EXHIBIT 99.1
| FOR IMMEDIATE RELEASE | Ref: 04-06 | |
| Contact: | Tabitha Zane |
Sr. Director, Investor Relations
919-431-1529
Highwoods Properties Reports Fourth Quarter and Year End Results
Raleigh, NC – February 24, 2004 – Highwoods Properties, Inc. (NYSE: HIW), the largest owner and operator of suburban office properties in the Southeast, today reported net income available for common stockholders of $5.2 million, or $0.10 per diluted share, for the quarter ended December 31, 2003 compared to net income of $16.3 million, or $0.30 per diluted share, for the same quarter last year. Funds from operations (“FFO”) after minority interest was $32.6 million, or $0.61 per diluted share, for the quarter ended December 31, 2003. This compares to FFO of $39.9 million, or $0.75 per diluted share, for the same period a year ago.
For the year ended December 31, 2003 the Company reported net income available for common stockholders of $24.8 million, or $0.47 per diluted share versus $62.6 million, or $1.17 per diluted share, for 2002. FFO for the full year 2003 was $133.1 million, or $2.49 per diluted share. In comparison, FFO for the full year 2002 was $162.4 million, or $3.04 per share.
The Company’s FFO results for 2003 were reduced by $0.11 as a result of two factors. First, in connection with the SEC’s adoption of Regulation G, which governs the presentation of non-GAAP financial measures, the Company revised its definition of FFO for 2003 and all periods presented relating to the add back of non real estate depreciation and amortization. The revision changed FFO for all of 2003 and 2002 by $0.06 and $0.05 per share, respectively. The impact on the fourth quarters of 2003 and 2002 was $0.01 per share in each of those years. Second, as previously reported, full year 2003 FFO was reduced by $0.05 per share as a result of a Financial Reporting Alert issued by the National Association of Real Estate Investment Trusts stating that impairment write-downs of depreciable assets must be included in FFO. There were no asset impairments in the fourth quarter of 2003. A reconciliation of FFO to GAAP net income is included in the financial tables. (See also “Non-GAAP Information” below)
Commenting on the quarter Ronald P. Gibson, chief executive officer of Highwoods said,“Although leasing activity remained strong in the fourth quarter as it has throughout the year, the operating environment remains challenging in the face of weak job growth. Our focus this year remains on growing occupancy, enhancing operating efficiencies and managing leasing costs.”
Highwoods Properties Ref: 04-06
February 24, 2004
Page 2 of 9
Fourth Quarter and Year End Highlights
| • | Fourth quarter second generation leasing activity in Highwoods’ portfolio totaled 2.2 million square feet, 44% of which was office space. For the full year the Company leased 7.5 million square feet, a 34% increase from total leasing activity in 2002. Occupancy in the Company’s 34.9 million square foot in-service portfolio at December 31, 2003 was 81.5% as compared to 81.2% at September 30, 2003 and 82.2% at year-end 2002. |
| • | Rental revenues from continuing operations were $107.9 million, a slight increase from fourth quarter 2002 rental revenues of $107.2 million. For the full year rental revenues from continuing operations declined 2.5% to $422.1 million. |
| • | Cash available for distribution (“CAD”) was $19.8 million versus CAD of $31.7 million for the fourth quarter of 2002. Full year CAD was $96.8 million compared to $164.4 million for 2002. A reconciliation of CAD to GAAP net income is included in the financial tables. See also “Non-GAAP Information” below. |
| • | As reported in January 2004, the Company was awarded a 112,000 square foot build-to-suit contract with a 15-year lease term by the General Services Administration to develop a field office for the Federal Bureau of Investigation, an independent agency of the United States Government, in Tampa, Florida. This is the second government build-to-suit project Highwoods has been awarded in the last six months. |
Asset Repositioning
As previously reported, in the fourth quarter, the Company sold 16 properties encompassing 2.0 million square feet, 96% of which was industrial space, and 82.7 acres of land for a total of $74.3 million. The average occupancy of the assets sold in the fourth quarter was 98.8%.
