280 | ) | (28,493 | ) | (27,965 | ) | |||||||
Interest expense | (23,612 | ) | (24,271 | ) | (72,661 | ) | (71,476 | ) | |||||||
Other income | 1,916 | 1,505 | 4,910 | 5,253 | |||||||||||
Income from continuing operations before disposition of property, condominiums and investments in unconsolidated affiliates and equity in earnings of unconsolidated affiliates | $ | 10,909 | $ | 776 | $ | 32,184 | $ | 20,845 |
(1) | Net of discontinued operations. |
|
|
|
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 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Proforma rental and other revenues | $ | 132,632 | $ | 132,269 | $ | 395,161 | $ | 385,246 | |||||||
Proforma net income | $ | 35,765 | $ | 7,626 | $ | 68,526 | $ | 33,268 | |||||||
Proforma earnings per share - basic | $ | 0.43 | $ | 0.09 | $ | 0.84 | $ | 0.35 | |||||||
Proforma earnings per share - diluted | $ | 0.43 | $ | 0.09 | $ | 0.84 | $ | 0.35 |
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 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Proforma rental and other revenues | $ | 132,632 | $ | 132,269 | $ | 395,161 | $ | 385,246 | |||||||
Proforma net income | $ | 35,769 | $ | 7,626 | $ | 68,535 | $ | 33,280 | |||||||
Proforma earnings per share - basic | $ | 0.44 | $ | 0.09 | $ | 0.85 | $ | 0.36 | |||||||
Proforma earnings per share - diluted | $ | 0.44 | $ | 0.09 | $ | 0.85 | $ | 0.36 |
|
September 30, 2012 | December 31, 2011 | ||||||
Seller financing (first mortgages) | $ | 15,853 | $ | 17,180 | |||
Less allowance | — | — | |||||
15,853 | 17,180 | ||||||
Promissory notes | 1,301 | 1,481 | |||||
Less allowance | (211 | ) | (61 | ) | |||
1,090 | 1,420 | ||||||
Mortgages and notes receivable, net | $ | 16,943 | $ | 18,600 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Beginning notes receivable allowance | $ | 118 | $ | 617 | $ | 61 | $ | 868 | |||||||
Bad debt expense | — | — | — | 184 | |||||||||||
Recoveries/write-offs/other | 93 | (72 | ) | 150 | (507 | ) | |||||||||
Total notes receivable allowance | $ | 211 | $ | 545 | $ | 211 | $ | 545 |
September 30, 2012 | December 31, 2011 | ||||||
Seller financing (first mortgages) | $ | 15,853 | $ | 17,180 | |||
Less allowance | — | — | |||||
15,853 | 17,180 | ||||||
Promissory notes | 1,301 | 1,481 | |||||
Less allowance | (211 | ) | (61 | ) | |||
1,090 | 1,420 | ||||||
Mortgages and notes receivable, net | $ | 16,943 | $ | 18,600 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Beginning notes receivable allowance | $ | 118 | $ | 617 | $ | 61 | $ | 868 | |||||||
Bad debt expense | — | — | — | 184 | |||||||||||
Recoveries/write-offs/other | 93 | (72 | ) | 150 | (507 | ) | |||||||||
Total notes receivable allowance | $ | 211 | $ | 545 | $ | 211 | $ | 545 |
|
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Income Statements: | |||||||||||||||
Rental and other revenues | $ | 25,051 | $ | 25,623 | $ | 75,920 | $ | 75,619 | |||||||
Expenses: | |||||||||||||||
Rental property and other expenses | 11,624 | 10,805 | 35,706 | 33,576 | |||||||||||
Depreciation and amortization | 6,355 | 6,759 | 18,839 | 19,670 | |||||||||||
Impairments of real estate assets | — | — | 7,180 | — | |||||||||||
Interest expense | 4,980 | 5,976 | 16,077 | 17,841 | |||||||||||
Total expenses | 22,959 | 23,540 | 77,802 | 71,087 | |||||||||||
Income/(loss) before disposition of properties | 2,092 | 2,083 | (1,882 | ) | 4,532 | ||||||||||
Gains on disposition of properties | — | — | 6,275 | — | |||||||||||
Net income | $ | 2,092 | $ | 2,083 | $ | 4,393 | $ | 4,532 | |||||||
Our share of: | |||||||||||||||
Depreciation and amortization of real estate assets | $ | 2,028 | $ | 2,066 | $ | 5,801 | $ | 6,192 | |||||||
Impairments of real estate assets | $ | — | $ | — | $ | 1,002 | $ | — | |||||||
Interest expense | $ | 1,775 | $ | 1,965 | $ | 5,598 | $ | 6,159 | |||||||
Net income | $ | 914 | $ | 442 | $ | 1,252 | $ | 2,112 | |||||||
Our share of net income | $ | 914 | $ | 442 | $ | 1,252 | $ | 2,112 | |||||||
Adjustments for management and other fees | 410 | 671 | 1,418 | 1,821 | |||||||||||
Equity in earnings of unconsolidated affiliates | $ | 1,324 | $ | 1,113 | $ | 2,670 | $ | 3,933 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Income Statements: | |||||||||||||||
Rental and other revenues | $ | 24,062 | $ | 24,618 | $ | 72,916 | $ | 72,576 | |||||||
Expenses: | |||||||||||||||
Rental property and other expenses | 11,024 | 10,239 | 33,901 | 31,765 | |||||||||||
