| |
As of December 31, |
 |
|
| (In thousands, except per share and share amounts) |
2003 |
|
2002 |
|
| Assets |
|
|
|
|
|
|
|
| Rental property: |
|
|
|
|
|
|
|
| Land |
$ |
690,410 |
|
|
$ |
668,223 |
|
| Buildings |
|
1,974,347 |
|
|
|
1,954,840 |
|
| Tenant improvements |
|
420,533 |
|
|
|
367,901 |
|
| Furniture, fixtures and equipment |
|
48,216 |
|
|
|
40,191 |
|
|
|
| |
|
3,133,506 |
|
|
|
3,031,155 |
|
| Less: Accumulated depreciation |
|
(692,901 |
) |
|
|
(587,123 |
) |
|
|
| |
|
|
|
|
|
|
|
| Total rental property |
|
2,440,605 |
|
|
|
2,444,032 |
|
| Land held for development or sale |
|
41,284 |
|
|
|
44,778 |
| Construction in progress |
|
566 |
|
|
|
12,732 |
|
| Assets related to properties held for sale |
|
10,626 |
|
|
|
Ñ |
|
| Cash and cash equivalents |
|
4,299 |
|
|
|
5,238 |
|
| Restricted deposits |
|
2,549 |
|
|
|
4,505 |
|
| Accounts and notes receivable, net of allowance for doubtful accounts |
|
|
|
|
|
|
|
| of $5,752 and $5,959, respectively |
|
17,829 |
|
|
|
20,391 |
|
| Investments in unconsolidated entities |
|
137,604 |
|
|
|
125,079 |
|
| Accrued straight-line rents |
|
84,552 |
|
|
|
74,884 |
|
| Tenant leasing costs, net of accumulated amortization of $55,980 and
$69,220, respectively |
|
51,547 |
|
|
|
42,170 |
|
| Prepaid expenses and other assets, net of
accumulated amortization of $22,201 |
|
|
|
|
|
|
|
| and $18,438, respectively |
|
44,557 |
|
|
|
44,111 |
|
|
|
| |
$ |
2,836,018 |
|
|
$ |
2,817,920 |
|
|
|
Liabilities, Minority Interest and StockholdersÕ Equity |
|
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
| Mortgages and notes payable |
$ |
1,727,648 |
|
|
$ |
1,603,949 |
|
| Accounts payable and accrued expenses |
|
95,586 |
|
|
|
104,368 |
|
| Rent received in advance and security deposits |
|
34,757 |
|
|
|
35,590 |
|
|
|
| Total liabilities |
|
1,857,991 |
|
|
|
1,743,907 |
|
| Minority interest |
|
70,456 |
|
|
|
76,222 |
|
| StockholdersÕ equity: |
|
|
|
|
|
|
|
| Preferred Stock, $0.01 par value, authorized 35,000,000 shares: |
|
|
|
|
|
|
|
| Series B, C and D Cumulative Redeemable Preferred Stock, |
|
|
|
|
|
|
|
| 3,622,589 shares issued and outstanding at December 31, 2002 |
|
Ñ |
|
|
|
254,518 |
|
| Series E Cumulative Redeemable Preferred Stock, 8,050,000 shares |
|
|
|
|
|
|
|
| issued and outstanding at December 31, 2003 |
|
201,250 |
|
|
|
— |
|
| Common Stock, $0.01 par value, authorized 180,000,000 shares, issued |
|
|
|
|
|
|
|
| and outstanding 52,880,953 and 51,835,647 shares, respectively |
|
529 |
|
|
|
518 |
|
| Additional paid-in capital |
|
976,644 |
|
|
|
955,862 |
|
| Cumulative dividends in excess of net income |
|
(270,852 |
) |
|
|
(213,107 |
) |
|
|
| Total stockholdersÕ equity |
|
907,571 |
|
|
|
997,791 |
|
| Commitments and contingencies |
|
|
|
|
|
|
|
|
|
| |
$ |
2,836,018 |
|
|
$ |
2,817,920 |
|
|
|
| See accompanying notes to consolidated financial statements. |
