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Income Statement · Annual · Millions · USD

Line item	FY2008	FY2009	FY2010	FY2011	FY2012	FY2013	FY2014	FY2015
Property operating expenses	29	29	30	25	21	26	32	29
Real estate taxes	30	30	32	27	27	35	39	39
Depreciation and amortization	45	47	46	51	56	71	72	68
Gain on sale of real estate	–	0	–	–	(0)	1	25	12
Impairment of real estate	1	5	18	5	0	13	0	11
Total operating expenses	116	121	138	119	118	163	166	175
Funds from operations (NAREIT definition, derived)	76	60	65	49	74	194	87	92
Operating income	70	44	24	37	34	21	38	29
Interest expense	46	34	36	41	35	35	35	29
Income before taxes	25	22	4	(2)	6	89	31	17
Income tax expense	0	(1)	1	(1)	(6)	(3)	1	2
Net income from continuing operations	29	6	(1)	(9)	15	100	38	26
Net income	30	9	1	(7)	18	112	39	26
Net income to common shareholders	–	9	1	(8)	10	103	29	10