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CONSOLIDATED STATEMENTS OF INCOME (USD $)
In Thousands, except Per Share data
3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
Revenues        
Rental income $ 29,016 $ 24,662 $ 56,423 $ 49,345
Interest income 3,370 5,238 7,908 10,231
Expense reimbursements 5,635 4,574 10,889 10,150
Management fee income 288 436 917 836
Other 495 557 1,183 1,074
Total revenues 38,804 35,467 77,320 71,636
Operating Expenses        
Property operating 7,654 6,302 15,376 13,575
Real estate taxes 4,702 4,144 8,886 8,469
General and administrative 5,699 5,416 11,389 10,535
Depreciation and amortization 8,449 6,472 16,346 15,074
Impairment of asset 6,925 0 6,925 0
Total operating expenses 33,429 22,334 58,922 47,653
Operating income 5,375 13,133 18,398 23,983
Equity in earnings (losses) of unconsolidated affiliates 63 80 (85) 467
Other interest income 80 153 114 287
Gain from bargain purchase 0 33,805 0 33,805
(Loss) gain on debt extinguishment (102) 0 1,571 0
Interest and other finance expense (8,903) (9,502) (17,856) (19,157)
(Loss) income from continuing operations before income taxes (3,487) 37,669 2,142 39,385
Income tax provision (233) (645) (495) (1,084)
(Loss) income from continuing operations (3,720) 37,024 1,647 38,301
Discontinued Operations        
Operating income from discontinued operations 185 473 548 703
Gain on sale of property 28,576 0 32,498 0
Income from discontinued operations 28,761 473 33,046 703
Net income 25,041 37,497 34,693 39,004
Noncontrolling interests        
Continuing operations 5,525 (24,647) 8,478 (20,974)
Discontinued operations (332) (52) (3,514) (102)
Net loss (income) attributable to noncontrolling interests 5,193 (24,699) 4,964 (21,076)
Net income attributable to Common Shareholders $ 30,234 $ 12,798 $ 39,657 $ 17,928
Basic Earnings per Share        
Income from continuing operations (in Dollars per share) $ 0.04 $ 0.31 $ 0.25 $ 0.43
Income from discontinued operations (in Dollars per share) $ 0.71 $ 0.01 $ 0.73 $ 0.02
Basic earnings per share (in Dollars per share) $ 0.75 $ 0.32 $ 0.98 $ 0.45
Diluted Earnings per Share        
Income from continuing operations (in Dollars per share) $ 0.04 $ 0.31 $ 0.25 $ 0.43
Income from discontinued operations (in Dollars per share) $ 0.70 $ 0.01 $ 0.73 $ 0.02
Diluted earnings per share (in Dollars per share) $ 0.74 $ 0.32 $ 0.98 $ 0.45