2016 Q1 Form 10-Q Financial Statement
#000165642316000017 Filed on May 06, 2016
Income Statement
Concept | 2016 Q1 | 2015 Q1 |
---|---|---|
Revenue | $666.0M | $618.5M |
YoY Change | 7.68% | 7.62% |
Cost Of Revenue | $226.8M | $228.9M |
YoY Change | -0.92% | 7.36% |
Gross Profit | $439.2M | $389.6M |
YoY Change | 12.73% | 7.77% |
Gross Profit Margin | 65.95% | 62.99% |
Selling, General & Admin | $29.40M | $28.80M |
YoY Change | 2.08% | -3.68% |
% of Gross Profit | 6.69% | 7.39% |
Research & Development | ||
YoY Change | ||
% of Gross Profit | ||
Depreciation & Amortization | $159.4M | $154.2M |
YoY Change | 3.39% | -0.03% |
% of Gross Profit | 36.3% | 39.58% |
Operating Expenses | $188.8M | $183.1M |
YoY Change | 3.11% | -0.6% |
Operating Profit | $250.4M | $206.2M |
YoY Change | 21.41% | 16.57% |
Interest Expense | $105.3M | $108.8M |
YoY Change | -3.17% | -4.22% |
% of Operating Profit | 42.06% | 52.74% |
Other Income/Expense, Net | ||
YoY Change | ||
Pretax Income | $216.2M | $209.2M |
YoY Change | 3.35% | 208.55% |
Income Tax | $0.00 | |
% Of Pretax Income | 0.0% | |
Net Earnings | $181.7M | $171.2M |
YoY Change | 6.17% | 216.8% |
Net Earnings / Revenue | 27.29% | 27.68% |
Basic Earnings Per Share | $1.18 | $1.12 |
Diluted Earnings Per Share | $1.18 | $1.11 |
COMMON SHARES | ||
Basic Shares Outstanding | 153.6M shares | 153.2M shares |
Diluted Shares Outstanding | 153.9M shares | 153.9M shares |
Balance Sheet
Concept | 2016 Q1 | 2015 Q1 |
---|---|---|
SHORT-TERM ASSETS | ||
Cash & Short-Term Investments | $1.627B | $1.085B |
YoY Change | 49.91% | -9.39% |
Cash & Equivalents | $1.606B | $1.064B |
Short-Term Investments | $21.08M | $20.74M |
Other Short-Term Assets | $137.0M | $166.0M |
YoY Change | -17.47% | -6.74% |
Inventory | ||
Prepaid Expenses | ||
Receivables | $74.00M | $48.00M |
Other Receivables | $768.0M | $714.0M |
Total Short-Term Assets | $2.585B | $1.992B |
YoY Change | 29.77% | -3.21% |
LONG-TERM ASSETS | ||
Property, Plant & Equipment | $15.57B | $15.58B |
YoY Change | -0.04% | -1.8% |
Goodwill | ||
YoY Change | ||
Intangibles | ||
YoY Change | ||
Long-Term Investments | $257.0M | $217.0M |
YoY Change | 18.43% | 49.66% |
Other Assets | $765.0M | $1.395B |
YoY Change | -45.16% | 52.29% |
Total Long-Term Assets | $16.59B | $17.19B |
YoY Change | -3.47% | 1.57% |
TOTAL ASSETS | ||
Total Short-Term Assets | $2.585B | $1.992B |
Total Long-Term Assets | $16.59B | $17.19B |
Total Assets | $19.18B | $19.18B |
YoY Change | -0.02% | 1.05% |
SHORT-TERM LIABILITIES | ||
YoY Change | ||
Accounts Payable | $253.0M | $224.0M |
YoY Change | 12.95% | 2.75% |
Accrued Expenses | $222.0M | $187.0M |
YoY Change | 18.72% | 4.47% |
Deferred Revenue | ||
YoY Change | ||
Short-Term Debt | $0.00 | $0.00 |
YoY Change | ||
Long-Term Debt Due | ||
YoY Change | ||
Total Short-Term Liabilities | $588.0M | $524.0M |
YoY Change | 12.21% | 2.34% |
LONG-TERM LIABILITIES | ||
Long-Term Debt | $10.16B | $10.07B |
YoY Change | 0.92% | -6.41% |
Other Long-Term Liabilities | $498.0M | $484.0M |
YoY Change | 2.89% | -13.11% |
Total Long-Term Liabilities | $10.66B | $10.55B |
YoY Change | 1.01% | -6.74% |
TOTAL LIABILITIES | ||
Total Short-Term Liabilities | $588.0M | $524.0M |
Total Long-Term Liabilities | $10.66B | $10.55B |
Total Liabilities | $11.25B | $11.07B |
YoY Change | 1.55% | -6.35% |
SHAREHOLDERS EQUITY | ||
Retained Earnings | -$699.0M | -$691.0M |
YoY Change | 1.17% | 348.76% |
Common Stock | $1.536M | $1.534M |
YoY Change | 0.13% | 0.26% |
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 | $5.750B | $5.782B |
YoY Change | ||
Total Liabilities & Shareholders Equity | $19.18B | $19.18B |
YoY Change | -0.02% | 1.05% |
Cashflow Statement
Concept | 2016 Q1 | 2015 Q1 |
---|---|---|
OPERATING ACTIVITIES | ||
Net Income | $181.7M | $171.2M |
YoY Change | 6.17% | 216.8% |
Depreciation, Depletion And Amortization | $159.4M | $154.2M |
YoY Change | 3.39% | -0.03% |
Cash From Operating Activities | $349.0M | $201.4M |
YoY Change | 73.24% | 62.18% |