Depreciation and amortization | 6,044 | 6,437 | 17,905 | 18,736 | |||||||||||
Impairments of real estate assets | — | — | 7,180 | — | |||||||||||
Interest expense | 4,817 | 5,802 | 15,583 | 17,310 | |||||||||||
Total expenses | 21,885 | 22,478 | 74,569 | 67,811 | |||||||||||
Income/(loss) before disposition of properties | 2,177 | 2,140 | (1,653 | ) | 4,765 | ||||||||||
Gains on disposition of properties | — | — | 6,275 | — | |||||||||||
Net income | $ | 2,177 | $ | 2,140 | $ | 4,622 | $ | 4,765 | |||||||
Our share of: | |||||||||||||||
Depreciation and amortization of real estate assets | $ | 1,989 | $ | 2,028 | $ | 5,684 | $ | 6,078 | |||||||
Impairments of real estate assets | $ | — | $ | — | $ | 1,002 | $ | — | |||||||
Interest expense | $ | 1,754 | $ | 1,944 | $ | 5,536 | $ | 6,093 | |||||||
Net income | $ | 925 | $ | 448 | $ | 1,281 | $ | 2,142 | |||||||
Our share of net income | $ | 925 | $ | 448 | $ | 1,281 | $ | 2,142 | |||||||
Adjustments for management and other fees | 403 | 665 | 1,398 | 1,803 | |||||||||||
Equity in earnings of unconsolidated affiliates | $ | 1,328 | $ | 1,113 | $ | 2,679 | $ | 3,945 |
|
September 30, 2012 | December 31, 2011 | ||||||
Assets: | |||||||
Deferred financing costs | $ | 19,952 | $ | 18,044 | |||
Less accumulated amortization | (8,115 | ) | (5,797 | ) | |||
11,837 | 12,247 | ||||||
Deferred leasing costs (including lease incentives and acquisition-related intangible assets) | 202,797 | 172,049 | |||||
Less accumulated amortization | (65,464 | ) | (56,522 | ) | |||
137,333 | 115,527 | ||||||
Deferred financing and leasing costs, net | $ | 149,170 | $ | 127,774 | |||
Liabilities (in accounts payable, accrued expenses and other liabilities): | |||||||
Acquisition-related below market lease liabilities | $ | 28,015 | $ | 16,441 | |||
Less accumulated amortization | (2,556 | ) | (971 | ) | |||
$ | 25,459 | $ | 15,470 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Amortization of deferred financing costs | $ | 907 | $ | 806 | $ | 2,709 | $ | 2,448 | |||||||
Amortization of deferred leasing costs and acquisition-related intangible assets (in depreciation and amortization) | $ | 6,836 | $ | 5,189 | $ | 20,542 | $ | 13,945 | |||||||
Amortization of lease incentives (in rental and other revenues) | $ | 393 | $ | 369 | $ | 1,075 | $ | 1,010 | |||||||
Amortization of acquisition-related intangible assets (in rental and other revenues) | $ | 433 | $ | 239 | $ | 1,027 | $ | 617 | |||||||
Amortization of acquisition-related intangible assets (in rental property and other expenses) | $ | 46 | $ | — | $ | 46 | $ | — | |||||||
Amortization of acquisition-related below market lease liabilities (in rental and other revenues) | $ | (647 | ) | $ | (230 | ) | $ | (1,744 | ) | $ | (280 | ) |
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) | |||||||||||||||||||
October 1 through December 31, 2012 | $ | 1,069 | $ | 7,020 | $ | 349 | $ | 293 | $ | 140 | $ | (802 | ) | |||||||||||
2013 | 3,381 | 25,080 | 1,286 | 991 | 553 | (3,168 | ) | |||||||||||||||||
2014 | 3,009 | 21,190 | 1,134 | 734 | 553 | (3,106 | ) | |||||||||||||||||
2015 | 2,395 | 17,216 | 902 | 549 | 553 | (2,894 | ) | |||||||||||||||||
2016 | 1,024 | 14,047 | 708 | 489 | 553 | (2,603 | ) | |||||||||||||||||
Thereafter | 959 | 37,292 | 2,536 | 969 | 2,196 | (12,886 | ) | |||||||||||||||||
$ | 11,837 | $ | 121,845 | $ | 6,915 | $ | 4,025 | $ | 4,548 | $ | (25,459 | ) | ||||||||||||
Weighted average remaining amortization periods as of September 30, 2012 (in years) | 3.6 | 7.1 | 7.6 | 5.6 | 8.2 | 9.9 |
Above Market Lease Intangible Assets | In-Place Lease Intangible Assets | Tax Abatement Intangible Assets | Below Market Lease Liabilities | |||||||||||||
Amount recorded from acquisition activity | $ | 1,285 | $ | 21,479 | $ | 4,593 | $ | (11,875 | ) | |||||||
Weighted average remaining amortization periods (in years) | 5.3 | 9.2 | 8.2 | 11.3 |
September 30, 2012 | December 31, 2011 | ||||||
Assets: | |||||||
Deferred financing costs | $ | 19,952 | $ | 18,044 | |||
Less accumulated amortization | (8,115 | ) | (5,797 | ) | |||
11,837 | 12,247 | ||||||
Deferred leasing costs (including lease incentives and acquisition-related intangible assets) | 202,797 | 172,049 | |||||
Less accumulated amortization | (65,464 | ) | (56,522 | ) | |||
137,333 | 115,527 | ||||||
Deferred financing and leasing costs, net | $ | 149,170 | $ | 127,774 | |||
Liabilities (in accounts payable, accrued expenses and other liabilities): | |||||||
