2015 Q1 Form 10-Q Financial Statement
#000119312515179921 Filed on May 11, 2015
Income Statement
Concept | 2015 Q1 | 2014 Q1 |
---|---|---|
Revenue | $618.5M | $574.7M |
YoY Change | 7.62% | 20.27% |
Cost Of Revenue | $228.9M | $213.2M |
YoY Change | 7.36% | 21.07% |
Gross Profit | $389.6M | $361.5M |
YoY Change | 7.77% | 19.82% |
Gross Profit Margin | 62.99% | 62.9% |
Selling, General & Admin | $28.80M | $29.90M |
YoY Change | -3.68% | -34.29% |
% of Gross Profit | 7.39% | 8.27% |
Research & Development | ||
YoY Change | ||
% of Gross Profit | ||
Depreciation & Amortization | $154.2M | $154.3M |
YoY Change | -0.03% | 27.29% |
% of Gross Profit | 39.58% | 42.67% |
Operating Expenses | $183.1M | $184.2M |
YoY Change | -0.6% | 11.64% |
Operating Profit | $206.2M | $176.9M |
YoY Change | 16.57% | 38.2% |
Interest Expense | $108.8M | $113.6M |
YoY Change | -4.22% | 13.06% |
% of Operating Profit | 52.74% | 64.19% |
Other Income/Expense, Net | ||
YoY Change | ||
Pretax Income | $209.2M | $67.80M |
YoY Change | 208.55% | 76.1% |
Income Tax | $0.00 | $0.00 |
% Of Pretax Income | 0.0% | 0.0% |
Net Earnings | $171.2M | $54.03M |
YoY Change | 216.8% | 12.91% |
Net Earnings / Revenue | 27.68% | 9.4% |
Basic Earnings Per Share | $1.12 | $0.35 |
Diluted Earnings Per Share | $1.11 | $0.35 |
COMMON SHARES | ||
Basic Shares Outstanding | 153.2M shares | 153.0M shares |
Diluted Shares Outstanding | 153.9M shares | 153.2M shares |
Balance Sheet
Concept | 2015 Q1 | 2014 Q1 |
---|---|---|
SHORT-TERM ASSETS | ||
Cash & Short-Term Investments | $1.085B | $1.198B |
YoY Change | -9.39% | 29.72% |
Cash & Equivalents | $1.064B | $1.180B |
Short-Term Investments | $20.74M | $18.03M |
Other Short-Term Assets | $166.0M | $178.0M |
YoY Change | -6.74% | 147.22% |
Inventory | ||
Prepaid Expenses | ||
Receivables | $48.00M | $38.00M |
Other Receivables | $714.0M | $662.0M |
Total Short-Term Assets | $1.992B | $2.058B |
YoY Change | -3.21% | 15.94% |
LONG-TERM ASSETS | ||
Property, Plant & Equipment | $15.58B | $15.86B |
YoY Change | -1.8% | 29.26% |
Goodwill | ||
YoY Change | ||
Intangibles | ||
YoY Change | ||
Long-Term Investments | $217.0M | $145.0M |
YoY Change | 49.66% | -78.26% |
Other Assets | $1.395B | $916.0M |
YoY Change | 52.29% | 45.86% |
Total Long-Term Assets | $17.19B | $16.92B |
YoY Change | 1.57% | 22.19% |
TOTAL ASSETS | ||
Total Short-Term Assets | $1.992B | $2.058B |
Total Long-Term Assets | $17.19B | $16.92B |
Total Assets | $19.18B | $18.98B |
YoY Change | 1.05% | 21.48% |
SHORT-TERM LIABILITIES | ||
YoY Change | ||
Accounts Payable | $224.0M | $218.0M |
YoY Change | 2.75% | 3.81% |
Accrued Expenses | $187.0M | $179.0M |
YoY Change | 4.47% | 80.81% |
Deferred Revenue | ||
YoY Change | ||
Short-Term Debt | $0.00 | $0.00 |
YoY Change | ||
Long-Term Debt Due | ||
YoY Change | ||
Total Short-Term Liabilities | $524.0M | $512.0M |
YoY Change | 2.34% | 21.9% |
LONG-TERM LIABILITIES | ||
Long-Term Debt | $10.07B | $10.76B |
YoY Change | -6.41% | 21.25% |
Other Long-Term Liabilities | $484.0M | $557.0M |
YoY Change | -13.11% | 75.71% |
Total Long-Term Liabilities | $10.55B | $11.31B |
YoY Change | -6.74% | 23.13% |
TOTAL LIABILITIES | ||
Total Short-Term Liabilities | $524.0M | $512.0M |
Total Long-Term Liabilities | $10.55B | $11.31B |
Total Liabilities | $11.07B | $11.83B |
YoY Change | -6.35% | 23.07% |
SHAREHOLDERS EQUITY | ||
Retained Earnings | -$691.0M | -$154.0M |
YoY Change | 348.76% | -4.18% |
Common Stock | $1.534M | $1.530M |
YoY Change | 0.26% | 0.92% |
Preferred Stock | ||
YoY Change | ||
Treasury Stock (at cost) | $2.722M | $2.722M |
YoY Change | 0.0% | 0.0% |
Treasury Stock Shares | 78.90K shares | 78.90K shares |
Shareholders Equity | $5.782B | $5.702B |
YoY Change | ||
Total Liabilities & Shareholders Equity | $19.18B | $18.98B |
YoY Change | 1.05% | 21.48% |
Cashflow Statement
Concept | 2015 Q1 | 2014 Q1 |
---|---|---|
OPERATING ACTIVITIES | ||
Net Income | $171.2M | $54.03M |
YoY Change | 216.8% | 12.91% |
Depreciation, Depletion And Amortization | $154.2M | $154.3M |
YoY Change | -0.03% | 27.29% |
Cash From Operating Activities | $201.4M | $124.2M |
YoY Change | 62.18% | -47.69% |
INVESTING ACTIVITIES | ||
Capital Expenditures | -$106.4M | -$146.1M |
YoY Change | -27.17% | -66.19% |
Acquisitions | ||
YoY Change | ||
Other Investing Activities | $109.1M | -$1.000M |
YoY Change | -11010.0% | 25.0% |
Cash From Investing Activities | $2.725M | -$147.1M |
YoY Change | -101.85% | -66.03% |
FINANCING ACTIVITIES | ||
