XML 102 R63.htm IDEA: XBRL DOCUMENT v2.4.1.9
Discontinued Operations (Details 1) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2013
Sep. 30, 2013
Jun. 30, 2013
Mar. 31, 2013
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Revenues                      
Rental income                 $ 361,525us-gaap_RealEstateRevenueNet $ 312,322us-gaap_RealEstateRevenueNet $ 282,444us-gaap_RealEstateRevenueNet
Other operating                 5,665us-gaap_OtherRealEstateRevenue 5,926us-gaap_OtherRealEstateRevenue 6,052us-gaap_OtherRealEstateRevenue
Total Revenue 95,001us-gaap_Revenues [1] 93,612us-gaap_Revenues [2] 91,671us-gaap_Revenues [3] 90,571us-gaap_Revenues [4] 88,622us-gaap_Revenues [5] 82,805us-gaap_Revenues [6] 80,552us-gaap_Revenues [7] 78,970us-gaap_Revenues [8] 370,855us-gaap_Revenues 330,949us-gaap_Revenues 297,682us-gaap_Revenues
Expenses                      
Property operating                 134,057us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment 122,571us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment 113,287us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment
General and administrative                 22,808us-gaap_GeneralAndAdministrativeExpense 23,704us-gaap_GeneralAndAdministrativeExpense 20,881us-gaap_GeneralAndAdministrativeExpense
Depreciation                 99,384us-gaap_DepreciationNonproduction 86,239us-gaap_DepreciationNonproduction 79,776us-gaap_DepreciationNonproduction
Amortization                 10,820us-gaap_AmortizationOfDeferredCharges 10,645us-gaap_AmortizationOfDeferredCharges 10,418us-gaap_AmortizationOfDeferredCharges
Bad debt, net of recoveries                 31us-gaap_ProvisionForLoanAndLeaseLosses 172us-gaap_ProvisionForLoanAndLeaseLosses 230us-gaap_ProvisionForLoanAndLeaseLosses
Total Expenses                 267,100us-gaap_OperatingExpenses 243,331us-gaap_OperatingExpenses 224,592us-gaap_OperatingExpenses
Other Income (Expense)                      
Loss on extinguishment of debt             29,900us-gaap_GainsLossesOnExtinguishmentOfDebt     (29,638)us-gaap_GainsLossesOnExtinguishmentOfDebt  
Interest expense                 (72,413)us-gaap_InterestExpense (73,511)us-gaap_InterestExpense (74,955)us-gaap_InterestExpense
Interest and other income, net                 2,637us-gaap_OtherNonoperatingIncome 947us-gaap_OtherNonoperatingIncome 973us-gaap_OtherNonoperatingIncome
Total other income (expense)                 (69,776)us-gaap_NonoperatingIncomeExpense (100,710)us-gaap_NonoperatingIncomeExpense (73,982)us-gaap_NonoperatingIncomeExpense
Income from discontinued operations                 967us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax 5,246us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax 10,461us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax
Impairments                 (12,029)us-gaap_DiscontinuedOperationProvisionForLossGainOnDisposalNetOfTax (9,889)us-gaap_DiscontinuedOperationProvisionForLossGainOnDisposalNetOfTax (14,908)us-gaap_DiscontinuedOperationProvisionForLossGainOnDisposalNetOfTax
Gain on sales of real estate properties 9,300us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax       2,700us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax 20,200us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax 1,800us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax   9,283us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax 24,718us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax 10,874us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax
Discontinued operations 9,013us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax [1] (4,284)us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax [2] (2,994)us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax [3] (3,514)us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax [4] 2,800us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax [5] 15,272us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax [6] 3,623us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax [7] (1,620)us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax [8] (1,779)us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax 20,075us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax 6,427us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax
Income (Loss) from Discontinued Operations per Common Share - Basic (in dollars per share)                 $ (0.02)us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare $ 0.22us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare $ 0.08us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
Income (Loss) from Discontinued Operations per Common Share - Diluted (in dollars per share)                 $ (0.02)us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare $ 0.22us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare $ 0.08us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
Discontinued Operations [Member]                      
Revenues                      
Rental income                 5,660us-gaap_RealEstateRevenueNet
/ us-gaap_StatementOperatingActivitiesSegmentAxis
= us-gaap_SegmentDiscontinuedOperationsMember
[9] 14,202us-gaap_RealEstateRevenueNet
/ us-gaap_StatementOperatingActivitiesSegmentAxis
= us-gaap_SegmentDiscontinuedOperationsMember
[9] 24,290us-gaap_RealEstateRevenueNet
/ us-gaap_StatementOperatingActivitiesSegmentAxis
= us-gaap_SegmentDiscontinuedOperationsMember
[9]
Other operating                 4us-gaap_OtherRealEstateRevenue
/ us-gaap_StatementOperatingActivitiesSegmentAxis
= us-gaap_SegmentDiscontinuedOperationsMember
[9] 9us-gaap_OtherRealEstateRevenue
/ us-gaap_StatementOperatingActivitiesSegmentAxis
= us-gaap_SegmentDiscontinuedOperationsMember
[9] 69us-gaap_OtherRealEstateRevenue
/ us-gaap_StatementOperatingActivitiesSegmentAxis
= us-gaap_SegmentDiscontinuedOperationsMember
[9]
Total Revenue                 5,664us-gaap_Revenues
/ us-gaap_StatementOperatingActivitiesSegmentAxis
= us-gaap_SegmentDiscontinuedOperationsMember
[9] 14,211us-gaap_Revenues
/ us-gaap_StatementOperatingActivitiesSegmentAxis
= us-gaap_SegmentDiscontinuedOperationsMember
[9] 24,359us-gaap_Revenues
/ us-gaap_StatementOperatingActivitiesSegmentAxis
= us-gaap_SegmentDiscontinuedOperationsMember
[9]
Expenses                      
Property operating                 3,126us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment
/ us-gaap_StatementOperatingActivitiesSegmentAxis
= us-gaap_SegmentDiscontinuedOperationsMember
[10] 4,830us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment
/ us-gaap_StatementOperatingActivitiesSegmentAxis
= us-gaap_SegmentDiscontinuedOperationsMember
[10] 6,894us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment
/ us-gaap_StatementOperatingActivitiesSegmentAxis
= us-gaap_SegmentDiscontinuedOperationsMember
[10]
General and administrative                 19us-gaap_GeneralAndAdministrativeExpense
/ us-gaap_StatementOperatingActivitiesSegmentAxis
= us-gaap_SegmentDiscontinuedOperationsMember
[10] 26us-gaap_GeneralAndAdministrativeExpense
/ us-gaap_StatementOperatingActivitiesSegmentAxis
= us-gaap_SegmentDiscontinuedOperationsMember
[10] 33us-gaap_GeneralAndAdministrativeExpense
/ us-gaap_StatementOperatingActivitiesSegmentAxis
= us-gaap_SegmentDiscontinuedOperationsMember
[10]
Depreciation                 1,551us-gaap_DepreciationNonproduction
/ us-gaap_StatementOperatingActivitiesSegmentAxis
= us-gaap_SegmentDiscontinuedOperationsMember
[10] 3,794us-gaap_DepreciationNonproduction
/ us-gaap_StatementOperatingActivitiesSegmentAxis
= us-gaap_SegmentDiscontinuedOperationsMember
[10] 6,888us-gaap_DepreciationNonproduction
/ us-gaap_StatementOperatingActivitiesSegmentAxis
= us-gaap_SegmentDiscontinuedOperationsMember
[10]
Amortization                 0us-gaap_AmortizationOfDeferredCharges
/ us-gaap_StatementOperatingActivitiesSegmentAxis
= us-gaap_SegmentDiscontinuedOperationsMember
[10] 63us-gaap_AmortizationOfDeferredCharges
/ us-gaap_StatementOperatingActivitiesSegmentAxis
= us-gaap_SegmentDiscontinuedOperationsMember
[10] 147us-gaap_AmortizationOfDeferredCharges
/ us-gaap_StatementOperatingActivitiesSegmentAxis
= us-gaap_SegmentDiscontinuedOperationsMember
[10]
Bad debt, net of recoveries                 3us-gaap_ProvisionForLoanAndLeaseLosses
/ us-gaap_StatementOperatingActivitiesSegmentAxis
= us-gaap_SegmentDiscontinuedOperationsMember
[10] 13us-gaap_ProvisionForLoanAndLeaseLosses
/ us-gaap_StatementOperatingActivitiesSegmentAxis
= us-gaap_SegmentDiscontinuedOperationsMember
[10] 10us-gaap_ProvisionForLoanAndLeaseLosses
/ us-gaap_StatementOperatingActivitiesSegmentAxis
= us-gaap_SegmentDiscontinuedOperationsMember
[10]
Total Expenses                 4,699us-gaap_OperatingExpenses
