Condensed consolidating financial information (Tables)

6 Months Ended

Jun. 30, 2012

Condensed consolidating financial information

Condensed Consolidating Balance Sheet

	Alexandria Real Estate Equities, Inc. (Issuer)		Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)		Combined Non- Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Investments in real estate, net	$	45,096	$	–	$	6,163,258	$	–		$	6,208,354
Cash and cash equivalents	30,261		–		50,676		–			80,937
Restricted cash	35		–		41,862		–			41,897
Tenant receivables	15		–		6,128		–			6,143
Deferred rent	1,839		–		153,456		–			155,295
Deferred leasing and financing costs, net	34,672		–		116,683		–			151,355
Investments	–		12,820		91,634		–			104,454
Investments in and advances to affiliates	5,658,418		5,205,633		106,925		(10,970,976		)	–
Intercompany note receivable	2,250		–		–		(2,250		)	–
Other assets	21,409		–		71,895		–			93,304
Total assets	$	5,793,995	$	5,218,453	$	6,802,517	$	(10,973,226	)	$	6,841,739
Liabilities, Noncontrolling Interests, and Equity
Secured notes payable	$	–	$	–	$	719,977	$	–		$	719,977
Unsecured senior notes payable	549,783		–		–		–			549,783
Unsecured senior line of credit	379,000		–		–		–			379,000
Unsecured senior bank term loans	1,350,000		–		–		–			1,350,000
Accounts payable, accrued expenses, and tenant security deposits	80,624		–		267,413		–			348,037
Dividends payable	38,067		–		290		–			38,357
Intercompany note payable	–		–		2,250		(2,250		)	–
Total liabilities	2,397,474		–		989,930		(2,250		)	3,385,154
Redeemable noncontrolling interests	–		–		15,817		–			15,817
Alexandria Real Estate Equities, Inc.’s stockholders’ equity	3,396,521		5,218,453		5,752,523		(10,970,976		)	3,396,521
Noncontrolling interests	–		–		44,247		–			44,247
Total equity	3,396,521		5,218,453		5,796,770		(10,970,976		)	3,440,768
Total liabilities, noncontrolling interests, and equity	$	5,793,995	$	5,218,453	$	6,802,517	$	(10,973,226	)	$	6,841,739

	Alexandria Real Estate Equities, Inc. (Issuer)		Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)		Combined Non- Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Investments in real estate, net	$	46,795	$	–	$	5,961,645	$	–		$	6,008,440
Cash and cash equivalents	10,608		–		67,931		–			78,539
Restricted cash	40		–		23,292		–			23,332
Tenant receivables	12		–		7,468		–			7,480
Deferred rent	1,615		–		140,482		–			142,097
Deferred leasing and financing costs, net	25,364		–		110,186		–			135,550
Investments	–		13,385		82,392		–			95,777
Investments in and advances to affiliates	5,443,778		5,020,525		105,284		(10,569,587		)	–
Intercompany note receivable	2,195		–		–		(2,195		)	–
Other assets	18,643		–		64,271		–			82,914
Total assets	$	5,549,050	$	5,033,910	$	6,562,951	$	(10,571,782	)	$	6,574,129
Liabilities, Noncontrolling Interests, and Equity
Secured notes payable	$	–	$	–	$	724,305	$	–		$	724,305
Unsecured senior notes payable	84,959		–		–		–			84,959
Unsecured senior line of credit	370,000		–		–		–			370,000
Unsecured senior bank term loans	1,600,000		–		–		–			1,600,000
Accounts payable, accrued expenses, and tenant security deposits	83,488		–		241,905		–			325,393
Dividends payable	36,302		–		277		–			36,579
Intercompany note payable	–		–		2,195		(2,195		)	–
Total liabilities	2,174,749		–		968,682		(2,195		)	3,141,236
Redeemable noncontrolling interests	–		–		16,034		–			16,034
Alexandria Real Estate Equities, Inc.’s stockholders’ equity	3,374,301		5,033,910		5,535,677		(10,569,587		)	3,374,301
Noncontrolling interests	–		–		42,558		–			42,558
Total equity	3,374,301		5,033,910		5,578,235		(10,569,587		)	3,416,859
Total liabilities, noncontrolling interests, and equity	$	5,549,050	$	5,033,910	$	6,562,951	$	(10,571,782	)	$	6,574,129

