EX-99.1 3 c27446exv99w1.htm REVISED "ITEM 6. SELECTED FINANCIAL DATA" OF ANNUAL REPORT exv99w1
Exbibit 99.1
Item 6. Selected Financial Data
     The following sets forth selected financial and operating data for the Company on a historical consolidated basis. The following data should be read in conjunction with the Consolidated Financial Statements and Notes thereto and Management’s Discussion and Analysis of Financial Condition and Results of Operations included elsewhere in this Current Report on Form 8-K. The historical statements of operations for the years ended December 31, 2007, 2006, 2005, 2004, and 2003 include the results of operations of the Company as derived from our audited financial statements, adjusted for discontinued operations. The results of operations of properties sold are presented in discontinued operations if they met both of the following criteria: (a) the operations and cash flows of the property have been (or will be) eliminated from the ongoing operations of the Company as a result of the disposition and (b) we will not have any significant involvement in the operations of the property after the disposal transaction. The historical balance sheet data and other data as of December 31, 2007, 2006, 2005, 2004, and 2003 include the balances of the Company as derived from our audited financial statements.
                                         
    Year Ended     Year Ended     Year Ended     Year Ended     Year Ended  
    12/31/07     12/31/06     12/31/05     12/31/04     12/31/03  
    (In thousands, except per unit and property data)  
Statement of Operations Data:
                                        
Total Revenues
   $ 404,956     $ 323,755     $ 261,984     $ 208,705     $ 192,718  
Interest Income
     1,926       1,614       1,486       3,632       2,416  
Mark-to-Market/(Loss) Gain on Settlement of Interest Rate Protection Agreements
     —       (3,112 )     811       1,583       —  
Property Expenses
     (118,708 )     (105,343 )     (85,192 )     (69,680 )     (64,903 )
General and Administrative Expense
     (92,101 )     (77,497 )     (55,812 )     (39,569 )     (26,953 )
Interest Expense
     (119,314 )     (121,141 )     (108,339 )     (98,636 )     (94,895 )
Amortization of Deferred Financing Costs
     (3,210 )     (2,666 )     (2,125 )     (1,931 )     (1,764 )
Depreciation and Other Amortization
     (145,905 )     (123,151 )     (87,358 )     (62,787 )     (51,078 )
Contractor Expenses
     (34,553 )     (10,263 )     (15,574 )     —       —  
(Loss) Gain from Early Retirement from Debt
     (393 )     —       82       (515 )     (1,466 )
Equity in Income of Joint Ventures
     30,045       30,673       3,699       37,301       539  
Income Tax Benefit
     10,655       9,882       14,337       8,195       5,878  
Minority Interest Allocable to Continuing Operations
     11,387       12,875       10,822       4,952       8,649  
 
                              
Loss from Continuing Operations
     (55,215 )     (64,374 )     (61,179 )     (8,750 )     (30,859 )
Income from Discontinued Operations (Including Gain on Sale of Real Estate of $244,962, $213,442, $132,139, $88,245 and $79,485 for the Years Ended December 31, 2007, 2006, 2005, 2004, and 2003, respectively)
     272,474       249,996       175,973       138,215       160,302  
Provision for Income Taxes Allocable to Discontinued Operations (Including $36,032, $47,511, $20,529, $8,659 and $2,154 allocable to Gain on Sale of Real Estate for the Years ended December 31, 2007, 2006, 2005, 2004, and 2003, respectively)
     (38,128 )     (51,102 )     (23,898 )     (11,275 )     (3,866 )
Minority Interest Allocable to Discontinued Operations
     (29,621 )     (25,876 )     (20,013 )     (17,416 )     (23,043 )
Gain on Sale of Real Estate
     9,425       6,071       29,550       16,755       15,794  
Provision for Income Taxes Allocable to Gain on Sale of Real Estate
     (3,082 )     (2,119 )     (10,871 )     (5,359 )     (2,614 )
Minority Interest Allocable to Gain on Sale of Real Estate
     (802 )     (514 )     (2,458 )     (1,564 )     (1,941 )
 
