Quarter Ended

Year ended

December 31, 2012

December 31, 2011

December 31, 2012

December 31, 2011

Operating Revenue

Rental

$

121,709

$

118,171

$

478,835

$

464,053

Operating expense reimbursement

54,518

50,533

206,717

199,188

Total operating revenue

176,227

168,704

685,552

663,241

Operating Expenses

Rental property

37,704

34,105

133,630

125,761

Real estate taxes

18,407

18,336

79,859

76,982

General and administrative

18,286

16,547

64,730

59,367

Depreciation and amortization

42,923

39,994

165,628

156,242

Total operating expenses

117,320

108,982

443,847

418,352

Operating Income

58,907

59,722

241,705

244,889

Other Income/Expense

Interest and other

1,320

1,472

9,289

8,389

Interest

(29,738

)

(29,510

)

(119,630

)

(120,718

)

Total other income/expense

(28,418

)

(28,038

)

(110,341

)

(112,329

)

Income before property dispositions, income taxes, noncontrolling interest and equity in earnings of unconsolidated joint ventures

30,489

31,684

131,364

132,560

Gain on property dispositions

1,305

1,664

4,123

5,025

Income taxes

(331

)

(51

)

(976

)

(1,020

)

Equity in earnings (loss) of unconsolidated joint ventures

716

1,026

(681

)

3,496

Income from continuing operations

32,179

34,323

133,830

140,061

Discontinued operations (including net gains on property dispositions of $8,837 and $5,860 for the quarters ended December 31, 2012 and 2011 and net gains of $11,383 and $60,582 for the years ended December 31, 2012 and 2011)

8,392

6,922

13,921

70,649

Net Income

40,571

41,245

147,751

210,710

Noncontrolling interest - operating partnerships

(2,416

)

(6,453

)

(10,590

)

(27,222

)

Noncontrolling interest - consolidated joint ventures

275

—

275

511

Net Income available to common shareholders

$

38,430

$

34,792

$

137,436

$

183,999

Net income

$

40,571

$

41,245

$

147,751

$

210,710

Other comprehensive income (loss)

389

(217

)

3,436

(281

)

Comprehensive income

40,960

41,028

151,187

210,429

Less: comprehensive income attributable to noncontrolling interest

(2,153

)

(6,446

)

(10,422

)

(26,705

)

Comprehensive income attributable to common shareholders

$

38,807

$

34,582

$

140,765

$

183,724

Basic income per common share

Continuing operations

$

0.26

$

0.24

$

1.06

$

1.00

Discontinued operations

$

0.07

$

0.06

$

0.12

$

0.60

Total basic income per common share

$

0.33

$

0.30

$

1.18

$

1.60

Diluted income per common share

Continuing operations

$

0.25

$

0.24

$

1.06

$

1.00

Discontinued operations

$

0.07

$

0.06

$

0.11

$

0.59

Total diluted income per common share

$

0.32

$

0.30

$

1.17

$

1.59

Weighted average shares

Basic

117,556

115,373

116,863

114,755

Diluted

118,378

116,090

117,694

115,503

Amounts attributable to common shareholders

Income from continuing operations

$

30,293

$

28,090

$

123,945

$

115,653

Discontinued operations

8,137

6,702

13,491

68,346

Net income

$

38,430

$

34,792

$

137,436

$

183,999