INVESTING ACTIVITIES | ||
Capital Expenditures | -$204.0M | -$106.4M |
YoY Change | 91.73% | -27.17% |
Acquisitions | ||
YoY Change | ||
Other Investing Activities | $94.70M | $109.1M |
YoY Change | -13.2% | -11010.0% |
Cash From Investing Activities | -$109.4M | $2.725M |
YoY Change | -4113.1% | -101.85% |
FINANCING ACTIVITIES | ||
Cash Dividend Paid | $328.6M | $883.7M |
YoY Change | -62.82% | 78.04% |
Common Stock Issuance & Retirement, Net | ||
YoY Change | ||
Debt Paid & Issued, Net | ||
YoY Change | ||
Cash From Financing Activities | $642.3M | -$902.9M |
YoY Change | -171.15% | -22.35% |
NET CHANGE | ||
Cash From Operating Activities | $349.0M | $201.4M |
Cash From Investing Activities | -$109.4M | $2.725M |
Cash From Financing Activities | $642.3M | -$902.9M |
Net Change In Cash | $882.0M | -$698.7M |
YoY Change | -226.23% | -41.07% |
FREE CASH FLOW | ||
Cash From Operating Activities | $349.0M | $201.4M |
Capital Expenditures | -$204.0M | -$106.4M |
Free Cash Flow | $553.0M | $307.8M |
YoY Change | 79.63% | 13.89% |
Facts In Submission
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---|---|---|---|---|
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20000000 | USD |
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10-Q | |
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CommonStockValue
|
1536000 | USD |
CY2015Q1 | us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
171168000 | USD |
CY2016Q1 | us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
141773000 | USD |
CY2015Q1 | us-gaap |
Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
|
35399000 | USD |
CY2016Q1 | us-gaap |
Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
|
31857000 | USD |
CY2015Q1 | us-gaap |
Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
|
206264000 | USD |
CY2016Q1 | us-gaap |
Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
|
158203000 | USD |
CY2015Q4 | us-gaap |
Construction In Progress Gross
ConstructionInProgressGross
|
763935000 | USD |
CY2016Q1 | us-gaap |
Construction In Progress Gross
ConstructionInProgressGross
|
857578000 | USD |
CY2016Q1 | us-gaap |
Conversion Of Stock Shares Issued1
ConversionOfStockSharesIssued1
|
13259 | shares |
CY2015Q1 | us-gaap |
Costs And Expenses
CostsAndExpenses
|
412267000 | USD |
CY2016Q1 | us-gaap |
Costs And Expenses
CostsAndExpenses
|
415632000 | USD |
CY2015Q1 | us-gaap |
Decrease In Restricted Cash
DecreaseInRestrictedCash
|
99916000 | USD |
CY2016Q1 | us-gaap |
Decrease In Restricted Cash
DecreaseInRestrictedCash
|
104696000 | USD |
CY2015Q4 | us-gaap |
Deferred Costs
DeferredCosts
|
704867000 | USD |
CY2016Q1 | us-gaap |
Deferred Costs
DeferredCosts
|
693976000 | USD |
CY2015Q4 | us-gaap |
Deferred Rent Receivables Net
DeferredRentReceivablesNet
|
754883000 | USD |
CY2016Q1 | us-gaap |
Deferred Rent Receivables Net
DeferredRentReceivablesNet
|
767864000 | USD |
CY2015Q1 | us-gaap |
Depreciation And Amortization
DepreciationAndAmortization
|
154223000 | USD |
CY2016Q1 | us-gaap |
Depreciation And Amortization
DepreciationAndAmortization
|
159448000 | USD |
CY2015Q1 | us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
154223000 | USD |
CY2016Q1 | us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
159448000 | USD |
CY2015Q1 | us-gaap |
Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
|
-627000 | USD |
CY2016Q1 | us-gaap |
Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
|
-627000 | USD |
CY2015Q1 | us-gaap |
Derivative Instruments Gain Loss Recognized In Income Ineffective Portion And Amount Excluded From Effectiveness Testing Net
DerivativeInstrumentsGainLossRecognizedInIncomeIneffectivePortionAndAmountExcludedFromEffectivenessTestingNet
|
0 | USD |
CY2016Q1 | 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 Other Comprehensive Income Effective Portion Net
DerivativeInstrumentsGainLossRecognizedInOtherComprehensiveIncomeEffectivePortionNet
|
-3533000 | USD |
CY2016Q1 | us-gaap |
Derivative Instruments Gain Loss Recognized In Other Comprehensive Income Effective Portion Net
