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Condensed Consolidated Statements of Operations (Unaudited) (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 and other property revenues $ 273,384 $ 266,728 $ 545,176 $ 533,332
Asset management and tax credit revenues 7,651 9,796 16,887 14,497
Total revenues 281,035 276,524 562,063 547,829
OPERATING EXPENSES:        
Property operating expenses 117,379 123,126 240,908 250,266
Investment management expenses 2,187 5,141 5,219 8,370
Depreciation and amortization 94,084 102,809 193,117 206,092
General and administrative expenses 12,372 15,184 23,498 26,919
Other expenses (income), net 5,222 (4,485) 9,156 (2,148)
Total operating expenses 231,244 241,775 471,898 489,499
Operating income 49,791 34,749 90,165 58,330
Interest income 2,478 2,123 4,938 5,506
(Provision for) recovery of losses on notes receivable, net (36) 148 (53) (278)
Interest expense (96,716) (76,203) (171,805) (152,579)
Equity in (losses) earnings of unconsolidated real estate partnerships (1,798) (5,295) (3,446) 3,853
Gain on dispositions of unconsolidated real estate and other 808 3,041 2,021 4,485
Loss before income taxes and discontinued operations (45,473) (41,437) (78,180) (80,683)
Income tax benefit 2,257 3,385 4,765 7,151
Loss from continuing operations (43,216) (38,052) (73,415) (73,532)
Income from discontinued operations, net 16,469 28,096 19,603 47,028
Net loss (26,747) (9,956) (53,812) (26,504)
Net loss (income) attributable to noncontrolling interests in consolidated real estate partnerships 2,771 2,716 10,076 (9,418)
Net loss attributable to the Partnership (23,976) (7,240) (43,736) (35,922)
Net income attributable to the Partnership's preferred unitholders (11,343) (11,811) (25,470) (26,426)
Net income attributable to participating securities (54) (42) (111)  
Net loss attributable to the Partnership's common unitholders $ (35,373) $ (19,093) $ (69,317) $ (62,348)
Earnings (loss) per common unit - basic and diluted (Note 6):        
Loss from continuing operations attributable to the Partnership's common unitholders $ (0.35) $ (0.33) $ (0.66) $ (0.75)
Income from discontinued operations attributable to the Partnership's common unitholders $ 0.07 $ 0.18 $ 0.11 $ 0.25
Net loss attributable to the Partnership's common unitholders $ (0.28) $ (0.15) $ (0.55) $ (0.50)
Weighted average common units outstanding, basic and diluted 127,577 124,663 126,675 124,521
Distributions declared per common unit $ 0.12 $ 0.10 $ 0.24 $ 0.10