Cash Dividend Paid | $883.7M | $496.3M |
YoY Change | 78.04% | 347.39% |
Common Stock Issuance & Retirement, Net | ||
YoY Change | ||
Debt Paid & Issued, Net | ||
YoY Change | ||
Cash From Financing Activities | -$902.9M | -$1.163B |
YoY Change | -22.35% | -1946.73% |
NET CHANGE | ||
Cash From Operating Activities | $201.4M | $124.2M |
Cash From Investing Activities | $2.725M | -$147.1M |
Cash From Financing Activities | -$902.9M | -$1.163B |
Net Change In Cash | -$698.7M | -$1.186B |
YoY Change | -41.07% | 794.08% |
FREE CASH FLOW | ||
Cash From Operating Activities | $201.4M | $124.2M |
Capital Expenditures | -$106.4M | -$146.1M |
Free Cash Flow | $307.8M | $270.3M |
YoY Change | 13.89% | -59.63% |
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CashAndCashEquivalentsPeriodIncreaseDecrease
|
-1185564000 | USD |
CY2015Q1 | us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
-698683000 | USD |
CY2014Q4 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
0 | USD |
CY2015Q1 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
0 | USD |
CY2015Q1 | us-gaap |
Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
|
5.15 | |
CY2014Q4 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.01 | |
CY2015Q1 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.01 | |
CY2014Q4 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
250000000 | shares |
CY2015Q1 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
250000000 | shares |
CY2014Q4 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
153192845 | shares |
CY2015Q1 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
153481007 | shares |
CY2014Q4 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
153113945 | shares |
CY2015Q1 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
153402107 | shares |
CY2014Q4 | us-gaap |
Common Stock Value
CommonStockValue
|
1531000 | USD |
CY2015Q1 | us-gaap |
Common Stock Value
CommonStockValue
|
1534000 | USD |
CY2014Q1 | us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
57190000 | USD |
CY2015Q1 | us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
171168000 | USD |
CY2014Q1 | us-gaap |
Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
|
11133000 | USD |
CY2015Q1 | us-gaap |
Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
|
35399000 | USD |
CY2014Q1 | us-gaap |
Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
|
68385000 | USD |
CY2015Q1 | us-gaap |
Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
|
206264000 | USD |
CY2014Q1 | us-gaap |
Construction And Development Costs
ConstructionAndDevelopmentCosts
|
-97025000 | USD |
CY2015Q1 | us-gaap |
Construction And Development Costs
ConstructionAndDevelopmentCosts
|
-60013000 | USD |
CY2014Q4 | us-gaap |
Construction In Progress Gross
ConstructionInProgressGross
|
736311000 | USD |
CY2015Q1 | us-gaap |
Construction In Progress Gross
ConstructionInProgressGross
|
797148000 | USD |
CY2015Q1 | us-gaap |
Conversion Of Stock Shares Issued1
ConversionOfStockSharesIssued1
|
258599 | shares |
CY2014Q1 | us-gaap |
Costs And Expenses
CostsAndExpenses
|
397797000 | USD |
CY2015Q1 | us-gaap |
Costs And Expenses
CostsAndExpenses
|
412267000 | USD |
CY2014Q4 | us-gaap |
Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
|
12296000 | USD |
CY2015Q1 | us-gaap |
Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
|
11899000 | USD |
CY2014Q1 | us-gaap |
Decrease In Restricted Cash
DecreaseInRestrictedCash
|
0 | USD |
CY2015Q1 | us-gaap |
Decrease In Restricted Cash
DecreaseInRestrictedCash
|
99916000 | USD |
CY2014Q4 | us-gaap |
Deferred Costs
DeferredCosts
|
831744000 | USD |
CY2015Q1 | us-gaap |
Deferred Costs
DeferredCosts
|
806468000 | USD |
CY2014Q4 | us-gaap |
Deferred Rent Receivables Net
DeferredRentReceivablesNet
|
691999000 | USD |
CY2015Q1 | us-gaap |
Deferred Rent Receivables Net
DeferredRentReceivablesNet
|
713874000 | USD |
CY2014Q1 | us-gaap |
Depreciation And Amortization
DepreciationAndAmortization
|
154270000 | USD |
CY2015Q1 | us-gaap |
Depreciation And Amortization
DepreciationAndAmortization
|
154223000 | USD |
CY2014Q1 | us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
154270000 | USD |
CY2015Q1 | us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
154223000 | USD |
CY2014Q1 | us-gaap |
Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
|
-629000 | USD |
CY2015Q1 | us-gaap |
Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
|
-627000 | USD |
CY2014Q1 | us-gaap |