/ us-gaap_StatementOperatingActivitiesSegmentAxis
= us-gaap_SegmentDiscontinuedOperationsMember
[10] 8,726us-gaap_OperatingExpenses
/ us-gaap_StatementOperatingActivitiesSegmentAxis
= us-gaap_SegmentDiscontinuedOperationsMember
[10] 13,972us-gaap_OperatingExpenses
/ us-gaap_StatementOperatingActivitiesSegmentAxis
= us-gaap_SegmentDiscontinuedOperationsMember
[10]
Other Income (Expense)                      
Loss on extinguishment of debt                 0us-gaap_GainsLossesOnExtinguishmentOfDebt
/ us-gaap_StatementOperatingActivitiesSegmentAxis
= us-gaap_SegmentDiscontinuedOperationsMember
[11] (270)us-gaap_GainsLossesOnExtinguishmentOfDebt
/ us-gaap_StatementOperatingActivitiesSegmentAxis
= us-gaap_SegmentDiscontinuedOperationsMember
[11] 0us-gaap_GainsLossesOnExtinguishmentOfDebt
/ us-gaap_StatementOperatingActivitiesSegmentAxis
= us-gaap_SegmentDiscontinuedOperationsMember
[11]
Interest expense                 0us-gaap_InterestExpense
/ us-gaap_StatementOperatingActivitiesSegmentAxis
= us-gaap_SegmentDiscontinuedOperationsMember
[11] (40)us-gaap_InterestExpense
/ us-gaap_StatementOperatingActivitiesSegmentAxis
= us-gaap_SegmentDiscontinuedOperationsMember
[11] (97)us-gaap_InterestExpense
/ us-gaap_StatementOperatingActivitiesSegmentAxis
= us-gaap_SegmentDiscontinuedOperationsMember
[11]
Interest and other income, net                 2us-gaap_OtherNonoperatingIncome
/ us-gaap_StatementOperatingActivitiesSegmentAxis
= us-gaap_SegmentDiscontinuedOperationsMember
[11] 71us-gaap_OtherNonoperatingIncome
/ us-gaap_StatementOperatingActivitiesSegmentAxis
= us-gaap_SegmentDiscontinuedOperationsMember
[11] 171us-gaap_OtherNonoperatingIncome
/ us-gaap_StatementOperatingActivitiesSegmentAxis
= us-gaap_SegmentDiscontinuedOperationsMember
[11]
Total other income (expense)                 2us-gaap_NonoperatingIncomeExpense
/ us-gaap_StatementOperatingActivitiesSegmentAxis
= us-gaap_SegmentDiscontinuedOperationsMember
[11] (239)us-gaap_NonoperatingIncomeExpense
/ us-gaap_StatementOperatingActivitiesSegmentAxis
= us-gaap_SegmentDiscontinuedOperationsMember
[11] 74us-gaap_NonoperatingIncomeExpense
/ us-gaap_StatementOperatingActivitiesSegmentAxis
= us-gaap_SegmentDiscontinuedOperationsMember
[11]
Income from discontinued operations                 967us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax
/ us-gaap_StatementOperatingActivitiesSegmentAxis
= us-gaap_SegmentDiscontinuedOperationsMember
5,246us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax
/ us-gaap_StatementOperatingActivitiesSegmentAxis
= us-gaap_SegmentDiscontinuedOperationsMember
10,461us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax
/ us-gaap_StatementOperatingActivitiesSegmentAxis
= us-gaap_SegmentDiscontinuedOperationsMember
Impairments                 (12,029)us-gaap_DiscontinuedOperationProvisionForLossGainOnDisposalNetOfTax
/ us-gaap_StatementOperatingActivitiesSegmentAxis
= us-gaap_SegmentDiscontinuedOperationsMember
[12] (9,889)us-gaap_DiscontinuedOperationProvisionForLossGainOnDisposalNetOfTax
/ us-gaap_StatementOperatingActivitiesSegmentAxis
= us-gaap_SegmentDiscontinuedOperationsMember
[12] (14,908)us-gaap_DiscontinuedOperationProvisionForLossGainOnDisposalNetOfTax
/ us-gaap_StatementOperatingActivitiesSegmentAxis
= us-gaap_SegmentDiscontinuedOperationsMember
[12]
Gain on sales of real estate properties                 9,283us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax
/ us-gaap_StatementOperatingActivitiesSegmentAxis
= us-gaap_SegmentDiscontinuedOperationsMember
[13] 24,718us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax
/ us-gaap_StatementOperatingActivitiesSegmentAxis
= us-gaap_SegmentDiscontinuedOperationsMember
[13] 10,874us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax
/ us-gaap_StatementOperatingActivitiesSegmentAxis
= us-gaap_SegmentDiscontinuedOperationsMember
[13]
Discontinued operations                 $ (1,779)us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax
/ us-gaap_StatementOperatingActivitiesSegmentAxis
= us-gaap_SegmentDiscontinuedOperationsMember
$ 20,075us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax
/ us-gaap_StatementOperatingActivitiesSegmentAxis
= us-gaap_SegmentDiscontinuedOperationsMember
$ 6,427us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax
/ us-gaap_StatementOperatingActivitiesSegmentAxis
= us-gaap_SegmentDiscontinuedOperationsMember
