Business Combinations (Tables)

9 Months Ended

Sep. 30, 2012

Business Combinations [Abstract]

Transactions Related To Business Combination

The following table summarizes the transaction related to the business combination, including the assets acquired and liabilities assumed as indicated (in thousands):

	April 13, 2011
Fair value of our equity interest before business combination	$	7,578
Fair value of consideration transferred	$	11,462		(1)
Amounts recognized for assets and liabilities assumed:
Assets:
Property	$	32,807
Unamortized debt and lease costs	2,421
Accrued rent and accounts receivable	211
Cash and cash equivalents	1,402
Other, net	694
Liabilities:
Accounts payable and accrued expenses	(137		)
Other, net	(318		)
Total net assets	$	37,080

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(1) Consideration included $.5 million of cash and $11.0 million in debt reimbursement.

Transactions Related To Acquisitions

The following table summarizes the transactions related to these acquisitions, including the assets acquired and liabilities assumed as indicated (in thousands):

	September 30, 2012
Fair value of our equity interest before acquisition	$	3,825
Fair value of consideration transferred	$	218,481		(1)
Amounts recognized for assets and liabilities assumed:
Assets:
Property	$	195,377
Unamortized debt and lease costs	36,787
Restricted deposits and mortgage escrows	395
Other, net	3,742
Liabilities:
Debt, net	(46,923		)	(2)
Accounts payable and accrued expenses	(2,250		)
Other, net	(5,899		)
Total net assets	$	181,229
Acquisition costs (included in operating expenses)	$	1,369
Gain on acquisition	$	1,869

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(1) Includes assumption of debt totaling $37.8 million.

(2) Represents the fair value of debt, which includes $6.3 million that was previously recorded.

Schedule Of Impact To Revenues And Net Income

The following table summarizes the impact to revenues and net income attributable to common shareholders from our acquisitions as follows (in thousands):

	Three Months Ended September 30, 2012		Nine Months Ended September 30, 2012
Increase in revenues	$	4,006	$	4,248
Increase in net income attributable to common shareholders	245		387

Pro Forma Impact Of Business Combination And Acquisitions

The following table summarizes the pro forma impact of these transactions as if they had been consolidated or acquired on January 1, 2011, the earliest year presented, as follows (in thousands, except per share amounts):

	Three Months Ended September 30,					Nine Months Ended September 30,
	Pro Forma 2012(1)		Pro Forma 2011(1)			Pro Forma 2012(1)		Pro Forma 2011(1)
Revenues	$	130,244	$	127,578		$	381,862	$	374,024
Net income (loss)	41,934		(35,739		)	97,052		(15,312		)
Net income (loss) attributable to common shareholders	31,291		(41,870		)	65,888		(41,509		)
Earnings per share – basic	0.26		(0.35		)	0.55		(0.35		)
Earnings per share – diluted	0.26		(0.35		)	0.54		(0.35		)

_______________

(1) There are no non-recurring pro forma adjustments included within or excluded from the amounts in the preceding table.