| |
| (In thousands, except per share amounts) |
2002 |
2001 |
2000 |
 |
| Operating revenues: |
|
|
|
|
|
|
|
|
|
| Rental
revenue: |
|
|
|
|
|
|
|
|
|
| Minimum
base rent |
$ |
422,247 |
|
$ |
418,978 |
|
$ |
439,429 |
|
| Recoveries
from tenants |
|
67,368 |
|
|
63,885 |
|
|
64,725 |
|
| Parking
and other tenant charges |
|
13,576 |
|
|
11,886 |
|
|
19,447 |
|
 |
 |
| Total
rental revenue |
|
503,191 |
|
|
494,749 |
|
|
523,601 |
|
| Real
estate service revenue |
|
24,538 |
|
|
31,037 |
|
|
26,172 |
|
 |
 |
| Total
operating revenues |
|
527,729 |
|
|
525,786 |
|
|
549,773 |
|
 |
 |
| Operating expenses: |
|
|
|
|
|
|
|
|
|
| Property
expenses: |
|
|
|
|
|
|
|
|
|
| Operating
expenses |
|
127,899 |
|
|
123,377 |
|
|
123,355 |
|
| Real
estate taxes |
|
44,690 |
|
|
39,329 |
|
|
45,864 |
|
| Interest
expense |
|
99,018 |
|
|
83,676 |
|
|
100,189 |
|
| General
and administrative |
|
41,650 |
|
|
49,457 |
|
|
42,796 |
|
| Depreciation
and amortization |
|
126,597 |
|
|
120,414 |
|
|
123,482 |
|
 |
 |
| Total
operating expenses |
|
439,854 |
|
|
416,253 |
|
|
435,686 |
|
 |
 |
| Real
estate operating income |
|
87,875 |
|
|
109,533 |
|
|
114,087 |
|
 |
 |
| Other (expense) income: |
|
|
|
|
|
|
|
|
|
| Other
income |
|
1,086 |
|
|
3,052 |
|
|
4,372 |
|
| Equity
in earnings of unconsolidated entities |
|
7,188 |
|
|
9,322 |
|
|
7,596 |
|
| Impairment
loss on investments |
|
(500 |
) |
|
(42,249 |
) |
|
– |
|
| Obligations
under lease guarantees |
|
(8,693 |
) |
|
– |
|
|
– |
|
 |
 |
| Total
other (expense) income |
|
(919 |
) |
|
(29,875 |
) |
|
11,968 |
|
 |
 |
| Income
from continuing operations before income taxes, minority interest, |
|
|
|
|
|
|
|
|
|
| and
gain on sale of assets and other provisions, net |
|
86,956 |
|
|
79,658 |
|
|
126,055 |
|
| Income taxes |
|
(257 |
) |
|
(1,338 |
) |
|
(3,393 |
) |
| Minority interest |
|
(13,801 |
) |
|
(9,431 |
) |
|
(16,149 |
) |
| Gain on sale of assets and other provisions, net |
|
13,156 |
|
|
2,964 |
|
|
36,371 |
|
 |
 |
| Income
from continuing operations |
|
86,054 |
|
|
71,853 |
|
|
142,884 |
|
| Discontinued
operations–Income from executive suites operations |
|
|
|
|
|
|
|
|
|
| (net of
applicable income tax expense of $1,300) |
|
– |
|
|
– |
|
|
456 |
|
| Discontinued
operations–Gain on sale of executive suites operations |
|
|
|
|
|
|
|
|
|
| (less
applicable income tax expense of $21,131) |
|
– |
|
|
– |
|
|
31,852 |
|
| Discontinued
operations–Net operations of sold property |
|
4,166 |
|
|
7,208 |
|
|
4,275 |
|
| Discontinued
operations–Gain on sale of property |
|
19,085 |
|
|
– |
|
|
– |
|
 |
 |
| Net
income |
$ |
109,305 |
|
$ |
79,061 |
|
$ |
179,467 |
|
 |
 |
| Basic net income per common share: |
|
|
|
|
|
|
|
|
|
| Income
from continuing operations |
$ |
1.06 |
|
$ |
0.61 |
|
$ |
1.63 |
|
| Discontinued
operations |
|
0.08 |
|
|
0.12 |
|
|
0.07 |
|
| Gain
on sale of discontinued operations |
|
0.36 |
|
|
– |
|
|
0.48 |
|
 |
 |
| Net
income |
$ |
1.50 |
|
$ |
0.73 |
|
$ |
2.18 |
|
 |
 |
| Diluted net income per common share: |
|
|
|
|
|
|
|
|
|
| Income
from continuing operations |
$ |
1.04 |
|
$ |
0.59 |
|
$ |
1.59 |
|
| Discontinued
operations |
|
0.08 |
|
|
0.12 |
|
|
0.07 |
|
| Gain
on sale of discontinued operations |
|
0.35 |
|
|
– |
|
|
0.47 |
|
 |
 |
| Net
income |
$ |
1.47 |
|
$ |
0.71 |
|
$ |
2.13 |
|
 |
 |
See accompanying notes to consolidated financial statements. |
|
|