2018 Q1 Form 10-Q Financial Statement
#000165642318000012 Filed on May 08, 2018
Income Statement
Concept | 2018 Q1 | 2017 Q1 |
---|---|---|
Revenue | $661.2M | $632.2M |
YoY Change | 4.57% | -5.07% |
Cost Of Revenue | $8.073M | $235.4M |
YoY Change | -96.57% | 3.79% |
Gross Profit | $653.1M | $396.9M |
YoY Change | 64.54% | -9.63% |
Gross Profit Margin | 98.78% | 62.78% |
Selling, General & Admin | $35.90M | $31.40M |
YoY Change | 14.33% | 6.8% |
% of Gross Profit | 5.5% | 7.91% |
Research & Development | ||
YoY Change | ||
% of Gross Profit | ||
Depreciation & Amortization | $165.8M | $159.2M |
YoY Change | 4.14% | -0.15% |
% of Gross Profit | 25.39% | 40.11% |
Operating Expenses | $201.7M | $190.6M |
YoY Change | 5.82% | 0.95% |
Operating Profit | $208.2M | $206.2M |
YoY Change | 0.93% | -17.63% |
Interest Expense | $90.22M | $95.53M |
YoY Change | -5.56% | -9.28% |
% of Operating Profit | 43.34% | 46.33% |
Other Income/Expense, Net | ||
YoY Change | ||
Pretax Income | $216.3M | $115.6M |
YoY Change | 87.11% | -46.53% |
Income Tax | ||
% Of Pretax Income | ||
Net Earnings | $176.0M | $97.08M |
YoY Change | 81.31% | -46.58% |
Net Earnings / Revenue | 26.62% | 15.36% |
Basic Earnings Per Share | $1.14 | $0.63 |
Diluted Earnings Per Share | $1.14 | $0.63 |
COMMON SHARES | ||
Basic Shares Outstanding | 154.4M shares | 153.9M shares |
Diluted Shares Outstanding | 154.7M shares | 154.2M shares |
Balance Sheet
Concept | 2018 Q1 | 2017 Q1 |
---|---|---|
SHORT-TERM ASSETS | ||
Cash & Short-Term Investments | $323.9M | $328.8M |
YoY Change | -1.47% | -79.79% |
Cash & Equivalents | $294.6M | $302.9M |
Short-Term Investments | $29.35M | $25.82M |
Other Short-Term Assets | $147.0M | $151.0M |
YoY Change | -2.65% | 10.22% |
Inventory | ||
Prepaid Expenses | ||
Receivables | $73.00M | $73.00M |
Other Receivables | $889.0M | $812.0M |
Total Short-Term Assets | $1.404B | $1.339B |
YoY Change | 4.85% | -48.2% |
LONG-TERM ASSETS | ||
Property, Plant & Equipment | $16.64B | $16.09B |
YoY Change | 3.43% | 3.35% |
Goodwill | ||
YoY Change | ||
Intangibles | ||
YoY Change | ||
Long-Term Investments | $696.0M | $820.0M |
YoY Change | -15.12% | 219.07% |
Other Assets | $842.0M | $718.0M |
YoY Change | 17.27% | -6.14% |
Total Long-Term Assets | $18.18B | $17.63B |
YoY Change | 3.13% | 6.25% |
TOTAL ASSETS | ||
Total Short-Term Assets | $1.404B | $1.339B |
Total Long-Term Assets | $18.18B | $17.63B |
Total Assets | $19.58B | $18.97B |
YoY Change | 3.25% | -1.09% |
SHORT-TERM LIABILITIES | ||
YoY Change | ||
Accounts Payable | $355.0M | $314.0M |
YoY Change | 13.06% | 24.11% |
Accrued Expenses | $96.00M | $267.0M |
YoY Change | -64.04% | 20.27% |
Deferred Revenue | ||
YoY Change | ||
Short-Term Debt | $0.00 | $0.00 |
YoY Change | ||
Long-Term Debt Due | ||
YoY Change | ||
Total Short-Term Liabilities | $590.0M | $711.0M |
YoY Change | -17.02% | 20.92% |
LONG-TERM LIABILITIES | ||
Long-Term Debt | $10.34B | $9.887B |
YoY Change | 4.57% | -2.69% |
Other Long-Term Liabilities | $470.0M | $446.0M |
YoY Change | 5.38% | -10.44% |
Total Long-Term Liabilities | $10.81B | $10.33B |
YoY Change | 4.61% | -3.05% |
TOTAL LIABILITIES | ||
Total Short-Term Liabilities | $590.0M | $711.0M |
Total Long-Term Liabilities | $10.81B | $10.33B |
Total Liabilities | $11.40B | $11.04B |
YoY Change | 3.22% | -1.79% |
SHAREHOLDERS EQUITY | ||
Retained Earnings | -$654.9M | -$712.3M |
YoY Change | -8.06% | 1.89% |
Common Stock | $1.544M | $1.538M |
YoY Change | 0.39% | 0.13% |
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 | $5.879B | $5.776B |
YoY Change | ||
Total Liabilities & Shareholders Equity | $19.58B | $18.97B |
YoY Change | 3.25% | -1.09% |
Cashflow Statement
Concept | 2018 Q1 | 2017 Q1 |
---|---|---|
OPERATING ACTIVITIES | ||
Net Income | $176.0M | $97.08M |
YoY Change | 81.31% | -46.58% |
Depreciation, Depletion And Amortization | $165.8M | $159.2M |
YoY Change | 4.14% | -0.15% |
Cash From Operating Activities | $225.8M | $239.9M |
YoY Change | -5.87% | -31.27% |
INVESTING ACTIVITIES | ||
Capital Expenditures | -$250.8M | -$249.0M |
YoY Change | 0.72% | 22.06% |
Acquisitions | ||
YoY Change | ||
Other Investing Activities | $67.00M | -$18.80M |
