XML 17 R6.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands
6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (4,847) $ (2,604)
Adjustments to reconcile net loss to net cash flows provided by operating activities:    
Loss (gain) on sale of investment properties, net 266 (1,817)
Loss on extinguishment of debt   592
Impairment loss 3,508 586
Losses on abandoned predevelopment projects   1,949
Depreciation and amortization 26,914 28,459
Amortization of deferred financing costs 1,079 911
Stock-based compensation 1,186 1,462
Effect of recognizing rental revenues on a straight-line or market basis (3,705) (2,225)
Income from unconsolidated joint ventures (4,808) (5,314)
Operating distributions from unconsolidated joint ventures 4,692 4,838
Residential lot, outparcel and multi-family cost of sales, net of closing costs paid 2,390 21,581
Residential lot acquisition and development expenditures (563) (894)
Changes in other operating assets and liabilities:    
Change in other receivables and other assets 1,114 (1,647)
Change in accounts payable and accrued liabilities (140) 3,297
Net cash provided by operating activities 27,086 49,174
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from investment property sales 21,543 14,788
Property acquisition and development and tenant asset expenditures (14,915) (12,185)
Investment in unconsolidated joint ventures (9,841) (3,624)
Distributions from unconsolidated joint ventures 4,696 3,685
Payment of debt guarantee of unconsolidated joint venture   (17,250)
Collection of notes receivable 98 88
Change in other assets (2,386) (1,629)
Change in restricted cash 882 (1,359)
Net cash provided by (used in) investing activities 77 (17,486)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from credit facility 52,900  
Repayment of credit facility (32,900)  
Payment of loan issuance costs   (1,723)
Repayment of notes payable (28,101) (9,830)
Common stock issuance costs (16) (60)
Cash common dividends paid (9,316) (6,031)
Cash preferred dividends paid (6,454) (6,454)
Contributions from noncontrolling interests   1,269
Distributions to noncontrolling interests (6,526) (1,186)
Net cash used in financing activities (30,413) (24,015)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (3,250) 7,673
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 7,599 9,464
CASH AND CASH EQUIVALENTS AT END OF PERIOD 4,349 17,137
SIGNIFICANT NON-CASH TRANSACTIONS:    
Transfer from other assets to investment in unconsolidated joint ventures $ 6,050