Condensed Consolidating Statement of Income

	Alexandria Real Estate Equities, Inc. (Issuer)			Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)		Combined Non- Guarantor Subsidiaries		Eliminations			Consolidated
Revenues:
Rental	$	1,753		$	–	$	108,930	$	–		$	110,683
Tenant recoveries	663			–		33,378		–			34,041
Other income	1,110			255		11,164		(3,148		)	9,381
Total revenues	3,526			255		153,472		(3,148		)	154,105
Expenses:
Rental operations	2,100			–		42,406		–			44,506
General and administrative	11,173			1		4,298		(3,148		)	12,324
Interest	12,106			–		5,816		–			17,922
Depreciation and amortization	1,393			–		50,923		–			52,316
Total expenses	26,772			1		103,443		(3,148		)	127,068
(Loss) income from continuing operations before equity in earnings of affiliates and loss on early extinguishment of debt	(23,246		)	254		50,029		–			27,037
Equity in earnings of affiliates	49,638			44,424		885		(94,947		)	–
Loss on early extinguishment of debt	(1,602		)	–		–		–			(1,602		)
Income from continuing operations	24,790			44,678		50,914		(94,947		)	25,435
Income from discontinued operations, net	–			–		206		–			206
Net income	24,790			44,678		51,120		(94,947		)	25,641
Net income attributable to noncontrolling interests	–			–		851		–			851
Dividends on preferred stock	6,903			–		–		–			6,903
Net income attributable to unvested restricted stock awards	271			–		–		–			271
Net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders	$	17,616		$	44,678	$	50,269	$	(94,947	)	$	17,616

	Alexandria Real Estate Equities, Inc. (Issuer)			Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)		Combined Non- Guarantor Subsidiaries		Eliminations			Consolidated
Revenues:
Rental	$	3,474		$	–	$	214,793	$	–		$	218,267
Tenant recoveries	1,421			–		67,142		–			68,563
Other income	3,107			840		14,586		(6,523		)	12,010
Total revenues	8,002			840		296,521		(6,523		)	298,840
Expenses:
Rental operations	4,696			–		83,192		–			87,888
General and administrative	20,671			1		8,536		(6,523		)	22,685
Interest	22,675			–		11,474		–			34,149
Depreciation and amortization	2,785			–		92,897		–			95,682
Total expenses	50,827			1		196,099		(6,523		)	240,404
(Loss) income from continuing operations before equity in earnings of affiliates and loss on early extinguishment of debt	(42,825		)	839		100,422		–			58,436
Equity in earnings of affiliates	101,904			93,779		1,871		(197,554		)	–
Loss on early extinguishment of debt	(2,225		)	–		–		–			(2,225		)
Income from continuing operations	56,854			94,618		102,293		(197,554		)	56,211
Income from discontinued operations, net	–			–		341		–			341
Gain on sale of land parcel	–			–		1,864		–			1,864
Net income	56,854			94,618		104,498		(197,554		)	58,416
Net income attributable to noncontrolling interests	–			–		1,562		–			1,562
Dividends on preferred stock	14,386			–		–		–			14,386
Preferred stock redemption charge	5,978			–		–		–			5,978
Net income attributable to unvested restricted stock awards	506			–		–		–			506
Net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders	$	35,984		$	94,618	$	102,936	$	(197,554	)	$	35,984