YoY Change | -456.38% | -119.85% |
Cash From Investing Activities | -$183.8M | -$267.8M |
YoY Change | -31.38% | 144.91% |
FINANCING ACTIVITIES | ||
Cash Dividend Paid | $140.3M | $131.6M |
YoY Change | 6.64% | -59.96% |
Common Stock Issuance & Retirement, Net | ||
YoY Change | ||
Debt Paid & Issued, Net | ||
YoY Change | ||
Cash From Financing Activities | -$92.23M | -$37.93M |
YoY Change | 143.13% | -105.91% |
NET CHANGE | ||
Cash From Operating Activities | $225.8M | $239.9M |
Cash From Investing Activities | -$183.8M | -$267.8M |
Cash From Financing Activities | -$92.23M | -$37.93M |
Net Change In Cash | -$50.24M | -$65.91M |
YoY Change | -23.77% | -107.47% |
FREE CASH FLOW | ||
Cash From Operating Activities | $225.8M | $239.9M |
Capital Expenditures | -$250.8M | -$249.0M |
Free Cash Flow | $476.6M | $488.9M |
YoY Change | -2.51% | -11.6% |
Facts In Submission
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Costs And Expenses
CostsAndExpenses
|
452999000 | USD |
CY2017Q1 | us-gaap |
Cumulative Effect On Retained Earnings Net Of Tax1
CumulativeEffectOnRetainedEarningsNetOfTax1
|
-2035000 | USD |
CY2018Q1 | us-gaap |
Cumulative Effect On Retained Earnings Net Of Tax1
CumulativeEffectOnRetainedEarningsNetOfTax1
|
5496000 | USD |
CY2017Q4 | us-gaap |
Deferred Costs
DeferredCosts
|
679038000 | USD |
CY2018Q1 | us-gaap |
Deferred Costs
DeferredCosts
|
681369000 | USD |
CY2017Q4 | us-gaap |
Deferred Rent Receivables Net
DeferredRentReceivablesNet
|
861575000 | USD |
CY2018Q1 | us-gaap |
Deferred Rent Receivables Net
DeferredRentReceivablesNet
|
888907000 | USD |
CY2017Q1 | us-gaap |
Depreciation And Amortization
DepreciationAndAmortization
|
159205000 | USD |
CY2018Q1 | us-gaap |
Depreciation And Amortization
DepreciationAndAmortization
|
165797000 | USD |
CY2017Q1 | us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
159205000 | USD |
CY2018Q1 | us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
165797000 | USD |
CY2017Q1 | us-gaap |
Dilutive Securities
DilutiveSecurities
|
0 | USD |
CY2018Q1 | us-gaap |
Dilutive Securities
DilutiveSecurities
|
0 | USD |
CY2017Q1 | us-gaap |
Direct Costs Of Hotels
DirectCostsOfHotels
|
7091000 | USD |
CY2018Q1 | us-gaap |
Direct Costs Of Hotels
DirectCostsOfHotels
|
8073000 | USD |
CY2017Q1 | us-gaap |
Direct Costs Of Leased And Rented Property Or Equipment
DirectCostsOfLeasedAndRentedPropertyOrEquipment
|
228287000 | USD |
CY2018Q1 | us-gaap |
Direct Costs Of Leased And Rented Property Or Equipment
DirectCostsOfLeasedAndRentedPropertyOrEquipment
|
240329000 | USD |
CY2017Q1 | us-gaap |
Dividends
Dividends
|
131665000 | USD |
CY2018Q1 | us-gaap |
Dividends
Dividends
|
140466000 | USD |
CY2018Q1 | us-gaap |
Dividends Payable Amount Per Share
DividendsPayableAmountPerShare
|
0.80 | |
CY2017Q1 | us-gaap |
Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
|
130418000 | USD |
CY2017Q4 | us-gaap |
Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
|
139040000 | USD |
CY2018Q1 | us-gaap |
Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
|
139218000 | USD |
CY2017Q1 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
0.63 | |
CY2018Q1 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
1.14 | |
CY2017Q1 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
0.63 | |
CY2018Q1 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
1.14 | |
CY2017Q1 | us-gaap |
Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
|
1861000 | USD |
CY2018Q1 | us-gaap |
Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
|
847000 | USD |
CY2017Q4 | us-gaap |
Excess Stock Shares Authorized
ExcessStockSharesAuthorized
|
150000000 | shares |
CY2018Q1 | us-gaap |
Excess Stock Shares Authorized
ExcessStockSharesAuthorized
|
150000000 | shares |
CY2017Q4 | us-gaap |
Excess Stock Shares Issued
ExcessStockSharesIssued
|
0 | shares |
CY2018Q1 | us-gaap |
Excess Stock Shares Issued
ExcessStockSharesIssued
|
0 | shares |
CY2017Q4 | us-gaap |
Excess Stock Shares Outstanding
ExcessStockSharesOutstanding
|
0 | shares |
CY2018Q1 | us-gaap |
Excess Stock Shares Outstanding
ExcessStockSharesOutstanding
|
0 | shares |
CY2017Q4 | us-gaap |
Furniture And Fixtures Gross
FurnitureAndFixturesGross
