| Condensed Quarterly Financial Information |
19. CONDENSED QUARTERLY FINANCIAL INFORMATION (unaudited)
The following summarizes the condensed quarterly financial information for the Company: (dollars in thousands)
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Quarter Ended 2012
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December 31
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September 30
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June 30
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March 31
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Total revenues
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$
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177,030
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$
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170,863
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$
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176,169
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$
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180,681
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Operating and other expenses
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68,516
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67,278
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66,687
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65,009
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Direct construction costs
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4,052
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980
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4,337
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3,278
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General and administrative
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12,549
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12,629
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11,891
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10,799
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Depreciation and amortization
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47,349
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47,169
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47,320
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47,170
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Impairments (1)
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18,245
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-
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-
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-
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Total expenses
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150,711
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128,056
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130,235
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126,256
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Operating Income
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26,319
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42,807
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45,934
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54,425
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Interest expense
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(29,584)
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(30,510)
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(31,645)
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(30,629)
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Interest and other investment income
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8
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7
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7
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13
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Equity in earnings (loss) of unconsolidated
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joint ventures
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(662)
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2,418
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1,733
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600
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Loss from early extinguishment of debt
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(545)
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-
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(4,415)
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-
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Total other (expense) income
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(30,783)
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(28,085)
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(34,320)
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(30,016)
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Income (loss) from continuing operations
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(4,464)
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14,722
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11,614
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24,409
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Discontinued operations:
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Income (loss) from discontinued operations
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1,044
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1,442
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1,431
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846
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Realized gains (losses) and unrealized losses
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on disposition of rental property, net (1)
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(7,165)
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12
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(1,634)
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4,012
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Total discontinued operations, net
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(6,121)
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1,454
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(203)
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4,858
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Net income (loss)
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(10,585)
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16,176
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11,411
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29,267
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Noncontrolling interest in consolidated joint ventures
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74
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85
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92
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79
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Noncontrolling interest in Operating Partnership
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536
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(1,803)
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(1,426)
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(2,986)
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Noncontrolling interest in discontinued operations
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748
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(177)
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24
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(593)
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Preferred stock dividends
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-
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-
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-
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-
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Net income (loss) available to common shareholders
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$
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(9,227)
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$
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14,281
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$
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10,101
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$
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25,767
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Basic earnings per common share:
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Income (loss) from continuing operations
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$
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(0.05)
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$
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0.15
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$
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0.11
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$
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0.24
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Discontinued operations
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(0.06)
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0.01
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-
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0.05
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Net income (loss) available to common shareholders
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$
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(0.11)
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$
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0.16
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$
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0.11
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$
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0.29
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Diluted earnings per common share:
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Income (loss) from continuing operations
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$
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(0.05)
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$
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0.15
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$
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0.11
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$
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0.24
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Discontinued operations
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(0.06)
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0.01
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-
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0.05
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Net income (loss) available to common shareholders
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$
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(0.11)
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$
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0.16
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$
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0.11
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$
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0.29
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Dividends declared per common share
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$
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0.45
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$
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0.45
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$
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0.45
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$
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0.45
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(1) Amounts for the quarter ended December 31, 2012 relate to impairment charges as further described in Note 3: Property sales, held for sale and impairments.
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Quarter Ended 2011
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December 31
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September 30
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June 30
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March 31
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Total revenues
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$
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175,512
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$
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173,181
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$
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177,254
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$
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183,159
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Operating and other expenses
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68,449
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60,924
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68,574
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74,279
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Direct construction costs
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2,802
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2,290
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2,784
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3,582
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General and administrative
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8,947
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8,675
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9,201
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8,621
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Depreciation and amortization
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47,603
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47,589
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47,438
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47,420
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Impairments
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-
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-
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-
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-
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Total expenses
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127,801
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119,478
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127,997
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133,902
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Operating Income
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47,711
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53,703
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49,257
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49,257
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Interest expense
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(31,337)
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(31,042)
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(30,916)
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(30,892)
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Interest and other investment income
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9
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10
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10
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10
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Equity in earnings (loss) of unconsolidated
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joint ventures
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848
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539
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736
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(101)
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Loss from early extinguishment of debt
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-
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-
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-
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-
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Total other (expense) income
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(30,480)
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(30,493)
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(30,170)
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(30,983)
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Income (loss) from continuing operations
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17,231
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23,210
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19,087
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18,274
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Discontinued operations:
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Income (loss) from discontinued operations
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1,207
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873
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1,204
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301
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Realized gains (losses) and unrealized losses
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on disposition of rental property, net
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-
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-
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-
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-
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Total discontinued operations, net
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1,207
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873
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1,204
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301
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Net income (loss)
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18,438
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24,083
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20,291
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18,575
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Noncontrolling interest in consolidated joint ventures
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94
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96
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102
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110
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Noncontrolling interest in Operating Partnership
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(2,185)
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(2,903)
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(2,405)
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(2,415)
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Noncontrolling interest in discontinued operations
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(153)
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(112)
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(155)
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(41)
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Preferred stock dividends
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(72)
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(664)
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(500)
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(500)
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Net income (loss) available to common shareholders
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$
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16,122
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$
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20,500
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$
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17,333
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$
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15,729
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Basic earnings per common share:
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Income (loss) from continuing operations
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$
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0.17
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$
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0.23
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$
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0.19
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$
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0.19
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Discontinued operations
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0.01
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0.01
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0.01
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-
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Net income (loss) available to common shareholders
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$
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0.18
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$
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0.24
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$
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0.20
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$
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0.19
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Diluted earnings per common share:
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Income (loss) from continuing operations
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$
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0.17
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$
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0.23
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$
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0.19
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$
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0.19
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Discontinued operations
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0.01
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0.01
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0.01
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-
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Net income (loss) available to common shareholders
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$
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0.18
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$
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0.24
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$
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0.20
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$
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0.19
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Dividends declared per common share
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$
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0.45
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$
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0.45
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$
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0.45
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$
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0.45
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