Total asset sales in 2003 were $202.0 million and included 3.3 million square feet of office and industrial space and 121.1 acres of land. In addition, during the fourth quarter Highwoods contributed three in-service office properties containing 291,000 square feet of space to its existing joint venture with Markel Corporation. These three properties, which were 98.6% leased, were valued at $35.6 million. Highwoods and Markel will each continue to own a 50% interest in the joint venture.
On July 31, 2003 the Company announced that it had entered into an option agreement to acquire Miller Global’s 80% interest in the assets in the MG-HIW Orlando joint venture on or before March 24, 2004 for approximately $62.5 million. The assets in this joint venture consist of five properties encompassing 1.3 million square feet and are encumbered by $136.2 million of debt. In January 2004 the Company signed a Letter of Intent with Dreilander-Fonds (DLF), a European investment firm, under which DLF will acquire a 60% equity interest in the Orlando properties for approximately $45.5 million. The Company currently has two existing joint ventures with DLF. The Company expects to acquire Miller Global’s interest next month and close the transaction with DLF no later than the end of the third quarter.
Highwoods Properties Ref: 04-06
February 24, 2004
Page 3 of 9
Outlook
Based upon recent operating trends and changes related to the timing of anticipated acquisitions and dispositions, the Company is lowering its FFO guidance. In November 2003, when 2004 guidance was originally provided the Company anticipated FFO would be between $2.50 and $2.65, including a $0.05 reduction to FFO as a result of the Company revising its definition of FFO relating to the add back of non real estate depreciation and amortization. The Company now expects FFO for 2004 to be between $2.40 and $2.50 per share. Projections for 2004 exclude any potential asset gains or impairments associated with operating property dispositions currently contemplated or otherwise.
These forward-looking statements are subject to risks and uncertainties that exist in Highwoods’ operations and business environment. See the Company’s cautionary language regarding forward-looking statements set forth at the bottom of this release.
Non-GAAP Information
We believe that FFO is one of several indicators of the performance of an equity REIT. FFO can facilitate comparisons of operating performance between periods and between other REITs because it excludes factors, such as depreciation, amortization and gains and losses from sales of real estate assets, which are based on historical cost and may be of limited relevance in evaluating current performance. FFO as disclosed by other REITs may not be comparable to our calculation of FFO. Our calculation of FFO is consistent with FFO as defined by NAREIT. CAD is another useful financial performance measure of an equity REIT. CAD provides an additional basis to evaluate the ability of a REIT to incur and service debt, fund acquisitions and other capital expenditures and pay distributions. CAD does not measure whether cash flow is sufficient to fund all cash needs. FFO and CAD are non-GAAP financial measures and do not represent net income or cash flows from operating, investing or financing activities as defined by GAAP. They should not be considered as alternatives to net income as an indicator of our operating performance or to cash flows as a measure of liquidity.
FFO is defined by NAREIT as net income or loss, excluding gains or losses from sales of depreciated property, plus operating property depreciation and amortization and adjustments for minority interest and unconsolidated companies on the same basis.
CAD is defined as FFO reduced by non-revenue enhancing capital expenditures for building improvements and tenant improvements and lease commissions related to second-generation space. In addition, CAD includes both recurring and nonrecurring operating results. As a result, nonrecurring items that are not defined as “extraordinary” under GAAP are reflected in the calculation of CAD. In addition, nonrecurring items included in the calculation of CAD for periods ended after March 28, 2003 meet the requirements of Item 10(e) of Regulation S-K, as amended January 22, 2003.
