XML 47 R5.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Condensed Consolidated Statements of Cash Flows (USD $)
In Thousands
6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Cash flows from operating activities:    
Consolidated net income $ 16,835 $ 16,737
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of deferred financing costs 57,318 51,266
Stock compensation expense 1,686 1,131
Redeemable stock issued 293 213
Amortization of debt premium (180) (180)
Loss from investments in real estate joint ventures 423 574
Loss on debt extinguishment 48  
Derivative interest expense 222 300
Loss on sale of non-depreciable assets 6  
Loss (gain) on sale of discontinued operations   2
Asset impairment   1,590
Net casualty loss (gains) and other settlement proceeds 406 (258)
Gain on properties contributed to joint ventures   (371)
Changes in assets and liabilities:    
Restricted cash (113) (169)
Other assets 1,943 1,447
Accounts payable 1,012 (234)
Accrued expenses and other 3,714 (4,436)
Security deposits (62) (696)
Net cash provided by operating activities 83,551 66,916
Cash flows from investing activities:    
Purchases of real estate and other assets (185,901) (69,718)
Improvements to existing real estate assets (25,781) (21,901)
Renovations to existing real estate assets (6,005) (3,552)
Development (8,658)  
Distributions from real estate joint ventures 828 1,481
Contributions to real estate joint ventures (1,373) (6,006)
Proceeds from disposition of real estate assets 320 48,074
Net cash used in investing activities (226,570) (51,622)
Cash flows from financing activities:    
Net change in credit lines (12,817) (55,000)
Proceeds from notes payable 150,350 19,500
Principal payments on notes payable (101,612) (721)
Payment of deferred financing costs (1,700) (5,731)
Repurchase of common stock (2,260) (813)
Proceeds from issuances of common shares 125,737 161,999
Distributions to noncontrolling interests (2,719) (2,927)
Dividends paid on common shares (45,064) (36,198)
Dividends paid on preferred shares   (6,467)
Redemption of preferred stock   (77,510)
Net cash provided by (used in) financing activities 109,915 (3,868)
Net (decrease) increase in cash and cash equivalents (33,104) 11,426
Cash and cash equivalents, beginning of period 45,942 13,819
Cash and cash equivalents, end of period 12,838 25,245
Supplemental disclosure of cash flow information:    
Interest paid 28,034 28,458
Supplemental disclosure of noncash investing and financing activities:    
Conversion of units to shares of common stock 2,878 1,190
Accrued construction in progress 6,775 2,139
Interest capitalized 459  
Marked-to-market adjustment on derivative instruments 6,587 (10,063)
Reclassification of redeemable stock to liabilities $ 151 $ 269