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Condensed Consolidated Statements of Income (USD $)
In Thousands, except Per Share data
3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
Revenue:        
Rental $ 33,605 $ 27,046 $ 64,705 $ 55,634
Related party revenue:        
Syndication fees 2,973 541 3,490 662
Transaction fees 2,685 753 3,376 899
Management fees and interest income from loans 1,150 559 1,958 1,091
Other 7 6 13 15
Total revenue 40,420 28,905 73,542 58,301
Expenses:        
Real estate operating expenses 8,765 7,335 17,495 15,284
Real estate taxes and insurance 5,228 4,038 9,987 9,011
Depreciation and amortization 12,067 8,485 22,850 16,945
Selling, general and administrative 2,396 2,559 4,764 4,730
Commissions 1,555 336 1,843 450
Interest 3,578 1,735 5,986 3,388
Total expenses 33,589 24,488 62,925 49,808
Income before interest income, equity in earnings of non-consolidated REITs and taxes 6,831 4,417 10,617 8,493
Interest income 9 9 20 17
Equity in earnings of non-consolidated REITs 1,166 380 2,134 633
Income before taxes on income 8,006 4,806 12,771 9,143
Taxes on income (benefit) 68 5 118 (64)
Income from continuing operations 7,938 4,801 12,653 9,207
Discontinued operations:        
Income from discontinued operations 97 1,153 556 2,309
Gain on sale of property less applicable income tax 2,346   21,939  
Total discontinued operations 2,443 1,153 22,495 2,309
Net income $ 10,381 $ 5,954 $ 35,148 $ 11,516
Weighted average number of shares outstanding, basic (in shares) 81,437 79,681 81,437 79,681
Weighted average number of shares outstanding, diluted (in shares) 81,437 79,681 81,437 79,681
Earnings per share, basic, attributable to:        
Continuing operations (in dollars per share) $ 0.10 $ 0.06 $ 0.15 $ 0.11
Discontinued operations (in dollars per share) $ 0.03 $ 0.01 $ 0.28 $ 0.03
Net income per share, basic (in dollars per share) $ 0.13 $ 0.07 $ 0.43 $ 0.14
Earnings per share, diluted, attributable to:        
Continuing operations (in dollars per share) $ 0.10 $ 0.06 $ 0.15 $ 0.11
Discontinued operations (in dollars per share) $ 0.03 $ 0.01 $ 0.28 $ 0.03
Net income per share, diluted (in dollars per share) $ 0.13 $ 0.07 $ 0.43 $ 0.14