Annual report pursuant to Section 13 and 15(d)

Condensed Quarterly Financial Information

v2.4.0.6
Condensed Quarterly Financial Information
12 Months Ended
Dec. 31, 2012
Condensed Quarterly Financial Information [Abstract]  
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 2012

 

December 31

 

 

September 30

 

 

June 30

 

 

March 31

Total revenues

$

177,030 

 

$

170,863 

 

$

176,169 

 

$

180,681 

Operating and other expenses

 

68,516 

 

 

67,278 

 

 

66,687 

 

 

65,009 

Direct construction costs

 

4,052 

 

 

980 

 

 

4,337 

 

 

3,278 

General and administrative

 

12,549 

 

 

12,629 

 

 

11,891 

 

 

10,799 

Depreciation and amortization

 

47,349 

 

 

47,169 

 

 

47,320 

 

 

47,170 

Impairments (1)

 

18,245 

 

 

 -

 

 

 -

 

 

 -

Total expenses

 

150,711 

 

 

128,056 

 

 

130,235 

 

 

126,256 

Operating Income

 

26,319 

 

 

42,807 

 

 

45,934 

 

 

54,425 

Interest expense

 

(29,584)

 

 

(30,510)

 

 

(31,645)

 

 

(30,629)

Interest and other investment income

 

 

 

 

 

 

 

13 

Equity in earnings (loss) of unconsolidated

 

 

 

 

 

 

 

 

 

 

 

joint ventures

 

(662)

 

 

2,418 

 

 

1,733 

 

 

600 

Loss from early extinguishment of debt

 

(545)

 

 

 -

 

 

(4,415)

 

 

 -

Total other (expense) income

 

(30,783)

 

 

(28,085)

 

 

(34,320)

 

 

(30,016)

Income (loss) from continuing operations

 

(4,464)

 

 

14,722 

 

 

11,614 

 

 

24,409 

Discontinued operations:

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from discontinued operations

 

1,044 

 

 

1,442 

 

 

1,431 

 

 

846 

Realized gains (losses) and unrealized losses

 

 

 

 

 

 

 

 

 

 

 

 on disposition of rental property, net (1)

 

(7,165)

 

 

12 

 

 

(1,634)

 

 

4,012 

Total discontinued operations, net

 

(6,121)

 

 

1,454 

 

 

(203)

 

 

4,858 

Net income (loss)

 

(10,585)

 

 

16,176 

 

 

11,411 

 

 

29,267 

Noncontrolling interest in consolidated joint ventures

 

74 

 

 

85 

 

 

92 

 

 

79 

Noncontrolling interest in Operating Partnership

 

536 

 

 

(1,803)

 

 

(1,426)

 

 

(2,986)

Noncontrolling interest in discontinued operations

 

748 

 

 

(177)

 

 

24 

 

 

(593)

Preferred stock dividends

 

 -

 

 

 -

 

 

 -

 

 

 -

Net income (loss) available to common shareholders

$

(9,227)

 

$

14,281 

 

$

10,101 

 

$

25,767 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

$

(0.05)

 

$

0.15 

 

$

0.11 

 

$

0.24 

Discontinued operations

 

(0.06)

 

 

0.01 

 

 

 -

 

 

0.05 

Net income (loss) available to common shareholders

$

(0.11)

 

$

0.16 

 

$

0.11 

 

$

0.29 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

$

(0.05)

 

$

0.15 

 

$

0.11 

 

$

0.24 

Discontinued operations

 

(0.06)

 

 

0.01 

 

 

 -

 

 

0.05 

Net income (loss) available to common shareholders

$

(0.11)

 

$

0.16 

 

$

0.11 

 

$

0.29 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends declared per common share

$

0.45 

 

$

0.45 

 

$

0.45 

 

$

0.45 

 

 

(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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended 2011

 

December 31

 

 

September 30

 

 

June 30

 

 

March 31

Total revenues

$

175,512 

 

$

173,181 

 

$

177,254 

 

$

183,159 

Operating and other expenses

 

68,449 

 

 

60,924 

 

 

68,574 

 

 

74,279 

Direct construction costs

 

2,802 

 

 

2,290 

 

 

2,784 

 

 

3,582 

General and administrative

 

8,947 

 

 

8,675 

 

 

9,201 

 

 

8,621 

Depreciation and amortization

 

47,603 

 

 

47,589 

 

 

47,438 

 

 

47,420 

Impairments

 

 -

 

 

 -

 

 

 -

 

 

 -

Total expenses

 

127,801 

 

 

119,478 

 

 

127,997 

 

 

133,902 

Operating Income

 

47,711 

 

 

53,703 

 

 

49,257 

 

 

49,257 

Interest expense

 

(31,337)

 

 

(31,042)

 

 

(30,916)

 

 

(30,892)

Interest and other investment income

 

 

 

10 

 

 

10 

 

 

10 

Equity in earnings (loss) of unconsolidated

 

 

 

 

 

 

 

 

 

 

 

joint ventures

 

848 

 

 

539 

 

 

736 

 

 

(101)

Loss from early extinguishment of debt

 

 -

 

 

 -

 

 

 -

 

 

 -

Total other (expense) income

 

(30,480)

 

 

(30,493)

 

 

(30,170)

 

 

(30,983)

Income (loss) from continuing operations

 

17,231 

 

 

23,210 

 

 

19,087 

 

 

18,274 

Discontinued operations:

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from discontinued operations

 

1,207 

 

 

873 

 

 

1,204 

 

 

301 

Realized gains (losses) and unrealized losses

 

 

 

 

 

 

 

 

 

 

 

 on disposition of rental property, net

 

 -

 

 

 -

 

 

 -

 

 

 -

Total discontinued operations, net

 

1,207 

 

 

873 

 

 

1,204 

 

 

301 

Net income (loss)

 

18,438 

 

 

24,083 

 

 

20,291 

 

 

18,575 

Noncontrolling interest in consolidated joint ventures

 

94 

 

 

96 

 

 

102 

 

 

110 

Noncontrolling interest in Operating Partnership

 

(2,185)

 

 

(2,903)

 

 

(2,405)

 

 

(2,415)

Noncontrolling interest in discontinued operations

 

(153)

 

 

(112)

 

 

(155)

 

 

(41)

Preferred stock dividends

 

(72)

 

 

(664)

 

 

(500)

 

 

(500)

Net income (loss) available to common shareholders

$

16,122 

 

$

20,500 

 

$

17,333 

 

$

15,729 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

$

0.17 

 

$

0.23 

 

$

0.19 

 

$

0.19 

Discontinued operations

 

0.01 

 

 

0.01 

 

 

0.01 

 

 

 -

Net income (loss) available to common shareholders

$

0.18 

 

$

0.24 

 

$

0.20 

 

$

0.19 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

$

0.17 

 

$

0.23 

 

$

0.19 

 

$

0.19 

Discontinued operations

 

0.01 

 

 

0.01 

 

 

0.01 

 

 

 -

Net income (loss) available to common shareholders

$

0.18 

 

$

0.24 

 

$

0.20 

 

$

0.19 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends declared per common share

$

0.45 

 

$

0.45 

 

$

0.45 

 

$

0.45