|
37928000 | USD |
CY2018Q1 | us-gaap |
Furniture And Fixtures Gross
FurnitureAndFixturesGross
|
41507000 | USD |
CY2017Q1 | us-gaap |
Gain Loss On Investments
GainLossOnInvestments
|
1042000 | USD |
CY2018Q1 | us-gaap |
Gain Loss On Investments
GainLossOnInvestments
|
-126000 | USD |
CY2017Q1 | us-gaap |
Gain Loss On Sale Of Investments
GainLossOnSaleOfInvestments
|
1042000 | USD |
CY2018Q1 | us-gaap |
Gain Loss On Sale Of Investments
GainLossOnSaleOfInvestments
|
-126000 | USD |
CY2017Q1 | us-gaap |
Gain Loss On Sale Of Properties
GainLossOnSaleOfProperties
|
133000 | USD |
CY2018Q1 | us-gaap |
Gain Loss On Sale Of Properties
GainLossOnSaleOfProperties
|
96397000 | USD |
CY2017Q1 | us-gaap |
Gain Loss On Sale Of Properties Before Applicable Income Taxes
GainLossOnSaleOfPropertiesBeforeApplicableIncomeTaxes
|
133000 | USD |
CY2018Q1 | us-gaap |
Gain Loss On Sale Of Properties Before Applicable Income Taxes
GainLossOnSaleOfPropertiesBeforeApplicableIncomeTaxes
|
96397000 | USD |
CY2017Q1 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
31386000 | USD |
CY2018Q1 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
35894000 | USD |
CY2018Q1 | us-gaap |
General Partners Capital Account Units Outstanding
GeneralPartnersCapitalAccountUnitsOutstanding
|
1721890 | shares |
CY2017Q1 | us-gaap |
Income Loss Before Gain Or Loss On Sale Of Properties Extraordinary Items And Cumulative Effects Of Accounting Changes
IncomeLossBeforeGainOrLossOnSaleOfPropertiesExtraordinaryItemsAndCumulativeEffectsOfAccountingChanges
|
115431000 | USD |
CY2018Q1 | us-gaap |
Income Loss Before Gain Or Loss On Sale Of Properties Extraordinary Items And Cumulative Effects Of Accounting Changes
IncomeLossBeforeGainOrLossOnSaleOfPropertiesExtraordinaryItemsAndCumulativeEffectsOfAccountingChanges
|
119915000 | USD |
CY2017Q1 | us-gaap |
Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
|
3084000 | USD |
CY2018Q1 | us-gaap |
Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
|
461000 | USD |
CY2017Q1 | us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
-16306000 | USD |
CY2018Q1 | us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
-13913000 | USD |
CY2017Q1 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
-19023000 | USD |
CY2018Q1 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
-22790000 | USD |
CY2017Q1 | us-gaap |
Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
|
22781000 | USD |
CY2018Q1 | us-gaap |
Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
|
12399000 | USD |
CY2017Q1 | us-gaap |
Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
|
-7104000 | USD |
CY2018Q1 | us-gaap |
Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
|
23089000 | USD |
CY2017Q1 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
21197000 | USD |
CY2018Q1 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
66968000 | USD |
CY2017Q1 | us-gaap |
Interest And Other Income
InterestAndOtherIncome
|
614000 | USD |
CY2018Q1 | us-gaap |
Interest And Other Income
InterestAndOtherIncome
|
1648000 | USD |
CY2017Q1 | us-gaap |
Interest Costs Capitalized
InterestCostsCapitalized
|
12345000 | USD |
CY2018Q1 | us-gaap |
Interest Costs Capitalized
InterestCostsCapitalized
|
17378000 | USD |
CY2017Q1 | us-gaap |
Interest Expense
InterestExpense
|
95534000 | USD |
CY2018Q1 | us-gaap |
Interest Expense
InterestExpense
|
90220000 | USD |
CY2017Q1 | us-gaap |
Interest Paid
InterestPaid
|
92774000 | USD |
CY2018Q1 | us-gaap |
Interest Paid
InterestPaid
|
89412000 | USD |
CY2017Q4 | us-gaap |
Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
|
83646000 | USD |
CY2018Q1 | us-gaap |
Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
|
96176000 | USD |
CY2017Q4 | us-gaap |
Investment Building And Building Improvements
InvestmentBuildingAndBuildingImprovements
|
12284164000 | USD |
CY2018Q1 | us-gaap |
Investment Building And Building Improvements
InvestmentBuildingAndBuildingImprovements
|
12435573000 | USD |
CY2017Q4 | us-gaap |
Investments In Affiliates Subsidiaries Associates And Joint Ventures
InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures
|
619925000 | USD |
CY2018Q1 | us-gaap |