Highwoods Properties Ref: 04-06
February 24, 2004
Page 4 of 9
Supplemental Information
A copy of the Company’s fourth quarter 2003 Supplemental Information that includes detailed operating and financial information is available in the “Investor Relations/Quarterly Earnings” section of the Company’s Web site atwww.highwoods.com. The Supplemental Information, together with this release, has been furnished to the Securities and Exchange Commission on Form 8-K. You may also obtain a copy of the Supplemental Information by contacting Highwoods Investor Relations at 919-875-6717 / 800-256-2963 or by e-mail to HIW-IR@highwoods.com. If you would like to receive future Supplemental Information packages by e-mail or fax, please contact the Investor Relations department as noted above or by written request to: Investor Relations Department, Highwoods Properties, Inc., 3100 Smoketree Court, Suite 600, Raleigh, NC 27604.
Conference Call
Highwoods will conduct a conference call to discuss the results of its fourth quarter and year end on Wednesday, February 25, 2004, at 10:00 a.m. Eastern Time. All interested parties are invited to listen to the call. The dial-in number is (888) 202-5268 domestic, (706) 643-7509 international. The call will also be available live on our web site atwww.highwoods.com under the “Investor Relations” section.
Telephone and web cast replays will be available two hours after the completion of the call. The telephone replay will be available for one week beginning at 1:00 p.m. Eastern Time. Dial-in numbers for the replay are (800) 642-1687 US/Canada, (706) 645-9291 International. The conference ID is 4787469.
About the Company
Highwoods Properties, Inc., a member of the S&P MidCap 400 Index, is a fully integrated, self-administered real estate investment trust (“REIT”) that provides leasing, management, development, construction and other customer-related services for its properties and for third parties. As of December 31, 2003, the Company owned or had an interest in 530 in-service office, industrial and retail properties encompassing approximately 41.7 million square feet. Highwoods also owns approximately 1,305 acres of development land. Highwoods is based in Raleigh, North Carolina, and its properties and development land are located in Florida, Georgia, Iowa, Kansas, Missouri, North Carolina, South Carolina, Tennessee and Virginia. For more information about Highwoods Properties, please visit our Web site atwww.highwoods.com.
Certain matters discussed in this press release, such as the effect of tenant bankruptcies on our operations, expected leasing and financing activities, financial and operating performance and share repurchases and the cost and timing of expected development projects and asset dispositions, are forward-looking statements within the meaning of the federal securities laws. These statements are distinguished by use of the words “will”, “expect”, “intends” and words of similar meaning. Although Highwoods believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved.
Highwoods Properties Ref: 04-06
February 24, 2004
Page 5 of 9
Factors that could cause actual results to differ materially from Highwoods’ current expectations are detailed in the Company’s 2002 Annual Report on Form 10-K and subsequent SEC reports and include, among others, the following: the financial condition of our customers could deteriorate; speculative development by others could result in excessive supply of office properties relative to customer demand; we may not be able to lease or re-lease space quickly or on as favorable terms as old leases; and unexpected difficulties in obtaining additional capital to satisfy our future cash needs or unexpected increases in interest rates would increase our debt service costs.
Financial tables follow.
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Highwoods Properties, Inc.