DerivativeInstrumentsGainLossRecognizedInOtherComprehensiveIncomeEffectivePortionNet
|
-58646000 | USD |
CY2015Q1 | us-gaap |
Dilutive Securities
DilutiveSecurities
|
0 | USD |
CY2016Q1 | us-gaap |
Dilutive Securities
DilutiveSecurities
|
0 | USD |
CY2015Q1 | us-gaap |
Direct Costs Of Hotels
DirectCostsOfHotels
|
7576000 | USD |
CY2016Q1 | us-gaap |
Direct Costs Of Hotels
DirectCostsOfHotels
|
7634000 | USD |
CY2015Q1 | us-gaap |
Direct Costs Of Leased And Rented Property Or Equipment
DirectCostsOfLeasedAndRentedPropertyOrEquipment
|
221350000 | USD |
CY2016Q1 | us-gaap |
Direct Costs Of Leased And Rented Property Or Equipment
DirectCostsOfLeasedAndRentedPropertyOrEquipment
|
219172000 | USD |
CY2015Q1 | us-gaap |
Dividends
Dividends
|
114005000 | USD |
CY2016Q1 | us-gaap |
Dividends
Dividends
|
114326000 | USD |
CY2016Q1 | us-gaap |
Dividends Payable Amount Per Share
DividendsPayableAmountPerShare
|
0.65 | |
CY2015Q1 | us-gaap |
Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
|
112796000 | USD |
CY2015Q4 | us-gaap |
Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
|
327320000 | USD |
CY2016Q1 | us-gaap |
Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
|
113079000 | USD |
CY2015Q1 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
1.12 | |
CY2016Q1 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
1.18 | |
CY2015Q1 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
1.11 | |
CY2016Q1 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
1.18 | |
CY2015Q1 | us-gaap |
Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
|
1350000 | USD |
CY2016Q1 | us-gaap |
Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
|
10718000 | USD |
CY2015Q4 | us-gaap |
Excess Stock Shares Authorized
ExcessStockSharesAuthorized
|
150000000 | shares |
CY2016Q1 | us-gaap |
Excess Stock Shares Authorized
ExcessStockSharesAuthorized
|
150000000 | shares |
CY2015Q4 | us-gaap |
Excess Stock Shares Issued
ExcessStockSharesIssued
|
0 | shares |
CY2016Q1 | us-gaap |
Excess Stock Shares Issued
ExcessStockSharesIssued
|
0 | shares |
CY2015Q4 | us-gaap |
Excess Stock Shares Outstanding
ExcessStockSharesOutstanding
|
0 | shares |
CY2016Q1 | us-gaap |
Excess Stock Shares Outstanding
ExcessStockSharesOutstanding
|
0 | shares |
CY2015Q1 | us-gaap |
Gain Loss On Investments
GainLossOnInvestments
|
393000 | USD |
CY2016Q1 | us-gaap |
Gain Loss On Investments
GainLossOnInvestments
|
259000 | USD |
CY2015Q1 | us-gaap |
Gain Loss On Sale Of Investments
GainLossOnSaleOfInvestments
|
393000 | USD |
CY2016Q1 | us-gaap |
Gain Loss On Sale Of Investments
GainLossOnSaleOfInvestments
|
259000 | USD |
CY2015Q1 | us-gaap |
Gain Loss On Sale Of Properties
GainLossOnSaleOfProperties
|
95084000 | USD |
CY2016Q1 | us-gaap |
Gain Loss On Sale Of Properties
GainLossOnSaleOfProperties
|
67623000 | USD |
CY2015Q1 | us-gaap |
Gain Loss On Sale Of Properties Before Applicable Income Taxes
GainLossOnSaleOfPropertiesBeforeApplicableIncomeTaxes
|
95084000 | USD |
CY2016Q1 | us-gaap |
Gain Loss On Sale Of Properties Before Applicable Income Taxes
GainLossOnSaleOfPropertiesBeforeApplicableIncomeTaxes
|
67623000 | USD |
CY2015Q1 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
28791000 | USD |
CY2016Q1 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
29353000 | 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 |
CY2016Q1 | us-gaap |
Income Loss Before Gain Or Loss On Sale Of Properties Extraordinary Items And Cumulative Effects Of Accounting Changes
IncomeLossBeforeGainOrLossOnSaleOfPropertiesExtraordinaryItemsAndCumulativeEffectsOfAccountingChanges
|
148599000 | USD |
CY2015Q1 | us-gaap |
Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
|
14834000 | USD |
CY2016Q1 | us-gaap |
Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
|
1791000 | USD |
CY2015Q1 | us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
-5535000 | USD |
CY2016Q1 | us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
-5209000 | USD |
