Annual report pursuant to Section 13 and 15(d)

Condensed Quarterly Financial Information (Tables)

v2.4.1.9
Condensed Quarterly Financial Information (Tables)
12 Months Ended
Dec. 31, 2014
Condensed Quarterly Financial Information [Abstract]  
Summary Of Condensed Quarterly Financial Information

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended 2014

 

December 31

 

 

September 30

 

 

June 30

 

 

March 31

Total revenues

$

151,414 

 

$

155,489 

 

$

160,300 

 

$

169,596 

Operating and other expenses

 

64,177 

 

 

64,374 

 

 

65,788 

 

 

81,854 

Real estate service salaries

 

5,923 

 

 

6,933 

 

 

6,571 

 

 

6,709 

General and administrative

 

23,950 

 

 

12,665 

 

 

13,673 

 

 

22,881 

Depreciation and amortization

 

40,811 

 

 

41,983 

 

 

44,711 

 

 

44,985 

Total expenses

 

134,861 

 

 

125,955 

 

 

130,743 

 

 

156,429 

Operating Income

 

16,553 

 

 

29,534 

 

 

29,557 

 

 

13,167 

Interest expense

 

(27,420)

 

 

(27,353)

 

 

(28,159)

 

 

(29,946)

Interest and other investment income

 

1,399 

 

 

908 

 

 

922 

 

 

386 

Equity in earnings (loss) of unconsolidated

 

 

 

 

 

 

 

 

 

 

 

joint ventures

 

(363)

 

 

(1,268)

 

 

443 

 

 

(1,235)

Realized gains (losses) on disposition of rental properties

 

 -

 

 

264 

 

 

54,584 

 

 

 -

Loss from early extinguishment of debt

 

(582)

 

 

 -

 

 

 -

 

 

 -

Total other (expense) income

 

(26,966)

 

 

(27,449)

 

 

27,790 

 

 

(30,795)

Income (loss) from continuing operations

 

(10,413)

 

 

2,085 

 

 

57,347 

 

 

(17,628)

Discontinued operations:

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from discontinued operations

 

 -

 

 

 -

 

 

 -

 

 

 -

Loss from early extinguishment of debt

 

 -

 

 

 -

 

 

 -

 

 

 -

Realized gains (losses) and unrealized losses on

 

 

 

 

 

 

 

 

 

 

 

  disposition of rental property and impairments, net

 

 -

 

 

 -

 

 

 -

 

 

 -

Total discontinued operations, net

 

 -

 

 

 -

 

 

 -

 

 

 -

Net income (loss)

 

(10,413)

 

 

2,085 

 

 

57,347 

 

 

(17,628)

Noncontrolling interest in consolidated joint ventures

 

21 

 

 

145 

 

 

290 

 

 

322 

Noncontrolling interest in Operating Partnership

 

1,152 

 

 

(248)

 

 

(6,514)

 

 

2,008 

Noncontrolling interest in discontinued operations

 

 -

 

 

 -

 

 

 -

 

 

 -

Net income (loss) available to common shareholders

$

(9,240)

 

$

1,982 

 

$

51,123 

 

$

(15,298)

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

$

(0.10)

 

$

0.02 

 

$

0.58 

 

$

(0.17)

Discontinued operations

 

 -

 

 

 -

 

 

 -

 

 

 -

Net income (loss) available to common shareholders

$

(0.10)

 

$

0.02 

 

$

0.58 

 

$

(0.17)

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

$

(0.10)

 

$

0.02 

 

$

0.58 

 

$

(0.17)

Discontinued operations

 

 -

 

 

 -

 

 

 -

 

 

 -

Net income (loss) available to common shareholders

$

(0.10)

 

$

0.02 

 

$

0.58 

 

$

(0.17)

 

 

 

 

 

 

 

 

 

 

 

 

Dividends declared per common share

$

0.15 

 

$

0.15 

 

$

0.15 

 

$

0.30 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended 2013

 

December 31

 

 

September 30

 

 

June 30

 

 

March 31

Total revenues

$

165,267 

 

$

162,505 

 

$

168,346 

 

$

170,913 

Operating and other expenses

 

67,862 

 

 

64,467 

 

 

58,900 

 

 

63,245 

Direct construction costs

 

 -

 

 

609 

 

 

6,511 

 

 

7,825 

Real estate service salaries

 

6,907 

 

 

5,552 

 

 

5,304 

 

 