Investments In Affiliates Subsidiaries Associates And Joint Ventures
InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures
|
666718000 | USD |
CY2017Q4 | us-gaap |
Land
Land
|
5080679000 | USD |
CY2018Q1 | us-gaap |
Land
Land
|
5105376000 | USD |
CY2017Q4 | us-gaap |
Land Available For Development
LandAvailableForDevelopment
|
204925000 | USD |
CY2018Q1 | us-gaap |
Land Available For Development
LandAvailableForDevelopment
|
204506000 | USD |
CY2017Q4 | us-gaap |
Leasehold Improvements Gross
LeaseholdImprovementsGross
|
2219608000 | USD |
CY2018Q1 | us-gaap |
Leasehold Improvements Gross
LeaseholdImprovementsGross
|
2266796000 | USD |
CY2018Q1 | us-gaap |
Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
|
1600000 | USD |
CY2017Q4 | us-gaap |
Liabilities
Liabilities
|
11269777000 | USD |
CY2018Q1 | us-gaap |
Liabilities
Liabilities
|
11399849000 | USD |
CY2017Q4 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
19372233000 | USD |
CY2018Q1 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
19583939000 | USD |
CY2017 | us-gaap |
Limited Liability Company Llc Or Limited Partnership Lp Managing Member Or General Partner Ownership Interest
LimitedLiabilityCompanyLLCOrLimitedPartnershipLPManagingMemberOrGeneralPartnerOwnershipInterest
|
0.897 | |
CY2018Q1 | us-gaap |
Limited Liability Company Llc Or Limited Partnership Lp Managing Member Or General Partner Ownership Interest
LimitedLiabilityCompanyLLCOrLimitedPartnershipLPManagingMemberOrGeneralPartnerOwnershipInterest
|
0.896 | |
CY2018Q1 | us-gaap |
Limited Partners Capital Account Units Outstanding
LimitedPartnersCapitalAccountUnitsOutstanding
|
152640413 | shares |
CY2017Q4 | us-gaap |
Line Of Credit
LineOfCredit
|
45000000 | USD |
CY2018Q1 | us-gaap |
Line Of Credit
LineOfCredit
|
115000000 | USD |
CY2018Q1 | us-gaap |
Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
|
1900000000 | USD |
CY2017Q1 | us-gaap |
Management Fees Revenue
ManagementFeesRevenue
|
0 | USD |
CY2018Q1 | us-gaap |
Management Fees Revenue
ManagementFeesRevenue
|
2885000 | USD |
CY2017Q4 | us-gaap |
Marketable Securities
MarketableSecurities
|
29161000 | USD |
CY2018Q1 | us-gaap |
Marketable Securities
MarketableSecurities
|
29353000 | USD |
CY2017Q4 | us-gaap |
Minority Interest In Limited Partnerships
MinorityInterestInLimitedPartnerships
|
1683760000 | USD |
CY2018Q1 | us-gaap |
Minority Interest In Limited Partnerships
MinorityInterestInLimitedPartnerships
|
1685715000 | USD |
CY2017Q4 | us-gaap |
Minority Interest In Operating Partnerships
MinorityInterestInOperatingPartnerships
|
604739000 | USD |
CY2018Q1 | us-gaap |
Minority Interest In Operating Partnerships
MinorityInterestInOperatingPartnerships
|
619347000 | USD |
CY2017Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-37934000 | USD |
CY2018Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-92230000 | USD |
CY2017Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-267823000 | USD |
CY2018Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-183788000 | USD |
CY2017Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
239852000 | USD |
CY2018Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
225778000 | USD |
CY2017Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
99708000 | USD |
CY2018Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
178646000 | USD |
CY2017Q1 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
97083000 | USD |
CY2017Q1 | us-gaap |
Noncontrolling Interest In Net Income Loss Limited Partnerships Nonredeemable
NoncontrollingInterestInNetIncomeLossLimitedPartnershipsNonredeemable
|
4424000 | USD |
CY2018Q1 | us-gaap |
Noncontrolling Interest In Net Income Loss Limited Partnerships Nonredeemable
NoncontrollingInterestInNetIncomeLossLimitedPartnershipsNonredeemable
|
17234000 | USD |
CY2018Q1 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
176021000 | USD |
CY2017Q1 | us-gaap |
Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
|
97083000 | USD |
CY2018Q1 | us-gaap |
Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
|
175894000 | USD |
CY2017Q1 | us-gaap |
Noncontrolling Interest In Net Income Loss Operating Partnerships Redeemable
NoncontrollingInterestInNetIncomeLossOperatingPartnershipsRedeemable
