XML 78 R4.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONSOLIDATED STATEMENTS OF INCOME (USD $)
In Thousands, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Revenues      
Rental income $ 122,730 $ 84,002 $ 65,781
Interest income 11,800 8,027 11,705
Expense reimbursements 28,373 20,433 17,868
Other 5,383 2,525 2,503
Total revenues 168,286 114,987 97,857
Operating Expenses      
Property operating 21,026 17,430 13,417
Other operating 4,605 3,899 1,455
Real estate taxes 20,922 16,387 13,156
General and administrative 25,555 21,223 22,996
Reserve for notes receivable 0 405 0
Depreciation and amortization 40,299 27,888 20,975
Total operating expenses 112,407 87,232 71,999
Operating income 55,879 27,755 25,858
Equity in earnings of unconsolidated affiliates 12,382 550 1,555
Gain on sale of unconsolidated affiliates 0 3,061 0
Impairment of unconsolidated affiliates 0 (2,032) 0
Impairment of asset (1,500) 0 0
(Loss) gain on debt extinguishment (765) (198) 1,268
Gain on involuntary conversion of asset 0 2,368 0
Interest and other finance expense (39,474) (22,811) (23,343)
Income from continuing operations before income taxes 26,522 8,693 5,338
Income tax (provision) benefit (19) 574 (461)
Income from continuing operations 26,503 9,267 4,877
Discontinued operations      
Operating income from discontinued operations 6,818 12,007 8,933
Impairment of asset (6,683) 0 (6,925)
Loss on debt extinguishment (800) (2,541) 0
Gain on sale of properties 18,802 71,203 46,830
Income from discontinued operations 18,137 80,669 48,838
Net income 44,640 89,936 53,715
Noncontrolling interests      
Continuing operations 7,523 14,352 13,734
Discontinued operations (12,048) (64,582) (15,894)
Net income attributable to noncontrolling interests (4,525) (50,230) (2,160)
Net income attributable to Common Shareholders $ 40,115 $ 39,706 $ 51,555
Basic earnings per share      
Income from continuing operations (in dollars per share) $ 0.61 $ 0.51 $ 0.45
Income from discontinued operations (in dollars per share) $ 0.11 $ 0.34 $ 0.80
Basic earnings per share (in dollars per share) $ 0.72 $ 0.85 $ 1.25
Diluted earnings per share      
Income from continuing operations (in dollars per share) $ 0.61 $ 0.51 $ 0.45
Income from discontinued operations (in dollars per share) $ 0.11 $ 0.34 $ 0.80
Diluted earnings per share (in dollars per share) $ 0.72 $ 0.85 $ 1.25