                              
Net Income
     155,051       112,082       87,104       110,606       113,773  
Redemption of Preferred Stock
     (2,017 )     (672 )     —       (7,959 )     —  
Preferred Dividends
     (21,320 )     (21,424 )     (10,688 )     (14,488 )     (20,176 )
 
                              
Net Income Available to Common Stockholders
   $ 131,714     $ 89,986     $ 76,416     $ 88,159     $ 93,597  
 
                              
Basic and Diluted Earnings Per Weighted
                                        

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    Year Ended     Year Ended     Year Ended     Year Ended     Year Ended  
    12/31/07     12/31/06     12/31/05     12/31/04     12/31/03  
    (In thousands, except per unit and property data)  
Average Common Share Outstanding:
                                        
Loss from Continuing Operations Available to Common Stockholders
   $ (1.66 )   $ (1.89 )   $ (1.31 )   $ (0.53 )   $ (1.03 )
 
                              
Net Income Available to Common Stockholders
   $ 2.99     $ 2.04     $ 1.80     $ 2.17     $ 2.43  
 
                              
Distributions Per Share
   $ 2.8500     $ 2.8100     $ 2.7850     $ 2.7500     $ 2.7400  
 
                              
Basic and Diluted Weighted Average Number of Common Shares Outstanding
     44,086       44,012       42,431       40,557       38,542  
 
                              
Net Income
   $ 155,051     $ 112,082     $ 87,104     $ 110,606     $ 113,773  
Other Comprehensive Income (Loss):
                                        
Settlement of Interest Rate Protection Agreements
     (4,261 )     (1,729 )     —       6,816       —  
Reclassification of Settlement of Interest Rate Protection Agreements to Net Income
     —       —       (159 )     —       —  
Mark-to-Market of Interest Rate Protection Agreements and Interest Rate Swap Agreements, Net of Tax Provision
     3,819       (2,800 )     (1,414 )     106       251  
Amortization of Interest Rate Protection Agreements
     (916 )     (912 )     (1,085 )     (512 )     198  
Foreign Currency Translation Adjustment, Net of Tax Provision
     2,134       —       —       —       —  
Other Comprehensive (Income) Loss Allocable to Minority Interest
     (142 )     698       837       —       —  
 
                              
Other Comprehensive Income
   $ 155,685     $ 107,339     $ 85,283     $ 117,016     $ 114,222  
 
                              
Balance Sheet Data (End of Period):
                                        
Real Estate, Before Accumulated Depreciation
   $ 3,326,268     $ 3,219,728     $ 3,260,761     $ 2,856,474     $ 2,738,034  
Real Estate, After Accumulated Depreciation
     2,816,287       2,754,310       2,850,195       2,478,091       2,388,782  
Real Estate Held for Sale, Net
     37,875       115,961       16,840       52,790       —  
Total Assets
     3,258,033       3,224,399       3,226,243       2,721,890       2,648,023  
Mortgage Loans Payable, Net, Unsecured Lines of Credit and Senior Unsecured Debt, Net
     1,946,670       1,834,658       1,813,702       1,574,929       1,453,798  
Total Liabilities
     2,183,755       2,048,873       2,020,361       1,719,463       1,591,732  
Stockholders’ Equity
     923,919       1,022,979       1,043,562       845,494       889,173  
Other Data:
                                        
Cash Flow From Operating Activities
   $ 92,736     $ 59,551     $ 49,350     $ 77,657     $ 103,156  
Cash Flow From Investing Activities
     126,909       129,147       (371,654 )     9,992       29,037  
Cash Flow From Financing Activities
     (230,023 )     (180,800 )     325,617       (83,546 )     (131,372 )
Total In-Service Properties
     804       858       884       827       834  
Total In-Service GLA, in Square Feet
     64,028,533       68,610,505       70,193,161       61,670,735       57,925,466  
In-Service Occupancy Percentage
     95 %     94 %     92 %     90 %     88 %

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