	Alexandria Real Estate Equities, Inc. (Issuer)			Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)			Combined Non- Guarantor Subsidiaries		Eliminations			Consolidated
Revenues:
Rental	$	1,308		$	–		$	107,940	$	–		$	109,248
Tenant recoveries	784			–			32,363		–			33,147
Other income (loss)	2,274			(123		)	2,044		(3,269		)	926
Total revenues	4,366			(123		)	142,347		(3,269		)	143,321
Expenses:
Rental operations	3,201			–			37,394		–			40,595
General and administrative	8,840			–			5,193		(3,269		)	10,764
Interest	11,252			–			5,315		–			16,567
Depreciation and amortization	1,116			–			39,057		–			40,173
Total expenses	24,409			–			86,959		(3,269		)	108,099
(Loss) income from continuing operations before equity in earnings of affiliates and loss on early extinguishment of debt	(20,043		)	(123		)	55,388		–			35,222
Equity in earnings of affiliates	54,664			51,823			1,023		(107,510		)	–
Loss on early extinguishment of debt	(1,248		)	–			–		–			(1,248		)
Income from continuing operations	33,373			51,700			56,411		(107,510		)	33,974
Income from discontinued operations, net	–			–			337		–			337
Net income	33,373			51,700			56,748		(107,510		)	34,311
Net income attributable to noncontrolling interests	–			–			938		–			938
Dividends on preferred stock	7,089			–			–		–			7,089
Net income attributable to unvested restricted stock awards	298			–			–		–			298
Net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders	$	25,986		$	51,700		$	55,810	$	(107,510	)	$	25,986

	Alexandria Real Estate Equities, Inc. (Issuer)			Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)			Combined Non- Guarantor Subsidiaries		Eliminations			Consolidated
Revenues:
Rental	$	3,032		$	–		$	212,268	$	–		$	215,300
Tenant recoveries	1,545			–			64,463		–			66,008
Other income (loss)	4,495			(392		)	4,054		(6,454		)	1,703
Total revenues	9,072			(392		)	280,785		(6,454		)	283,011
Expenses:
Rental operations	5,296			–			76,334		–			81,630
General and administrative	17,555			–			9,157		(6,454		)	20,258
Interest	22,810			–			11,567		–			34,377
Depreciation and amortization	2,326			–			74,390		–			76,716
Total expenses	47,987			–			171,448		(6,454		)	212,981
(Loss) income from continuing operations before equity in earnings of affiliates and loss on early extinguishment of debt	(38,915		)	(392		)	109,337		–			70,030
Equity in earnings of affiliates	107,727			102,392			2,112		(212,231		)	–
Loss on early extinguishment of debt	(3,743		)	–			–		–			(3,743		)
Income from continuing operations	65,069			102,000			111,449		(212,231		)	66,287
Income from discontinued operations, net	–			–			649		–			649
Net income	65,069			102,000			112,098		(212,231		)	66,936
Net income attributable to noncontrolling interests	–			–			1,867		–			1,867
Dividends on preferred stock	14,178			–			–		–			14,178
Net income attributable to unvested restricted stock awards	540			–			–		–			540
Net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders	$	50,351		$	102,000		$	110,231	$	(212,231	)	$	50,351

Condensed Consolidating Statement Comprehensive Income

	Alexandria Real Estate Equities, Inc. (Issuer)			Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)		Combined Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net income	$	24,790		$	44,678	$	51,120		$	(94,947	)	$	25,641
Other comprehensive income:
Unrealized gains (losses) on marketable securities:
Unrealized holding gains (losses) arising during the period	–			74		(181		)	–			(107		)
Reclassification adjustment for losses included in net income	–			75		163			–			238
Unrealized gains (losses) on marketable securities, net:	–			149		(18		)	–			131
Unrealized gains on interest rate swaps
Unrealized interest rate swap losses arising during the period	(3,091		)	–		–			–			(3,091		)
Reclassification adjustment for amortization of interest expense included in net income	5,895			–		–			–			5,895
Unrealized gains on interest rate swaps, net	2,804			–		–			–			2,804
Foreign currency translation losses	–			–		(17,192		)	–			(17,192		)
Total other comprehensive income (loss)	2,804			149		(17,210		)	–			(14,257		)
Comprehensive income	27,594			44,827		33,910			(94,947		)	11,384
Less: comprehensive income attributable to noncontrolling interests	–			–		(875		)	–			(875		)
Comprehensive income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders	$	27,594		$	44,827	$	33,035		$	(94,947	)	$	10,509

