| In millions, except per share items | Dec-31-14 | Dec-31-13 | Dec-31-12 | Dec-31-11 |
| | 10-K | 10-K | 10-K | 10-K |
| Revenues: |
| Retail Properties | 115.7 | 98.5 | 74.8 | 49.2 |
| Office Properties | 9.2 | 8.6 | 8.5 | 3.2 |
| Multi-family Properties | 5.4 | 5.4 | 1.1 | |
| Total revenues [+] | 130.3 | 112.5 | 84.4 | 52.4 |
| Tenant reimbursements | 21.6 | 18.9 | 13.8 | 9.8 |
| Lease / rental | 105.6 | 92.3 | 69.2 | 41.9 |
| Net interest income | 0.2 | 0.2 | 0.2 | 0.3 |
| Other | 3.1 | 1.4 | 1.4 | 0.6 |
| Other income | 3.1 | 1.4 | 1.4 | 0.6 |
| Revenue growth [+] | 15.8% | 33.3% | 61.1% | |
| Retail Properties | 17.4% | 31.7% | 52.0% | |
| Office Properties | 6.9% | 1.0% | 168.0% | |
| Multi-family Properties | 0.1% | 404.0% | | |
| Cost of goods sold [+] | 29.8 | 26.3 | 19.3 | 12.8 |
| Maintenance and operations costs | 9.4 | 7.3 | 5.6 | 3.6 |
| Real estate taxes and insurance | 13.4 | 12.8 | 9.7 | 6.1 |
| Other direct costs | 7.0 | 6.2 | 4.0 | 3.0 |
| Gross profit | 100.6 | 86.3 | 65.1 | 39.6 |
| Gross margin | 77.2% | 76.7% | 77.2% | 75.6% |
| Selling, general and administrative [+] | 18.0 | 13.9 | 13.8 | 12.8 |
| General and administrative | 18.0 | 13.9 | 13.8 | 12.8 |
| Equity in earnings | 2.6 | 0.0 | -0.3 | |
| Other operating expenses | -3.7 | 0.2 | 0.6 | 0.3 |
| EBITDA [+] | 88.9 | 72.9 | 51.7 | 28.5 |
| EBITDA growth | 21.9% | 41.1% | 81.3% | |
| EBITDA margin | 68.2% | 64.8% | 61.2% | 54.4% |
| Depreciation and amortization | 50.7 | 46.8 | 36.0 | 23.7 |
| EBIT [+] | 38.2 | 26.1 | 15.7 | 4.8 |
| EBIT growth | 46.5% | 66.6% | 225.7% | |
| EBIT margin | 29.3% | 23.2% | 18.5% | 9.2% |
| Non-recurring items [+] | 5.8 | | | |
| Loss (gain) on sale of assets | 5.8 | | | |
| Interest expense, net [+] | 23.9 | 18.7 | 15.5 | 12.0 |
| Interest expense | 24.2 | 18.9 | 15.7 | 12.3 |
| Interest income | 0.2 | 0.2 | 0.2 | 0.3 |
| Other income (expense), net [+] | 0.7 | 0.2 | 1.5 | 2.6 |
| Gain (loss) on debt retirement | -5.2 | | | |
| Pre-tax income | 9.1 | 7.6 | 1.7 | -4.5 |
| Income taxes | 0.3 | -12.0 | -0.2 | -5.0 |
| Tax rate | 3.7% | | | 109.9% |
| Minority interest | 0.3 | 0.6 | 0.0 | 0.1 |
| Earnings from continuing ops | -3.3 | -3.5 | -8.5 | -6.8 |
| Earnings from discontinued ops | | 12.1 | | 4.0 |
| Net income | -3.3 | 8.5 | -8.5 | -2.8 |
| Net margin | -2.5% | 7.6% | -10.1% | -5.3% |
| |
| Basic EPS [+] | ($0.06) | ($0.07) | ($0.24) | ($0.30) |
| Growth | -18.4% | -69.5% | -18.6% | |
| Diluted EPS [+] | ($0.06) | ($0.07) | ($0.24) | ($0.30) |
| Growth | -18.4% | -69.5% | -18.6% | |
| |
| Dividends per share [+] | $0.70 | $0.69 | $0.65 | $0.61 |
| Growth | 2.2% | 5.4% | 7.4% | |
| |
| Shares outstanding (basic) [+] | 54.3 | 46.9 | 34.7 | 22.5 |
| Growth | 15.8% | 35.3% | 54.4% | |
| Shares outstanding (diluted) [+] | 54.3 | 46.9 | 34.7 | 22.5 |
| Growth | 15.8% | 35.3% | 54.4% | |
| |
| EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges. |