|
11432000 | USD |
CY2018Q1 | us-gaap |
Noncontrolling Interest In Net Income Loss Operating Partnerships Redeemable
NoncontrollingInterestInNetIncomeLossOperatingPartnershipsRedeemable
|
20432000 | USD |
CY2017Q1 | us-gaap |
Noncontrolling Interest Increase From Subsidiary Equity Issuance
NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance
|
0 | USD |
CY2017Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
206225000 | USD |
CY2018Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
208152000 | USD |
CY2017Q1 | us-gaap |
Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
|
503562000 | USD |
CY2018Q1 | us-gaap |
Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
|
519507000 | USD |
CY2017Q4 | us-gaap |
Other Borrowings
OtherBorrowings
|
0 | USD |
CY2018Q1 | us-gaap |
Other Borrowings
OtherBorrowings
|
0 | USD |
CY2017Q1 | us-gaap |
Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
|
180000 | USD |
CY2017Q1 | us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
1486000 | USD |
CY2018Q1 | us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
1666000 | USD |
CY2017Q1 | us-gaap |
Other Comprehensive Income Loss Net Of Tax Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest
|
218000 | USD |
CY2018Q1 | us-gaap |
Other Comprehensive Income Loss Net Of Tax Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest
|
299000 | USD |
CY2017Q1 | us-gaap |
Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
|
-1306000 | USD |
CY2018Q1 | us-gaap |
Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
|
-1666000 | USD |
CY2017Q1 | us-gaap |
Other Comprehensive Income Other Net Of Tax
OtherComprehensiveIncomeOtherNetOfTax
|
1306000 | USD |
CY2018Q1 | us-gaap |
Other Comprehensive Income Other Net Of Tax
OtherComprehensiveIncomeOtherNetOfTax
|
1666000 | USD |
CY2017Q1 | us-gaap |
Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
|
180000 | USD |
CY2018Q1 | us-gaap |
Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
|
0 | USD |
CY2017Q4 | us-gaap |
Other Liabilities
OtherLiabilities
|
443980000 | USD |
CY2018Q1 | us-gaap |
Other Liabilities
OtherLiabilities
|
470140000 | USD |
CY2017Q1 | us-gaap |
Paid In Kind Interest
PaidInKindInterest
|
-7729000 | USD |
CY2018Q1 | us-gaap |
Paid In Kind Interest
PaidInKindInterest
|
5299000 | USD |
CY2017Q1 | us-gaap |
Parking Revenue
ParkingRevenue
|
25610000 | USD |
CY2018Q1 | us-gaap |
Parking Revenue
ParkingRevenue
|
26134000 | USD |
CY2017Q1 | us-gaap |
Payments For Capital Improvements
PaymentsForCapitalImprovements
|
43687000 | USD |
CY2018Q1 | us-gaap |
Payments For Capital Improvements
PaymentsForCapitalImprovements
|
53550000 | USD |
CY2017Q1 | us-gaap |
Payments For Tenant Improvements
PaymentsForTenantImprovements
|
50810000 | USD |
CY2018Q1 | us-gaap |
Payments For Tenant Improvements
PaymentsForTenantImprovements
|
47157000 | USD |
CY2017Q1 | us-gaap |
Payments Of Dividends
PaymentsOfDividends
|
131555000 | USD |
CY2018Q1 | us-gaap |
Payments Of Dividends
PaymentsOfDividends
|
140288000 | USD |
CY2017Q1 | us-gaap |
Payments Of Financing Costs
PaymentsOfFinancingCosts
|
0 | USD |
CY2018Q1 | us-gaap |
Payments Of Financing Costs
PaymentsOfFinancingCosts
|
16000 | USD |
CY2017Q1 | us-gaap |
Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
|
17980000 | USD |
CY2018Q1 | us-gaap |
Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
|
48823000 | USD |
CY2017Q1 | us-gaap |
Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
|
961000 | USD |
CY2018Q1 | us-gaap |
Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
|
318000 | USD |
CY2017Q1 | us-gaap |
Payments To Acquire Other Productive Assets
PaymentsToAcquireOtherProductiveAssets
|
154518000 | USD |
CY2018Q1 | us-gaap |
Payments To Acquire Other Productive Assets
PaymentsToAcquireOtherProductiveAssets
|
150060000 | USD |
CY2017Q1 | us-gaap |
Payments To Minority Shareholders
PaymentsToMinorityShareholders
|
13801000 | USD |
CY2018Q1 | us-gaap |
Payments To Minority Shareholders
PaymentsToMinorityShareholders
|
30690000 | USD |
CY2017Q1 | us-gaap |
Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
|
2625000 | USD |
CY2018Q1 | us-gaap |
Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