Derivative Instruments Gain Loss Recognized In Income Ineffective Portion And Amount Excluded From Effectiveness Testing Net
DerivativeInstrumentsGainLossRecognizedInIncomeIneffectivePortionAndAmountExcludedFromEffectivenessTestingNet
|
0 | USD |
CY2015Q1 | us-gaap |
Derivative Instruments Gain Loss Recognized In Income Ineffective Portion And Amount Excluded From Effectiveness Testing Net
DerivativeInstrumentsGainLossRecognizedInIncomeIneffectivePortionAndAmountExcludedFromEffectivenessTestingNet
|
0 | USD |
CY2014Q1 | us-gaap |
Derivative Instruments Gain Loss Recognized In Other Comprehensive Income Effective Portion Net
DerivativeInstrumentsGainLossRecognizedInOtherComprehensiveIncomeEffectivePortionNet
|
0 | USD |
CY2015Q1 | us-gaap |
Derivative Instruments Gain Loss Recognized In Other Comprehensive Income Effective Portion Net
DerivativeInstrumentsGainLossRecognizedInOtherComprehensiveIncomeEffectivePortionNet
|
-3533000 | USD |
CY2014Q1 | us-gaap |
Dilutive Securities
DilutiveSecurities
|
0 | USD |
CY2015Q1 | us-gaap |
Dilutive Securities
DilutiveSecurities
|
0 | USD |
CY2014Q1 | us-gaap |
Direct Costs Of Hotels
DirectCostsOfHotels
|
6797000 | USD |
CY2015Q1 | us-gaap |
Direct Costs Of Hotels
DirectCostsOfHotels
|
7576000 | USD |
CY2014Q1 | us-gaap |
Direct Costs Of Leased And Rented Property Or Equipment
DirectCostsOfLeasedAndRentedPropertyOrEquipment
|
206388000 | USD |
CY2015Q1 | us-gaap |
Direct Costs Of Leased And Rented Property Or Equipment
DirectCostsOfLeasedAndRentedPropertyOrEquipment
|
221350000 | USD |
CY2014Q1 | us-gaap |
Dividends
Dividends
|
113268000 | USD |
CY2015Q1 | us-gaap |
Dividends
Dividends
|
114005000 | USD |
CY2015Q1 | us-gaap |
Dividends Payable Amount Per Share
DividendsPayableAmountPerShare
|
0.65 | |
CY2014Q1 | us-gaap |
Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
|
114799000 | USD |
CY2014Q4 | us-gaap |
Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
|
882472000 | USD |
CY2015Q1 | us-gaap |
Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
|
112796000 | USD |
CY2014Q1 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
0.35 | |
CY2015Q1 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
1.12 | |
CY2014Q1 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
0.35 | |
CY2015Q1 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
1.11 | |
CY2014Q1 | us-gaap |
Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
|
1431000 | USD |
CY2015Q1 | us-gaap |
Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
|
1350000 | USD |
CY2014Q4 | us-gaap |
Excess Stock Shares Authorized
ExcessStockSharesAuthorized
|
150000000 | shares |
CY2015Q1 | us-gaap |
Excess Stock Shares Authorized
ExcessStockSharesAuthorized
|
150000000 | shares |
CY2014Q4 | us-gaap |
Excess Stock Shares Issued
ExcessStockSharesIssued
|
0 | shares |
CY2015Q1 | us-gaap |
Excess Stock Shares Issued
ExcessStockSharesIssued
|
0 | shares |
CY2014Q4 | us-gaap |
Excess Stock Shares Outstanding
ExcessStockSharesOutstanding
|
0 | shares |
CY2015Q1 | us-gaap |
Excess Stock Shares Outstanding
ExcessStockSharesOutstanding
|
0 | shares |
CY2014Q1 | us-gaap |
Gain Loss On Investments
GainLossOnInvestments
|
286000 | USD |
CY2015Q1 | us-gaap |
Gain Loss On Investments
GainLossOnInvestments
|
393000 | USD |
CY2014Q1 | us-gaap |
Gain Loss On Sale Of Investments
GainLossOnSaleOfInvestments
|
286000 | USD |
CY2015Q1 | us-gaap |
Gain Loss On Sale Of Investments
GainLossOnSaleOfInvestments
|
393000 | USD |
CY2014Q1 | us-gaap |
Gain Loss On Sale Of Properties
GainLossOnSaleOfProperties
|
0 | USD |
CY2015Q1 | us-gaap |
Gain Loss On Sale Of Properties
GainLossOnSaleOfProperties
|
95084000 | USD |
CY2014Q1 | us-gaap |
Gain Loss On Sale Of Properties Before Applicable Income Taxes
GainLossOnSaleOfPropertiesBeforeApplicableIncomeTaxes
|
0 | USD |
CY2015Q1 | us-gaap |
Gain Loss On Sale Of Properties Before Applicable Income Taxes
GainLossOnSaleOfPropertiesBeforeApplicableIncomeTaxes
|
95084000 | USD |
CY2014Q1 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
29905000 | USD |
CY2015Q1 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
28791000 | USD |
CY2014Q1 | us-gaap |
Income Loss Before Gain Or Loss On Sale Of Properties Extraordinary Items And Cumulative Effects Of Accounting Changes
IncomeLossBeforeGainOrLossOnSaleOfPropertiesExtraordinaryItemsAndCumulativeEffectsOfAccountingChanges
|
67756000 | USD |
CY2015Q1 | us-gaap |
Income Loss Before Gain Or Loss On Sale Of Properties Extraordinary Items And Cumulative Effects Of Accounting Changes