Acquisition-related below market lease liabilities | $ | 28,015 | $ | 16,441 | |||
Less accumulated amortization | (2,556 | ) | (971 | ) | |||
$ | 25,459 | $ | 15,470 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Amortization of deferred financing costs | $ | 907 | $ | 806 | $ | 2,709 | $ | 2,448 | |||||||
Amortization of deferred leasing costs and acquisition-related intangible assets (in depreciation and amortization) | $ | 6,836 | $ | 5,189 | $ | 20,542 | $ | 13,945 | |||||||
Amortization of lease incentives (in rental and other revenues) | $ | 393 | $ | 369 | $ | 1,075 | $ | 1,010 | |||||||
Amortization of acquisition-related intangible assets (in rental and other revenues) | $ | 433 | $ | 239 | $ | 1,027 | $ | 617 | |||||||
Amortization of acquisition-related intangible assets (in rental property and other expenses) | $ | 46 | $ | — | $ | 46 | $ | — | |||||||
Amortization of acquisition-related below market lease liabilities (in rental and other revenues) | $ | (647 | ) | $ | (230 | ) | $ | (1,744 | ) | $ | (280 | ) |
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) | |||||||||||||||||||
October 1 through December 31, 2012 | $ | 1,069 | $ | 7,020 | $ | 349 | $ | 293 | $ | 140 | $ | (802 | ) | |||||||||||
2013 | 3,381 | 25,080 | 1,286 | 991 | 553 | (3,168 | ) | |||||||||||||||||
2014 | 3,009 | 21,190 | 1,134 | 734 | 553 | (3,106 | ) | |||||||||||||||||
2015 | 2,395 | 17,216 | 902 | 549 | 553 | (2,894 | ) | |||||||||||||||||
2016 | 1,024 | 14,047 | 708 | 489 | 553 | (2,603 | ) | |||||||||||||||||
Thereafter | 959 | 37,292 | 2,536 | 969 | 2,196 | (12,886 | ) | |||||||||||||||||
$ | 11,837 | $ | 121,845 | $ | 6,915 | $ | 4,025 | $ | 4,548 | $ | (25,459 | ) | ||||||||||||
Weighted average remaining amortization periods as of September 30, 2012 (in years) | 3.6 | 7.1 | 7.6 | 5.6 | 8.2 | 9.9 |
Above Market Lease Intangible Assets | In-Place Lease Intangible Assets | Tax Abatement Intangible Assets | Below Market Lease Liabilities | |||||||||||||
Amount recorded from acquisition activity | $ | 1,285 | $ | 21,479 | $ | 4,593 | $ | (11,875 | ) | |||||||
Weighted average remaining amortization periods (in years) | 5.3 | 9.2 | 8.2 | 11.3 |
|
September 30, 2012 | December 31, 2011 | ||||||
Secured indebtedness | $ | 685,390 | $ | 715,742 | |||
Unsecured indebtedness | 1,093,165 | 1,153,164 | |||||
Total mortgages and notes payable | $ | 1,778,555 | $ | 1,868,906 |
September 30, 2012 | December 31, 2011 | ||||||
Secured indebtedness | $ | 685,390 | $ | 715,742 | |||
Unsecured indebtedness | 1,093,165 | 1,153,164 | |||||
Total mortgages and notes payable | $ | 1,778,555 | $ | 1,868,906 |
|
September 30, 2012 | December 31, 2011 | ||||||
Liability Derivatives: | |||||||
Derivatives designated as cash flow hedges in accounts payable, accrued expenses and other liabilities: | |||||||
Interest rate swaps | $ | 10,274 | $ | 2,202 |
Three Months Ended September 30, | Nine Months Ended September 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 | $ | (3,337 | ) | $ | — | $ | (10,424 | ) | $ | — | |||||
Amount of (gains)/losses reclassified out of AOCL into contractual interest expense (effective portion): | |||||||||||||||
Interest rate swaps | $ | 791 | $ | (30 | ) | $ | 2,250 | $ | (87 | ) |
September 30, 2012 | December 31, 2011 | ||||||
Liability Derivatives: | |||||||
Derivatives designated as cash flow hedges in accounts payable, accrued expenses and other liabilities: | |||||||
Interest rate swaps | $ | 10,274 | $ | 2,202 |
Three Months Ended September 30, | Nine Months Ended September 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 | $ | (3,337 | ) | $ | — | $ | (10,424 | ) | $ | — | |||||
Amount of (gains)/losses reclassified out of AOCL into contractual interest expense (effective portion): | |||||||||||||||
Interest rate swaps | $ | 791 | $ | (30 | ) | $ | 2,250 | $ | (87 | ) |
|
Nine Months Ended September 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 | 12,485 | (10,177 | ) | ||||
Issuances of Common Units | 2,299 | — | |||||
Conversion of Common Units to Common Stock | (731 | ) | (1,344 | ) | |||
Net income attributable to noncontrolling interests in the Operating Partnership | 3,166 | 1,496 | |||||
Distributions to noncontrolling interests in the Operating Partnership | (4,733 | ) | (4,818 | ) | |||
Total noncontrolling interests in the Operating Partnership | $ | 123,141 | $ | 105,995 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Net income available for common stockholders | $ | 33,357 | $ | 7,002 | $ | 63,013 | $ | 27,250 | |||||||
