| Year Ended December 31, | ||||||||
| (dollars in thousands, except per share and apartment unit data) |  |
2006 | |
2005 | |
2004 | ||
| Statements of Operations Data | ||||||||
| Rental Revenue | $ | 282,650 | $ | 264,763 | $ | 251,661 | ||
| Other Revenue | $ | 17,446 | $ | 15,733 | $ | 15,131 | ||
| Total Revenue | $ | 300,096 | $ | 280,496 | $ | 266,792 | ||
| Net Operating Income(1) | $ | 162,522 | $ | 152,126 | $ | 144,372 | ||
| Income (Loss) from Continuing Operations | $ | 30,934 | $ | 5,356 | $ | (26,715 | ) | |
| Income from Discontinued Operations (including gains on sales) | $ | 70,535 | $ | 136,592 | $ | 114,934 | ||
| Net Income Available to Common Shareholders | $ | 93,832 | $ | 134,311 | $ | 76,368 | ||
| Funds from Operations(2) | $ | 83,222 | $ | 83,483 | $ | 50,568 | ||
| Dividends and Distributions Paid – Common and Preferred | $ | 86,234 | $ | 84,220 | $ | 88,934 | ||
| Per Common Share Data | ||||||||
| Net Income Available to Common Shareholders | ||||||||
| Basic | $ | 2.19 | $ | 3.34 | $ | 1.92 | ||
| Diluted | $ | 2.15 | $ | 3.34 | $ | 1.92 | ||
| Funds from Operations(2) | ||||||||
| Basic | $ | 1.91 | $ | 1.97 | $ | 1.19 | ||
| Diluted | $ | 1.87 | $ | 1.95 | $ | 1.19 | ||
| Common Dividends Declared | $ | 1.80 | $ | 1.80 | $ | 1.80 | ||
| Balance Sheet Data | ||||||||
| Real Estate Assets, before accumulated depreciation | $ | 2,580,092 | $ | 2,416,335 | $ | 2,502,418 | ||
| Real Estate Assets, net of accumulated depreciation | $ | 2,028,580 | $ | 1,899,381 | $ | 1,977,719 | ||
| Total Assets | $ | 2,116,647 | $ | 1,981,454 | $ | 2,053,842 | ||
| Total Indebtedness | $ | 1,033,779 | $ | 980,615 | $ | 1,129,478 | ||
| Shareholders’ Equity | $ | 956,454 | $ | 881,009 | $ | 788,070 | ||
| Other Data | ||||||||
| Number of Stabilized Apartment Units Owned | 20,019 | 21,237 | 24,700 | |||||
| Average Economic Occupancy (fully stabilized communities)(3) | 94.7% | 94.5% | 93.5% | |||||
(1) |
Net operating income (“NOI”) is defined as total property rental and other revenues from continuing operations less property operating and maintenance expenses (exclusive of depreciation, amortization and interest). NOI is a non-GAAP (generally accepted accounting principles) financial measure. A discussion of NOI and a reconciliation of consolidated NOI to net income is included on page 86 of our Annual Report on Form 10-K. |
| (2) | Funds from operations (“FFO”) is a supplemental non-GAAP financial measure used to measure the operating performance of equity REITs. A discussion of FFO and a reconciliation of FFO to net income available to common shareholders is included on page 47 of our Annual Report on Form 10-K. FFO per share is calculated by dividing FFO by the weighted-average shares and units outstanding for the period. |
| (3) | Calculated based on fully stabilized communities as defined for each year (unadjusted for the impact of assets designated as held for sale, assets converted into for-sale condominiums and assets placed under rehabilitation in subsequent periods). |