| |
The following
table sets forth selected financial and operating information. The financial
and operating data have been derived from our consolidated financial
statements for each of the periods presented.
The following selected financial and operating information should be read
in conjunction with “Management’s Discussion and Analysis of
Financial Condition and Results of Operations,” and the financial
statements and related notes included elsewhere in this Annual Report:
|
Year
Ended December 31, |
 |
| (In
thousands, except per share data) |
2002 |
2001 |
2000 |
1999 |
1998 |
|
Operating
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real
Estate Operating Revenue
(from continuing operations): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Rental
revenue |
$ |
503,191 |
|
$ |
494,749 |
|
$ |
523,601 |
|
$ |
493,837 |
|
$ |
440,455 |
|
| Real
estate service revenue |
|
24,538 |
|
|
31,037 |
|
|
26,172 |
|
|
17,054 |
|
|
16,167 |
|
| Income
from continuing operations1 |
|
86,054 |
|
|
71,853 |
|
|
142,884 |
|
|
149,180 |
|
|
119,979 |
|
| Income
(loss) from discontinued operations2 |
|
4,166 |
|
|
7,208 |
|
|
4,731 |
|
|
(5,963) |
|
|
6,518 |
|
| Gain
on sale of discontinued operations, net of tax2 |
|
19,085 |
|
|
– |
|
|
31,852 |
|
|
– |
|
|
– |
|
| Dividends
paid to common stockholders |
|
105,929 |
|
|
114,106 |
|
|
123,245 |
|
|
125,876 |
|
|
127,188 |
|
Share
and Per Share Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic
income from continuing operations |
|
1.06 |
|
|
0.61 |
|
|
1.63 |
|
|
1.68 |
|
|
1.23 |
|
| Diluted
income from continuing operations |
|
1.04 |
|
|
0.59 |
|
|
1.59 |
|
|
1.68 |
|
|
1.23 |
|
| Income
(loss) from discontinued operations–diluted |
|
0.08 |
|
|
0.12 |
|
|
0.07 |
|
|
(0.09) |
|
|
0.09 |
|
| Gain
on sale of discontinued operations–diluted |
|
0.35 |
|
|
– |
|
|
0.47 |
|
|
– |
|
|
– |
|
| Dividends
paid to common shareholders |
|
2.00 |
|
|
1.85 |
|
|
1.85 |
|
|
1.85 |
|
|
1.85 |
|
| Weighted
average shares outstanding–basic |
|
52,817 |
|
|
61,010 |
|
|
66,221 |
|
|
67,858 |
|
|
68,577 |
|
| Weighted
average shares outstanding–diluted |
|
53,727 |
|
|
62,442 |
|
|
67,649 |
|
|
67,982 |
|
|
68,778 |
|
| |
As
of or for the Year Ended December 31, |
|
| (In
thousands) |
2002 |
2001 |
2000 |
1999 |
1998 |
|
Balance
Sheet Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Real
estate, before accumulated depreciation |
$ |
3,007,882 |
|
$ |
2,872,047 |
|
$ |
2,813,320 |
|
$ |
3,067,822 |
|
$ |
2,934,653 |
|
| Total
assets |
|
2,815,705 |
|
|
2,775,427 |
|
|
3,072,841 |
|
|
3,479,072 |
|
|
3,627,260 |
|
| Mortgages
and notes payable |
|
1,603,949 |
|
|
1,399,230 |
|
|
1,204,007 |
|
|
1,594,399 |
|
|
1,600,431 |
|
| Minority
interest |
|
76,222 |
|
|
83,393 |
|
|
89,687 |
|
|
92,586 |
|
|
88,815 |
|
| Total
stockholders' equity |
|
997,791 |
|
|
1,177,807 |
|
|
1,646,706 |
|
|
1,686,715 |
|
|
1,813,939 |
|
| Total
common shares outstanding |
|
51,836 |
|
|
51,965 |
|
|
65,018 |
|
|
66,826 |
|
|
71,760 |
|
Other
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
cash provided by operating activities |
$ |
213,020 |
|
$ |
217,714 |
|
$ |
179,054 |
|
$ |
175,069 |
|
$ |
239,752 |
|
| Net
cash (used by) provided by investing activities |
|
(44,066) |
|
|
101,204 |
|
|
567,477 |
|
|
83,647 |
|
|
(985,321 |
) |
| Net
cash (used by) provided by financing activities |
|
(170,972 |
) |
|
(338,581 |
) |
|
(773,713 |
) |
|
(238,366 |
) |
|
757,760 |
|
Funds
from operations before
allocation
to the unitholders3
|
|
226,951 |
|
|
216,682 |
|
|
254,714 |
|
|
226,587 |
|
|
211,094 |
|
1. Net income from continuing operations includes a non-recurring
gain (loss) of $4.5 million and ($13.7) million related to
a treasury lock agreement in 1999 and 1998, respectively. |
| 2.
In 2002, we sold an operating property whose operations and
gain are classified as discontinued operations for all years
presented except 1998 when the property was not in operation.
For the years 1998-2000, discontinued operations also includes
HQ Global. |
| 3.
We believe that funds from operations is helpful to investors
as a measure of the operating performance of an equity REIT.
Along with cash flows from operating activities, financing
activities and investing activities, funds from operations
provides investors with an indication of our ability to incur
and service debt, to make capital expenditures and to fund
other cash needs. Funds from operations is defined by the National
Association of Real Estate Investment Trusts (NAREIT) as net
income (loss) computed in accordance with accounting principles
generally accepted in the United States of America (GAAP),
excluding gains or losses from sales of depreciable operating
properties and items that are classified as extraordinary items
under GAAP, plus depreciation and amortization of assets uniquely
significant to the real estate industry and after adjustments
for unconsolidated partnerships and joint ventures. Adjustments
for unconsolidated partnerships and joint ventures are calculated
to reflect funds from operations on the same basis. Our funds
from operations for the years 1998¨2000 excludes discontinued
operations related to HQ Global. Our funds from operations
may not be comparable to funds from operations reported by
other REITs that do not define the term in accordance with
the current NAREIT definition or that interpret the current
NAREIT definition differently from us. Funds from operations
does not represent net income or cash flow generated from operating
activities in accordance with GAAP and, as such, should not
be considered an alternative to net income as an indication
of our performance or to cash flow as a measure of liquidity
or our ability to make distributions. |
|
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