XML 30 R8.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 11,179 $ 2,823
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 10,628 9,141
Amortization of financing costs 734 683
Share compensation expense 1,411 970
Equity in (earnings) losses of unconsolidated affiliates (2,250) 56
Distributions of operating income from unconsolidated affiliates 1,208 128
Other, net (1,476) 358
Changes in assets and liabilities    
Cash in escrow (274) 2,268
Rents receivable, net (878) 168
Prepaid expenses and other assets (15,029) (3,824)
Accounts receivable from related parties 8 406
Accounts payable and accrued expenses (739) (2,365)
Other liabilities (289) 1,059
Net cash provided by operating activities 4,233 11,871
CASH FLOWS FROM INVESTING ACTIVITIES    
Acquisition of real estate (86,600) (48,689)
Redevelopment and property improvement costs (17,941) (20,081)
Deferred leasing costs (2,220) (1,035)
Investments in and advances to unconsolidated affiliates (2) (1,690)
Return of capital from unconsolidated affiliates 482 1,255
Consolidation of previously unconsolidated investment 1,864 0
Proceeds from notes receivable 5,529 3
Issuance of notes receivable 0 (17,080)
Net cash used in investing activities (98,888) (87,317)
CASH FLOWS FROM FINANCING ACTIVITIES    
Principal payments on mortgage notes (47,136) (3,513)
Proceeds received from mortgage notes 254,000 4,250
Loan proceeds held as restricted cash (151,596) 0
Increase in deferred financing and other costs (9,998) (570)
Capital contributions from noncontrolling interests 0 38,578
Distributions to noncontrolling interests (3,098) (3,697)
Dividends paid to Common Shareholders (9,417) (7,666)
Proceeds from issuance of Common Shares, net of issuance costs of $843 and $126, respectively 51,840 8,029
Other employee and trustee stock compensation, net 78 (107)
Net cash provided by financing activities 84,673 35,304
(Decrease) in cash and cash equivalents (9,982) (40,142)
Cash and cash equivalents, beginning of period 91,813 89,812
Cash and cash equivalents, end of period 81,831 49,670
Supplemental disclosure of cash flow information    
Cash paid during the period for interest, net of capitalized interest of $1,664 and $1,433, respectively 5,858 7,700
Cash paid for income taxes 12 70
Supplemental disclosure of non-cash investing activities:    
Acquisition of real estate through assumption of debt 0 23,062
Acquisition of real estate through issuance of OP Units 0 2,279
Acquisition of real estate through conversion of notes receivable 18,500 0
Consolidation of previously unconsolidated investment    
Real estate, net (118,484) 0
Mortgage notes payable 166,200 0
Distributions in excess of income from, and investments in, unconsolidated affiliates (10,298) 0
Other assets and liabilities (1,605) 0
Noncontrolling interest (33,949) 0
Consolidation of previously unconsolidated investment $ 1,864 $ 0