	Alexandria Real Estate Equities, Inc. (Issuer)			Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)		Combined Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net income	$	56,854		$	94,618	$	104,498		$	(197,554	)	$	58,416
Other comprehensive income:
Unrealized gains (losses) on marketable securities:
Unrealized holding gains arising during the period	–			106		461			–			567
Reclassification adjustment for losses (gains) included in net income	–			64		(750		)	–			(686		)
Unrealized gains (losses) on marketable securities, net	–			170		(289		)	–			(119		)
Unrealized gains on interest rate swaps:
Unrealized interest rate swap losses arising during the period	(7,164		)	–		–			–			(7,164		)
Reclassification adjustment for amortization of interest expense included in net income	11,670			–		–			–			11,670
Unrealized gains on interest rate swaps, net	4,506			–		–			–			4,506
Foreign currency translation losses	–			–		(7,233		)	–			(7,233		)
Total other comprehensive income (loss)	4,506			170		(7,522		)	–			(2,846		)
Comprehensive income	61,360			94,788		96,976			(197,554		)	55,570
Less: comprehensive income attributable to noncontrolling interests	–			–		(1,574		)	–			(1,574		)
Comprehensive income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders	$	61,360		$	94,788	$	95,402		$	(197,554	)	$	53,996

	Alexandria Real Estate Equities, Inc. (Issuer)			Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)			Combined Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net income	$	33,373		$	51,700		$	56,748		$	(107,510	)	$	34,311
Other comprehensive income:
Unrealized losses on marketable securities:
Unrealized holding losses arising during the period	–			(501		)	–			–			(501		)
Reclassification adjustments for gains included in net income	–			–			–			–			–
Unrealized losses on marketable securities, net	–			(501		)	–			–			(501		)
Unrealized gains on interest rate swaps:
Unrealized interest rate swap losses arising during the period	(5,555		)	–			–			–			(5,555		)
Reclassification adjustment for amortization of interest expense included in net income	5,302			–			–			–			5,302
Unrealized losses on interest rate swaps, net	(253		)	–			–			–			(253		)
Foreign currency translation gains	–			–			1,676			–			1,676
Total other comprehensive (loss) income	(253		)	(501		)	1,676			–			922
Comprehensive income	33,120			51,199			58,424			(107,510		)	35,233
Less: comprehensive income attributable to noncontrolling interests	–			–			(939		)	–			(939		)
Comprehensive income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders	$	33,120		$	51,199		$	57,485		$	(107,510	)	$	34,294

	Alexandria Real Estate Equities, Inc. (Issuer)			Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)		Combined Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net income	$	65,069		$	102,000	$	112,098		$	(212,231	)	$	66,936
Other comprehensive income:
Unrealized gains on marketable securities:
Unrealized holding gains arising during the period	–			12		–			–			12
Reclassification adjustments for gains included in net income	–			–		–			–			–
Unrealized gains on marketable securities, net	–			12		–			–			12
Unrealized gains on interest rate swaps:
Unrealized interest rate swap losses arising during the period	(5,255		)	–		–			–			(5,255		)
Reclassification adjustment for amortization of interest expense included in net income	10,741			–		–			–			10,741
Unrealized gains on interest rate swaps, net	5,486			–		–			–			5,486
Foreign currency translation gains	–			–		6,559			–			6,559
Total other comprehensive income	5,486			12		6,559			–			12,057
Comprehensive income	70,555			102,012		118,657			(212,231		)	78,993
Less: comprehensive income attributable to noncontrolling interests	–			–		(1,861		)	–			(1,861		)
Comprehensive income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders	$	70,555		$	102,012	$	116,796		$	(212,231	)	$	77,132