Income (Loss) from Discontinued Operations per Common Share - Basic (in dollars per share)                 $ (0.02)us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
/ us-gaap_StatementOperatingActivitiesSegmentAxis
= us-gaap_SegmentDiscontinuedOperationsMember
$ 0.22us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
/ us-gaap_StatementOperatingActivitiesSegmentAxis
= us-gaap_SegmentDiscontinuedOperationsMember
$ 0.08us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
/ us-gaap_StatementOperatingActivitiesSegmentAxis
= us-gaap_SegmentDiscontinuedOperationsMember
Income (Loss) from Discontinued Operations per Common Share - Diluted (in dollars per share)                 $ (0.02)us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
/ us-gaap_StatementOperatingActivitiesSegmentAxis
= us-gaap_SegmentDiscontinuedOperationsMember
$ 0.22us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
/ us-gaap_StatementOperatingActivitiesSegmentAxis
= us-gaap_SegmentDiscontinuedOperationsMember
$ 0.08us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
/ us-gaap_StatementOperatingActivitiesSegmentAxis
= us-gaap_SegmentDiscontinuedOperationsMember
[1] The increases in net income and amounts per share for the fourth quarter of 2014 are primarily attributable to gains on sales of real estate totaling $9.3 million, partially offset by impairment charges of $1.0 million.
[2] The decreases in net income and amounts per share for the third quarter of 2014 are primarily attributable to impairment charges of
[3] The increases in net income and amounts per share for the second quarter of 2014 are primarily attributable to a $1.9 million cash reimbursement received by the Company for certain operating expenses paid by the Company for years 2006 through 2013
[4] The decreases in net income and amounts per share for the first quarter of 2014 are primarily attributable to impairment charges of $3.4 million.
[5] The increases in net income and amounts per share for the fourth quarter of 2013 are primarily attributable to gains on sales of real estate totaling $2.7 million.
[6] The increases in net income and amounts per share for the third quarter of 2013 are primarily attributable to gains on sales of real estate totaling $20.2 million, partially offset by impairment charges of $6.3 million.
[7] The decreases in net income and amounts per share for the second quarter of 2013 are primarily attributable to losses of extinguishment of debt of $29.9 million, of which $0.3 million is included in discontinued operations. This amount is partially offset by gains on sales of real estate totaling $1.8 million.
[8] The decreases in net income and amounts per share for the first quarter of 2013 are primarily attributable to impairment charges of $3.6 million.
[9] Total revenues for the years ended December 31, 2014, 2013 and 2012 included $4.3 million, $12.6 million and $22.2 million, respectively, related to properties sold; and $1.4 million, $1.6 million and $2.2 million, respectively, related to two properties held for sale as of December 31, 2014.
[10] Total expenses for the years ended December 31, 2014, 2013 and 2012 included $4.7 million, $8.7 million and $13.5 million, respectively, related to properties sold; and for the year ended December 31, 2012 included $0.5 million related to two properties held for sale as of December 31, 2014.
[11] Other income (expense) for the years ended December 31, 2014, 2013, and 2012 included income (expense) related to properties sold.
[12] Impairments for the year ended December 31, 2014 included $3.7 million in connection with the sale of three properties and $8.3 million on two properties in held for sale and two properties there were reclassified to held for sale during 2014. All four properties of these were subsequently sold; December 31, 2013 included the following: $3.3 million related to the sale of a land parcel; $0.4 million related to two properties classified as held for sale and subsequently sold for a gain; and $6.2 million related to three properties held for sale; and December 31, 2012 included $11.1 million related to 12 properties sold and $3.8 million related to one properties held for sale.
[13] Gain on sales of real estate properties for the years ended December 31, 2014, 2013 and 2012 included gains on the sale of three, 12 and seven properties, respectively.