XML 58 R6.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
OPERATING ACTIVITIES    
Net income $ 9,429 $ 5,495
Results from discontinued operations 0 (334)
INCOME FROM CONTINUING OPERATIONS 9,429 5,161
Adjustments to reconcile income from continuing operations to net cash provided by operating activities:    
Deferred rent revenue and amortization of lease intangibles (1,874) (3,071)
Depreciation and amortization 33,966 29,183
Amortization of debt issuance costs and debt fair value adjustments 1,966 1,958
Stock-based compensation expense 1,393 1,406
Loss from real estate joint ventures 54 0
Other, net (535) 745
Changes in operating assets and liabilities    
Change in restricted cash (818) (1,244)
Change in accounts receivable (1,073) 1,628
Change in other assets (38) 315
Change in accounts payable and accrued expenses 2,662 (1,010)
Change in security deposits payable 238 (204)
Change in other liabilities and deferred credits 303 223
Net cash provided by operating activities of continuing operations 45,673 35,090
Net cash provided by operating activities of discontinued operations 0 252
Net cash provided by operating activities 45,673 35,342
INVESTING ACTIVITIES    
Acquisition of real estate, net of cash acquired 0 (32,918)
Capital expenditures (21,204) (11,951)
Change in restricted cash 433 (495)
Leasing commissions (1,344) (1,312)
Maturity of marketable securities 0 3,324
Net cash used in investing activities of continuing operations (22,115) (43,352)
Net cash used in investing activities of discontinued operations 0 (203)
Net cash used in investing activities (22,115) (43,555)
FINANCING ACTIVITIES    
Change in restricted cash (1,400) 0
Issuance of secured notes payable 0 21,900
Repayment of secured notes payable (1,839) (2,315)
Debt issuance costs 0 (924)
Proceeds from issuance of common stock, net 24,922 0
Dividends paid to common stock and unitholders (24,380) (24,226)
Deferred offering costs 0 (361)
Net cash (used in) provided by financing activities (2,697) (5,926)
Net increase (decrease) in cash and cash equivalents 20,861 (14,139)
Cash and cash equivalents, beginning of period 42,479 112,723
Cash and cash equivalents, end of period $ 63,340 $ 98,584