Consolidated Statements of Income
(In thousands, except per share amounts)
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| 2003 | 2002 | 2003 | 2002 | |||||||||||||
Rental revenue | $ | 107,901 | $ | 107,153 | $ | 422,062 | $ | 433,065 | ||||||||
Operating expenses: | ||||||||||||||||
Rental property | 38,321 | 34,553 | 147,380 | 137,713 | ||||||||||||
Depreciation and amortization | 34,054 | 35,366 | 129,225 | 121,749 | ||||||||||||
General and administrative (includes $3,700 of nonrecurring compensation expense in 2002) | 6,671 | 6,026 | 24,815 | 24,576 | ||||||||||||
Litigation expense | — | — | — | 2,700 | ||||||||||||
Total operating expenses | 79,046 | 75,945 | 301,420 | 286,738 | ||||||||||||
Interest expense: | ||||||||||||||||
Contractual | 27,575 | 29,751 | 111,193 | 109,512 | ||||||||||||
Amortization of deferred financing costs | 876 | 366 | 3,078 | 1,393 | ||||||||||||
| 28,451 | 30,117 | 114,271 | 110,905 | |||||||||||||
Other income: | ||||||||||||||||
Interest and other income | 3,343 | 4,781 | 11,916 | 13,562 | ||||||||||||
Equity in earnings of unconsolidated affiliates | 1,848 | 1,765 | 4,750 | 8,063 | ||||||||||||
| 5,191 | 6,546 | 16,666 | 21,625 | |||||||||||||
Income before gain/(loss) on disposition of land and depreciable assets, minority interest and discontinued operations | 5,595 | 7,637 | 23,037 | 57,047 | ||||||||||||
Gain on disposition of land | 397 | 396 | 3,739 | 6,894 | ||||||||||||
(Loss)/gain on disposition and impairment of depreciable assets, net | — | (548 | ) | 37 | 4,502 | |||||||||||
Income before minority interest and discontinued operations | 5,992 | 7,485 | 26,813 | 68,443 | ||||||||||||
Minority interest | (628 | ) | (852 | ) | (3,003 | ) | (8,296 | ) | ||||||||
Income from continuing operations | 5,364 | 6,633 | 23,810 | 60,147 | ||||||||||||
Discontinued operations: | ||||||||||||||||
Income from discontinued operations, net of minority interest | 2,462 | 4,822 | 14,326 | 21,707 | ||||||||||||
Gain on sale of discontinued operations, net of minority interest | 5,104 | 12,562 | 17,559 | 11,607 | ||||||||||||
| 7,566 | 17,384 | 31,885 | 33,314 | |||||||||||||
Net income | 12,930 | 24,017 | 55,695 | 93,461 | ||||||||||||
Dividends on preferred stock | (7,713 | ) | (7,713 | ) | (30,852 | ) | (30,852 | ) | ||||||||
Net income available for common stockholders | $ | 5,217 | $ | 16,304 | $ | 24,843 | $ | 62,609 | ||||||||
Net income per common share - diluted: | ||||||||||||||||
(Loss)/income from continuing operations | $ | (0.05 | ) | $ | (0.02 | ) | $ | (0.13 | ) | $ | 0.55 | |||||
Income from discontinued operations | 0.15 | 0.32 | 0.60 | 0.62 | ||||||||||||
Net income | $ | 0.10 | $ | 0.30 | $ | 0.47 | $ | 1.17 | ||||||||
Weighted average common shares outstanding - diluted | 53,651 | 53,407 | 53,409 | 53,485 | ||||||||||||
Highwoods Properties, Inc.
Funds from Operations and Cash Available for Distributions
(In thousands, except per share amounts and ratios)
| Three Months Ended | Year Ended | |||||||||||||||||||||||||||||||
| 2003 | 2002 | 2003 | 2002 | |||||||||||||||||||||||||||||
| Amount | Per Share Diluted | Amount | Per Share Diluted | Amount | Per Share Diluted | Amount | Per Share Diluted | |||||||||||||||||||||||||
Funds from operations: | ||||||||||||||||||||||||||||||||
Net income | $ | 12,930 | $ | 24,017 | $ | 55,695 | $ | 93,461 | ||||||||||||||||||||||||
Dividends to preferred shareholders | (7,713 | ) | (7,713 | ) | (30,852 | ) | (30,852 | ) | ||||||||||||||||||||||||