Increase in additional paid in capital from conversion of Common Units to Common Stock | 100 | 709 | 731 | 1,344 | |||||||||||
Issuances of Common Units | (2,299 | ) | — | (2,299 | ) | — | |||||||||
Change from net income available for common stockholders and transfers from noncontrolling interests | $ | 31,158 | $ | 7,711 | $ | 61,445 | $ | 28,594 |
|
Level 1 | Level 2 | Level 3 | |||||||||||||
September 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) | $ | 17,382 | $ | — | $ | 17,382 | $ | — | |||||||
Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets) | 3,264 | 3,264 | — | — | |||||||||||
Tax increment financing bond (in prepaid expenses and other assets) | 15,270 | — | — | 15,270 | |||||||||||
Total Assets | $ | 35,916 | $ | 3,264 | $ | 17,382 | $ | 15,270 | |||||||
Noncontrolling Interests in the Operating Partnership | $ | 123,141 | $ | 123,141 | $ | — | $ | — | |||||||
Liabilities: | |||||||||||||||
Mortgages and notes payable, at fair value (1) | $ | 1,889,775 | $ | — | $ | 1,889,775 | $ | — | |||||||
Interest rate swaps (in accounts payable, accrued expenses and other liabilities) | 10,274 | — | 10,274 | — | |||||||||||
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities) | 3,264 | 3,264 | — | — | |||||||||||
Contingent consideration to acquire real estate assets (in accounts payable, accrued expenses and other liabilities) | 563 | — | — | 563 | |||||||||||
Financing obligations, at fair value (1) | 18,930 | — | — | 18,930 | |||||||||||
Total Liabilities | $ | 1,922,806 | $ | 3,264 | $ | 1,900,049 | $ | 19,493 |
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) | 18,866 | — | — | 18,866 | |||||||||||
Total Liabilities | $ | 1,983,655 | $ | 3,149 | $ | 1,961,640 | $ | 18,866 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Asset: | |||||||||||||||
Tax Increment Financing Bond: | |||||||||||||||
Beginning balance | $ | 15,371 | $ | 15,228 | $ | 14,788 | $ | 15,699 | |||||||
Unrealized gains/(losses) (in AOCL) | (101 | ) | 600 | 482 | 129 | ||||||||||
Ending balance | $ | 15,270 | $ | 15,828 | $ | 15,270 | $ | 15,828 | |||||||
Liability: | |||||||||||||||
Contingent Consideration to Acquire Real Estate Assets: | |||||||||||||||
Beginning balance | $ | 677 | $ | — | $ | 677 | $ | — | |||||||
Unrealized gains (in general and administrative) | (114 | ) | — | (114 | ) | — | |||||||||
Ending balance | $ | 563 | $ | — | $ | 563 | $ | — |
Fair Value at September 30, 2012 | Valuation Technique | Unobservable Input | Rate/ Percentage | |||||||
Tax increment financing bond | $ | 15,270 | Income approach | Discount rate | 10.73 | % | ||||
Contingent consideration to acquire real estate assets | $ | 563 | Income approach | Payout percentage | 75.00 | % |
Level 1 | Level 2 | Level 3 | |||||||||||||
September 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) | $ | 17,382 | $ | — | $ | 17,382 | $ | — | |||||||
Marketable securities of non-qualified deferred compensation plan (in prepaid expenses and other assets) | 3,264 | 3,264 | — | — | |||||||||||
Tax increment financing bond (in prepaid expenses and other assets) | 15,270 | — | — | 15,270 | |||||||||||
Total Assets | $ | 35,916 | $ | 3,264 | $ | 17,382 | $ | 15,270 | |||||||
Liabilities: | |||||||||||||||
Mortgages and notes payable, at fair value (1) | $ | 1,889,775 | $ | — | $ | 1,889,775 | $ | — | |||||||
Interest rate swaps (in accounts payable, accrued expenses and other liabilities) | 10,274 | — | 10,274 | — | |||||||||||
Non-qualified deferred compensation obligation (in accounts payable, accrued expenses and other liabilities) | 3,264 | 3,264 | — | — | |||||||||||
Contingent consideration to acquire real estate assets (in accounts payable, accrued expenses and other liabilities) | 563 | — | — | 563 | |||||||||||
Financing obligations, at fair value (1) | 18,930 | — | — | 18,930 | |||||||||||
Total Liabilities | $ | 1,922,806 | $ | 3,264 | $ | 1,900,049 | $ | 19,493 |
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 | |||||||
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) | 18,866 | — | — | 18,866 | |||||||||||
Total Liabilities | $ | 1,983,655 | $ | 3,149 | $ | 1,961,640 | $ | 18,866 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Asset: | |||||||||||||||
Tax Increment Financing Bond: | |||||||||||||||
Beginning balance | $ | 15,371 | $ | 15,228 | $ | 14,788 | $ | 15,699 | |||||||
Unrealized gains/(losses) (in AOCL) | (101 | ) | 600 | 482 | 129 | ||||||||||