|
2625000 | USD |
CY2017Q4 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.01 | |
CY2018Q1 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.01 | |
CY2017Q4 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
50000000 | shares |
CY2018Q1 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
50000000 | shares |
CY2017Q4 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
200000000 | USD |
CY2018Q1 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
200000000 | USD |
CY2017Q4 | us-gaap |
Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
|
77971000 | USD |
CY2018Q1 | us-gaap |
Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
|
147256000 | USD |
CY2017Q1 | us-gaap |
Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
|
-183000 | USD |
CY2018Q1 | us-gaap |
Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
|
-723000 | USD |
CY2017Q1 | us-gaap |
Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
|
175000000 | USD |
CY2018Q1 | us-gaap |
Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
|
260000000 | USD |
CY2017Q1 | us-gaap |
Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
|
8145000 | USD |
CY2018Q1 | us-gaap |
Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
|
15267000 | USD |
CY2017Q1 | us-gaap |
Proceeds From Payments To Minority Shareholders
ProceedsFromPaymentsToMinorityShareholders
|
8145000 | USD |
CY2018Q1 | us-gaap |
Proceeds From Payments To Minority Shareholders
ProceedsFromPaymentsToMinorityShareholders
|
15267000 | USD |
CY2017Q1 | us-gaap |
Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
|
133000 | USD |
CY2018Q1 | us-gaap |
Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
|
116120000 | USD |
CY2017Q1 | us-gaap |
Profit Loss
ProfitLoss
|
115564000 | USD |
CY2018Q1 | us-gaap |
Profit Loss
ProfitLoss
|
216312000 | USD |
CY2017Q4 | us-gaap |
Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
|
4589634000 | USD |
CY2018Q1 | us-gaap |
Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
|
4674838000 | USD |
CY2017Q4 | us-gaap |
Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
|
21096642000 | USD |
CY2018Q1 | us-gaap |
Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
|
21316644000 | USD |
CY2017Q4 | us-gaap |
Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
|
16507008000 | USD |
CY2018Q1 | us-gaap |
Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
|
16641806000 | USD |
CY2017Q1 | us-gaap |
Real Estate Revenue Net
RealEstateRevenueNet
|
618336000 | USD |
CY2018Q1 | us-gaap |
Real Estate Revenue Net
RealEstateRevenueNet
|
640759000 | USD |
CY2017Q1 | us-gaap |
Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
|
70000000 | USD |
CY2018Q1 | us-gaap |
Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
|
190000000 | USD |
CY2017Q1 | us-gaap |
Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
|
22000 | USD |
CY2018Q1 | us-gaap |
Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
|
3000 | USD |
CY2017Q1 | us-gaap |
Repayments Of Secured Debt
RepaymentsOfSecuredDebt
|
5038000 | USD |
CY2018Q1 | us-gaap |
Repayments Of Secured Debt
RepaymentsOfSecuredDebt
|
5333000 | USD |
CY2016Q4 | us-gaap |
Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
|
63174000 | USD |
CY2017Q1 | us-gaap |
Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
|
51244000 | USD |
CY2017Q4 | us-gaap |
Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
|
70602000 | USD |
CY2018Q1 | us-gaap |
Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
|
160558000 | USD |
CY2017Q4 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-712343000 | USD |
CY2018Q1 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-654879000 | USD |
CY2017Q1 | us-gaap |
Revenue From Leased And Owned Hotels
RevenueFromLeasedAndOwnedHotels
|
7420000 | USD |
CY2018Q1 | us-gaap |
Revenue From Leased And Owned Hotels
RevenueFromLeasedAndOwnedHotels
|
9102000 | USD |
CY2017Q1 | us-gaap |
Revenues
Revenues
|
632228000 | USD |
CY2018Q1 | us-gaap |
Revenues
Revenues
|
661151000 | USD |
CY2017Q4 | us-gaap |
Secured Debt
SecuredDebt
|
2979281000 | USD |
CY2018Q1 | us-gaap |
Secured Debt
SecuredDebt
|
2974930000 | USD |
CY2017Q4 | us-gaap |
Senior Notes