CY2015Q1 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
1173000 | USD |
CY2016Q1 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
-25018000 | USD |
CY2015Q1 | us-gaap |
Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
|
23098000 | USD |
CY2016Q1 | us-gaap |
Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
|
31192000 | USD |
CY2015Q1 | us-gaap |
Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
|
-23136000 | USD |
CY2016Q1 | us-gaap |
Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
|
-33319000 | USD |
CY2015Q1 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
-3447000 | USD |
CY2016Q1 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
-45560000 | USD |
CY2015Q1 | us-gaap |
Increase Decrease In Restricted Cash For Operating Activities
IncreaseDecreaseInRestrictedCashForOperatingActivities
|
-1044000 | USD |
CY2016Q1 | us-gaap |
Increase Decrease In Restricted Cash For Operating Activities
IncreaseDecreaseInRestrictedCashForOperatingActivities
|
-1940000 | USD |
CY2015Q1 | us-gaap |
Increase In Restricted Cash
IncreaseInRestrictedCash
|
201857000 | USD |
CY2016Q1 | us-gaap |
Increase In Restricted Cash
IncreaseInRestrictedCash
|
104696000 | USD |
CY2015Q1 | us-gaap |
Interest And Other Income
InterestAndOtherIncome
|
1407000 | USD |
CY2016Q1 | us-gaap |
Interest And Other Income
InterestAndOtherIncome
|
1505000 | USD |
CY2015Q1 | us-gaap |
Interest Costs Capitalized
InterestCostsCapitalized
|
7965000 | USD |
CY2016Q1 | us-gaap |
Interest Costs Capitalized
InterestCostsCapitalized
|
9269000 | USD |
CY2015Q1 | us-gaap |
Interest Expense
InterestExpense
|
108757000 | USD |
CY2016Q1 | us-gaap |
Interest Expense
InterestExpense
|
105309000 | USD |
CY2015Q1 | us-gaap |
Interest Paid
InterestPaid
|
104508000 | USD |
CY2016Q1 | us-gaap |
Interest Paid
InterestPaid
|
93524000 | USD |
CY2015Q4 | us-gaap |
Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
|
190386000 | USD |
CY2016Q1 | us-gaap |
Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
|
221578000 | USD |
CY2015Q4 | us-gaap |
Investments In Affiliates Subsidiaries Associates And Joint Ventures
InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures
|
235224000 | USD |
CY2016Q1 | us-gaap |
Investments In Affiliates Subsidiaries Associates And Joint Ventures
InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures
|
235904000 | USD |
CY2015Q4 | us-gaap |
Land Available For Development
LandAvailableForDevelopment
|
252195000 | USD |
CY2016Q1 | us-gaap |
Land Available For Development
LandAvailableForDevelopment
|
256952000 | USD |
CY2015Q4 | us-gaap |
Liabilities
Liabilities
|
10464559000 | USD |
CY2016Q1 | us-gaap |
Liabilities
Liabilities
|
11246040000 | USD |
CY2015Q4 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
18351486000 | USD |
CY2016Q1 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
19175830000 | USD |
CY2015Q4 | us-gaap |
Line Of Credit
LineOfCredit
|
0 | USD |
CY2016Q1 | us-gaap |
Line Of Credit
LineOfCredit
|
0 | USD |
CY2015Q4 | us-gaap |
Marketable Securities
MarketableSecurities
|
20380000 | USD |
CY2016Q1 | us-gaap |
Marketable Securities
MarketableSecurities
|
21077000 | USD |
CY2015Q4 | us-gaap |
Minority Interest In Limited Partnerships
MinorityInterestInLimitedPartnerships
|
1574400000 | USD |
CY2016Q1 | us-gaap |
Minority Interest In Limited Partnerships
MinorityInterestInLimitedPartnerships
|
1563912000 | USD |
CY2015Q4 | us-gaap |
Minority Interest In Operating Partnerships
MinorityInterestInOperatingPartnerships
|
603092000 | USD |
CY2016Q1 | us-gaap |
Minority Interest In Operating Partnerships
MinorityInterestInOperatingPartnerships
|
616095000 | USD |
CY2015Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-902854000 | USD |
CY2016Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
642337000 | USD |
CY2015Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
2725000 | USD |
CY2016Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-109357000 | USD |
CY2015Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