Ending balance | $ | 15,270 | $ | 15,828 | $ | 15,270 | $ | 15,828 | |||||||
Liability: | |||||||||||||||
Contingent Consideration to Acquire Real Estate Assets: | |||||||||||||||
Beginning balance | $ | 677 | $ | — | $ | 677 | $ | — | |||||||
Unrealized gains (in general and administrative) | (114 | ) | — | (114 | ) | — | |||||||||
Ending balance | $ | 563 | $ | — | $ | 563 | $ | — |
Fair Value at September 30, 2012 | Valuation Technique | Unobservable Input | Rate/ Percentage | |||||||
Tax increment financing bond | $ | 15,270 | Income approach | Discount rate | 10.73 | % | ||||
Contingent consideration to acquire real estate assets | $ | 563 | Income approach | Payout percentage | 75.00 | % |
|
Nine Months Ended September 30, | |||||||
2012 | 2011 | ||||||
Tax increment financing bond: | |||||||
Beginning balance | $ | (2,309 | ) | $ | (2,543 | ) | |
Unrealized gains on tax increment financing bond | 482 | 129 | |||||
Ending balance | (1,827 | ) | (2,414 | ) | |||
Cash flow hedges: | |||||||
Beginning balance | (3,425 | ) | (1,105 | ) | |||
Unrealized losses on cash flow hedges | (10,424 | ) | — | ||||
Amortization of cash flow hedges | 2,250 | (87 | ) | ||||
Ending balance | (11,599 | ) | (1,192 | ) | |||
Total accumulated other comprehensive loss | $ | (13,426 | ) | $ | (3,606 | ) |
Nine Months Ended September 30, | |||||||
2012 | 2011 | ||||||
Tax increment financing bond: | |||||||
Beginning balance | $ | (2,309 | ) | $ | (2,543 | ) | |
Unrealized gains/(losses) on tax increment financing bond | 482 | 129 | |||||
Ending balance | (1,827 | ) | (2,414 | ) | |||
Cash flow hedges: | |||||||
Beginning balance | (3,425 | ) | (1,105 | ) | |||
Unrealized losses on cash flow hedges | (10,424 | ) | — | ||||
Amortization of cash flow hedges | 2,250 | (87 | ) | ||||
Ending balance | (11,599 | ) | (1,192 | ) | |||
Total accumulated other comprehensive loss | $ | (13,426 | ) | $ | (3,606 | ) |
|
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Rental and other revenues | $ | 875 | $ | 5,301 | $ | 10,120 | $ | 16,219 | |||||||
Operating expenses: | |||||||||||||||
Rental property and other expenses | 293 | 2,199 | 3,766 | 6,572 | |||||||||||
Depreciation and amortization | — | 1,269 | 2,009 | 3,935 | |||||||||||
Total operating expenses | 293 | 3,468 | 5,775 | 10,507 | |||||||||||
Interest expense | 35 | 119 | 283 | 364 | |||||||||||
Income from discontinued operations | 547 | 1,714 | 4,062 | 5,348 | |||||||||||
Net gains on disposition of discontinued operations | 22,936 | 2,573 | 29,455 | 2,573 | |||||||||||
Total discontinued operations | $ | 23,483 | $ | 4,287 | $ | 33,517 | $ | 7,921 |
September 30, 2012 | December 31, 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, net, held for sale | $ | — | $ | 35,815 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Rental and other revenues | $ | 875 | $ | 5,301 | $ | 10,120 | $ | 16,219 | |||||||
Operating expenses: | |||||||||||||||
Rental property and other expenses | 293 | 2,199 | 3,766 | 6,572 | |||||||||||
Depreciation and amortization | — | 1,269 | 2,009 | 3,935 | |||||||||||
Total operating expenses | 293 | 3,468 | 5,775 | 10,507 | |||||||||||
Interest expense | 35 | 119 | 283 | 364 | |||||||||||
Income from discontinued operations | 547 | 1,714 | 4,062 | 5,348 | |||||||||||
Net gains on disposition of discontinued operations | 22,936 | 2,573 | 29,455 | 2,573 | |||||||||||
Total discontinued operations | $ | 23,483 | $ | 4,287 | $ | 33,517 | $ | 7,921 |
September 30, 2012 | December 31, 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, net, held for sale | $ | — | $ | 35,815 |
|
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Earnings per Common Share - basic: | |||||||||||||||
Numerator: | |||||||||||||||
Income from continuing operations | $ | 12,313 | $ | 3,957 | $ | 35,109 | $ | 27,200 | |||||||
Net (income) attributable to noncontrolling interests in the Operating Partnership from continuing operations | (547 | ) | (153 | ) | (1,572 | ) | (1,101 | ) | |||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates from continuing operations | (159 | ) | (249 | ) | (566 | ) | (554 | ) | |||||||
Dividends on Preferred Stock | (627 | ) | (627 | ) | (1,881 | ) | (3,926 | ) | |||||||
Excess of Preferred Stock redemption/repurchase cost over carrying value | — | — | — | (1,895 | ) | ||||||||||
Income from continuing operations available for common stockholders | 10,980 | 2,928 | 31,090 | 19,724 | |||||||||||
Income from discontinued operations | 23,483 | 4,287 | 33,517 | 7,921 | |||||||||||