SeniorNotes
|
7247330000 | USD |
CY2018Q1 | us-gaap |
Senior Notes
SeniorNotes
|
7249383000 | USD |
CY2017Q1 | us-gaap |
Service Management Costs
ServiceManagementCosts
|
0 | USD |
CY2018Q1 | us-gaap |
Service Management Costs
ServiceManagementCosts
|
2885000 | USD |
CY2017Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
10802000 | USD |
CY2018Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
14772000 | USD |
CY2017Q1 | us-gaap |
Stock Issued During Period Value Conversion Of Units
StockIssuedDuringPeriodValueConversionOfUnits
|
0 | USD |
CY2017Q1 | us-gaap |
Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
|
373000 | USD |
CY2018Q1 | us-gaap |
Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
|
429000 | USD |
CY2017Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
5813957000 | USD |
CY2018Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
5879028000 | USD |
CY2016Q4 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
7931924000 | USD |
CY2017Q1 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
7922438000 | USD |
CY2017Q4 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
8102456000 | USD |
CY2018Q1 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
8184090000 | USD |
CY2017Q1 | us-gaap |
Straight Line Rent
StraightLineRent
|
9158000 | USD |
CY2018Q1 | us-gaap |
Straight Line Rent
StraightLineRent
|
26319000 | USD |
CY2017Q1 | us-gaap |
Tenant Reimbursements
TenantReimbursements
|
89164000 | USD |
CY2018Q1 | us-gaap |
Tenant Reimbursements
TenantReimbursements
|
95118000 | USD |
CY2017Q4 | us-gaap |
Treasury Stock Shares
TreasuryStockShares
|
78900 | shares |
CY2018Q1 | us-gaap |
Treasury Stock Shares
TreasuryStockShares
|
78900 | shares |
CY2017Q4 | us-gaap |
Treasury Stock Value
TreasuryStockValue
|
2722000 | USD |
CY2018Q1 | us-gaap |
Treasury Stock Value
TreasuryStockValue
|
2722000 | USD |
CY2017Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
154214000 | shares |
CY2018Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
154705000 | shares |
CY2017Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
153860000 | shares |
CY2018Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
154385000 | shares |
CY2018Q1 | 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:Arial;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="8" rowspan="1"></td></tr><tr><td style="width:71%;" 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:1%;" 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></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:Arial;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:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">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:Arial;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:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">2018</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:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">2017</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:Arial;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:9pt;"><font style="font-family:Arial;font-size:9pt;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:Arial;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:Arial;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:Arial;font-size:10pt;">56,486</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:Arial;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:Arial;font-size:10pt;">54,761</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:Arial;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:Arial;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:Arial;font-size:10pt;">22,849</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:Arial;font-size:10pt;">22,079</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:Arial;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:Arial;font-size:10pt;">14,725</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:Arial;font-size:10pt;">14,309</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:Arial;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:Arial;font-size:10pt;">37,574</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:Arial;font-size:10pt;">36,388</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:Arial;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:Arial;font-size:10pt;">18,912</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:Arial;font-size:10pt;">18,373</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:Arial;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:Arial;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:Arial;font-size:10pt;">14,424</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:Arial;font-size:10pt;">9,300</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="font-size:10pt;"><font