Annual report pursuant to Section 13 and 15(d)

Condensed Quarterly Financial Information (Details)

v2.4.0.8
Condensed Quarterly Financial Information (Details) (USD $)
 3 Months Ended 12 Months Ended
Dec. 31, 2013
Sep. 30, 2013
Jun. 30, 2013
Mar. 31, 2013
Dec. 31, 2012
Sep. 30, 2012
Jun. 30, 2012
Mar. 31, 2012
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Quarterly Financial Information [Line Items]                      
Total revenues $ 165,267,000 $ 162,505,000 $ 168,346,000 $ 170,913,000 $ 164,341,000 $ 156,797,000 $ 162,394,000 $ 167,100,000 $ 667,031,000 $ 650,632,000 $ 652,235,000
Operating and other expenses 67,862,000 64,467,000 58,900,000 63,245,000 60,864,000 61,380,000 60,732,000 58,979,000      
Direct construction costs   609,000 6,511,000 7,825,000 4,052,000 980,000 4,337,000 3,278,000 14,945,000 12,647,000 11,458,000
Real estate service salaries 6,907,000 5,552,000 5,304,000 4,953,000 2,204,000 536,000 501,000 505,000      
General and administrative 10,447,000 12,151,000 13,111,000 11,973,000 12,514,000 12,580,000 11,840,000 10,730,000 47,682,000 47,664,000 35,137,000
Depreciation and amortization 47,666,000 46,087,000 45,665,000 43,348,000 43,637,000 43,483,000 43,669,000 43,544,000 182,766,000 174,333,000 175,171,000
Impairments 62,153,000 [1],[2] 48,700,000 [1]     9,845,000 [3]       110,853,000 9,845,000  
Total expenses 195,035,000 177,566,000 129,491,000 131,344,000 133,116,000 118,959,000 121,079,000 117,036,000 633,436,000 490,190,000 470,938,000
Operating Income (29,768,000) (15,061,000) 38,855,000 39,569,000 31,225,000 37,838,000 41,315,000 50,064,000 33,595,000 160,442,000 181,297,000
Interest expense (31,626,000) (30,936,000) (31,270,000) (29,869,000) (29,500,000) (30,428,000) (31,564,000) (30,547,000) (123,701,000) (122,039,000) (123,858,000)
Interest and other investment income 1,616,000 187,000 1,094,000 6,000 7,000 7,000 7,000 13,000 2,903,000 34,000 38,000
Equity in earnings (loss) of unconsolidated joint ventures (268,000) (229,000) (80,000) (1,750,000) (662,000) 2,418,000 1,733,000 600,000 (2,327,000) 4,089,000 2,022,000
Loss from early extinguishment of debt (156,000)       (545,000)   (4,415,000)   (156,000) (4,960,000)  
Total other (expense) income (30,434,000) (30,978,000) (30,256,000) (31,613,000) (30,700,000) (28,003,000) (34,239,000) (29,934,000) (123,281,000) (122,876,000) (121,798,000)
Income (loss) from continuing operations (60,202,000) (46,039,000) 8,599,000 7,956,000 525,000 9,835,000 7,076,000 20,130,000 (89,686,000) 37,566,000 59,499,000
Discontinued operations:                      
Income from discontinued operations (9,000) 2,157,000 4,530,000 5,133,000 4,455,000 6,329,000 5,969,000 5,125,000 11,811,000 21,878,000 21,888,000
Loss from early extinguishment of debt     (703,000)           (703,000)    
Realized gains (losses) and unrealized losses on disposition of rental property and impairments, net (1,559,000) [4] 47,321,000 13,758,000   (15,565,000) 12,000 (1,634,000) 4,012,000 59,520,000 (13,175,000)  
Total discontinued operations, net (1,568,000) 49,478,000 17,585,000 5,133,000 (11,110,000) 6,341,000 4,335,000 9,137,000 70,628,000 8,703,000 21,888,000
Net income (loss) (61,770,000) 3,439,000 26,184,000 13,089,000 (10,585,000) 16,176,000 11,411,000 29,267,000 (19,058,000) 46,269,000 81,387,000
Noncontrolling interest in consolidated joint ventures 237,000 1,838,000 62,000 62,000 74,000 85,000 92,000 79,000 2,199,000 330,000 402,000
Noncontrolling interest in Operating Partnership 7,167,000 5,313,000 (1,048,000) (973,000) (73,000) (1,208,000) (874,000) (2,464,000) 10,459,000 (4,619,000) (7,532,000)
Noncontrolling interest in discontinued operations 187,000 (5,947,000) (2,127,000) (622,000) 1,357,000 (772,000) (528,000) (1,115,000) (8,509,000) (1,058,000) (2,837,000)
Preferred stock dividends                     (1,736,000)
Net income (loss) available to common shareholders (54,179,000) 4,643,000 23,071,000 11,556,000 (9,227,000) 14,281,000 10,101,000 25,767,000 (14,909,000) 40,922,000 69,684,000
Basic earnings per common share:                      
Income (loss) from continuing operations available to common shareholders $ (0.60) $ (0.45) $ 0.09 $ 0.08 $ 0.01 $ 0.10 $ 0.07 $ 0.20 $ (0.88) $ 0.38 $ 0.59
Discontinued operations $ (0.02) $ 0.50 $ 0.17 $ 0.05 $ (0.12) $ 0.06 $ 0.04 $ 0.09 $ 0.71 $ 0.09 $ 0.22
Net income (loss) available to common shareholders $ (0.62) $ 0.05 $ 0.26 $ 0.13 $ (0.11) $ 0.16 $ 0.11 $ 0.29 $ (0.17) $ 0.47 $ 0.81
Diluted earnings per common share:                      
Income (loss) from continuing operations available to common shareholders $ (0.60) $ (0.45) $ 0.09 $ 0.08 $ 0.01 $ 0.10 $ 0.07 $ 0.20 $ (0.88) $ 0.38 $ 0.59
Discontinued operations $ (0.02) $ 0.50 $ 0.17 $ 0.05 $ (0.12) $ 0.06 $ 0.04 $ 0.09 $ 0.71 $ 0.09 $ 0.22
Net income (loss) available to common shareholders $ (0.62) $ 0.05 $ 0.26 $ 0.13 $ (0.11) $ 0.16 $ 0.11 $ 0.29 $ (0.17) $ 0.47 $ 0.81
Dividends declared per common share $ 0.30 $ 0.30 $ 0.30 $ 0.45 $ 0.45 $ 0.45 $ 0.45 $ 0.45 $ 1.35 $ 1.80 $ 1.80
Scenario, Adjustment [Member]
                      
Quarterly Financial Information [Line Items]                      
Impairments 1,260,000                    
Discontinued operations:                      
Realized gains (losses) and unrealized losses on disposition of rental property and impairments, net $ 1,559,000                    
[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] Amounts for the year ended December 31, 2012 relate to impairment charges as further described in Note 3: Real Estate Transactions - Impairments on Properties Held and Used.
[4] 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.