XML 40 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED STATEMENTS OF CASH FLOWS - Unaudited (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2012
Mar. 31, 2011
OPERATING ACTIVITIES    
Net income $ 5,522 $ 4,902
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization from continuing operations 15,929 14,247
Depreciation and amortization from discontinued operations 17 0
Stock-based compensation expense 1,334 815
Changes in operating assets and liabilities:    
Accrued income and other assets 991 240
Accounts payable, accrued expenses and prepaid rent (11,073) (6,067)
Other (300) (80)
NET CASH PROVIDED BY OPERATING ACTIVITIES 12,420 14,057
INVESTING ACTIVITIES    
Real estate development (12,584) (2,786)
Purchases of real estate (3,475) 0
Real estate improvements (3,902) (6,288)
Proceeds from sales of real estate investments 539 0
Changes in accrued development costs (158) (157)
Changes in other assets and other liabilities (2,475) (1,908)
NET CASH USED IN INVESTING ACTIVITIES (21,739) (10,825)
FINANCING ACTIVITIES    
Proceeds from bank borrowings 63,895 85,224
Repayments on bank borrowings (99,494) (32,296)
Proceeds from mortgage notes payable 54,000 0
Principal payments on mortgage notes payable (9,736) (41,269)
Debt issuance costs (793) (34)
Distributions paid to stockholders (14,908) (13,972)
Proceeds from common stock offerings 16,284 0
Proceeds from exercise of stock options 0 6
Proceeds from dividend reinvestment plan 64 61
Other 38 (981)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 9,350 (3,261)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 31 (29)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 174 137
CASH AND CASH EQUIVALENTS AT END OF PERIOD 205 108
SUPPLEMENTAL CASH FLOW INFORMATION    
Cash paid for interest, net of amount capitalized of $1,042 and $839 for 2012 and 2011, respectively 8,967 8,649
Fair value of common stock awards issued to employees and directors, net of forfeitures $ 4,492 $ 3,536