Net (income) attributable to noncontrolling interests in the Operating Partnership from discontinued operations | (1,106 | ) | (213 | ) | (1,594 | ) | (395 | ) | |||||||
Income from discontinued operations available for common stockholders | 22,377 | 4,074 | 31,923 | 7,526 | |||||||||||
Net income available for common stockholders | $ | 33,357 | $ | 7,002 | $ | 63,013 | $ | 27,250 | |||||||
Denominator: | |||||||||||||||
Denominator for basic earnings per Common Share – weighted average shares (1) (2) | 76,590 | 72,492 | 74,703 | 72,176 | |||||||||||
Earnings per Common Share - basic: | |||||||||||||||
Income from continuing operations available for common stockholders | $ | 0.15 | $ | 0.04 | $ | 0.42 | $ | 0.28 | |||||||
Income from discontinued operations available for common stockholders | 0.29 | 0.06 | 0.42 | 0.10 | |||||||||||
Net income available for common stockholders | $ | 0.44 | $ | 0.10 | $ | 0.84 | $ | 0.38 | |||||||
Earnings per Common Share - diluted: | |||||||||||||||
Numerator: | |||||||||||||||
Income from continuing operations | $ | 12,313 | $ | 3,957 | $ | 35,109 | $ | 27,200 | |||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates from continuing operations | (159 | ) | (249 | ) | (566 | ) | (554 | ) | |||||||
Dividends on Preferred Stock | (627 | ) | (627 | ) | (1,881 | ) | (3,926 | ) | |||||||
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 | 11,527 | 3,081 | 32,662 | 20,825 | |||||||||||
Income from discontinued operations available for common stockholders | 23,483 | 4,287 | 33,517 | 7,921 | |||||||||||
Net income available for common stockholders before net (income) attributable to noncontrolling interests in the Operating Partnership | $ | 35,010 | $ | 7,368 | $ | 66,179 | $ | 28,746 | |||||||
Denominator: | |||||||||||||||
Denominator for basic earnings per Common Share –weighted average shares (1) (2) | 76,590 | 72,492 | 74,703 | 72,176 | |||||||||||
Add: | |||||||||||||||
Stock options using the treasury method | 137 | 138 | 127 | 169 | |||||||||||
Noncontrolling interests Common Units | 3,768 | 3,772 | 3,738 | 3,782 | |||||||||||
Denominator for diluted earnings per Common Share – adjusted weighted average shares and assumed conversions (1) | 80,495 | 76,402 | 78,568 | 76,127 | |||||||||||
Earnings per Common Share - diluted: | |||||||||||||||
Income from continuing operations available for common stockholders | $ | 0.14 | $ | 0.04 | $ | 0.42 | $ | 0.28 | |||||||
Income from discontinued operations available for common stockholders | 0.29 | 0.06 | 0.42 | 0.10 | |||||||||||
Net income available for common stockholders | $ | 0.43 | $ | 0.10 | $ | 0.84 | $ | 0.38 |
13. | Earnings Per Share - Continued |
(1) | There were 0.5 million and 0.4 million options outstanding during the three months ended September 30, 2012 and 2011, respectively, and 0.5 million and 0.3 million options outstanding during the nine months ended September 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 September 30, | Nine Months Ended September 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Earnings per Common Unit - basic: | |||||||||||||||
Numerator: | |||||||||||||||
Income from continuing operations | $ | 12,317 | $ | 3,957 | $ | 35,118 | $ | 27,212 | |||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates from continuing operations | (159 | ) | (249 | ) | (566 | ) | (554 | ) | |||||||
Distributions on Preferred Units | (627 | ) | (627 | ) | (1,881 | ) | (3,926 | ) | |||||||
Excess of Preferred Unit redemption/repurchase cost over carrying value | — | — | — | (1,895 | ) | ||||||||||
Income from continuing operations available for common unitholders | 11,531 | 3,081 | 32,671 | 20,837 | |||||||||||
Income from discontinued operations available for common unitholders | 23,483 | 4,287 | 33,517 | 7,921 | |||||||||||
Net income available for common unitholders | $ | 35,014 | $ | 7,368 | $ | 66,188 | $ | 28,758 | |||||||
Denominator: | |||||||||||||||
Denominator for basic earnings per Common Unit – weighted average units (1) (2) | 79,949 | 75,855 | 78,032 | 75,549 | |||||||||||
Earnings per Common Unit - basic: | |||||||||||||||
Income from continuing operations available for common unitholders | $ | 0.15 | $ | 0.04 | $ | 0.42 | $ | 0.28 | |||||||
Income from discontinued operations available for common unitholders | 0.29 | 0.06 | 0.43 | 0.10 | |||||||||||
Net income available for common unitholders | $ | 0.44 | $ | 0.10 | $ | 0.85 | $ | 0.38 | |||||||
