The following table sets forth selected, historical, consolidated financial data for the Company and should be read in conjunction with the Consolidated Financial Statements of the Company and Notes thereto and Management’s Discussion and Analysis of Financial Condition and Results of Operations included in this Form 10-K.
The Company believes that the book value of its real estate assets, which reflects the historical costs of such real estate assets less accumulated depreciation, is not indicative of the current market value of its properties. Historical operating results are not necessarily indicative of future operating performance.
Year ended December 31, (2)
2012
2011
2010
2009
2008
(in thousands, except per share information)
Operating Data:
Revenues from rental property (1)
$
884,782
$
825,737
$
786,940
$
703,348
$
679,966
Interest expense (3)
$
227,595
$
223,526
$
223,032
$
205,490
$
209,189
Early extinguishment of debt charges
$
-
$
-
$
10,811
$
-
$
-
Depreciation and amortization (3)
$
249,493
$
231,712
$
217,205
$
209,055
$
187,762
Gain on sale of development properties
$
-
$
12,074
$
2,080
$
5,751
$
36,565
Total net gain on transfer or sale of operating properties (3)
$
4,299
$
108
$
2,377
$
3,867
$
1,782
Benefit for income taxes (4)
$
-
$
-
$
-
$
16,400
$
9,550
Provision for income taxes (5)
$
8,116
$
21,330
$
3,208
$
-
$
-
Impairment charges (6)
$
37,111
$
13,077
$
32,661
$
135,688
$
147,529
Income from continuing operations (7)
$
203,806
$
147,430
$
109,004
$
(12,151
)
$
194,237
Income/(loss) per common share, from continuing operations:
Basic
$
0.27
$
0.22
$
0.14
$
(0.17
)
$
0.57
Diluted
$
0.27
$
0.21
$
0.14
$
(0.17
)
$
0.57
Weighted average number of shares of common stock:
Basic
405,997
406,530
405,827
350,077
257,811
Diluted
406,689
407,669
406,201
350,077
258,843
Cash dividends declared per common share
$
0.78
$
0.73
$
0.66
$
0.72
$
1.68
December 31,
2012
2011
2010
2009
2008
(in thousands)
Balance Sheet Data:
Real estate, before accumulated depreciation
$
8,947,287
$
8,771,257
$
8,592,760
$
8,882,341
$
7,818,916
Total assets
$
9,740,807
$
9,628,762
$
9,833,875
$
10,183,079
$
9,397,147
Total debt
$
4,195,317
$
4,114,385
$
4,058,987
$
4,434,383
$
4,556,646
Total stockholders' equity
$
4,765,160
$
4,686,386
$
4,935,842
$
4,852,973
$
3,983,698
Cash flow provided by operations
$
479,054
$
448,613
$
479,935
$
403,582
$
567,599
Cash flow (used for)/provided by investing activities
$
(51,000
)
$
(20,760
)
$
37,904
$
(343,236
)
$
(781,350
)
Cash flow (used for)/provided by financing activities
$
(399,061
)
$
(440,125
)
$
(514,743
)
$
(74,465
)
$
262,429
(1)
Does not include (i) revenues from rental property relating to unconsolidated joint ventures, (ii) revenues relating to the investment in retail store leases and (iii) revenues from properties included in discontinued operations.
(2)
All years have been adjusted to reflect the impact of operating properties sold during the years ended December 31, 2012, 2011, 2010, 2009 and 2008 and properties classified as held for sale as of December 31, 2012, which are reflected in discontinued operations in the Consolidated Statements of Income.
(3)
Does not include amounts reflected in discontinued operations.
(4)
Does not include amounts reflected in discontinued operations and extraordinary gain. Amounts include income taxes related to gain on transfer/sale of operating properties.
(5)
Does not include amounts reflected in discontinued operations. Amounts include income taxes related to gain on transfer/sale of operating properties.
(6)
Amounts exclude noncontrolling interests and amounts reflected in discontinued operations.
(7)
Amounts include gain on transfer/sale of operating properties, net of tax and net income attributable to noncontrolling interests.
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