4,953 

General and administrative

 

10,447 

 

 

12,151 

 

 

13,111 

 

 

11,973 

Depreciation and amortization

 

47,666 

 

 

46,087 

 

 

45,665 

 

 

43,348 

Impairments (1)

 

62,153 
(2)

 

48,700 

 

 

 -

 

 

 -

Total expenses

 

195,035 

 

 

177,566 

 

 

129,491 

 

 

131,344 

Operating Income

 

(29,768)

 

 

(15,061)

 

 

38,855 

 

 

39,569 

Interest expense

 

(31,626)

 

 

(30,936)

 

 

(31,270)

 

 

(29,869)

Interest and other investment income

 

1,616 

 

 

187 

 

 

1,094 

 

 

Equity in earnings (loss) of unconsolidated

 

 

 

 

 

 

 

 

 

 

 

joint ventures

 

(268)

 

 

(229)

 

 

(80)

 

 

(1,750)

Loss from early extinguishment of debt

 

(156)

 

 

 -

 

 

 -

 

 

 -

Total other (expense) income

 

(30,434)

 

 

(30,978)

 

 

(30,256)

 

 

(31,613)

Income (loss) from continuing operations

 

(60,202)

 

 

(46,039)

 

 

8,599 

 

 

7,956 

Discontinued operations:

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from discontinued operations

 

(9)

 

 

2,157 

 

 

4,530 

 

 

5,133 

Loss from early extinguishment of debt

 

 -

 

 

 -

 

 

(703)

 

 

 -

Realized gains (losses) and unrealized losses on

 

 

 

 

 

 

 

 

 

 

 

 disposition of rental property and impairments, net

 

(1,559)
(3)

 

47,321 

 

 

13,758 

 

 

 -

Total discontinued operations, net

 

(1,568)

 

 

49,478 

 

 

17,585 

 

 

5,133 

Net income (loss)

 

(61,770)

 

 

3,439 

 

 

26,184 

 

 

13,089 

Noncontrolling interest in consolidated joint ventures

 

237 

 

 

1,838 

 

 

62 

 

 

62 

Noncontrolling interest in Operating Partnership

 

7,167 

 

 

5,313 

 

 

(1,048)

 

 

(973)

Noncontrolling interest in discontinued operations

 

187 

 

 

(5,947)

 

 

(2,127)

 

 

(622)

Net income (loss) available to common shareholders

$

(54,179)

 

$

4,643 

 

$

23,071 

 

$

11,556 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

$

(0.60)

 

$

(0.45)

 

$

0.09 

 

$

0.08 

Discontinued operations

 

(0.02)

 

 

0.50 

 

 

0.17 

 

 

0.05 

Net income (loss) available to common shareholders

$

(0.62)

 

$

0.05 

 

$

0.26 

 

$

0.13 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

$

(0.60)

 

$

(0.45)

 

$

0.09 

 

$

0.08 

Discontinued operations

 

(0.02)

 

 

0.50 

 

 

0.17 

 

 

0.05 

Net income (loss) available to common shareholders

$

(0.62)

 

$

0.05 

 

$

0.26 

 

$

0.13 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends declared per common share

$

0.30 

 

$

0.30 

 

$

0.30 

 

$

0.45 

 

(1)Amounts for the year ended December 31, 2013 relate to impairment charges as further described in Note 3: Real Estate Transactions – Impairments on Properties Held and Used.

(2)During the quarter ended December 31, 2013, the Company identified and recorded an out-of-period adjustment to reflect a charge of $1,260,000 to correct an error in the measurement of its impairment charges on certain properties in the third quarter of 2013. In the third quarter, in measuring the impairments on these properties, the Company did not include certain tenant improvement amounts to be paid for in-place leases in its discounted cash flows used to measure fair value and, as a result, should have recognized larger impairment charges by this aggregate amount. The Company has determined that this adjustment was not material to the quarter ended December 31, 2013 or the prior interim period.

(3)During the quarter ended December 31, 2013, the Company identified and recorded an out-of-period adjustment to reflect a charge of $1,559,000 to correct an error in its calculation of the gain on sale of rental property on a transaction that closed in the third quarter of 2013. In the third quarter, in recording the gain on the sale transaction, the Company did not include the full consolidated carrying amount of the property in computing the gain and, as a result, should have recognized a smaller gain by this amount. The Company has determined that this adjustment was not material to the quarter ended December 31, 2013 or the prior interim period.