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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
OPERATING ACTIVITIES      
Net income $ 22,834 $ 18,755 $ 27,094
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization from continuing operations 57,451 58,350 53,953
Depreciation and amortization from discontinued operations 0 0 51
Stock-based compensation expense 2,452 1,998 1,827
Changes in operating assets and liabilities:      
Accrued income and other assets (1,425) 212 1,258
Accounts payable, accrued expenses and prepaid rent 5,466 (2,268) (3,345)
Other (231) (189) (254)
NET CASH PROVIDED BY OPERATING ACTIVITIES 86,547 76,858 80,584
INVESTING ACTIVITIES      
Real estate development (42,148) (9,145) (35,057)
Purchases of real estate (88,592) (23,906) (17,725)
Real estate improvements (19,048) (23,720) (14,474)
Proceeds from sales of land and real estate investments 0 0 908
Repayments on mortgage loans receivable 33 37 31
Changes in accrued development costs 5,255 8 (6,462)
Changes in other assets and other liabilities (6,333) (6,775) (7,545)
NET CASH USED IN INVESTING ACTIVITIES (150,833) (63,501) (80,324)
FINANCING ACTIVITIES      
Proceeds from bank borrowings 336,575 211,041 225,314
Repayments on bank borrowings (273,353) (208,903) (246,044)
Proceeds from mortgage notes payable 65,000 74,000 76,365
Principal payments on mortgage notes payable (81,128) (32,401) (59,100)
Proceeds from unsecured term loan payable 50,000 0 0
Debt issuance costs (925) (709) (492)
Distributions paid to stockholders (56,042) (56,294) (54,316)
Proceeds from common stock offerings 25,181 303 57,181
Proceeds from exercise of stock options 217 404 1,180
Proceeds from dividend reinvestment plan 249 262 268
Other (1,451) (1,985) 153
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 64,323 (14,282) 509
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 37 (925) 769
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 137 1,062 293
CASH AND CASH EQUIVALENTS AT END OF YEAR 174 137 1,062
SUPPLEMENTAL CASH FLOW INFORMATION      
Cash paid for interest, net of amount capitalized of $3,771, $3,613 and $5,856 for 2011, 2010 and 2009, respectively 33,671 34,380 31,297
Fair value of common stock awards issued to employees and directors, net of forfeitures $ 3,868 $ 5,174 $ 2,444