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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
Rental income $ 41,923 $ 25,940 $ 80,999 $ 49,295
Expenses        
Real estate taxes 4,637 2,764 9,094 5,332
Utility expenses 3,540 1,733 7,047 3,410
Other operating expenses 7,076 3,963 13,845 7,520
Depreciation and amortization 9,097 5,401 17,483 10,281
Acquisition related costs 1,009 1,011 1,838 1,855
General and administrative 2,566 1,623 4,909 3,082
Total expenses 27,925 16,495 54,216 31,480
Operating income 13,998 9,445 26,783 17,815
Interest and other income 20 16 35 68
Interest expense (including net amortization of debt premiums and deferred financing fees of $418, $624, $836 and $1,156, respectively) (3,076) (1,678) (5,613) (3,209)
Equity in earnings (losses) of an investee 46 (23) 83 (52)
Income before income tax expense 10,988 7,760 21,288 14,622
Income tax expense (56) (25) (102) (36)
Net income $ 10,932 $ 7,735 $ 21,186 $ 14,586
Weighted average common shares outstanding (in shares) 40,506 31,261 40,503 30,178
Net income per common share (in dollars per share) $ 0.27 $ 0.25 $ 0.52 $ 0.48