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,
201****5
2014(2)****
2013(2)****
2012(2)****
2011(2)****
(in thousands, except per share information)
Operating Data:
Revenues from rental properties (1)
$
1,144,474
$
958,888
$
825,210
$
755,851
$
698,211
Interest expense (3)
$
218,891
$
203,759
$
212,240
$
223,736
$
219,599
Depreciation and amortization (3)
$
344,527
$
258,074
$
224,713
$
214,827
$
197,956
Gain on sale of development properties
$
-
$
-
$
-
$
-
$
12,074
Gain on sale of operating properties, net, net of tax (3)
$
125,813
$
389
$
1,432
$
4,299
$
108
Provision for income taxes, net (4)
$
67,325
$
22,438
$
32,654
$
15,603
$
24,928
Impairment charges (5)
$
45,383
$
39,808
$
32,247
$
10,289
$
13,077
Income from continuing operations (6)
$
894,190
$
375,133
$
276,884
$
172,760
$
100,059
Income per common share, from continuing operations:
Basic
$
2.01
$
0.77
$
0.53
$
0.19
$
0.10
Diluted
$
2.00
$
0.77
$
0.53
$
0.19
$
0.10
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)
Amounts have been adjusted to reflect the impact of operating properties sold during the years ended December 31, 2014, 2013, 2012 and 2011, 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.
(7)
Beginning in its fiscal year 2015, the Company elected to early adopt Accounting Standards Update (“ASU”) 2015-03 and ASU 2015-15 and appropriately retrospectively applied the guidance to its Notes Payable and Mortgages Payable to all periods presented. Unamortized debt issuance costs are included in Total debt for all periods presented (previously included in Other assets on the Company’s Consolidated Balance Sheets).
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