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CONSOLIDATED STATEMENTS OF CASH FLOWS - Unaudited (USD $)
In Thousands, unless otherwise specified
6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
OPERATING ACTIVITIES    
Net Income $ 13,605 $ 10,517
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization from continuing operations 31,381 28,204
Depreciation and amortization from discontinued operations 176 149
Stock-based compensation expense 2,033 1,382
Changes in operating assets and liabilities:    
Accrued income and other assets 1,573 1,090
Accounts payable, accrued expenses and prepaid rent (5,020) (965)
Other (2,187) (91)
NET CASH PROVIDED BY OPERATING ACTIVITIES 41,561 40,286
INVESTING ACTIVITIES    
Real estate development (24,695) (11,137)
Purchases of real estate (3,475) 0
Real estate improvements (9,398) (10,645)
Proceeds from sales of real estate investments 7,399 0
Changes in accrued development costs (2,699) 661
Changes in other assets and other liabilities (4,767) (3,593)
NET CASH USED IN INVESTING ACTIVITIES (37,635) (24,714)
FINANCING ACTIVITIES    
Proceeds from bank borrowings 143,560 135,491
Repayments on bank borrowings (177,131) (118,040)
Proceeds from mortgage notes payable 54,000 65,000
Principal payments on mortgage notes payable (58,201) (69,399)
Debt issuance costs (821) (619)
Distributions paid to stockholders (29,717) (27,922)
Proceeds from common stock offerings 64,202 0
Proceeds from exercise of stock options 108 103
Proceeds from dividend reinvestment plan 118 121
Other (100) (344)
NET CASH USED IN FINANCING ACTIVITIES (3,982) (15,609)
DECREASE IN CASH AND CASH EQUIVALENTS (56) (37)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 174 137
CASH AND CASH EQUIVALENTS AT END OF PERIOD 118 100
SUPPLEMENTAL CASH FLOW INFORMATION    
Cash paid for interest, net of amount capitalized of $2,129 and $1,743 for 2012 and 2011, respectively $ 17,938 $ 16,871