201446000 | USD |
CY2016Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
348980000 | USD |
CY2015Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
173771000 | USD |
CY2016Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
184365000 | USD |
CY2015Q1 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
171182000 | USD |
CY2016Q1 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
181747000 | USD |
CY2015Q1 | us-gaap |
Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
|
170994000 | USD |
CY2016Q1 | us-gaap |
Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
|
181500000 | USD |
CY2015Q1 | us-gaap |
Noncontrolling Interest In Net Income Loss Limited Partnerships Nonredeemable
NoncontrollingInterestInNetIncomeLossLimitedPartnershipsNonredeemable
|
15208000 | USD |
CY2016Q1 | us-gaap |
Noncontrolling Interest In Net Income Loss Limited Partnerships Nonredeemable
NoncontrollingInterestInNetIncomeLossLimitedPartnershipsNonredeemable
|
10464000 | USD |
CY2015Q1 | us-gaap |
Noncontrolling Interest In Net Income Loss Operating Partnerships Redeemable
NoncontrollingInterestInNetIncomeLossOperatingPartnershipsRedeemable
|
20188000 | USD |
CY2016Q1 | us-gaap |
Noncontrolling Interest In Net Income Loss Operating Partnerships Redeemable
NoncontrollingInterestInNetIncomeLossOperatingPartnershipsRedeemable
|
21393000 | USD |
CY2015Q1 | us-gaap |
Noncontrolling Interest In Net Income Loss Preferred Unit Holders Redeemable
NoncontrollingInterestInNetIncomeLossPreferredUnitHoldersRedeemable
|
3000 | USD |
CY2016Q1 | us-gaap |
Noncontrolling Interest In Net Income Loss Preferred Unit Holders Redeemable
NoncontrollingInterestInNetIncomeLossPreferredUnitHoldersRedeemable
|
0 | USD |
CY2015Q1 | us-gaap |
Noncontrolling Interest Increase From Subsidiary Equity Issuance
NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance
|
0 | USD |
CY2015Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
206209000 | USD |
CY2016Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
250353000 | USD |
CY2015Q1 | us-gaap |
Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
|
490682000 | USD |
CY2016Q1 | us-gaap |
Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
|
536128000 | USD |
CY2015Q1 | us-gaap |
Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
|
-3533000 | USD |
CY2016Q1 | us-gaap |
Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
|
-58646000 | USD |
CY2015Q1 | us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
-2906000 | USD |
CY2016Q1 | us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
-58019000 | USD |
CY2015Q1 | us-gaap |
Other Comprehensive Income Loss Net Of Tax Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest
|
-303000 | USD |
CY2016Q1 | us-gaap |
Other Comprehensive Income Loss Net Of Tax Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest
|
-15427000 | USD |
CY2015Q1 | us-gaap |
Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
|
-627000 | USD |
CY2016Q1 | us-gaap |
Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
|
-627000 | USD |
CY2015Q1 | us-gaap |
Other Comprehensive Income Other Net Of Tax
OtherComprehensiveIncomeOtherNetOfTax
|
627000 | USD |
CY2016Q1 | us-gaap |
Other Comprehensive Income Other Net Of Tax
OtherComprehensiveIncomeOtherNetOfTax
|
627000 | USD |
CY2015Q1 | us-gaap |
Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
|
-3533000 | USD |
CY2016Q1 | us-gaap |
Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
|
-58646000 | USD |
CY2015Q4 | us-gaap |
Other Liabilities
OtherLiabilities
|
483601000 | USD |
CY2016Q1 | us-gaap |
Other Liabilities
OtherLiabilities
|
498290000 | USD |
CY2015Q1 | us-gaap |
Other Preferred Stock Dividends And Adjustments
OtherPreferredStockDividendsAndAdjustments
|
188000 | USD |
CY2016Q1 | us-gaap |
Other Preferred Stock Dividends And Adjustments
OtherPreferredStockDividendsAndAdjustments
|
247000 | USD |
CY2015Q1 | us-gaap |
Paid In Kind Interest
PaidInKindInterest
|
-10884000 | USD |
CY2016Q1 | us-gaap |
Paid In Kind Interest