Earnings per Common Unit - diluted: | |||||||||||||||
Numerator: | |||||||||||||||
Income from continuing operations | $ | 12,317 | $ | 3,957 | $ | 35,118 | $ | 27,212 | |||||||
Net (income) attributable to noncontrolling interests in consolidated affiliates from continuing operations | (159 | ) | (249 | ) | (566 | ) | (554 | ) | |||||||
Distributions on Preferred Units | (627 | ) | (627 | ) | (1,881 | ) | (3,926 | ) | |||||||
Excess of Preferred Unit redemption/repurchase cost over carrying value | — | — | — | (1,895 | ) | ||||||||||
Income from continuing operations available for common unitholders | 11,531 | 3,081 | 32,671 | 20,837 | |||||||||||
Income from discontinued operations available for common unitholders | 23,483 | 4,287 | 33,517 | 7,921 | |||||||||||
Net income available for common unitholders | $ | 35,014 | $ | 7,368 | $ | 66,188 | $ | 28,758 | |||||||
Denominator: | |||||||||||||||
Denominator for basic earnings per Common Unit –weighted average units (1) (2) | 79,949 | 75,855 | 78,032 | 75,549 | |||||||||||
Add: | |||||||||||||||
Stock options using the treasury method | 137 | 138 | 127 | 169 | |||||||||||
Denominator for diluted earnings per Common Unit – adjusted weighted average units and assumed conversions (1) | 80,086 | 75,993 | 78,159 | 75,718 | |||||||||||
Earnings per Common Unit - diluted: | |||||||||||||||
Income from continuing operations available for common unitholders | $ | 0.15 | $ | 0.04 | $ | 0.42 | $ | 0.28 | |||||||
Income from discontinued operations available for common unitholders | 0.29 | 0.06 | 0.43 | 0.10 | |||||||||||
Net income available for common unitholders | $ | 0.44 | $ | 0.10 | $ | 0.85 | $ | 0.38 |
(1) | There were 0.5 million and 0.4 million options outstanding during the three months ended September 30, 2012 and 2011, respectively, and 0.5 million and 0.3 million options outstanding during the nine months ended September 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 September 30, | Nine Months Ended September 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Rental and Other Revenues: (1) | |||||||||||||||
Office: | |||||||||||||||
Atlanta, GA | $ | 14,074 | $ | 12,167 | $ | 44,315 | $ | 34,701 | |||||||
Greenville, SC | 3,297 | 3,617 | 10,289 | 10,558 | |||||||||||
Kansas City, MO | 4,015 | 3,412 | 11,176 | 10,371 | |||||||||||
Memphis, TN | 9,106 | 9,393 | 27,612 | 27,808 | |||||||||||
Nashville, TN | 14,289 | 13,793 | 42,471 | 40,106 | |||||||||||
Orlando, FL | 2,747 | 2,676 | 8,189 | 7,612 | |||||||||||
Piedmont Triad, NC | 5,603 | 4,913 | 15,753 | 15,546 | |||||||||||
Pittsburgh, PA | 9,485 | 1,568 | 27,681 | 1,568 | |||||||||||
Raleigh, NC | 20,585 | 20,047 | 60,758 | 59,462 | |||||||||||
Richmond, VA | 11,852 | 13,375 | 35,453 | 36,425 | |||||||||||
Tampa, FL | 17,615 | 17,370 | 52,324 | 50,808 | |||||||||||
Total Office Segment | 112,668 | 102,331 | 336,021 | 294,965 | |||||||||||
Industrial: | |||||||||||||||
Atlanta, GA | 3,215 | 3,293 | 9,522 | 9,989 | |||||||||||
Piedmont Triad, NC | 3,142 | 3,151 | 9,392 | 8,953 | |||||||||||
Total Industrial Segment | 6,357 | 6,444 | 18,914 | 18,942 | |||||||||||
Retail: | |||||||||||||||
Kansas City, MO | 9,189 | 8,490 | 27,185 | 25,590 | |||||||||||
Total Retail Segment | 9,189 | 8,490 | 27,185 | 25,590 | |||||||||||
Total Rental and Other Revenues | $ | 128,214 | $ | 117,265 | $ | 382,120 | $ | 339,497 |
14. | Segment Information - Continued |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Net Operating Income: (1) | |||||||||||||||
Office: | |||||||||||||||
Atlanta, GA | $ | 8,700 | $ | 7,402 | $ | 28,215 | $ | 21,555 | |||||||
Greenville, SC | 1,807 | 2,096 | 5,989 | 6,238 | |||||||||||
Kansas City, MO | 2,547 | 2,000 | 7,064 | 6,255 | |||||||||||
Memphis, TN | 5,381 | 5,166 | 16,234 | 15,297 | |||||||||||
Nashville, TN | 9,777 | 9,273 | 29,262 | 27,275 | |||||||||||
Orlando, FL | 1,368 | 1,378 | 4,214 | 3,829 | |||||||||||
Piedmont Triad, NC | 3,330 | 2,895 | 9,780 | 9,944 | |||||||||||
Pittsburgh, PA | 4,952 | 888 | 13,859 | 888 | |||||||||||
Raleigh, NC | 13,907 | 13,900 | 42,045 | 41,386 | |||||||||||
Richmond, VA | 7,868 | 7,767 | 24,283 | 23,852 | |||||||||||
Tampa, FL | 11,077 | 10,786 | 32,721 | 31,475 | |||||||||||
Total Office Segment | 70,714 | 63,551 | 213,666 | 187,994 | |||||||||||
Industrial: | |||||||||||||||
Atlanta, GA | 2,331 | 2,406 | 6,936 | 7,417 | |||||||||||
Piedmont Triad, NC | 2,257 | 2,251 | 6,852 | 6,582 | |||||||||||
