| |
Year Ended December 31, |
 |
|
| (In thousands, except per share data) |
2003 |
|
2002 |
|
2001 |
|
2000 |
|
1999 |
|
| Operating Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Real Estate Operating Revenue (from continuing operations): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Rental revenue |
$ |
491,944 |
|
|
$ |
495,385 |
|
|
$ |
487,028 |
|
|
$ |
516,183 |
|
|
$ |
486,353 |
|
| Real estate service revenue |
|
24,337 |
|
|
|
24,538 |
|
|
|
31,037 |
|
|
|
26,172 |
|
|
|
17,054 |
|
| Income from continuing operations |
|
59,948 |
|
|
|
83,463 |
|
|
|
69,545 |
|
|
|
140,142 |
|
|
|
146,321 |
|
| Income (loss) from discontinued operations1 |
|
2,672 |
|
|
|
6,757 |
|
|
|
9,516 |
|
|
|
7,473 |
|
|
|
(3,104 |
) |
| Gain on sale of discontinued operations, net of tax1 |
|
10,317 |
|
|
|
19,085 |
|
|
|
— |
|
|
|
31,852 |
|
|
|
— |
|
| Dividends paid to common stockholders |
|
104,293 |
|
|
|
105,929 |
|
|
|
114,106 |
|
|
|
123,245 |
|
|
|
125,876 |
|
Share and Per Share Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic income from continuing operations2 |
|
0.64 |
|
|
|
0.92 |
|
|
|
0.57 |
|
|
|
1.59 |
|
|
|
1.64 |
|
| Diluted income from continuing operations2 |
|
0.64 |
|
|
|
0.91 |
|
|
|
0.56 |
|
|
|
1.55 |
|
|
|
1.64 |
|
| Income (loss) from discontinued operationsÜdiluted |
|
0.05 |
|
|
|
0.13 |
|
|
|
0.16 |
|
|
|
0.11 |
|
|
|
(0.05 |
) |
| Gain on sale of discontinued operationsÜdiluted |
|
0.20 |
|
|
|
0.35 |
|
|
|
— |
|
|
|
0.47 |
|
|
|
— |
| Dividends paid to common shareholders |
|
2.00 |
|
|
|
2.00 |
|
|
|
1.85 |
|
|
|
1.85 |
|
|
|
1.85 |
|
| Weighted average shares outstandingÜbasic |
|
51,913 |
|
|
|
52,817 |
|
|
|
61,010 |
|
|
|
66,221 |
|
|
|
67,858 |
|
| Weighted average shares outstandingÜdiluted |
|
52,573 |
|
|
|
53,727 |
|
|
|
62,442 |
|
|
|
67,649 |
|
|
|
67,982 |
|
| |
As of or for the Year Ended December 31, |
|
|
| (In thousands) |
2003 |
|
2002 |
|
2001 |
|
2000 |
|
1999 |
|
| Balance Sheet Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Real estate, before accumulated depreciation |
$ |
3,133,506 |
|
|
$ |
3,031,155 |
|
|
$ |
2,901,195 |
|
|
$ |
2,830,413 |
|
|
$ |
3,082,998 |
|
| Total assets |
|
2,836,018 |
|
|
|
2,817,920 |
|
|
|
2,778,543 |
|
|
|
3,072,841 |
|
|
|
3,479,072 |
|
| Mortgages and notes payable |
|
1,727,648 |
|
|
|
1,603,949 |
|
|
|
1,399,230 |
|
|
|
1,204,007 |
|
|
|
1,594,399 |
|
| Minority interest |
|
70,456 |
|
|
|
76,222 |
|
|
|
83,393 |
|
|
|
89,687 |
|
|
|
92,586 |
|
| Total stockholders-equity |
|
907,571 |
|
|
|
997,791 |
|
|
|
1,177,807 |
|
|
|
1,646,706 |
|
|
|
1,686,715 |
|
| Total common shares outstanding |
|
52,881 |
|
|
|
51,836 |
|
|
|
51,965 |
|
|
|
65,018 |
|
|
|
66,826 |
|
Other Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net cash provided by operating activities |
$ |
167,140 |
|
|
$ |
212,119 |
|
|
$ |
220,830 |
|
|
$ |
179,054 |
|
|
$ |
175,069 |
|
| Net cash (used by) provided by investing activities |
|
(89,604 |
) |
|
|
(44,066 |
) |
|
|
101,204 |
|
|
|
567,477 |
|
|
|
83,647 |
|
| Net cash used by financing activities |
|
(78,475 |
) |
|
|
(170,972 |
) |
|
|
(338,581 |
) |
|
|
(773,713 |
) |
|
|
(238,366 |
) |
| 1. |
In 2002 and 2003, we sold or held for sale operating properties
whose operations and gain are classified as discontinued operations
for all years presented. For the years, 1999-2000, discontinued operations
also includes HQ Global. |
| 2. |
EPS for 2002 has been restated for the retroactive application
of EITF Issue D-42 to reflect original issuance costs associated
with preferred stock redeemed as a reduction of net income available
to common shareholders in calculating EPS. The effect of this change
was to retroactively reduce EPS by $0.09 per share in 2002. |
|