PaidInKindInterest
|
-10138000 | USD |
CY2015Q1 | us-gaap |
Parking Revenue
ParkingRevenue
|
24788000 | USD |
CY2016Q1 | us-gaap |
Parking Revenue
ParkingRevenue
|
24825000 | USD |
CY2015Q1 | us-gaap |
Payments For Capital Improvements
PaymentsForCapitalImprovements
|
19391000 | USD |
CY2016Q1 | us-gaap |
Payments For Capital Improvements
PaymentsForCapitalImprovements
|
25329000 | USD |
CY2015Q1 | us-gaap |
Payments For Proceeds From Deposits On Real Estate Acquisitions
PaymentsForProceedsFromDepositsOnRealEstateAcquisitions
|
5000000 | USD |
CY2016Q1 | us-gaap |
Payments For Proceeds From Deposits On Real Estate Acquisitions
PaymentsForProceedsFromDepositsOnRealEstateAcquisitions
|
0 | USD |
CY2015Q1 | us-gaap |
Payments For Tenant Improvements
PaymentsForTenantImprovements
|
26950000 | USD |
CY2016Q1 | us-gaap |
Payments For Tenant Improvements
PaymentsForTenantImprovements
|
55739000 | USD |
CY2015Q1 | us-gaap |
Payments Of Dividends
PaymentsOfDividends
|
883684000 | USD |
CY2016Q1 | us-gaap |
Payments Of Dividends
PaymentsOfDividends
|
328567000 | USD |
CY2015Q1 | us-gaap |
Payments Of Financing Costs
PaymentsOfFinancingCosts
|
20000 | USD |
CY2016Q1 | us-gaap |
Payments Of Financing Costs
PaymentsOfFinancingCosts
|
8047000 | USD |
CY2015Q1 | us-gaap |
Payments To Acquire And Develop Real Estate
PaymentsToAcquireAndDevelopRealEstate
|
60013000 | USD |
CY2016Q1 | us-gaap |
Payments To Acquire And Develop Real Estate
PaymentsToAcquireAndDevelopRealEstate
|
122940000 | USD |
CY2015Q1 | us-gaap |
Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
|
2444000 | USD |
CY2016Q1 | us-gaap |
Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
|
10215000 | USD |
CY2015Q1 | us-gaap |
Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
|
884000 | USD |
CY2016Q1 | us-gaap |
Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
|
438000 | USD |
CY2015Q1 | us-gaap |
Payments To Minority Shareholders
PaymentsToMinorityShareholders
|
17974000 | USD |
CY2016Q1 | us-gaap |
Payments To Minority Shareholders
PaymentsToMinorityShareholders
|
12915000 | USD |
CY2015Q1 | us-gaap |
Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
|
2589000 | USD |
CY2016Q1 | us-gaap |
Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
|
2618000 | USD |
CY2015Q4 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.01 | |
CY2016Q1 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.01 | |
CY2015Q4 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
50000000 | shares |
CY2016Q1 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
50000000 | shares |
CY2015Q4 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
200000000 | USD |
CY2016Q1 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
200000000 | USD |
CY2015Q4 | us-gaap |
Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
|
185118000 | USD |
CY2016Q1 | us-gaap |
Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
|
136799000 | USD |
CY2015Q1 | us-gaap |
Proceeds From Issuance Of Unsecured Debt
ProceedsFromIssuanceOfUnsecuredDebt
|
0 | USD |
CY2016Q1 | us-gaap |
Proceeds From Issuance Of Unsecured Debt
ProceedsFromIssuanceOfUnsecuredDebt
|
997080000 | USD |
CY2015Q1 | us-gaap |
Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
|
-145000 | USD |
CY2016Q1 | us-gaap |
Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
|
-657000 | USD |
CY2015Q1 | us-gaap |
Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
|
629000 | USD |
CY2016Q1 | us-gaap |
Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
|
2489000 | USD |
CY2015Q1 | us-gaap |
Proceeds From Payments To Minority Shareholders
ProceedsFromPaymentsToMinorityShareholders
|
629000 | USD |
CY2016Q1 | us-gaap |
Proceeds From Payments To Minority Shareholders
ProceedsFromPaymentsToMinorityShareholders
|
2489000 | USD |
CY2015Q1 | us-gaap |
Proceeds From Sale Of Equity Method Investments
ProceedsFromSaleOfEquityMethodInvestments
|
24527000 | USD |
CY2016Q1 | us-gaap |
Proceeds From Sale Of Equity Method Investments
