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Consolidated Statements of Income (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Revenues        
Rental revenue, net $ 273,307 $ 263,838 $ 539,755 $ 520,595
Escalation and reimbursement 39,381 40,967 79,926 82,080
Investment and preferred equity income 46,731 33,448 99,439 59,786
Other income 5,726 6,282 11,493 16,659
Total revenues 365,145 344,535 730,613 679,120
Expenses        
Operating expenses, including approximately $4,319 and $8,469 (2013) and $4,773 and $8,244 (2012) paid to related parties 69,432 67,434 141,630 139,319
Real estate taxes 52,710 52,256 106,114 103,453
Ground rent 8,649 8,890 19,640 17,696
Interest expense, net of interest income 83,276 82,159 164,447 162,130
Amortization of deferred financing costs 4,240 3,553 8,703 7,133
Depreciation and amortization 82,020 76,207 161,114 151,739
Loan loss and other investment reserves, net of recoveries       564
Transaction related costs 1,711 1,970 3,068 3,026
Marketing, general and administrative 21,514 20,721 42,582 40,917
Total expenses 323,552 313,190 647,298 625,977
Income from continuing operations before equity in net (loss) income from unconsolidated joint ventures, equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate, loss on sale of investment in marketable securities, purchase price fair value adjustment, depreciable real estate reserves, net of recoveries, and loss on early extinguishment of debt 41,593 31,345 83,315 53,143
Equity in net (loss) income from unconsolidated joint ventures (3,761) 70,890 1,313 69,330
Equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate (3,583) 9,534 (3,583) 16,794
Loss on sale of investment in marketable securities (8)   (65)  
Purchase price fair value adjustment (2,305)   (2,305)  
Depreciable real estate reserves, net of recoveries   5,789   5,789
Loss on early extinguishment of debt (10)   (18,523)  
Income from continuing operations 31,926 117,558 60,152 145,056
Net (loss) income from discontinued operations (678) 899 320 1,931
Gain on sale of discontinued operations     1,113 6,627
Net income 31,248 118,457 61,585 153,614
Net income attributable to noncontrolling interests in other partnerships (3,004) (3,887) (5,905) (4,958)
Preferred unit distributions (565) (565) (1,130) (962)
Net income attributable to SLGOP 27,679 114,005 54,550 147,694
Preferred unit redemption costs (12,160)   (12,160)  
Perpetual preferred unit distributions (6,999) (7,544) (14,406) (15,089)
Net income attributable to SLGOP common unitholders 8,520 106,461 27,984 132,605
Amounts attributable to SLGOP common unitholders:        
Income from continuing operations 15,086 96,028 32,439 107,253
Purchase price fair value adjustment (2,305)   (2,305)  
Equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate (3,583) 9,534 (3,583) 16,794
Net (loss) income from discontinued operations (678) 899 320 1,931
Gain on sale of discontinued operations     1,113 6,627
Net income attributable to SLGOP common unitholders $ 8,520 $ 106,461 $ 27,984 $ 132,605
Basic earnings per unit:        
Net income from continuing operations before discontinued operations (in dollars per unit) $ 0.14 $ 1.04 $ 0.32 $ 1.18
Equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate (in dollars per unit) $ (0.04) $ 0.10 $ (0.03) $ 0.18
Net (loss) income from discontinued operations (in dollars per unit) $ (0.01) $ 0.01   $ 0.02
Gain on sale of discontinued operations (in dollars per unit)     $ 0.01 $ 0.07
Net income attributable to SLGOP common unitholders (in dollars per unit) $ 0.09 $ 1.15 $ 0.30 $ 1.45
Diluted earnings per unit:        
Net income from continuing operations before discontinued operations (in dollars per unit) $ 0.14 $ 1.03 $ 0.32 $ 1.18
Equity in net (loss) gain on sale of interest in unconsolidated joint venture/real estate (in dollars per unit) $ (0.04) $ 0.10 $ (0.03) $ 0.18
Net (loss) income from discontinued operations (in dollars per unit) $ (0.01) $ 0.01   $ 0.02
Gain on sale of discontinued operations (in dollars per unit)     $ 0.01 $ 0.07
Net income attributable to SLGOP common unitholders (in dollars per unit) $ 0.09 $ 1.14 $ 0.30 $ 1.45
Dividends per unit (in dollars per unit) $ 0.33 $ 0.25 $ 0.66 $ 0.50
Basic weighted average common units outstanding (in units) 94,312 92,982 94,224 91,386
Diluted weighted average common units and common unit equivalents outstanding (in units) 94,536 93,351 94,452 91,766