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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)
In Thousands
9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Operating activities  
Net loss$ (153,964)$ (11)
Adjustments to reconcile net loss to cash provided by operating activities:  
Depreciation and amortization64,51946,260
Depreciation and amortization - discontinued operations19,78719,118
Amortization of above (below) market leases1,463(364)
Amortization of above (below) market leases - discontinued operations(1,069)217
Amortization of loan costs1,5731,317
Amortization of mortgage loan discount(400)(522)
Share-based compensation expense1,389877
Deferred income tax benefit(364)0
Operating distributions from unconsolidated joint ventures5070
Gain on sale of real estate investments(7,310)(8,558)
Non-cash impairment loss on real estate107,2400
Non-cash impairment loss on real estate - discontinued operations21,4670
Non-cash impairment loss on mortgage loan receivable9,2350
Equity in earnings of unconsolidated joint ventures(65)(253)
Change in fair value of contingent consideration(12,000)0
Increase in deferred leasing costs(11,434)(7,543)
Change in receivables and other assets(20,990)(8,129)
Change in accounts payable and other liabilities5,44310,750
Cash provided by operating activities25,02753,159
Investing activities  
Distributions from unconsolidated joint ventures3,2010
Investment in real estate(488,279)(32,174)
Investment in other assets(3,500)0
Investment in management company(32,400)0
Proceeds from sale of real estate200,1934,758
Improvements to real estate(29,120)(23,407)
Cash used in investing activities(349,905)(50,823)
Financing activities  
Principal payments on mortgage notes payable(103,792)(98,582)
Proceeds from mortgage notes payable222,01370,000
Proceeds from bank borrowings241,822100,969
Payments on bank borrowings(238,809)(100,969)
Debt financing costs(4,828)(1,000)
Purchase of Company stock(336)(799)
Dividends paid on common stock(4,884)(4,836)
Dividends paid on preferred stock(6,818)(3,600)
Contributions from noncontrolling interest partners251,1680
Distributions to noncontrolling interest partners(43,520)0
Proceeds from stock offering26,14344,883
Cash provided by financing activities338,1596,066
Change in cash and cash equivalents13,2818,402
Cash and cash equivalents at beginning of period19,67020,697
Cash and cash equivalents at end of period$ 32,951$ 29,099