IncomeLossBeforeGainOrLossOnSaleOfPropertiesExtraordinaryItemsAndCumulativeEffectsOfAccountingChanges
|
114086000 | USD |
CY2014Q1 | us-gaap |
Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
|
2816000 | USD |
CY2015Q1 | us-gaap |
Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
|
14834000 | USD |
CY2015Q1 | us-gaap |
Limited Liability Company Llc Or Limited Partnership Lp Managing Member Or General Partner Ownership Interest
LimitedLiabilityCompanyLLCOrLimitedPartnershipLPManagingMemberOrGeneralPartnerOwnershipInterest
|
0.895 | |
CY2014Q1 | us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
1288000 | USD |
CY2015Q1 | us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
-5535000 | USD |
CY2014Q1 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
-21652000 | USD |
CY2015Q1 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
1173000 | USD |
CY2014Q1 | us-gaap |
Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
|
11128000 | USD |
CY2015Q1 | us-gaap |
Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
|
23098000 | USD |
CY2014Q1 | us-gaap |
Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
|
-22197000 | USD |
CY2015Q1 | us-gaap |
Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
|
-23136000 | USD |
CY2014Q1 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
-5989000 | USD |
CY2015Q1 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
-3447000 | USD |
CY2014Q1 | us-gaap |
Increase Decrease In Restricted Cash For Operating Activities
IncreaseDecreaseInRestrictedCashForOperatingActivities
|
-2961000 | USD |
CY2015Q1 | us-gaap |
Increase Decrease In Restricted Cash For Operating Activities
IncreaseDecreaseInRestrictedCashForOperatingActivities
|
-1044000 | USD |
CY2014Q1 | us-gaap |
Increase In Restricted Cash
IncreaseInRestrictedCash
|
0 | USD |
CY2015Q1 | us-gaap |
Increase In Restricted Cash
IncreaseInRestrictedCash
|
201857000 | USD |
CY2014Q1 | us-gaap |
Interest And Other Income
InterestAndOtherIncome
|
1311000 | USD |
CY2015Q1 | us-gaap |
Interest And Other Income
InterestAndOtherIncome
|
1407000 | USD |
CY2014Q1 | us-gaap |
Interest Costs Capitalized
InterestCostsCapitalized
|
17709000 | USD |
CY2015Q1 | us-gaap |
Interest Costs Capitalized
InterestCostsCapitalized
|
7965000 | USD |
CY2014Q1 | us-gaap |
Interest Expense
InterestExpense
|
113554000 | USD |
CY2015Q1 | us-gaap |
Interest Expense
InterestExpense
|
108757000 | USD |
CY2014Q1 | us-gaap |
Interest Paid
InterestPaid
|
220790000 | USD |
CY2015Q1 | us-gaap |
Interest Paid
InterestPaid
|
104508000 | USD |
CY2014Q4 | us-gaap |
Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
|
163532000 | USD |
CY2015Q1 | us-gaap |
Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
|
186630000 | USD |
CY2014Q4 | us-gaap |
Investments In Affiliates Subsidiaries Associates And Joint Ventures
InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures
|
193394000 | USD |
CY2015Q1 | us-gaap |
Investments In Affiliates Subsidiaries Associates And Joint Ventures
InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures
|
196188000 | USD |
CY2014Q4 | us-gaap |
Land Available For Development
LandAvailableForDevelopment
|
268114000 | USD |
CY2015Q1 | us-gaap |
Liabilities
Liabilities
|
11073970000 | USD |
CY2014Q4 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
19886767000 | USD |
CY2015Q1 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
19179071000 | USD |
CY2014 | us-gaap |
Limited Liability Company Llc Or Limited Partnership Lp Managing Member Or General Partner Ownership Interest
LimitedLiabilityCompanyLLCOrLimitedPartnershipLPManagingMemberOrGeneralPartnerOwnershipInterest
|
0.895 | |
CY2015Q1 | us-gaap |
Land Available For Development
LandAvailableForDevelopment
|
271327000 | USD |
CY2014Q4 | us-gaap |
Liabilities
Liabilities
|
11878506000 | USD |
CY2014Q4 | us-gaap |
Line Of Credit
LineOfCredit
|
0 | USD |
CY2015Q1 | us-gaap |
Line Of Credit
LineOfCredit
|
0 | USD |
CY2014Q4 | us-gaap |
Marketable Securities
MarketableSecurities
|
19459000 | USD |
CY2015Q1 | us-gaap |
Marketable Securities
MarketableSecurities
|
20736000 | USD |
CY2014Q4 | us-gaap |
Minority Interest In Limited Partnerships
MinorityInterestInLimitedPartnerships
|
1602467000 | USD |
CY2015Q1 | us-gaap |
Minority Interest In Limited Partnerships
MinorityInterestInLimitedPartnerships
|
1599502000 | USD |
CY2014Q4 | us-gaap |
Minority Interest In Operating Partnerships
MinorityInterestInOperatingPartnerships
|
603171000 | USD |
CY2015Q1 | us-gaap |