Net income applicable to common shares | 5,217 | $ | 0.10 | 16,304 | $ | 0.30 | 24,843 | $ | 0.47 | 62,609 | $ | 1.17 | ||||||||||||||||||||
Add/(Deduct): | ||||||||||||||||||||||||||||||||
Depreciation and amortization of real estate assets (1) | 33,244 | 0.62 | 34,517 | 0.65 | 125,779 | 2.35 | 118,367 | 2.22 | ||||||||||||||||||||||||
Gain/(loss) on disposition of depreciable real estate assets (2) | — | — | 197 | — | (37 | ) | — | (14,421 | ) | (0.27 | ) | |||||||||||||||||||||
Minority interest in income from operations | 628 | 0.01 | 852 | 0.02 | 3,003 | 0.06 | 8,296 | 0.16 | ||||||||||||||||||||||||
Unconsolidated affiliates: | ||||||||||||||||||||||||||||||||
Depreciation and amortization of real estate assets (1) | 2,086 | 0.04 | 2,554 | 0.05 | 9,225 | 0.17 | 9,619 | 0.18 | ||||||||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||||||||
Depreciation and amortization of real estate assets | 99 | — | 2,650 | 0.05 | 2,918 | 0.05 | 12,028 | 0.22 | ||||||||||||||||||||||||
Gain on sale, net of minority interest (2) | (5,104 | ) | (0.10 | ) | (12,562 | ) | (0.24 | ) | (17,847 | ) | (0.33 | ) | (15,191 | ) | (0.28 | ) | ||||||||||||||||
Minority interest in income from discontinued operations | 293 | 0.01 | 635 | 0.01 | 1,792 | 0.03 | 2,909 | 0.05 | ||||||||||||||||||||||||
Funds from operations before amounts allocable to minority interest (3) | 36,463 | 0.68 | 45,147 | 0.84 | 149,676 | 2.80 | 184,216 | 3.45 | ||||||||||||||||||||||||
Minority interest in funds from operations | (3,865 | ) | (0.07 | ) | (5,255 | ) | (0.09 | ) | (16,554 | ) | (0.31 | ) | (21,811 | ) | (0.41 | ) | ||||||||||||||||
Funds from operations applicable to common shares (3) | $ | 32,598 | $ | 0.61 | $ | 39,892 | $ | 0.75 | $ | 133,122 | $ | 2.49 | $ | 162,405 | $ | 3.04 | ||||||||||||||||
Cash available for distribution: | ||||||||||||||||||||||||||||||||
Funds from operations before amounts allocable to minority interest | $ | 36,463 | $ | 45,147 | $ | 149,676 | $ | 184,216 | ||||||||||||||||||||||||
Add/(Deduct): | ||||||||||||||||||||||||||||||||
Rental income from straight-line rents | (688 | ) | (1,132 | ) | (5,189 | ) | (3,672 | ) | ||||||||||||||||||||||||
Amortization of intangible lease assets | 305 | — | 517 | — | ||||||||||||||||||||||||||||
Depreciation of non-real estate assets (1) | 810 | 849 | 3,446 | 3,382 | ||||||||||||||||||||||||||||
Impairment charges | — | 351 | 2,701 | 13,503 | ||||||||||||||||||||||||||||
Amortization of deferred financing costs | 876 | 366 | 3,078 | 1,393 | ||||||||||||||||||||||||||||
Non-recurring compensation expense | — | — | — | 3,700 | ||||||||||||||||||||||||||||
Litigation expense | — | — | — | 2,700 | ||||||||||||||||||||||||||||
Non-incremental revenue generating capital expenditures: | ||||||||||||||||||||||||||||||||
Building improvements paid | (2,384 | ) | (3,086 | ) | (12,409 | ) | (7,947 | ) | ||||||||||||||||||||||||
Second generation tenant improvements paid | (9,802 | ) | (7,796 | ) | (27,810 | ) | (20,531 | ) | ||||||||||||||||||||||||
Second generation lease commissions paid | (5,793 | ) | (2,968 | ) | (17,258 | ) | (12,321 | ) | ||||||||||||||||||||||||
| (17,979 | ) | (13,850 | ) | (57,477 | ) | (40,799 | ) | |||||||||||||||||||||||||
Cash available for distribution | $ | 19,787 | $ | 31,731 | $ | 96,752 | $ | 164,423 | ||||||||||||||||||||||||
Dividend payout data: | ||||||||||||||||||||||||||||||||
Dividends paid per common share/common unit - diluted | $ | 0.425 | $ | 0.585 | $ | 1.860 | $ | 2.340 | ||||||||||||||||||||||||
