XML 63 R7.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
OPERATING ACTIVITIES      
Net income $ 33,225 $ 32,887 $ 22,834
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization from continuing operations 65,789 61,345 56,739
Depreciation and amortization from discontinued operations 130 929 712
Stock-based compensation expense 4,229 3,497 2,452
Gain on sales of land and real estate investments (822) (6,510) (36)
Changes in operating assets and liabilities:      
Accrued income and other assets (1,629) 601 (1,425)
Accounts payable, accrued expenses and prepaid rent 8,906 (1,118) 5,466
Other (78) 177 (195)
NET CASH PROVIDED BY OPERATING ACTIVITIES 109,750 91,808 86,547
INVESTING ACTIVITIES      
Real estate development (76,240) (55,404) (42,148)
Purchases of real estate (72,397) (51,750) (88,592)
Real estate improvements (20,807) (18,135) (19,048)
Proceeds from sales of real estate investments 4,273 17,087 0
Advances on mortgage loans receivable 0 (5,223) 0
Repayments on mortgage loans receivable 463 20 33
Changes in accrued development costs 509 1,242 5,255
Changes in other assets and other liabilities (11,912) (7,745) (6,333)
NET CASH USED IN INVESTING ACTIVITIES (176,111) (119,908) (150,833)
FINANCING ACTIVITIES      
Proceeds from unsecured bank credit facilities 424,375 284,877 336,575
Repayments on unsecured bank credit facilities (411,583) (363,233) (273,353)
Proceeds from secured debt 0 54,000 65,000
Repayments on secured debt (107,953) (74,308) (81,128)
Proceeds from unsecured debt 175,000 80,000 50,000
Debt issuance costs (2,222) (1,490) (925)
Distributions paid to stockholders (not including dividends accrued on unvested restricted stock) (64,798) (61,297) (56,042)
Proceeds from common stock offerings 53,247 109,588 25,181
Proceeds from exercise of stock options 120 108 217
Proceeds from dividend reinvestment plan 206 219 249
Other (1,281) 720 (1,451)
NET CASH PROVIDED BY FINANCING ACTIVITIES 65,111 29,184 64,323
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (1,250) 1,084 37
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 1,258 174 137
CASH AND CASH EQUIVALENTS AT END OF YEAR 8 1,258 174
SUPPLEMENTAL CASH FLOW INFORMATION      
Cash paid for interest, net of amount capitalized of $5,064, $4,660 and $3,771 for 2013, 2012 and 2011, respectively $ 32,880 $ 34,385 $ 33,671