style="font-family:Arial;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:Arial;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:Arial;font-size:10pt;">4,488</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:Arial;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:Arial;font-size:10pt;">9,073</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:Arial;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:Arial;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:Arial;font-size:10pt;">1,826</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:Arial;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:Arial;font-size:10pt;">4,323</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:Arial;font-size:10pt;">Basis differential (2)</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:Arial;font-size:10pt;">(1,365</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;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="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:Arial;font-size:10pt;">(1,239</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;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:Arial;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:Arial;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:Arial;font-size:10pt;">461</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:Arial;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:Arial;font-size:10pt;">3,084</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:Arial;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:Arial;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:Arial;font-size:10pt;">Includes straight-line rent adjustments of approximately </font><font style="font-family:Arial;font-size:10pt;">$1.8 million</font><font style="font-family:Arial;font-size:10pt;"> and </font><font style="font-family:Arial;font-size:10pt;">$7.0 million</font><font style="font-family:Arial;font-size:10pt;"> for the three months ended </font><font style="font-family:Arial;font-size:10pt;">March 31, 2018</font><font style="font-family:Arial;font-size:10pt;"> and </font><font style="font-family:Arial;font-size:10pt;">2017</font><font style="font-family:Arial;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:Arial;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:Arial;font-size:10pt;">Includes straight-line rent adjustments of approximately </font><font style="font-family:Arial;font-size:10pt;">$0.7 million</font><font style="font-family:Arial;font-size:10pt;"> and </font><font style="font-family:Arial;font-size:10pt;">$0.7 million</font><font style="font-family:Arial;font-size:10pt;"> for the three months ended </font><font style="font-family:Arial;font-size:10pt;">March 31, 2018</font><font style="font-family:Arial;font-size:10pt;"> and </font><font style="font-family:Arial;font-size:10pt;">2017</font><font style="font-family:Arial;font-size:10pt;">, respectively. Also includes net above-/below-market rent adjustments of approximately </font><font style="font-family:Arial;font-size:10pt;">$0.4 million</font><font style="font-family:Arial;font-size:10pt;"> and </font><font style="font-family:Arial;font-size:10pt;">$0.4 million</font><font style="font-family:Arial;font-size:10pt;"> for the three months ended </font><font style="font-family:Arial;font-size:10pt;">March 31, 2018</font><font style="font-family:Arial;font-size:10pt;"> and </font><font style="font-family:Arial;font-size:10pt;">2017</font><font style="font-family:Arial;font-size:10pt;">, respectively. </font></div></td></tr></table></div> |