Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements (Tables)

12 Months Ended

Dec. 31, 2011

Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements [Abstract]

Reconciliation of net income to taxable net income

The following reconciles our net income available to common stockholders to taxable income (dollars in thousands):

	2011(1)			2010			2009
Net income available to common stockholders	$	132,779		$	106,531		$	106,874
Preferred stock cash dividends		24,253			24,253			24,253
Depreciation and amortization timing differences		32,215			23,024			27,094
Tax gain on the sales of real estate less than book gain		--			--			(5,436	)
Tax loss on the sale of real estate less than book gain		(6,661	)		(10,063	)		--
Elimination of net revenue and expenses from Crest		418			1,337			378
Compensation deduction per Section 162(m) of the Code		4,896			2,915			2,144
Adjustment for share-based compensation		(622	)		562			1,824
Adjustment for straight-line rent		(1,562	)		(1,613	)		(1,117	)
Adjustment for acquisition expenses		1,503			368			62
Adjustment for an increase in prepaid rent		3,584			4,223			1,273
Other adjustments		6			(30	)		(2,958	)
Taxable net income, before our dividends paid deduction	$	190,809		$	151,507		$	154,391

(1) The 2011 information presented is a reconciliation of our net income available to common stockholders to estimated taxable net income.

Reconciliation of shares used in net income per common share

The following is a reconciliation of the denominator of the basic net income per common share computation to the denominator of the diluted net income per common share computation:

	2011	2010	2009
Weighted average shares used for the basic net income per share computation	126,142,696	105,869,637	103,577,507
Incremental shares from share-based compensation	46,703	73,084	3,546
Adjusted weighted average shares used for diluted net income per share computation	126,189,399	105,942,721	103,581,053
Unvested shares from share-based compensation that were anti-dilutive	13,020	87,600	542,368

Other assets

Other assets consist of the following (dollars in thousands) at:

December 31,	2011		2010
Value of in-place leases, net of accumulated amortization	$	123,255	$	21,635
Value of above-market leases, net of accumulated amortization		30,081		4,586
Deferred bond financing costs, net		22,209		14,203
Notes receivable issued in connection with Crest property sales		19,025		22,075
Prepaid expenses		9,833		8,431
Note receivable issued in connection with 2011 acquisitions		8,780		--
Credit facility origination costs, net		3,141		4,619
Loans receivable		2,178		--
Corporate assets, net of accumulated depreciation and amortization		849		827
Deferred financing costs on mortgages payable, net		751		--
Restricted escrow deposits		50		6,361
Other items		2,483		1,861
	$	222,635	$	84,598

Distributions payable

Distributions payable consist of the following declared distributions (dollars in thousands) at:

December 31,	2011		2010
Common stock distributions	$	19,384	$	17,030
Preferred stock dividends		2,021		2,021
	$	21,405	$	19,051

Accounts payable and other accrued expenses

Accounts payable and accrued expenses consist of the following (dollars in thousands) at:

December 31,	2011		2010
Bond interest payable	$	35,195	$	33,240
Accrued costs on properties under development		4,766		420
Other items		18,809		13,359
	$	58,770	$	47,019

Other liabilities

Other liabilities consist of the following (dollars in thousands) at:

December 31,	2011		2010
Rent received in advance	$	18,149	$	14,564
Value of in-place below-market leases, net of accumulated amortization		6,423		3,452
Security deposits		4,607		4,539
	$	29,179	$	22,555

Income from discontinued operations

The following is a summary of income from discontinued operations on our consolidated statements of income (dollars in thousands):

Income from discontinued operations	2011			2010			2009
Gain on sales of investment properties	$	5,193		$	8,676		$	8,059
Rental revenue		1,125			3,016			5,730
Other revenue		43			32			588
Depreciation and amortization		(428	)		(1,242	)		(2,045	)
Property expenses		(485	)		(1,207	)		(1,122	)
Provisions for impairment		(395	)		(171	)		(110	)
Crest's income from discontinued operations		842			946			1,172
Income from discontinued operations	$	5,895		$	10,050		$	12,272
Per common share, basic and diluted	$	0.05		$	0.09		$	0.12

Future impact of above-market, below-market and in-place lease intangibles

The following table presents the impact during the next five years and thereafter related to the net decrease to rental revenue from the amortization of the acquired above-market and below-market lease intangibles and the increase to amortization expense from the amortization of the in-place lease intangibles for properties owned at December 31, 2011 (in thousands):

	Net decrease to rental revenue			Increase to amortization expense
2012	$	(1,930	)	$	13,280
2013		(1,930	)		13,281
2014		(2,015	)		13,069
2015		(1,962	)		12,275
2016		(1,957	)		12,196
Thereafter		(13,864	)		59,154
Totals	$	(23,658	)	$	123,255