Minority Interest In Operating Partnerships
MinorityInterestInOperatingPartnerships
|
617274000 | USD |
CY2014Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-1162701000 | USD |
CY2015Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-902854000 | USD |
CY2014Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-147072000 | USD |
CY2015Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
2725000 | USD |
CY2014Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
124209000 | USD |
CY2015Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
201446000 | USD |
CY2014Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
56623000 | USD |
CY2015Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
173771000 | USD |
CY2014Q1 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
54034000 | USD |
CY2015Q1 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
171182000 | USD |
CY2014Q1 | us-gaap |
Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
|
54034000 | USD |
CY2015Q1 | us-gaap |
Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
|
170994000 | USD |
CY2014Q1 | us-gaap |
Noncontrolling Interest In Net Income Loss Limited Partnerships Nonredeemable
NoncontrollingInterestInNetIncomeLossLimitedPartnershipsNonredeemable
|
4354000 | USD |
CY2015Q1 | us-gaap |
Noncontrolling Interest In Net Income Loss Limited Partnerships Nonredeemable
NoncontrollingInterestInNetIncomeLossLimitedPartnershipsNonredeemable
|
15208000 | USD |
CY2014Q1 | us-gaap |
Noncontrolling Interest In Net Income Loss Operating Partnerships Redeemable
NoncontrollingInterestInNetIncomeLossOperatingPartnershipsRedeemable
|
6160000 | USD |
CY2015Q1 | us-gaap |
Noncontrolling Interest In Net Income Loss Operating Partnerships Redeemable
NoncontrollingInterestInNetIncomeLossOperatingPartnershipsRedeemable
|
20188000 | USD |
CY2014Q1 | us-gaap |
Noncontrolling Interest In Net Income Loss Preferred Unit Holders Redeemable
NoncontrollingInterestInNetIncomeLossPreferredUnitHoldersRedeemable
|
619000 | USD |
CY2015Q1 | us-gaap |
Noncontrolling Interest In Net Income Loss Preferred Unit Holders Redeemable
NoncontrollingInterestInNetIncomeLossPreferredUnitHoldersRedeemable
|
3000 | USD |
CY2014Q1 | us-gaap |
Noncontrolling Interest Increase From Subsidiary Equity Issuance
NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance
|
0 | USD |
CY2014Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
176897000 | USD |
CY2015Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
206209000 | USD |
CY2014Q1 | us-gaap |
Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
|
455018000 | USD |
CY2015Q1 | us-gaap |
Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
|
490682000 | USD |
CY2015Q1 | us-gaap |
Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
|
-3533000 | USD |
CY2014Q1 | us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
629000 | USD |
CY2015Q1 | us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
-2906000 | USD |
CY2014Q1 | us-gaap |
Other Comprehensive Income Loss Net Of Tax Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest
|
62000 | USD |
CY2015Q1 | us-gaap |
Other Comprehensive Income Loss Net Of Tax Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest
|
-303000 | USD |
CY2014Q1 | us-gaap |
Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
|
-629000 | USD |
CY2015Q1 | us-gaap |
Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
|
-627000 | USD |
CY2014Q1 | us-gaap |
Other Comprehensive Income Other Net Of Tax
OtherComprehensiveIncomeOtherNetOfTax
|
629000 | USD |
CY2015Q1 | us-gaap |
Other Comprehensive Income Other Net Of Tax
OtherComprehensiveIncomeOtherNetOfTax
|
627000 | USD |
CY2014Q1 | us-gaap |
Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
|
0 | USD |
CY2015Q1 | us-gaap |
Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
|
-3533000 | USD |
CY2014Q4 | us-gaap |
Other Liabilities
OtherLiabilities
|
502255000 | USD |
CY2015Q1 | us-gaap |
Other Liabilities
OtherLiabilities
|
483762000 | USD |
CY2015Q1 | us-gaap |
Other Preferred Stock Dividends And Adjustments
OtherPreferredStockDividendsAndAdjustments
|
188000 | USD |
CY2014Q1 | us-gaap |
Paid In Kind Interest
PaidInKindInterest
|
-7676000 | USD |
CY2015Q1 | us-gaap |
Paid In Kind Interest
PaidInKindInterest
|
-10884000 | USD |
CY2014Q1 | us-gaap |
Parking Revenue
ParkingRevenue
|
24333000 | USD |
CY2015Q1 | us-gaap |
Parking Revenue
ParkingRevenue
|
24788000 | USD |
CY2014Q1 | us-gaap |
Payments For Capital Improvements