Condensed Consolidating Statement Cash Flows

	Alexandria Real Estate Equities, Inc. (Issuer)			Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)			Combined Non-Guarantor Subsidiaries			Eliminations			Consolidated
Operating Activities
Net income	$	56,854		$	94,618		$	104,498		$	(197,554	)	$	58,416
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,785			–			92,975			–			95,760
Loss on early extinguishment of debt	2,225			–			–			–			2,225
Gain on sale of land parcel	–			–			(1,864		)	–			(1,864		)
Gain on sale of real estate	–			–			(2		)	–			(2		)
Amortization of loan fees and costs	3,628			–			1,229			–			4,857
Amortization of debt premiums/discounts	92			–			197			–			289
Amortization of acquired above and below market leases	–			–			(1,578		)	–			(1,578		)
Deferred rent	18			–			(14,009		)	–			(13,991		)
Stock compensation expense	6,567			–			–			–			6,567
Equity in income related to investments	–			26			–			–			26
Equity in income related to subsidiaries	(101,904		)	(93,779		)	(1,871		)	197,554			–
Gain on sales of investments	–			(1,048		)	(10,078		)	–			(11,126		)
Loss on sales of investments	–			183			906			–			1,089
Changes in operating assets and liabilities:
Restricted cash	5			–			(615		)	–			(610		)
Tenant receivables	(3		)	–			1,369			–			1,366
Deferred leasing costs	4,839			–			(18,630		)	–			(13,791		)
Other assets	960			–			(10,291		)	–			(9,331		)
Intercompany receivables and payables	(55		)	–			55			–			–
Accounts payable, accrued expenses, and tenant security deposits	2,738			–			21,580			–			24,318
Net cash provided by operating activities	(21,251		)	–			163,871			–			142,620
Investing Activities
Proceeds from sale of property	–			–			1,905			–			1,905
Additions to properties	(661		)	–			(257,912		)	–			(258,573		)
Purchase of properties	–			–			(42,171		)	–			(42,171		)
Change in restricted cash related to construction projects	–			–			(11,532		)	–			(11,532		)
Distributions from unconsolidated real estate entity	–			–			22,250			–			22,250
Contributions to unconsolidated real estate entity	–			–			(4,918		)	–			(4,918		)
Investments in subsidiaries	(120,101		)	(98,863		)	230			218,734			–
Additions to investments	–			(308		)	(16,036		)	–			(16,344		)
Proceeds from investments	–			1,882			15,677			–			17,559
Net cash used in investing activities	(120,762		)	(97,289		)	(292,507		)	218,734			(291,824		)
Financing Activities
Principal reductions of secured notes payable	–			–			(4,525		)	–			(4,525		)
Proceeds from issuance of unsecured senior notes payable	544,649			–			–			–			544,649
Repurchase of unsecured senior convertible notes	(84,801		)	–			–			–			(84,801		)
Principal borrowings from unsecured senior line of credit and unsecured senior bank term loan	529,147			–			–			–			529,147
Repayments of borrowings from unsecured senior line of credit	(520,147		)	–			–			–			(520,147		)
Repayment of unsecured senior bank term loan	(250,000		)	–			–			–			(250,000		)
Redemption of Series C Preferred Stock	(129,638		)	–			–			–			(129,638		)
Proceeds from issuance of Series E Preferred Stock	124,868			–			–			–			124,868
Proceeds from issuance of common stock	37,385			–			–			–			37,385
Transfer to/from parent company	–			97,289			121,445			(218,734		)
Change in restricted cash related to financings	–			–			(7,714		)	–			(7,714		)
Deferred financing costs paid	(14,983		)	–			(756		)	–			(15,739		)
Proceeds from exercise of stock options	155			–			–			–			155
Dividends paid on common stock	(60,791		)	–			–			–			(60,791		)
Dividends paid on preferred stock	(14,178		)	–			–			–			(14,178		)
Distributions to redeemable noncontrolling interests	–			–			(630		)	–			(630		)
Contributions by noncontrolling interests	–			–			1,125			–			1,125
Distributions to noncontrolling interests	–			–			(598		)	–			(598		)
Net cash provided by financing activities	161,666			97,289			108,347			(218,734		)	148,568
Effect of exchange rate changes on cash and cash equivalents	–			–			3,034			–			3,034
Net increase in cash and cash equivalents	19,653			–			(17,255		)	–			2,398
Cash and cash equivalents at beginning of period	10,608			–			67,931			–			78,539
Cash and cash equivalents at end of period	$	30,261		$	–		$	50,676		$	–		$	80,937
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest, net of interest capitalized	$	12,873		$	–		$	10,281		$	–		$	23,154

