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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands
9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
OPERATING ACTIVITIES  
Net income$ 16,308$ 13,710
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization from continuing operations42,79044,071
Amortization of mortgage loan premiums(94)(93)
Gain on sales of land and real estate investments(27)(28)
Amortization of discount on mortgage loan receivable(10)(10)
Stock-based compensation expense1,9101,472
Equity in earnings of unconsolidated investment, net of distributions019
Changes in operating assets and liabilities:  
Accrued income and other assets1,0071,587
Accounts payable, accrued expenses and prepaid rent7,0423,087
NET CASH PROVIDED BY OPERATING ACTIVITIES68,92663,815
INVESTING ACTIVITIES  
Real estate development(28,982)(6,724)
Purchases of real estate(23,450)(23,906)
Real estate improvements(14,089)(15,438)
Repayments on mortgage loans receivable2728
Changes in accrued development costs2,313(418)
Changes in other assets and other liabilities(5,041)(5,058)
NET CASH USED IN INVESTING ACTIVITIES(69,222)(51,516)
FINANCING ACTIVITIES  
Proceeds from bank borrowings213,034139,343
Repayments on bank borrowings(160,030)(94,280)
Proceeds from mortgage notes payable65,0000
Principal payments on mortgage notes payable(75,222)(14,714)
Debt issuance costs(632)(60)
Distributions paid to stockholders(41,880)(42,018)
Proceeds from common stock offerings450303
Proceeds from exercise of stock options133338
Proceeds from dividend reinvestment plan184201
Other(431)(2,320)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES606(13,207)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS310(908)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD1371,062
CASH AND CASH EQUIVALENTS AT END OF PERIOD447154
SUPPLEMENTAL CASH FLOW INFORMATION  
Cash paid for interest, net of amount capitalized of $2,695 and $2,705 for 2011 and 2010, respectively25,34025,892
Fair value of common stock awards issued to employees and directors, net of forfeitures$ 3,827$ 5,174