PaymentsForCapitalImprovements
|
17510000 | USD |
CY2015Q1 | us-gaap |
Payments For Capital Improvements
PaymentsForCapitalImprovements
|
19391000 | USD |
CY2014Q1 | us-gaap |
Payments For Proceeds From Deposits On Real Estate Acquisitions
PaymentsForProceedsFromDepositsOnRealEstateAcquisitions
|
0 | USD |
CY2015Q1 | us-gaap |
Payments For Proceeds From Deposits On Real Estate Acquisitions
PaymentsForProceedsFromDepositsOnRealEstateAcquisitions
|
5000000 | USD |
CY2014Q1 | us-gaap |
Payments For Tenant Improvements
PaymentsForTenantImprovements
|
31551000 | USD |
CY2015Q1 | us-gaap |
Payments For Tenant Improvements
PaymentsForTenantImprovements
|
26950000 | USD |
CY2014Q1 | us-gaap |
Payments Of Dividends
PaymentsOfDividends
|
496330000 | USD |
CY2015Q1 | us-gaap |
Payments Of Dividends
PaymentsOfDividends
|
883684000 | USD |
CY2014Q1 | us-gaap |
Payments Of Financing Costs
PaymentsOfFinancingCosts
|
18000 | USD |
CY2015Q1 | us-gaap |
Payments Of Financing Costs
PaymentsOfFinancingCosts
|
20000 | USD |
CY2014Q1 | us-gaap |
Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
|
0 | USD |
CY2015Q1 | us-gaap |
Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
|
2444000 | USD |
CY2014Q1 | us-gaap |
Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
|
1099000 | USD |
CY2015Q1 | us-gaap |
Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
|
884000 | USD |
CY2014Q1 | us-gaap |
Payments To Minority Shareholders
PaymentsToMinorityShareholders
|
5143000 | USD |
CY2015Q1 | us-gaap |
Payments To Minority Shareholders
PaymentsToMinorityShareholders
|
17974000 | USD |
CY2014Q1 | us-gaap |
Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
|
2589000 | USD |
CY2015Q1 | us-gaap |
Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
|
2589000 | USD |
CY2014Q4 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.01 | |
CY2015Q1 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.01 | |
CY2014Q4 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
50000000 | shares |
CY2015Q1 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
50000000 | shares |
CY2014Q4 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
200000000 | USD |
CY2015Q1 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
200000000 | USD |
CY2014Q4 | us-gaap |
Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
|
164432000 | USD |
CY2015Q1 | us-gaap |
Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
|
165985000 | USD |
CY2014Q1 | us-gaap |
Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
|
-527000 | USD |
CY2015Q1 | us-gaap |
Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
|
-145000 | USD |
CY2014Q1 | us-gaap |
Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
|
468000 | USD |
CY2015Q1 | us-gaap |
Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
|
629000 | USD |
CY2014Q1 | us-gaap |
Proceeds From Payments To Minority Shareholders
ProceedsFromPaymentsToMinorityShareholders
|
468000 | USD |
CY2015Q1 | us-gaap |
Proceeds From Payments To Minority Shareholders
ProceedsFromPaymentsToMinorityShareholders
|
629000 | USD |
CY2014Q1 | us-gaap |
Proceeds From Sale Of Equity Method Investments
ProceedsFromSaleOfEquityMethodInvestments
|
113000 | USD |
CY2015Q1 | us-gaap |
Proceeds From Sale Of Equity Method Investments
ProceedsFromSaleOfEquityMethodInvestments
|
24527000 | USD |
CY2014Q1 | us-gaap |
Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
|
0 | USD |
CY2015Q1 | us-gaap |
Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
|
194821000 | USD |
CY2014Q1 | us-gaap |
Profit Loss
ProfitLoss
|
67756000 | USD |
CY2015Q1 | us-gaap |
Profit Loss
ProfitLoss
|
209170000 | USD |
CY2014Q4 | us-gaap |
Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
|
3547659000 | USD |
CY2015Q1 | us-gaap |
Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
|
3646853000 | USD |
CY2014Q1 | us-gaap |
Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
|
654521000 | USD |
CY2015Q1 | us-gaap |
Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
|
0 | USD |
CY2014Q4 | us-gaap |
Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
|
18231978000 | USD |
CY2015Q1 | us-gaap |
Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
|
18153816000 | USD |
CY2014Q4 | us-gaap |
Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
|
15688744000 | USD |
CY2015Q1 | us-gaap |
Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
|
15575438000 | USD |
CY2014Q1 | us-gaap |
Real Estate Revenue Net
RealEstateRevenueNet
|
561285000 | USD |
CY2015Q1 | us-gaap |
