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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands
6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Operating activities    
Net income (loss) $ (23,390) $ 4,177
Adjustments to reconcile net income (loss) to cash provided by operating activities:    
Depreciation and amortization 49,606 40,324
Depreciation and amortization - discontinued operations 2,410 3,928
Amortization of above (below) market leases (554) (419)
Amortization of above (below) market leases - discontinued operations 210 438
Amortization of loan costs 1,007 924
Amortization of mortgage loan discount (400) (342)
Share-based compensation expense 888 391
Operating distributions from unconsolidated joint ventures 507 0
Non-cash impairment loss on real estate 1,700 0
Gain on sale of real estate investments (4,292) (8,518)
Equity in earnings of unconsolidated joint ventures (79) (192)
Increase in deferred leasing costs (8,487) (2,742)
Changes in operating assets and liabilities:    
Change in receivables and other assets (8,947) (5,667)
Change in accounts payable and other liabilities 228 (1,612)
Cash provided by operating activities 10,407 30,690
Investing activities    
Distributions from unconsolidated joint ventures 135 0
Investment in real estate (488,279) 0
Investment in other assets (3,500) 0
Investment in management company (32,400) 0
Proceeds from sale of real estate 156,546 4,758
Improvements to real estate (19,161) (15,579)
Cash used in investing activities (386,659) (10,821)
Financing activities    
Principal payments on mortgage notes payable (101,233) (94,982)
Proceeds from mortgage notes payable 200,013 58,000
Proceeds from bank borrowings 219,671 63,674
Payments on bank borrowings (164,293) (39,532)
Debt financing costs (4,654) (737)
Purchase of Company stock (299) (677)
Dividends paid on common stock (3,270) (3,224)
Dividends paid on preferred stock (4,375) (2,400)
Contributions from noncontrolling interest partners 251,168 0
Distributions to noncontrolling interest partners (28,912) 0
Proceeds from stock offering 26,143 (14)
Cash provided by (used in) financing activities 389,959 (19,892)
Change in cash and cash equivalents 13,707 (23)
Cash and cash equivalents at beginning of period 19,670 20,697
Cash and cash equivalents at end of period $ 33,377 $ 20,674