Funds from operations | 69.7 | % | 78.0 | % | 74.7 | % | 77.0 | % | ||||||||||||||||||||||||
Cash available for distribution | 128.9 | % | 111.4 | % | 115.4 | % | 86.3 | % | ||||||||||||||||||||||||
Weighted average shares outstanding - diluted | 53,651 | 53,407 | 53,409 | 53,485 | ||||||||||||||||||||||||||||
Weighted average shares/units outstanding - diluted | 59,990 | 60,437 | 60,034 | 60,631 | ||||||||||||||||||||||||||||
Net cash provided by/(used in): | ||||||||||||||||||||||||||||||||
Operating activities | $ | 28,360 | $ | 28,128 | $ | 157,120 | $ | 201,107 | ||||||||||||||||||||||||
Investing activities | 64,535 | 110,308 | 65,511 | 195,587 | ||||||||||||||||||||||||||||
Financing activities | (87,414 | ) | (141,417 | ) | (215,084 | ) | (386,253 | ) | ||||||||||||||||||||||||
Net increase/(decrease) in cash and cash equivalents | $ | 5,481 | $ | (2,981 | ) | $ | 7,547 | $ | 10,441 | |||||||||||||||||||||||
| (1) | In connection with the SEC’s adoption of Regulation G, which governs the presentation of non-GAAP financial measures in documents filed with the SEC, the Company revised its definition of FFO for 2003 and all periods presented relating to the add-back of non-real estate depreciation and amortization. The change reduced FFO before amounts allocable to minority interest by $810,000 or $0.01 per share for the fourth quarter of 2003 and by $849,000 or $0.01 per share for the fourth quarter of 2002. For the full year 2003, the impact was $3.4 million, or $0.06 per share, and for the full year 2002, the input was $3.4 million or $0.05 per share. |
Highwoods Properties, Inc.
Funds from Operations and Cash Available for Distributions (continued)
(In thousands, except per share amounts and ratios)
| (2) | In October 2003, NAREIT issued a Financial Reporting Alert that changed its current implementation guidance for FFO regarding impairment charges. Accordingly, impairment charges related to depreciable assets have now been included in FFO for the periods presented. The following is a reconciliation of gain/(loss) on disposition of depreciable assets included in the FFO calculation and gain/(loss) on disposition of depreciable assets included in the Company’s Consolidated Statements of Income for the three months and year ended December 31, 2003 and 2002: |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
| 2003 | 2002 | 2003 | 2002 | ||||||||||||
Continuing Operations: | |||||||||||||||
Gain/(loss) on disposition of depreciable assets per FFO calculation | $ | — | $ | (197 | ) | $ | 37 | $ | 14,421 | ||||||
Impairment charges | — | (351 | ) | — | (9,919 | ) | |||||||||
Gain/(loss) on disposition and impairment of depreciable assets, net per Consolidated Statements of Income | $ | — | $ | (548 | ) | $ | 37 | $ | 4,502 | ||||||
Discontinued Operations: | |||||||||||||||
Gain/(loss) on disposition of depreciable assets per FFO calculation | $ | 5,104 | $ | 12,562 | $ | 17,847 | $ | 15,191 | |||||||
Impairment charges | — | — | (288 | ) | (3,584 | ) | |||||||||
Gain/(loss) on disposition and impairment of depreciable assets, net per Consolidated Statements of Income | $ | 5,104 | $ | 12,562 | $ | 17,559 | $ | 11,607 | |||||||
In addition to the impairment charges detailed above, FFO for the year ended December 31, 2003 also excludes a $2.4 million impairment charge included in the Company’s equity in earnings of unconsolidated affiliates related to the acquisition of certain assets of the MG-HIW, LLC joint venture by the Company.
