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)
2013
2012
2011
2010
2009
(in thousands, except per share information)
Operating Data:
Revenues from rental properties (1)
$
910,356
$
836,881
$
779,156
$
744,342
$
675,596
Interest expense (3)
$
213,911
$
225,710
$
221,678
$
221,930
$
204,396
Early extinguishment of debt charges
$
-
$
-
$
-
$
10,811
$
-
Depreciation and amortization (3)
$
247,537
$
236,923
$
218,260
$
204,969
$
198,446
Gain on sale of development properties
$
-
$
-
$
12,074
$
2,080
$
5,751
Gain on sale of operating properties, net of tax (3)
$
1,432
$
4,299
$
108
$
2,377
$
3,611
Benefit for income taxes, net (4)
$
-
$
-
$
-
$
-
$
18,315
Provision for income taxes, net (4)
$
34,520
$
16,922
$
25,789
$
7,001
$
-
Impairment charges (5)
$
91,404
$
10,289
$
13,077
$
32,661
$
126,133
Income/(loss) from continuing operations (6)
$
249,742
$
203,303
$
131,284
$
105,099
$
(41,713
)
Income/(loss) per common share, from continuing operations:
Basic
$
0.47
$
0.27
$
0.18
$
0.10
$
(0.17
)
Diluted
$
0.47
$
0.27
$
0.18
$
0.10
$
(0.17
)
Weighted average number of shares of common stock:
Does not include revenues (i) from rental property relating to unconsolidated joint ventures, (ii) relating to the investment in retail store leases and (iii) 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, 2013, 2012, 2011, 2010 and 2009 and properties classified as held for sale as of December 31, 2013, 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. Amounts include income taxes related to gain on transfer/sale of operating properties.
(5)
Amounts exclude noncontrolling interests and amounts reflected in discontinued operations.
(6)
Amounts include gain on transfer/sale of operating properties, net of tax and net income attributable to noncontrolling interests.
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