ProceedsFromSaleOfEquityMethodInvestments
|
0 | USD |
CY2015Q1 | us-gaap |
Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
|
194821000 | USD |
CY2016Q1 | us-gaap |
Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
|
104816000 | USD |
CY2015Q1 | us-gaap |
Profit Loss
ProfitLoss
|
209170000 | USD |
CY2016Q1 | us-gaap |
Profit Loss
ProfitLoss
|
216222000 | USD |
CY2015Q4 | us-gaap |
Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
|
3925894000 | USD |
CY2016Q1 | us-gaap |
Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
|
3969648000 | USD |
CY2015Q4 | us-gaap |
Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
|
18465405000 | USD |
CY2016Q1 | us-gaap |
Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
|
18424542000 | USD |
CY2015Q4 | us-gaap |
Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
|
15555641000 | USD |
CY2016Q1 | us-gaap |
Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
|
15569424000 | USD |
CY2015Q1 | us-gaap |
Real Estate Revenue Net
RealEstateRevenueNet
|
604063000 | USD |
CY2016Q1 | us-gaap |
Real Estate Revenue Net
RealEstateRevenueNet
|
650539000 | USD |
CY2015Q1 | us-gaap |
Repayments Of Secured Debt
RepaymentsOfSecuredDebt
|
7024000 | USD |
CY2016Q1 | us-gaap |
Repayments Of Secured Debt
RepaymentsOfSecuredDebt
|
6265000 | USD |
CY2015Q4 | us-gaap |
Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
|
73790000 | USD |
CY2016Q1 | us-gaap |
Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
|
71349000 | USD |
CY2015Q4 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-780952000 | USD |
CY2016Q1 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-699048000 | USD |
CY2015Q1 | us-gaap |
Revenue From Leased And Owned Hotels
RevenueFromLeasedAndOwnedHotels
|
9085000 | USD |
CY2016Q1 | us-gaap |
Revenue From Leased And Owned Hotels
RevenueFromLeasedAndOwnedHotels
|
8757000 | USD |
CY2015Q1 | us-gaap |
Revenues
Revenues
|
618476000 | USD |
CY2016Q1 | us-gaap |
Revenues
Revenues
|
665985000 | USD |
CY2015Q4 | us-gaap |
Secured Debt
SecuredDebt
|
3435242000 | USD |
CY2016Q1 | us-gaap |
Secured Debt
SecuredDebt
|
3416622000 | USD |
CY2015Q4 | us-gaap |
Senior Notes
SeniorNotes
|
5264819000 | USD |
CY2016Q1 | us-gaap |
Senior Notes
SeniorNotes
|
6255602000 | USD |
CY2015Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
11011000 | USD |
CY2016Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
10069000 | USD |
CY2015Q1 | us-gaap |
Stock Issued During Period Value Conversion Of Units
StockIssuedDuringPeriodValueConversionOfUnits
|
0 | USD |
CY2015Q1 | us-gaap |
Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
|
313000 | USD |
CY2016Q1 | us-gaap |
Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
|
332000 | USD |
CY2015Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
5709435000 | USD |
CY2016Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
5749783000 | 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 |
CY2015Q4 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
7886927000 | USD |
CY2016Q1 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
7929790000 | USD |
CY2015Q1 | us-gaap |
Straight Line Rent
StraightLineRent
|
23250000 | USD |
CY2016Q1 | us-gaap |
Straight Line Rent
StraightLineRent
|
12981000 | USD |
CY2015Q4 | us-gaap |
Subordinated Debt
SubordinatedDebt
|
308482000 | USD |
CY2016Q1 | us-gaap |
Subordinated Debt
SubordinatedDebt
|
308142000 | USD |
CY2015Q1 | us-gaap |
Tenant Reimbursements
TenantReimbursements
|
88593000 | USD |
CY2016Q1 | us-gaap |
Tenant Reimbursements
TenantReimbursements
|
89586000 | USD |
CY2015Q4 | us-gaap |
Treasury Stock Shares
TreasuryStockShares
|
78900 | shares |
CY2016Q1 | us-gaap |
Treasury Stock Shares
TreasuryStockShares
|
78900 | shares |
CY2015Q4 | us-gaap |
Treasury Stock Value
TreasuryStockValue
|
2722000 | USD |
CY2016Q1 | us-gaap |
Treasury Stock Value
TreasuryStockValue
|
2722000 | USD |
CY2015Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
153873000 | shares |
CY2016Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
153917000 | shares |
CY2015Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
153230000 | shares |
CY2016Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
153626000 | shares |
CY2016Q1 | 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:17px;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%;padding-top:8px;font-size:10pt;"><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:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="9" rowspan="1"></td></tr><tr><td style="width:66%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:2%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:4%;" 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:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">For the three months ended March 31,</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></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;">2016</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;">2015</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></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><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></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;">37,669</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;">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></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><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></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;">16,667</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;">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></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;">9,064</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;">9,071</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></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;">25,731</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;">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></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;">11,938</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;">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></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><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></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;">8,389</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;">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></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;">3,549</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;">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></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><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></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 </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;">1,599</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;">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="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(2)</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;">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></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;">1,791</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;">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></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 approximately </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">$2.2 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;">$1.6 million</font><font style="font-family:inherit;font-size:10pt;"> for the </font><font style="font-family:inherit;font-size:10pt;">three months ended March 31, 2016</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">2015</font><font style="font-family:inherit;font-size:10pt;">, respectively. </font></div></td></tr></table><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 </font><font style="font-family:inherit;font-size:10pt;">10</font><font style="font-family:inherit;font-size:10pt;">-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> |