Financial Statements

As Reported Financials

Source Document Currency Code (in thousands) 2015 Y 12/31/2017 USD 2016 Y 12/31/2018 USD 2017 Y 12/31/2018 USD 2018 Y 12/31/2018 USD 2019 Q1 YTD 3/31/2019 USD
Source Document Currency Code 2015 Y 12/31/2017 USD 2016 Y 12/31/2018 USD 2017 Y 12/31/2018 USD 2018 Y 12/31/2018 USD 2019 Q1 YTD 3/31/2019 USD

Rental revenue

Rental income 1,342,507 NA NA NA NA
Operating expense reimbursements 98,628 NA NA NA NA
Rental revenue 1,441,135 1,335,447 1,252,285 1,257,867 316,843

Operating expenses

Acquisition-related 6,243 1,321 3,402 3,632 985
Insurance recoveries, net of litigation and non-routine costs 33,628 3,884 47,960 290,963 (21,492)
Property operating 130,855 144,428 128,717 126,461 32,378
General and administrative 67,137 51,927 58,603 63,933 14,846
Depreciation and amortization 821,727 762,038 706,802 640,618 136,555
Impairments 91,755 182,820 50,548 54,647 11,988
Restructuring NA NA NA NA 9,076
Total operating expenses 1,151,345 1,146,418 996,032 1,180,254 184,336
Operating (loss) income 289,790 NA NA NA NA

Other (expenses) income

Interest expense (358,392) (317,376) (289,766) (280,887) (71,254)
Gain (loss) on extinguishment and forgiveness of debt, net 4,812 (771) 18,373 5,360 NA
Other (loss) income, net 9,366 5,251 6,242 14,735 (402)
Reserve for loan loss (15,300) NA NA NA NA
Equity in income and gain on disposition of unconsolidated entities 9,092 9,783 2,763 1,869 500
Gain (loss) on derivative instruments, net (1,460) (1,191) 2,976 355 NA
Gain on disposition of real estate and real estate assets held for sale, net (72,311) 45,524 61,536 94,331 10,831
Total other expenses, net (351,882) (258,780) (197,876) (164,237) (60,325)
Loss before taxes and real estate dispositions (62,092) NA NA NA NA
Income before taxes (134,403) (69,751) 58,377 (86,624) 72,182
Provision for income taxes (4,589) (7,136) (6,882) (5,101) (1,211)
Income from continuing operations (138,992) (76,887) 51,495 (91,725) 70,971
Income from discontinued operations, net of income taxes (184,500) (123,937) (19,117) 3,695 0
Net income (323,492) (200,824) 32,378 (88,030) 70,971
Net income attributable to non-controlling interests 7,139 4,961 (560) 2,256 (1,667)
Net income attributable to the General Partner (316,353) (195,863) 31,818 (85,774) 69,304
Basic and diluted net income per share from continuing operations attributable to common stockholders (0.23) (0.16) (0.02) (0.17) 0.05
Basic and diluted net income per share from discontinued operations attributable to common stockholders (0.20) (0.13) (0.02) 0.00 0
Basic and diluted net income per share attributable to common stockholders (0.43) (0.29) (0.04) (0.16) 0.05
Distributions declared per common share 0.28 NA NA NA NA

COMPREHENSIVE INCOME

Net income (323,492) (200,824) 32,378 (88,030) 70,971

Other comprehensive loss

Unrealized loss on interest rate derivatives (15,694) (7,685) (18) 0 (11,286)
Reclassification of previous unrealized loss on interest rate derivatives into net income 11,706 9,397 (70) 313 97
Unrealized loss on investment securities, net (997) (2,271) (951) (205) 0
Reclassification of previous unrealized loss (gain) on investment securities into net (loss) income as other income, net 110 0 0 2,237 NA
Total other comprehensive loss (4,875) (559) (1,039) 2,345 (11,189)
Total comprehensive income (328,367) (201,383) 31,339 (85,685) 59,782
Comprehensive income attributable to non-controlling interests 7,261 4,989 (534) 2,200 (1,400)
Total comprehensive income attributable to the General Partner (321,106) (196,394) 30,805 (83,485) 58,382
Data shown on this page is extracted directly from the company’s documents. S&P makes every effort to line up fields, captions and headers that represent the same data over time, despite variations in how the company may report these items in different documents. In certain instances the variation in the company’s presentation over time may be too significant, potentially resulting in repeating and/or disordered items. Despite possible issues with the presentation, S&P, as always, stands by its commitment to the quality of the data.
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