XML 32 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Cash flows from operating activities:    
Consolidated net income $ 25,068 $ 9,155
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 31,549 28,456
Stock compensation expense 814 844
Redeemable stock issued 116 97
Amortization of debt premium (90) (90)
Loss from investments in real estate joint ventures 31 245
Gain on debt extinguishment (20) 0
Derivative interest expense 164 47
Loss on sale of non-depreciable assets 0 6
Gain on sale of discontinued operations (9,500) 0
Net casualty loss and other settlement proceeds 58 148
Changes in assets and liabilities:    
Restricted cash 207 137
Other assets 2,445 (1,470)
Accounts payable 1,910 789
Accrued expenses and other (14,994) (6,922)
Security deposits 82 (140)
Net cash provided by operating activities 37,840 31,302
Cash flows from investing activities:    
Purchases of real estate and other assets 0 (30,000)
Improvements to existing real estate assets (12,221) (10,295)
Renovations to existing real estate assets (2,934) (2,416)
Development (26,745) (3,569)
Distributions from real estate joint ventures 459 362
Contributions to real estate joint ventures (51) (1,369)
Proceeds from disposition of real estate assets 29,035 0
Funding of escrow for future acquisitions (21,585) 0
Net cash used in investing activities (34,042) (47,287)
Cash flows from financing activities:    
Net change in credit lines (158,802) (70,000)
Proceeds from notes payable 50,000 22,350
Principal payments on notes payable (807) (671)
Payment of deferred financing costs (1,397) (420)
Repurchase of common stock (1,415) (1,939)
Proceeds from issuances of common shares 120,135 91,443
Distributions to noncontrolling interests (1,280) (1,422)
Dividends paid on common shares (25,723) (22,076)
Net cash (used in) provided by financing activities (19,289) 17,265
Net (decrease) increase in cash and cash equivalents (15,491) 1,280
Cash and cash equivalents, beginning of period 57,317 45,942
Cash and cash equivalents, end of period 41,826 47,222
Supplemental disclosure of cash flow information:    
Interest paid 16,911 13,518
Supplemental disclosure of noncash investing and financing activities:    
Conversion of units to shares of common stock 28 2,071
Accrued construction in progress 10,027 7,467
Interest capitalized 638 167
Marked-to-market adjustment on derivative instruments 4,084 7,414
Reclassification of redeemable stock to liabilities $ 0 $ 151