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Condensed Consolidated Statements of Operations (USD $)
In Thousands, except Share data
3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
Revenues:        
Property rental $ 64,300 $ 56,786 $ 125,790 $ 112,929
Management and franchise fees 6,144 5,653 12,111 11,205
Tenant reinsurance 7,596 6,338 14,620 12,230
Total revenues 78,040 68,777 152,521 136,364
Expenses:        
Property operations 22,712 20,941 46,056 42,897
Tenant reinsurance 1,382 1,457 2,997 2,680
Unrecovered development and acquisition costs 1,570 142 1,819 212
General and administrative 12,432 11,229 24,090 22,285
Depreciation and amortization 14,092 12,202 27,677 24,621
Total expenses 52,188 45,971 102,639 92,695
Income from operations 25,852 22,806 49,882 43,669
Interest expense (16,261) (16,233) (32,675) (33,507)
Non-cash interest expense related to amortization of discount on exchangeable senior notes (440) (416) (868) (820)
Interest income 189 211 371 536
Interest income on note receivable from Preferred Operating Partnership unit holder 1,212 1,212 2,425 2,425
Income before equity in earnings of real estate ventures and income tax expense 10,552 7,580 19,135 12,303
Equity in earnings of real estate ventures 2,376 1,559 4,187 3,060
Income tax expense (411) (1,214) (665) (2,259)
Net income 12,517 7,925 22,657 13,104
Net income allocated to Preferred Operating Partnership noncontrolling interests (1,552) (1,507) (3,084) (2,986)
Net income allocated to Operating Partnership and other noncontrolling interests (356) (238) (663) (370)
Net income attributable to common stockholders $ 10,609 $ 6,180 $ 18,910 $ 9,748
Net income per common share        
Basic (in dollars per share) $ 0.12 $ 0.07 $ 0.21 $ 0.11
Diluted (in dollars per share) $ 0.12 $ 0.07 $ 0.21 $ 0.11
Weighted average number of shares        
Basic (in shares) 91,439,042 87,367,967 89,733,518 87,122,064
Diluted (in shares) 96,010,848 92,304,831 94,336,141 92,026,150
Cash dividends paid per common share (in dollars per share) $ 0.14 $ 0.10 $ 0.28 $ 0.20