Item 6. Selected Financial Data

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Item 6. Selected Financial Data

The following tables set forth summary financial and operating information for the Company from January 1, 2008 through December 31, 2012.

				Years Ended December 31,
	2012			2011			2010			2009			2008
	($ in thousands, except per share amounts)
OPERATING DATA:
REVENUES
Rental and other property	$	531,936		$	465,713		$	405,728		$	401,550		$	397,673
Management and other fees from affiliates		11,489			6,780			4,551			4,325			5,166
		543,425			472,493			410,279			405,875			402,839
EXPENSES
Property operating expenses		174,088			159,234			143,164			137,457			130,328
Depreciation		170,592			151,428			128,221			116,540			108,221
General and administrative		23,307			20,694			23,255			24,966			24,725
Cost of management and other fees		6,513			4,610			2,707			3,096			2,959
Impairment and other charges		-			-			2,302			13,084			650
		374,500			335,966			299,649			295,143			266,883
Earnings from operations		168,925			136,527			110,630			110,732			135,956

Interest expense before amortization expense		(100,244	)		(91,694	)		(82,756	)		(81,196	)		(78,203	)
Amortization expense		(11,644	)		(11,474	)		(4,828	)		(4,820	)		(6,860	)
Interest and other income		13,833			17,139			27,841			13,040			11,337
Equity income (loss) from co-investments		41,745			(467	)		(1,715	)		670			7,820
Gain on remeasurement of co-investment		21,947			-			-			-			-
(Loss) gain on early retirement of debt		(5,009	)		(1,163	)		(10	)		4,750			3,997
Gain on the sales of real estate		-			-			-			103			4,578
Income before discontinued operations		129,553			48,868			49,162			43,279			78,625
Income from discontinued operations		10,037			8,648			1,620			10,460			5,770
Net income		139,590			57,516			50,782			53,739			84,395

Net income attributable to noncontrolling interest		(14,306	)		(10,446	)		(14,848	)		(16,631	)		(22,255	)
Net income attributable to controlling interest		125,284			47,070			35,934			37,108			62,140
Dividends to preferred stockholders		(5,472	)		(4,753	)		(2,170	)		(4,860	)		(9,241	)
Excess (deficit) of the carrying amount of preferred stock redeemed over the cash paid to redeem preferred stock		-			(1,949	)		-			49,952			-
Net income available to common stockholders	$	119,812		$	40,368		$	33,764		$	82,200		$	52,899
Per share data:
Basic:
Income before discontinued operations available to common stockholders	$	3.15		$	0.99		$	1.09		$	2.66		$	1.88
Net income available to common stockholders	$	3.42		$	1.24		$	1.14		$	3.01		$	2.10
Weighted average common stock outstanding		35,032			32,542			29,667			27,270			25,205
Diluted:
Income before discontinued operations available to common stockholders	$	3.14		$	0.99		$	1.09		$	2.56		$	1.87
Net income available to common stockholders	$	3.41		$	1.24		$	1.14		$	2.91		$	2.09
Weighted average common stock outstanding		35,125			32,629			29,734			29,747			25,347
Cash dividend per common share	$	4.40		$	4.16		$	4.13		$	4.12		$	4.08

	As of December 31,
	2012		2011		2010		2009		2008
	($ in thousands)
BALANCE SHEET DATA:
Investment in rental properties (before accumulated depreciation)	$	5,033,672	$	4,313,064	$	3,964,561	$	3,412,930	$	3,279,788
Net investment in rental properties		3,952,155		3,393,038		3,189,008		2,663,466		2,639,762
Real estate under development		66,851		44,280		217,531		274,965		272,273
Total assets		4,847,223		4,036,964		3,732,887		3,254,637		3,164,823
Total secured indebtedness		1,565,599		1,745,858		2,082,745		1,832,549		1,588,931
Total unsecured indebtedness		1,253,084		615,000		176,000		14,893		165,457
Cumulative convertible preferred stock		4,349		4,349		4,349		4,349		145,912
Cumulative redeemable preferred stock		73,750		73,750		25,000		25,000		25,000
Stockholders' equity		1,764,804		1,437,527		1,149,946		1,053,096		852,227

	As of and for the years ended December 31,
	2012		2011			2010		2009		2008
OTHER DATA:
Net income	$	139,590	$	57,516		$	50,782	$	53,739	$	84,395
Interest expense before amortization expense		100,244		91,694			82,756		81,196		78,203
Amortization expense		11,644		11,474			4,828		4,820		6,860
Tax benefit		-		(1,682	)		-		-		-
Depreciation (1)		170,686		152,543			129,712		118,522		113,294
EBITDA(2)	$	422,164	$	311,545		$	268,078	$	258,277	$	282,752

	(1)	Includes amounts classified within discontinued operations.

	(2)	EBITDA is an operating measure and is defined as net income before interest expense, income taxes, depreciation and amortization. EBITDA, as defined by the Company, is not a recognized measurement under U.S. generally accepted accounting principles, or GAAP. This measurement should not be considered in isolation or as a substitute for net income, cash flows from operating activities and other income or cash flow statement data prepared in accordance with GAAP, or as a measure of profitability or liquidity. The Company’s definition may not be comparable to that of other companies.

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