Real Estate Revenue Net
RealEstateRevenueNet
|
604063000 | USD |
CY2014Q4 | us-gaap |
Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
|
633000 | USD |
CY2015Q1 | us-gaap |
Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
|
633000 | USD |
CY2014Q1 | us-gaap |
Repayments Of Secured Debt
RepaymentsOfSecuredDebt
|
6630000 | USD |
CY2015Q1 | us-gaap |
Repayments Of Secured Debt
RepaymentsOfSecuredDebt
|
7024000 | USD |
CY2014Q4 | us-gaap |
Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
|
487321000 | USD |
CY2015Q1 | us-gaap |
Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
|
588218000 | USD |
CY2014Q4 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-762464000 | USD |
CY2015Q1 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-690993000 | USD |
CY2014Q1 | us-gaap |
Revenue From Leased And Owned Hotels
RevenueFromLeasedAndOwnedHotels
|
8193000 | USD |
CY2015Q1 | us-gaap |
Revenue From Leased And Owned Hotels
RevenueFromLeasedAndOwnedHotels
|
9085000 | USD |
CY2014Q1 | us-gaap |
Revenues
Revenues
|
574694000 | USD |
CY2015Q1 | us-gaap |
Revenues
Revenues
|
618476000 | USD |
CY2014Q4 | us-gaap |
Secured Debt
SecuredDebt
|
4309484000 | USD |
CY2015Q1 | us-gaap |
Secured Debt
SecuredDebt
|
4289120000 | USD |
CY2014Q4 | us-gaap |
Senior Notes
SeniorNotes
|
5287704000 | USD |
CY2015Q1 | us-gaap |
Senior Notes
SeniorNotes
|
5288101000 | USD |
CY2014Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
10380000 | USD |
CY2015Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
11011000 | USD |
CY2015Q1 | us-gaap |
Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
|
5909 | shares |
CY2014Q1 | us-gaap |
Stock Issued During Period Value Conversion Of Units
StockIssuedDuringPeriodValueConversionOfUnits
|
0 | USD |
CY2014Q1 | us-gaap |
Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
|
357000 | USD |
CY2015Q1 | us-gaap |
Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
|
313000 | USD |
CY2014Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
5697298000 | USD |
CY2015Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
5782172000 | USD |
CY2013Q4 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
7043618000 | USD |
CY2014Q1 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
7002544000 | USD |
CY2014Q4 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
7902936000 | USD |
CY2015Q1 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
7998948000 | USD |
CY2014Q1 | us-gaap |
Straight Line Rent
StraightLineRent
|
10127000 | USD |
CY2015Q1 | us-gaap |
Straight Line Rent
StraightLineRent
|
23250000 | USD |
CY2014Q4 | us-gaap |
Subordinated Debt
SubordinatedDebt
|
309796000 | USD |
CY2015Q1 | us-gaap |
Subordinated Debt
SubordinatedDebt
|
309475000 | USD |
CY2014Q1 | us-gaap |
Tenant Reimbursements
TenantReimbursements
|
81934000 | USD |
CY2015Q1 | us-gaap |
Tenant Reimbursements
TenantReimbursements
|
88593000 | USD |
CY2014Q4 | us-gaap |
Treasury Stock Shares
TreasuryStockShares
|
78900 | shares |
CY2015Q1 | us-gaap |
Treasury Stock Shares
TreasuryStockShares
|
78900 | shares |
CY2014Q4 | us-gaap |
Treasury Stock Value
TreasuryStockValue
|
2722000 | USD |
CY2015Q1 | us-gaap |
Treasury Stock Value
TreasuryStockValue
|
2722000 | USD |
CY2014Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
153169000 | shares |
CY2015Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
153873000 | shares |
CY2014Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
153030000 | shares |
CY2015Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
153230000 | shares |
CY2015Q1 | bxp |
Schedule Of Statements Of Operations Of Unconsolidated Joint Ventures Text Bock
ScheduleOfStatementsOfOperationsOfUnconsolidatedJointVenturesTextBock
|
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The combined summarized statements of operations of the Company's unconsolidated joint ventures are as follows:</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:9pt;"> </font><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:97.0703125%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td width="79%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="8%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="8%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"> </font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">For the three months ended March 31,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2015</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2014</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"> </font></div></td><td