XML 66 R7.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Operating activities    
Net income (loss) $ (14,407) $ 7,817
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 90,283 56,534
Depreciation and amortization – discontinued operations 1,557 3,438
Amortization of above market leases 2,277 3,837
Amortization of below market leases – discontinued operations 0 (38)
Amortization of loan costs 1,856 1,384
Amortization of loan costs - discontinued operations 0 74
Share-based compensation expense 3,322 371
Deferred income tax benefit (1,704) (717)
Gain on sale of real estate investments and recovery of mortgage loan receivable (12,087) (10,315)
Non-cash impairment loss on real estate 5,600 0
Non-cash impairment loss on real estate-discontinued operations 4,600 0
Equity in earnings of unconsolidated joint ventures (472) 0
Equity in loss of unconsolidated joint ventures-discontinued operations 0 19
Change in fair value of contingent consideration 0 216
Increase in deferred leasing costs (9,856) (7,103)
Changes in operating assets and liabilities:    
Change in receivables and other assets (22,319) 2,224
Change in accounts payable and other liabilities 25,511 (6,186)
Net cash provided by operating activities 74,161 51,555
Investing activities    
(Issuance of) proceeds from mortgage loan (3,523) 2,000
Investment in unconsolidated joint ventures (86,685) 0
Distributions from unconsolidated joint ventures 0 120
Investment in real estate (187,442) (396,893)
Issuance of note receivable, net (78,800) 0
Proceeds from sale of real estate 53,921 117,637
Real estate development (745) 0
Improvements to real estate (23,519) (19,288)
Net cash used in investing activities (326,793) (296,424)
Financing activities    
Principal payments on mortgage notes payable (61,576) (22,390)
Proceeds from mortgage notes payable 178,000 73,500
Proceeds from bank borrowings 464,234 277,380
Payments on bank borrowings (335,234) (284,702)
Debt financing costs (2,747) (3,126)
Purchase of Company stock (44) (172)
Dividends paid on common stock (28,956) (8,335)
Dividends paid on convertible preferred stock 0 (1,011)
Dividends paid on preferred stock (3,433) (10,843)
Contributions from noncontrolling interest partners 0 17,447
Distributions to noncontrolling interest partners (71,186) (675)
Redemption of preferred stock (135,532) 0
Proceeds from stock offerings, net of transaction costs 209,768 186,169
Net cash provided by financing activities 213,294 223,242
Change in cash and cash equivalents (39,338) (21,627)
Cash and cash equivalents at beginning of period 81,856 75,183
Cash and cash equivalents at end of period $ 42,518 $ 53,556