The financial information included in the following table has been derived from the audited consolidated financial statements for the periods indicated. This information should be read together with our audited financial statements and Management’s Discussion and Analysis of the Financial Condition and Results of Operations included in Exhibit 99.2, as well as Management’s Discussion and Analysis of the Financial Condition and Results of Operations included in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2006.
| | Years Ended December 31, | |
| | 2005 | | 2004 | | 2003 | | 2002 | | 2001 | |
| | (In thousands, except per share amounts) | |
Statement of Income Data: | | | | | | | | | | | |
Rental revenues: | | | | | | | | | | | |
Rental income | | $ | 367,808 | | $ | 377,067 | | $ | 352,439 | | $ | 281,265 | | $ | 213,303 | |
Percentage rents | | 5,862 | | 6,042 | | 6,425 | | 5,450 | | 3,883 | |
Expense reimbursements | | 99,793 | | 95,260 | | 95,231 | | 75,190 | | 55,528 | |
Fee income | | 10,957 | | 4,797 | | 5,265 | | 5,266 | | 1,909 | |
Total rental revenues | | 484,420 | | 483,166 | | 459,360 | | 367,171 | | 274,623 | |
| | | | | | | | | | | |
Expenses: | | | | | | | | | | | |
Operating costs | | 77,627 | | 81,478 | | 84,096 | | 60,450 | | 41,928 | |
Real estate taxes | | 65,818 | | 59,968 | | 56,899 | | 43,597 | | 31,117 | |
Depreciation and amortization | | 92,125 | | 88,296 | | 75,121 | | 62,270 | | 49,081 | |
Provision for doubtful accounts | | 11,281 | | 8,859 | | 6,867 | | 8,672 | | 4,944 | |
Severance costs | | — | | — | | — | | — | | 896 | |
General and administrative | | 26,359 | | 17,694 | | 18,225 | | 16,487 | | 8,929 | |
Total expenses | | 273,210 | | 256,295 | | 241,208 | | 191,476 | | 136,895 | |
| | | | | | | | | | | |
Income before real estate sales, minority interest and other income and expenses | | 211,210 | | 226,871 | | 218,152 | | 175,695 | | 137,728 | |
| | | | | | | | | | | |
Other income and expenses: | | | | | | | | | | | |
Interest, dividend and other income | | 4,225 | | 3,523 | | 4,131 | | 5,734 | | 12,511 | |
Equity participation in ERT | | — | | — | | — | | — | | (4,313 | ) |
Equity in income of unconsolidated ventures | | 4,045 | | 1,513 | | 3,438 | | 5,245 | | 985 | |
Interest expense | | (118,044 | ) | (106,054 | ) | (101,006 | ) | (92,255 | ) | (77,096 | ) |
Foreign currency loss | | — | | — | | — | | (13 | ) | (560 | ) |
Impairment of real estate | | (859 | ) | (43 | ) | (3,536 | ) | (70,616 | ) | (13,107 | ) |
Minority interest in income of consolidated partnership and joint ventures | | (5,953 | ) | (853 | ) | (1,554 | ) | (642 | ) | (848 | ) |
Income from continuing operations | | 94,624 | | 124,957 | | 119,625 | | 23,148 | | 55,300 | |
| | | | | | | | | | | |
Discontinued operations: | | | | | | | | | | | |
Results of discontinued operations | | 7,005 | | 8,993 | | 12,331 | | 34,820 | | 46,752 | |
Gain (loss) on sale of discontinued operations | | 17,787 | | (1,139 | ) | 4,018 | | 100,838 | | 3,130 | |
Impairment of real estate held for sale | | — | | (88 | ) | (6,953 | ) | (36,945 | ) | — | |
Income from discontinued operations | | 24,792 | | 7,766 | | 9,396 | | 98,713 | | 49,882 | |
| | | | | | | | | | | |
Income before gain (loss) on sale of real estate | | 119,416 | | 132,723 | | 129,021 | | 121,861 | | 105,182 | |
| | | | | | | | | | | |
Gain (loss) on sale of real estate | | 186,908 | | 1,217 | | — | | 201 | | (20 | ) |
| | | | | | | | | | | |
Net income | | $ | 306,324 | | $ | 133,940 | | $ | 129,021 | | $ | 122,062 | | $ | 105,162 | |
| | | | | | | | | | | |
Net income available to common stock – basic | | $ | 284,436 | | $ | 112,470 | | $ | 107,221 | | $ | 108,036 | | $ | 82,523 | |
Net income available to common stock – diluted | | $ | 289,506 | | $ | 113,266 | | $ | 108,776 | | $ | 108,678 | | $ | 83,371 | |
| | | | | | | | | | | |
Basic earnings per common share: | | | | | | | | | | | |
Earnings per share – continuing operations | | $ | 2.51 | | $ | 1.03 | | $ | 1.00 | | $ | 0.10 | | $ | 0.38 | |
Earnings per share - discontinued operations | | 0.24 | | 0.08 | | 0.10 | | 1.04 | | 0.57 | |
Basic earnings per common share | | $ | 2.75 | | $ | 1.11 | | $ | 1.10 | | $ | 1.14 | | $ | 0.95 | |
| | | | | | | | | | | |
Diluted earnings per common share: | | | | | | | | | | | |
Earnings per share – continuing operations | | $ | 2.48 | | $ | 1.02 | | $ | 0.99 | | $ | 0.11 | | $ | 0.38 | |
Earnings per share - discontinued operations | | 0.23 | | 0.08 | | 0.09 | | 1.02 | | 0.56 | |
Diluted earnings per common share | | $ | 2.71 | | $ | 1.10 | | $ | 1.08 | | $ | 1.13 | | $ | 0.94 | |
| | | | | | | | | | | |
Average shares outstanding - basic | | 103,393 | | 100,894 | | 97,318 | | 95,119 | | 87,241 | |
Average shares outstanding - diluted | | 106,834 | | 103,345 | | 100,269 | | 96,552 | | 88,799 | |
| | | | | | | | | | | |
Other Data: | | | | | | | | | | | |
Distributions per common share (1) | | $ | 4.45 | | $ | 1.65 | | $ | 1.65 | | $ | 1.65 | | $ | 1.65 | |
| | | | | | | | | | | |
Balance Sheet Data as of the End of Each Period: | | | | | | | | | | | |
Net real estate | | $ | 3,016,262 | | $ | 3,559,763 | | $ | 3,294,037 | | $ | 3,269,476 | | $ | 2,413,891 | |
Total assets | | 3,369,762 | | 3,831,742 | | 3,558,596 | | 3,515,279 | | 2,622,866 | |
Long term debt, net (2) | | 1,644,881 | | 1,996,319 | | 1,776,004 | | 1,713,476 | | 949,684 | |
Total liabilities | | 1,820,717 | | 2,160,797 | | 1,934,588 | | 1,902,996 | | 1,107,361 | |
Minority interest in consolidated partnership and joint ventures | | 57,659 | | 30,784 | | 37,865 | | 39,434 | | 22,267 | |
Total stockholders’ equity | | 1,491,386 | | 1,640,161 | | 1,586,143 | | 1,572,849 | | 1,493,238 | |