colspan="7" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(in thousands)</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total revenue (1)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">39,532</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">38,034</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Expenses</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Operating</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">16,275</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">15,464</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Depreciation and amortization</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">9,071</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">9,092</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total expenses</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">25,346</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">24,556</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Operating income</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">14,186</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">13,478</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other expense</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:top;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest expense</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7,980</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8,012</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:52px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net income</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6,206</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,466</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Company’s share of net income (2)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">14,642</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,625</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Basis differential</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">192</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">191</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Income from unconsolidated joint ventures</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">14,834</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,816</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> _______________ </font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">(1)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Includes straight-line rent adjustments of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">$1.6 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">$0.6 million</font><font style="font-family:inherit;font-size:10pt;"> for the </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">three months ended March 31, 2015</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">2014</font><font style="font-family:inherit;font-size:10pt;">, respectively. Includes net above-/below-market rent adjustments of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">$(0.1) million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">$0.1 million</font><font style="font-family:inherit;font-size:10pt;"> for the </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">three months ended March 31, 2015</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">2014</font><font style="font-family:inherit;font-size:10pt;">, respectively. </font></div></td></tr></table><div style="line-height:120%;padding-left:4px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">(2)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">During the three months ended March 31, 2015, the Company received a distribution of approximately </font><font style="font-family:inherit;font-size:10pt;">$24.5 million</font><font style="font-family:inherit;font-size:10pt;">, which was generated from the excess loan proceeds from the refinancing of 901 New York Avenue's mortgage loan to a new 10-year mortgage loan totaling </font><font style="font-family:inherit;font-size:10pt;">$225.0 million</font><font style="font-family:inherit;font-size:10pt;">.  The Company’s allocation of income and distributions for the three months ended March 31, 2015 was not proportionate to its nominal ownership interest as a result of the achievement of specified investment return thresholds, as provided for in the joint venture agreement.</font></div></td></tr></table></div> |