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Consolidated Statements of Income (USD $)
In Thousands, except Per Share data
3 Months Ended9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Sep. 30, 2011
Sep. 30, 2010
Revenues    
Rental revenue, net$ 244,888$ 195,863$ 714,443$ 581,326
Escalation and reimbursement39,17630,846104,44589,595
Investment and preferred equity income18,43384,37798,256125,543
Other income6,0778,06523,25725,140
Total revenues308,574319,151940,401821,604
Expenses    
Operating expenses (including approximately $4,335 and $10,948 (2011) and $3,391 and $9,572 (2010) paid to affiliates)69,09758,068191,807167,602
Real estate taxes44,91535,806128,957109,972
Ground rent8,4637,86024,11023,360
Interest expense, net of interest income75,42856,442209,491170,171
Amortization of deferred financing costs2,9922,5819,4886,448
Depreciation and amortization73,35856,011202,394166,909
Loan loss and other investment reserves, net of recoveries 1,338(1,870)12,323
Transaction related costs1693,2543,8208,416
Marketing, general and administrative18,90018,47461,37555,251
Total expenses293,322239,834829,572720,452
Income from continuing operations before equity in net income of unconsolidated joint ventures, noncontrolling interests and discontinued operations15,25279,317110,829101,152
Equity in net (loss) income from unconsolidated joint ventures(2,728)7,5447,66332,925
Equity in net gain on sale of interest in unconsolidated joint venture3,0325203,032127,289
Purchase price fair value adjustment999 489,889 
Loss on investment in marketable securities  (133)(285)
Gain (loss) on early extinguishment of debt(67)(511)904(1,900)
Income from continuing operations16,48886,870612,184259,181
Net income from discontinued operations 2,2111,2986,531
Gain on sale of discontinued operations 35,48546,08535,485
Net income16,488124,566659,567301,197
Net income attributable to noncontrolling interests in other partnerships(1,695)(3,735)(8,564)(10,831)
Net income attributable to SLGOP14,793120,831651,003290,366
Preferred unit distributions(7,545)(7,545)(22,634)(22,205)
Net income attributable to SLGOP common unitholders7,248113,286628,369268,161
Amounts attributable to SLGOP common unitholders:    
Income from continuing operations4,21675,070577,95498,856
Net income from discontinued operations 2,2111,2986,531
Gain on sale of discontinued operations 35,48546,08535,485
Gain on sale of unconsolidated joint ventures/ real estate3,0325203,032127,289
Net income attributable to SLGOP common unitholders$ 7,248$ 113,286$ 628,369$ 268,161
Basic earnings per unit:    
Net income from continuing operations before discontinued operations (in dollars per unit)$ 0.05$ 0.95$ 6.81$ 1.25
Net income from discontinued operations (in dollars per unit) $ 0.03$ 0.01$ 0.08
Gain on sale of discontinued operations (in dollars per unit) $ 0.44$ 0.54$ 0.45
Gain on sale of interest in unconsolidated joint venture (in dollars per unit)$ 0.03$ 0.01$ 0.04$ 1.60
Net income attributable to SLGOP common unitholders (in dollars per unit)$ 0.08$ 1.43$ 7.40$ 3.38
Diluted earnings per unit:    
Net income from continuing operations before discontinued operations (in dollars per unit)$ 0.05$ 0.94$ 6.77$ 1.24
Net income from discontinued operations (in dollars per unit) $ 0.03$ 0.01$ 0.07
Gain on sale of discontinued operations (in dollars per unit) $ 0.44$ 0.54$ 0.45
Gain on sale of interest in unconsolidated joint venture (in dollars per unit)$ 0.03$ 0.01$ 0.04$ 1.60
Net income attributable to SLGOP common unitholders (in dollars per unit)$ 0.08$ 1.42$ 7.36$ 3.36
Dividends per unit (in dollars per unit)$ 0.10$ 0.10$ 0.30$ 0.30
Basic weighted average common units outstanding (in units)87,60879,43784,87779,379
Diluted weighted average common units and common unit equivalents outstanding (in units)88,08179,78185,38479,722