XML 35 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Cash flows from operating activities:      
Net income $ 38,901 $ 36,495 $ 34,449
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 23,843 23,751 24,110
Gain from disposal of properties classified as discontinued operations (3,891) (6,199)  
Realized and unrealized gain from restricted investment   4,067 5,011
Dividend income from restricted investment     (726)
Equity in earnings of unconsolidated joint venture 27 303 309
Distributions from unconsolidated joint venture 300 300 250
Interest earned on restricted cash   (12) (94)
Lease termination fee income related to restricted cash 10,865 10,381 10,864
Stock-based compensation 57 160 352
Other   9  
Change in operating assets and liabilities:      
Proceeds from restricted investment   16,211 3,646
Deferred rent 1,291 770 (870)
Other assets 2,068 (2,158) (4,700)
Interest payable (53) 86 68
Security deposits (288) (244) (423)
Prepaid rent (690) (13) 2,575
Accounts payable and accrued expenses 105 6,601 (8,109)
Net cash provided by operating activities 72,481 81,768 56,072
Cash flows from investing activities:      
Improvements to investments in real estate (2,442) (2,841) (178)
Purchase of office equipment   (39)  
Net proceeds from sale of properties 3,497 6,686  
Acquisition of properties (10,825) (3,853)  
Decrease (increase) in restricted cash 6,803 (6,691) (100)
Proceeds received from note receivable 7,123    
Net cash provided by (used in) investing activities 4,156 (6,738) (278)
Cash flows from financing activities:      
Proceeds from mortgage loan payable   40,000  
Principal payments on mortgage notes payable (14,604) (13,048) (12,090)
Principal payments on mortgage notes payable (related parties) (582) (540) (500)
Proceeds from note payable (related parties) 18,852 53,025 39,420
Payment on note payable (related parties) (18,852) (62,350) (39,420)
Proceeds from note payable     22,000
Payment on note payable (10,776) (10,381)  
Net borrowings (repayments) on revolving line of credit 3,305 (14,466) 1,387
Debt issuance costs (21) (457)  
Net proceeds from exercise of stock options   67  
Distributions paid to noncontrolling interests (45,846) (50,709) (50,775)
Dividends paid to common stockholders (12,101) (13,169) (14,830)
Net cash used in financing activities (80,625) (72,028) (54,808)
Net (decrease) increase in cash and cash equivalents (3,988) 3,002 986
Cash and cash equivalents, beginning of year 3,988 986  
Cash and cash equivalents, end of year   $ 3,988 $ 986