Quarterly Financial Data

12 Months Ended

Dec. 31, 2014

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data (Unaudited)

Summarized quarterly financial data is as follows (in thousands):



	First			Second			Third			Fourth
2014
Revenues ⁽¹⁾	$	127,592		$	130,191		$	130,521		$	126,102
Net income	64,781		⁽²⁾⁽³⁾	36,984		⁽²⁾⁽⁴⁾	102,199		⁽²⁾⁽⁵⁾	103,615		⁽²⁾⁽⁶⁾
Net income attributable to common shareholders	60,593		⁽²⁾⁽³⁾	32,686		⁽²⁾⁽⁴⁾	97,619		⁽²⁾⁽⁵⁾	86,270		^(2)(6)(7)
Earnings per common share – basic	0.50		⁽²⁾⁽³⁾	0.27		⁽²⁾⁽⁴⁾	0.80		⁽²⁾⁽⁵⁾	0.71		^(2)(6)(7)
Earnings per common share – diluted	0.49		⁽²⁾⁽³⁾	0.27		⁽²⁾⁽⁴⁾	0.79		⁽²⁾⁽⁵⁾	0.70		^(2)(6)(7)
2013
Revenues ⁽¹⁾	$	117,827		$	121,995		$	123,302		$	126,071
Net income	44,817		⁽²⁾⁽⁸⁾	104,178		⁽²⁾	62,389		⁽²⁾	53,772		⁽²⁾
Net income attributable to common shareholders	33,668		⁽²⁾⁽⁸⁾	45,421		⁽²⁾⁽⁹⁾	57,832		⁽²⁾	47,224		⁽²⁾
Earnings per common share – basic	0.28		⁽²⁾⁽⁸⁾	0.37		⁽²⁾⁽⁹⁾	0.48		⁽²⁾	0.39		⁽²⁾
Earnings per common share – diluted	0.28		⁽²⁾⁽⁸⁾	0.37		⁽²⁾⁽⁹⁾	0.47		⁽²⁾	0.38		⁽²⁾

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(1)	Revenues from the sale of operating properties classified as discontinued operations have been reclassified and reported in discontinued operations for all periods presented.

(2)

The quarter results include significant gains on the sale of properties and real estate joint venture and partnership interests and on acquisitions. Gain amounts are: $41.4 million, $6.8 million, $69.5 million and $74.9 million for the three months ended March 31, 2014, June 30, 2014, September 30, 2014 and December 31, 2014, respectively, and $11.7 million, $78.4 million, $38.4 million and $25.2 million for the three months ended March 31, 2013, June 30, 2013, September 30, 2013 and December 31, 2013, respectively.


(3)	The quarter results include accelerated depreciation of $3.6 million related to a redevelopment project and a $1.5 million recovery of a receivable.


(4)	The quarter results include the realization of a $2.1 million tax benefit associated with the sale of unimproved land in our taxable REIT subsidiary.


(5)	The quarter results include gains on the sale of properties in our equity method investments of $2.9 million and a $1.2 million write-off of debt costs associated with the redemption of our 8.1% senior unsecured notes.


(6)	The quarter results include gains on the sale of properties in our equity method investments of $1.9 million and a $1.0 million impairment loss associated primarily with the disposition of a land parcel and a shopping center.


(7)	The quarter results include net income attributable to noncontrolling interests of $14.6 million associated with applicable gains discussed in (2) above.


(8)	The quarter results include a write-off of an above-market assumed mortgage intangible due to the early payoff of the related mortgage of $9.7 million.


(9)	The quarter results include net income attributable to noncontrolling interests of $37.7 million associated with applicable gains discussed in (2) above and a $15.7 million deduction associated with the redemption of Series F preferred shares (see Note 9 for additional information).

- Definition

The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.

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