| Condensed Quarterly Financial Information |
19.CONDENSED QUARTERLY FINANCIAL INFORMATION (unaudited)
The following summarizes the condensed quarterly financial information for the Company: (dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended 2015
|
|
December 31
|
|
|
September 30
|
|
|
June 30
|
|
|
March 31
|
|
Total revenues
|
$
|
146,443
|
|
$
|
146,158
|
|
$
|
148,567
|
|
$
|
153,715
|
|
Operating and other expenses
|
|
60,846
|
|
|
56,850
|
|
|
60,653
|
|
|
68,255
|
|
Real estate service salaries
|
|
6,063
|
|
|
6,673
|
|
|
6,208
|
|
|
6,639
|
|
General and administrative
|
|
12,589
|
|
|
13,670
|
|
|
11,877
|
|
|
11,011
|
|
Acquisition-related costs
|
|
1,449
|
|
|
-
|
|
|
111
|
|
|
-
|
|
Depreciation and amortization
|
|
43,136
|
|
|
44,099
|
|
|
42,365
|
|
|
40,802
|
|
Impairments (1)
|
|
33,743
|
|
|
164,176
|
|
|
-
|
|
|
-
|
|
Total expenses
|
|
157,826
|
|
|
285,468
|
|
|
121,214
|
|
|
126,707
|
|
Operating Income (loss)
|
|
(11,383)
|
|
|
(139,310)
|
|
|
27,353
|
|
|
27,008
|
|
Interest expense
|
|
(24,374)
|
|
|
(24,689)
|
|
|
(26,773)
|
|
|
(27,215)
|
|
Interest and other investment income
|
|
231
|
|
|
5
|
|
|
291
|
|
|
267
|
|
Equity in earnings (loss) of unconsolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
joint ventures
|
|
(449)
|
|
|
3,135
|
|
|
(2,329)
|
|
|
(3,529)
|
|
Realized gains (losses) on disposition of rental properties
|
|
-
|
|
|
18,718
|
|
|
34,399
|
|
|
144
|
|
Gain on sale of investment in unconsolidated joint venture
|
|
-
|
|
|
-
|
|
|
6,448
|
|
|
-
|
|
Total other (expense) income
|
|
(24,592)
|
|
|
(2,831)
|
|
|
12,036
|
|
|
(30,333)
|
|
Net income (loss)
|
|
(35,975)
|
|
|
(142,141)
|
|
|
39,389
|
|
|
(3,325)
|
|
Noncontrolling interest in consolidated joint ventures
|
|
462
|
|
|
(281)
|
|
|
373
|
|
|
490
|
|
Noncontrolling interest in Operating Partnership
|
|
3,795
|
|
|
15,530
|
|
|
(4,383)
|
|
|
314
|
|
Net income (loss) available to common shareholders
|
$
|
(31,718)
|
|
$
|
(126,892)
|
|
$
|
35,379
|
|
$
|
(2,521)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) available to common shareholders
|
$
|
(0.35)
|
|
$
|
(1.42)
|
|
$
|
0.40
|
|
$
|
(0.03)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) available to common shareholders
|
$
|
(0.35)
|
|
$
|
(1.42)
|
|
$
|
0.40
|
|
$
|
(0.03)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared per common share
|
$
|
0.15
|
|
$
|
0.15
|
|
$
|
0.15
|
|
$
|
0.15
|
|
(1)
|
|
Amounts for the year ended December 31, 2015 relate to impairment charges as further described in Note 3: Recent Transactions – Impairments on Properties Held and Used.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
23,775
|
|
|
12,665
|
|
|
11,730
|
|
|
22,881
|
|
Acquisition-related costs
|
|
175
|
|
|
-
|
|
|
1,943
|
|
|
-
|
|
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)
|
|
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
|
|
Net income (loss) available to common shareholders
|
$
|
(9,240)
|
|
$
|
1,982
|
|
$
|
51,123
|
|
$
|
(15,298)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) available to common shareholders
|
$
|
(0.10)
|
|
$
|
0.02
|
|
$
|
0.58
|
|
$
|
(0.17)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|