Total Industrial Segment | 4,588 | 4,657 | 13,788 | 13,999 | |||||||||||
Retail: | |||||||||||||||
Kansas City, MO | 5,679 | 5,026 | 16,534 | 15,146 | |||||||||||
Total Retail Segment | 5,679 | 5,026 | 16,534 | 15,146 | |||||||||||
Total Net Operating Income | 80,981 | 73,234 | 243,988 | 217,139 | |||||||||||
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 | (38,651 | ) | (35,051 | ) | (115,755 | ) | (99,659 | ) | |||||||
Impairments of assets held for use | — | (2,429 | ) | — | (2,429 | ) | |||||||||
General and administrative | (9,725 | ) | (12,212 | ) | (28,298 | ) | (27,983 | ) | |||||||
Interest expense | (23,612 | ) | (24,271 | ) | (72,661 | ) | (71,476 | ) | |||||||
Other income | 1,916 | 1,505 | 4,910 | 5,253 | |||||||||||
Income from continuing operations before disposition of property, condominiums and investments in unconsolidated affiliates and equity in earnings of unconsolidated affiliates | $ | 10,909 | $ | 776 | $ | 32,184 | $ | 20,845 |
(1) | Net of discontinued operations. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Rental and Other Revenues: (1) | |||||||||||||||
Office: | |||||||||||||||
Atlanta, GA | $ | 14,074 | $ | 12,167 | $ | 44,315 | $ | 34,701 | |||||||
Greenville, SC | 3,297 | 3,617 | 10,289 | 10,558 | |||||||||||
Kansas City, MO | 4,015 | 3,412 | 11,176 | 10,371 | |||||||||||
Memphis, TN | 9,106 | 9,393 | 27,612 | 27,808 | |||||||||||
Nashville, TN | 14,289 | 13,793 | 42,471 | 40,106 | |||||||||||
Orlando, FL | 2,747 | 2,676 | 8,189 | 7,612 | |||||||||||
Piedmont Triad, NC | 5,603 | 4,913 | 15,753 | 15,546 | |||||||||||
Pittsburgh, PA | 9,485 | 1,568 | 27,681 | 1,568 | |||||||||||
Raleigh, NC | 20,585 | 20,047 | 60,758 | 59,462 | |||||||||||
Richmond, VA | 11,852 | 13,375 | 35,453 | 36,425 | |||||||||||
Tampa, FL | 17,615 | 17,370 | 52,324 | 50,808 | |||||||||||
Total Office Segment | 112,668 | 102,331 | 336,021 | 294,965 | |||||||||||
Industrial: | |||||||||||||||
Atlanta, GA | 3,215 | 3,293 | 9,522 | 9,989 | |||||||||||
Piedmont Triad, NC | 3,142 | 3,151 | 9,392 | 8,953 | |||||||||||
Total Industrial Segment | 6,357 | 6,444 | 18,914 | 18,942 | |||||||||||
Retail: | |||||||||||||||
Kansas City, MO | 9,189 | 8,490 | 27,185 | 25,590 | |||||||||||
Total Retail Segment | 9,189 | 8,490 | 27,185 | 25,590 | |||||||||||
Total Rental and Other Revenues | $ | 128,214 | $ | 117,265 | $ | 382,120 | $ | 339,497 |
14. | Segment Information - Continued |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Net Operating Income: (1) | |||||||||||||||
Office: | |||||||||||||||
Atlanta, GA | $ | 8,708 | $ | 7,409 | $ | 28,239 | $ | 21,556 | |||||||
Greenville, SC | 1,809 | 2,098 | 5,994 | 6,237 | |||||||||||
Kansas City, MO | 2,549 | 2,002 | 7,070 | 6,254 | |||||||||||
Memphis, TN | 5,386 | 5,171 | 16,247 | 15,295 | |||||||||||
Nashville, TN | 9,786 | 9,282 | 29,285 | 27,271 | |||||||||||
Orlando, FL | 1,369 | 1,379 | 4,217 | 3,829 | |||||||||||
Piedmont Triad, NC | 3,333 | 2,898 | 9,788 | 9,943 | |||||||||||
Pittsburgh, PA | 4,957 | 888 | 13,862 | 888 | |||||||||||
Raleigh, NC | 13,920 | 13,913 | 42,083 | 41,383 | |||||||||||
Richmond, VA | 7,875 | 7,774 | 24,302 | 23,851 | |||||||||||
Tampa, FL | 11,087 | 10,797 | 32,750 | 31,473 | |||||||||||
Total Office Segment | 70,779 | 63,611 | 213,837 | 187,980 | |||||||||||
Industrial: | |||||||||||||||
Atlanta, GA | 2,333 | 2,408 | 6,942 | 7,416 | |||||||||||
Piedmont Triad, NC | 2,259 | 2,253 | 6,857 | 6,581 | |||||||||||
Total Industrial Segment | 4,592 | 4,661 | 13,799 | 13,997 | |||||||||||
Retail: | |||||||||||||||
Kansas City, MO | 5,684 | 5,030 | 16,547 | 15,144 | |||||||||||
Total Retail Segment | 5,684 | 5,030 | 16,547 | 15,144 | |||||||||||
Total Net Operating Income | 81,055 | 73,302 | 244,183 | 217,121 | |||||||||||
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 | (38,651 | ) | (35,051 | ) | (115,755 | ) | (99,659 | ) | |||||||
Impairments of assets held for use | — | (2,429 | ) | — | (2,429 | ) | |||||||||
General and administrative | (9,799 | ) | (12,280 | ) | (28,493 | ) | (27,965 | ) | |||||||
Interest expense | (23,612 | ) | (24,271 | ) | (72,661 | ) | (71,476 | ) | |||||||
Other income | 1,916 | 1,505 | 4,910 | 5,253 | |||||||||||
Income from continuing operations before disposition of property, condominiums and investments in unconsolidated affiliates and equity in earnings of unconsolidated affiliates | $ | 10,909 | $ | 776 | $ | 32,184 | $ | 20,845 |
(1) | Net of discontinued operations. |
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