	Alexandria Real Estate Equities, Inc. (Issuer)			Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)			Combined Non-Guarantor Subsidiaries			Eliminations			Consolidated
Operating Activities
Net income	$	65,069		$	102,000		$	112,098		$	(212,231	)	$	66,936
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,326			–			74,744			–			77,070
Loss on early extinguishment of debt	3,743			–			–			–			3,743
Gain on sale of land parcel	–			–			–			–			–
Amortization of loan fees and costs	3,515			–			1,090			–			4,605
Amortization of debt premiums/discounts	2,385			–			119			–			2,504
Amortization of acquired above and below market leases	–			–			(7,580		)	–			(7,580		)
Deferred rent	(195		)	–			(9,397		)	–			(9,592		)
Stock compensation expense	5,105			–			–			–			5,105
Equity in loss related to investments	–			–			–			–			–
Equity in income related to subsidiaries	(107,727		)	(102,392		)	(2,112		)	212,231			–
Gain on sales of investments	–			(208		)	(2,371		)	–			(2,579		)
Loss on sales of investments	–			591			1,177			–			1,768
Changes in operating assets and liabilities:
Restricted cash	(15		)	–			125			–			110
Tenant receivables	(4		)	–			1,009			–			1,005
Deferred leasing costs	(669		)	–			(39,755		)	–			(40,424		)
Other assets	357			–			8,182			–			8,539
Intercompany receivables and payables	(2,382		)				2,382
Accounts payable, accrued expenses, and tenant security deposits	(16,047		)	–			15,065			–			(982		)
Net cash (used in) provided by operating activities	(44,539		)	(9		)	154,776			–			110,228
Investing Activities
Additions to properties	(947		)	–			(160,815		)	–			(161,762		)
Purchase of properties	–			–			(307,839		)	–			(307,839		)
Change in restricted cash related to construction projects	–			–			(4		)	–			(4		)
Distributions from unconsolidated real estate entity	–			–			–			–			–
Contributions to unconsolidated real estate entity	–			–			(2,038		)	–			(2,038		)
Investments in subsidiaries	(340,801		)	(331,340		)	(4,823		)	676,964			–
Additions to investments	–			(14		)	(12,707		)	–			(12,721		)
Proceeds from investments	–			934			7,647			–			8,581
Net cash used in investing activities	(341,748		)	(330,420		)	(480,579		)	676,964			(475,783		)
Financing Activities
Principal reductions of secured notes payable	–			–			(16,297		)	–			(16,297		)
Proceeds from issuance of unsecured senior notes payable	–			–			–			–			–
Repurchase of unsecured senior convertible notes	(98,590		)	–			–			–			(98,590		)
Principal borrowings from unsecured senior line of credit	1,708,317			–			–			–			1,708,317
Repayments of borrowings from unsecured senior line of credit	(1,631,317		)	–			–			–			(1,631,317		)
Repayment of unsecured senior term loan	–			–			–			–			–
Proceeds from issuance of Series E Preferred Stock	–			–			–			–			–
Proceeds from issuance of common stock	451,538			–			–			–			451,538
Change in restricted cash related to financings	–			–			4,824			–			4,824
Transfers due to/from parent company	–			329,827			347,137			(676,964		)	–
Deferred financing costs paid	(17,988		)	–			(138		)	–			(18,126		)
Proceeds from exercise of stock options	1,165			–			–			–			1,165
Dividends paid on common stock	(49,896		)	–			–			–			(49,896		)
Dividends paid on preferred stock	(14,178		)	–			–			–			(14,178		)
Distributions to redeemable noncontrolling interests	–			–			(622		)	–			(622		)
Contributions by noncontrolling interests	–			–			–			–			–
Distributions to noncontrolling interests	–			–			(1,468		)	–			(1,468		)
Net cash provided by financing activities	349,051			329,827			333,436			(676,964		)	335,350
Effect of exchange rate changes on cash and cash equivalents	–			–			(102		)	–			(102		)
Net (decrease) increase in cash and cash equivalents	(37,236		)	(602		)	7,531			–			(30,307		)
Cash and cash equivalents at beginning of period	48,623			602			42,007			–			91,232
Cash and cash equivalents at end of period	$	11,387		$	–		$	49,538		$	–		$	60,925
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest, net of interest capitalized	$	16,109		$	–		$	9,883		$	–		$	25,992