| |
| (In thousands, except per share and share amounts) |
2002 |
2001 |
 |
Assets |
|
|
|
|
|
|
| Rental property: |
|
|
|
|
|
|
| Land |
$ |
668,223 |
|
$ |
647,747 |
|
| Buildings |
|
1,967,496 |
|
|
1,857,775 |
|
| Tenant improvements |
|
367,901 |
|
|
362,736 |
|
| Furniture, fixtures and equipment |
|
4,262 |
|
|
3,789 |
|
|
|
| |
|
3,007,882 |
|
|
2,872,047 |
|
| Less: Accumulated depreciation |
|
(569,970 |
) |
|
(477,694 |
) |
|
|
| Total rental property |
|
2,437,912 |
|
|
2,394,353 |
|
| Land held for development or sale |
|
44,778 |
|
|
45,195 |
|
| Construction in progress |
|
12,732 |
|
|
19,324 |
|
| Cash and cash equivalents |
|
3,023 |
|
|
5,041 |
|
| Restricted deposits |
|
4,505 |
|
|
5,410 |
|
| Accounts and notes receivable, net of allowance for |
|
|
|
|
|
|
| doubtful accounts of $5,959 and $9,385, respectively |
|
20,391 |
|
|
34,436 |
|
| Investments in unconsolidated entities |
|
125,079 |
|
|
118,479 |
|
| Accrued straight-line rents |
|
74,884 |
|
|
66,781 |
|
| Tenant leasing costs, net of accumulated amortization |
|
|
|
|
|
|
| of $69,220 and $53,704, respectively |
|
42,170 |
|
|
53,894 |
|
| Prepaid expenses and other assets, net of accumulated |
|
|
|
|
|
|
| amortization of $34,414 and $28,193, respectively |
|
50,231 |
|
|
32,514 |
|
|
|
| |
$ |
2,815,705 |
|
$ |
2,775,427 |
|
|
|
Liabilities,
Minority Interest and Stockholders Equity |
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
| Mortgages and notes payable |
$ |
1,603,949 |
|
$ |
1,399,230 |
|
| Accounts payable and accrued expenses |
|
102,153 |
|
|
82,671 |
|
| Rent received in advance and security deposits |
|
35,590 |
|
|
32,326 |
|
|
|
| Total liabilities |
|
1,741,692 |
|
|
1,514,227 |
|
| Minority interest |
|
76,222 |
|
|
83,393 |
|
| Stockholders equity: |
|
|
|
|
|
|
| Preferred Stock, $0.01 par value, authorized 35,000,000
shares: |
|
|
|
|
|
|
| Series A Cumulative Convertible Redeemable Preferred
Stock, |
|
|
|
|
|
|
| 80,000 shares issued and outstanding at December
31, 2001 |
|
– |
|
|
2,000 |
|
| Series B, C and D Cumulative Redeemable Preferred
Stock, 3,622,589 |
|
|
|
|
|
|
| and 8,800,000 shares issued and outstanding,
respectively |
|
254,518 |
|
|
400,000 |
|
| Common Stock, $0.01 par value, authorized 180,000,000
shares, issued |
|
|
|
|
|
|
| and outstanding 51,835,647 and 51,965,066 shares,
respectively |
|
518 |
|
|
520 |
|
| Additional paid-in capital |
|
951,281 |
|
|
955,001 |
|
| Cumulative dividends in excess of net income |
|
(208,526 |
) |
|
(179,714 |
) |
|
|
| Total stockholders equity |
|
997,791 |
|
|
1,177,807 |
|
| Commitments and contingencies |
|
|
|
|
|
|
| |
$ |
2,815,705 |
|
$ |
2,775,427 |
|
|
|
See accompanying notes to consolidated financial statements. |
|
|
