| |
For the Years Ended December 31, |
 |
|
| (In thousands, except per share amounts) |
2003 |
|
2002 |
|
2001 |
|
| Operating revenues: |
|
|
|
|
|
|
|
|
|
|
|
| Rental revenue: |
|
|
|
|
|
|
|
|
|
|
|
| Minimum base rent |
$ |
411,749 |
|
|
$ |
414,441 |
|
|
$ |
411,257 |
|
| Recoveries from tenants |
|
61,985 |
|
|
|
67,368 |
|
|
|
63,885 |
|
| Parking and other tenant charges |
|
18,210 |
|
|
|
13,576 |
|
|
|
11,886 |
|
|
|
| Total rental revenue |
|
491,944 |
|
|
|
495,385 |
|
|
|
487,028 |
|
| Real estate service revenue |
|
24,337 |
|
|
|
24,538 |
|
|
|
31,037 |
|
|
|
| Total operating revenues |
|
516,281 |
|
|
|
519,923 |
|
|
|
518,065 |
|
|
|
| Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
| Property expenses: |
|
|
|
|
|
|
|
|
|
|
|
| Operating expenses |
|
128,819 |
|
|
|
125,115 |
|
|
|
120,590 |
|
| Real estate taxes |
|
43,214 |
|
|
|
43,994 |
|
|
|
38,591 |
|
| General and administrative |
|
42,767 |
|
|
|
41,650 |
|
|
|
49,457 |
|
| Depreciation and amortization |
|
130,871 |
|
|
|
124,862 |
|
|
|
118,526 |
|
|
|
| Total operating expenses |
|
345,671 |
|
|
|
335,621 |
|
|
|
327,164 |
|
|
|
| Real estate operating income |
|
170,610 |
|
|
|
184,302 |
|
|
|
190,901 |
|
|
|
| Other expense: |
|
|
|
|
|
|
|
|
|
|
|
| Interest expense |
|
(104,492 |
) |
|
|
(99,018 |
) |
|
|
(83,676 |
) |
| Other income |
|
1,128 |
|
|
|
1,086 |
|
|
|
3,052 |
|
| Equity in earnings of unconsolidated entities |
|
7,034 |
|
|
|
7,188 |
|
|
|
9,322 |
|
| Impairment loss on investments |
|
(1,100 |
) |
|
|
(500 |
) |
|
|
(42,249 |
) |
| Obligations under lease guarantees |
|
(811 |
) |
|
|
(8,693 |
) |
|
|
— |
|
|
|
| Total other expense |
|
(98,241 |
) |
|
|
(99,937 |
) |
|
|
(113,551 |
) |
|
|
| Income from continuing operations before income taxes, minority interest, |
|
|
|
|
|
|
|
|
|
|
|
| impairment losses on real estate and gain on sale of properties |
|
72,369 |
|
|
|
84,365 |
|
|
|
77,350 |
|
| Income taxes |
|
(402 |
) |
|
|
(257 |
) |
|
|
(1,338 |
) |
| Minority interest |
|
(8,924 |
) |
|
|
(13,801 |
) |
|
|
(9,431 |
) |
| Impairment losses on real estate |
|
(7,255 |
) |
|
|
(2,496 |
) |
|
|
(1,500 |
) |
| Gain on sale of properties |
|
4,160 |
|
|
|
15,652 |
|
|
|
4,464 |
|
|
|
| Income from continuing operations |
|
59,948 |
|
|
|
83,463 |
|
|
|
69,545 |
|
| Discontinued operations-Net operations of sold or held for sale properties |
|
2,672 |
|
|
|
6,757 |
|
|
|
9,516 |
|
| Discontinued operations-Gain on sale of properties |
|
10,317 |
|
|
|
19,085 |
|
|
|
— |
|
|
|
| Net income |
$ |
72,937 |
|
|
$ |
109,305 |
|
|
$ |
79,061 |
|
|
|
| Basic net income per common share: |
|
|
|
|
|
|
|
|
|
|
|
| Continuing operations |
$ |
0.64 |
|
|
$ |
0.92 |
|
|
$ |
0.57 |
|
| Discontinued operations |
|
0.05 |
|
|
|
0.13 |
|
|
|
0.16 |
|
| Gain on sale of discontinued operations |
|
0.20 |
|
|
|
0.36 |
|
|
|
— |
|
|
|
| Net income |
$ |
0.89 |
|
|
$ |
1.41 |
|
|
$ |
0.73 |
|
|
|
| Diluted net income per common share: |
|
|
|
|
|
|
|
|
|
|
|
| Continuing operations |
$ |
0.64 |
|
|
$ |
0.91 |
|
|
$ |
0.56 |
|
| Discontinued operations |
|
0.05 |
|
|
|
0.13 |
|
|
|
0.16 |
|
| Gain on sale of discontinued operations |
|
0.20 |
|
|
|
0.35 |
|
|
|
— |
|
|
|
| Net income |
$ |
0.89 |
|
|
$ |
1.39 |
|
|
$ |
0.72 |
|
|
|
See accompanying notes to consolidated financial statements. |
