Annual report pursuant to Section 13 and 15(d)

Consolidated Statements Of Operations

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Consolidated Statements Of Operations (USD $)
In Thousands, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Revenues      
Rental income $ 198,221 $ 182,865 $ 183,074
Other operating income 12,935 9,207 7,966
Total operating revenues 211,156 192,072 191,040
Expenses      
Property operations and maintenance 54,913 51,845 50,726
Real estate taxes 20,404 19,065 19,355
General and administrative 25,986 21,071 18,649
Acquisition costs 3,278 786  
Impairment loss 1,047    
Depreciation and amortization 36,578 32,939 32,736
Total operating expenses 142,206 125,706 121,466
Income from operations 68,950 66,366 69,574
Other income (expenses)      
Interest expense (38,549) (31,711) (50,050)
Interest income 83 84 85
Casualty loss (126)   (390)
Gain on sale of land 1,511   1,127
Equity in (losses) income of joint ventures (340) 240 235
Income from continuing operations 31,529 34,979 20,581
Income from discontinued operations (including a gain on disposal of $6,944 in 2010 and loss on disposal of $1,636 in 2009)    7,562 1,073
Net income 31,529 42,541 21,654
Net income attributable to noncontrolling interest (937) (1,899) (1,738)
Net income attributable to common shareholders $ 30,592 $ 40,642 $ 19,916
Earnings per common share attributable to common shareholders - basic      
Continuing operations $ 1.11 $ 1.20 $ 0.79
Discontinued operations   $ 0.28 $ 0.05
Earnings per share-basic $ 1.11 $ 1.48 $ 0.84
Earnings per common share attributable to common shareholders - diluted      
Continuing operations $ 1.10 $ 1.20 $ 0.79
Discontinued operations   $ 0.28 $ 0.05
Earnings per share-diluted $ 1.10 $ 1.48 $ 0.84
Dividends declared per common share $ 1.80 $ 1.80 $ 1.54