XML 36 R7.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands
6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
OPERATING ACTIVITIES:    
Net income $ 70,438 $ 11,024
Adjustments to reconcile net income to net cash provided by operating activities:    
Straight line rent adjustment (1,808) (1,016)
Accretion of below market lease intangibles, net (5,007) (3,905)
Equity in (income) loss in unconsolidated joint ventures (811) 82
Gain on bargain purchase (53,467)  
Income tax benefit of taxable REIT subsidiaries (1,118) (1,994)
Provision for losses on accounts receivable 1,573 1,146
Amortization of discount on notes payable, net 667 1,403
Amortization of deferred financing fees 1,105 900
Depreciation and amortization 48,274 33,973
Share-based compensation expense 3,322 3,142
Amortization of derivatives 32 31
Gain on sale of real estate (4,606) (440)
Gain on extinguishment of debt (255) (63)
Gain on sale of securities   (366)
Operating distributions from joint ventures 513 241
Impairment loss on income producing properties held for sale 1,277  
Goodwill impairment 145  
Changes in assets and liabilities, net of effects of acquisitions and disposals:    
Accounts and other receivables 1,685 272
Other assets (4,789) (9,345)
Accounts payable and accrued expenses 4,047 8,136
Tenant security deposits 13 (168)
Other liabilities (1,908) (2,702)
Net cash provided by operating activities 59,322 38,893
INVESTING ACTIVITIES:    
Acquisition of income producing properties (100,472) (33,278)
Additions to income producing properties (6,660) (3,835)
Additions to and purchases of land held for development   (1,337)
Additions to construction in progress (7,503) (5,249)
Proceeds from sale of real estate and rental properties 42,052 2,433
Increase in deferred leasing costs and lease intangibles (3,531) (1,884)
Investment in joint ventures (9,769) (118)
Investment in consolidated subsidiary (242) (12,635)
Advances to joint ventures   (1,000)
Proceeds from sale of securities   841
Net cash used in investing activities (86,125) (56,062)
FINANCING ACTIVITIES:    
Repayments of mortgage notes payable (143,383) (68,177)
Net borrowings under revolving credit facilities 63,500  
Proceeds from issuance of common stock 116,617 99,959
Payment of deferred financing costs (252) (427)
Stock issuance costs (982) (1,292)
Dividends paid to stockholders (48,743) (40,694)
Distributions to noncontrolling interests (4,523)  
Net cash used in provided by financing activities (17,766) (10,631)
Net decrease in cash and cash equivalents (44,569) (27,800)
Cash and cash equivalents obtained through acquisition 23,412  
Cash and cash equivalents at beginning of the period 38,333 47,970
Cash and cash equivalents at end of the period 17,176 20,170
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Cash paid for interest (net of capitalized interest of $1,028 and $1,061 in 2011 and 2010, respectively) 42,151 38,821
We acquired upon acquisition of certain rental properties:    
Income producing properties 123,533 56,517
Intangible and other assets 8,570 7,014
Intangible and other liabilities (20,528) (10,456)
Assumption of mortgage notes payable (11,103) (19,797)
Net cash paid for acquisition of rental properties 100,472 33,278
Net cash paid for the acquisition of C&C (US) No. 1 is as follows:    
Income producing properties 461,516  
Intangible and other assets 108,031  
Intangible and other liabilities (24,186)  
Assumption of mortgage notes payable (261,813)  
Issuance of Equity One common stock (73,698)  
Noncontrolling interest in C&C (US) No. 1 (179,795)  
Gain on bargain purchase 53,467  
Cash acquired upon acquisition of C&C (US) No. 1 23,412  
Net cash paid for acquisition of C&C (US) No. 1 100,472 33,278
Net cash paid for acquisition of rental properties 100,472 33,278
Rental Properties
   
INVESTING ACTIVITIES:    
Acquisition of income producing properties (100,472) (33,278)
We acquired upon acquisition of certain rental properties:    
Net cash paid for acquisition of rental properties 100,472 33,278
Net cash paid for the acquisition of C&C (US) No. 1 is as follows:    
Net cash paid for acquisition of C&C (US) No. 1 100,472 33,278
Net cash paid for acquisition of rental properties 100,472 33,278
C&C (US) No.1
   
Adjustments to reconcile net income to net cash provided by operating activities:    
Gain on bargain purchase 53,467  
INVESTING ACTIVITIES:    
Acquisition of income producing properties 0 0
We acquired upon acquisition of certain rental properties:    
Net cash paid for acquisition of rental properties 0 0
Net cash paid for the acquisition of C&C (US) No. 1 is as follows:    
Gain on bargain purchase (53,467)  
Cash acquired upon acquisition of C&C (US) No. 1 23,412  
Net cash paid for acquisition of C&C (US) No. 1 0 0
Net cash paid for acquisition of rental properties $ 0 $ 0