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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands
6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
OPERATING ACTIVITIES    
Net income $ 10,517 $ 9,584
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization from continuing operations 28,353 29,423
Amortization of mortgage loan premiums (63) (62)
Gain on sales of land and real estate investments (18) (19)
Amortization of discount on mortgage loan receivable (8) (7)
Stock-based compensation expense 1,382 952
Equity in earnings of unconsolidated investment, net of distributions (2) (22)
Changes in operating assets and liabilities:    
Accrued income and other assets 1,090 1,699
Accounts payable, accrued expenses and prepaid rent (965) (3,335)
NET CASH PROVIDED BY OPERATING ACTIVITIES 40,286 38,213
INVESTING ACTIVITIES    
Real estate development (11,137) (4,798)
Purchases of real estate 0 (23,906)
Real estate improvements (10,645) (9,839)
Repayments on mortgage loans receivable 18 19
Changes in accrued development costs 661 (307)
Changes in other assets and other liabilities (3,611) (3,173)
NET CASH USED IN INVESTING ACTIVITIES (24,714) (42,004)
FINANCING ACTIVITIES    
Proceeds from bank borrowings 135,491 104,945
Repayments on bank borrowings (118,040) (63,506)
Proceeds from mortgage notes payable 65,000 0
Principal payments on mortgage notes payable (69,399) (9,668)
Debt issuance costs (619) (38)
Distributions paid to stockholders (27,922) (28,102)
Proceeds from common stock offerings 0 303
Proceeds from exercise of stock options 103 188
Proceeds from dividend reinvestment plan 121 134
Other (344) (1,386)
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES (15,609) 2,870
DECREASE IN CASH AND CASH EQUIVALENTS (37) (921)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 137 1,062
CASH AND CASH EQUIVALENTS AT END OF PERIOD 100 141
SUPPLEMENTAL CASH FLOW INFORMATION    
Cash paid for interest, net of amount capitalized of $1,743 and $1,836 for 2011 and 2010, respectively 16,871 17,255
Fair value of common stock awards issued to employees and directors, net of forfeitures $ 3,836 $ 5,174