Previous pageTable of contentsNext page

 
(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.