| (3) | As a result of the FASB’s “Rescission of FASB Statements No. 4, 44 and 64, Amendment of FASB Statement No. 13, and Technical Corrections” (“SFAS 145”), losses on the extinguishment of debt will no longer be classified as an extraordinary item in the Company’s Consolidated Statements of Income. Therefore, the calculation of FFO no longer includes an add-back of this amount. FFO before amounts allocable to minority interest for the year ended December 31, 2002 was decreased by $687,000, which represents a loss on the extinguishment of debt incurred during those periods. There were no losses on the extinguishment of debt incurred in 2003. |
As a result of the changes to the FFO calculation as outlined in footnotes (1), (2) and (3) FFO has been reduced by the following in dollars and per share amounts:
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| 2003 | 2002 | 2003 | 2002 | |||||||||||||
FFO in dollars before amounts allocable to minority interest | $ | (810 | ) | $ | (1,200 | ) | $ | (6,147 | ) | $ | (17,572 | ) | ||||
FFO per share | $ | (0.01 | ) | $ | (0.02 | ) | $ | (0.11 | ) | $ | (0.29 | ) | ||||
Highwoods Properties, Inc.
Consolidated Balance Sheets
(in thousands)
| December 31, | ||||||||
| 2003 | 2002 | |||||||
Assets: | ||||||||
Real estate assets, at cost: | ||||||||
Land and improvements | $ | 397,131 | $ | 395,556 | ||||
Buildings and tenant improvements | 2,903,147 | 2,834,670 | ||||||
Development in process | 6,899 | 6,420 | ||||||
Land held for development | 191,158 | 164,341 | ||||||
Furniture, fixtures and equipment | 21,818 | 20,966 | ||||||
| 3,520,153 | 3,421,953 | |||||||
Less-accumulated depreciation | (537,851 | ) | (455,685 | ) | ||||
Net real estate assets | 2,982,302 | 2,966,268 | ||||||
Property held for sale | 65,724 | 166,703 | ||||||
Cash and cash equivalents | 18,564 | 11,017 | ||||||
Restricted cash | 6,320 | 8,582 | ||||||
Accounts receivable, net | 17,827 | 13,578 | ||||||
Notes receivable | 24,623 | 31,057 | ||||||
Accrued straight-line rents receivable | 51,189 | 48,777 | ||||||
Investment in unconsolidated affiliates | 74,665 | 79,504 | ||||||
Other assets: | ||||||||
Deferred leasing costs | 110,362 | 99,895 | ||||||
Deferred financing costs | 46,198 | 26,120 | ||||||
Prepaid expenses and other | 13,799 | 15,295 | ||||||
| 170,359 | 141,310 | |||||||
Less-accumulated amortization | (84,764 | ) | (71,427 | ) | ||||
Other assets, net | 85,595 | 69,883 | ||||||
Total Assets | $ | 3,326,809 | $ | 3,395,369 | ||||
Liabilities and Stockholders’ Equity: | ||||||||
Mortgages and notes payable | $ | 1,558,758 | $ | 1,528,720 | ||||
Accounts payable, accrued expenses and other liabilities | 111,772 | 120,614 | ||||||
Total Liabilities | 1,670,530 | 1,649,334 | ||||||
Minority interest | 165,250 | 188,563 | ||||||
Stockholders’ Equity: | ||||||||
Preferred stock | 377,445 | 377,445 | ||||||
Common stock | 535 | 534 | ||||||
Additional paid-in capital | 1,393,103 | 1,390,043 | ||||||
Distributions in excess of net earnings | (271,971 | ) | (197,647 | ) | ||||
Accumulated other comprehensive loss | (3,650 | ) | (9,204 | ) | ||||
Deferred compensation | (4,433 | ) | (3,699 | ) | ||||
Total Stockholders’ Equity | 1,491,029 | 1,557,472 | ||||||
Total Liabilities and Stockholders’ Equity | $ | 3,326,809 | $ | 3,395,369 | ||||