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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Apr. 30, 2011
Apr. 30, 2010
Apr. 30, 2009
CASH FLOWS FROM OPERATING ACTIVITIES      
Net Income $ 24,351 $ 4,585 $ 10,713
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 61,344 61,184 57,832
Gain on sale of real estate, land and other investments (19,365) (68) (54)
Gain on involuntary conversion 0 (1,660) 0
Impairment of real estate investments 0 1,678 338
Donation of real estate investments 0 450 0
Bad debt expense 733 1,399 2,472
Changes in other assets and liabilities:      
Increase in receivable arising from straight-lining of rents (1,732) (1,443) (2,403)
Increase in accounts receivable (914) (3,371) (603)
Increase in prepaid and other assets (1,162) (138) (702)
Decrease (increase) in tax, insurance and other escrow 1,469 (2,040) 1,381
Increase in deferred charges and leasing costs (6,501) (4,731) (5,686)
Increase (decrease) in accounts payable, accrued expenses and other liabilities 551 5,567 (3,153)
Net cash provided by operating activities 58,774 61,412 60,135
CASH FLOWS FROM INVESTING ACTIVITIES      
Proceeds from real estate deposits 2,766 2,588 3,645
Payments for real estate deposits (2,579) (3,016) (2,354)
Principal proceeds on mortgage loans receivable 2 2 389
Proceeds from sale of marketable securities - available-for-sale 95 0 0
Purchase of marketable securities available-for-sale (300) 0 0
Increase in lender holdbacks for improvements (7,436) 0 0
Proceeds from sale of real estate - discontinued operations 81,539 103 68
Proceeds from sale of real estate and other investments 74 40 0
Insurance proceeds received 347 1,395 2,962
Payments for acquisitions and improvements of real estate investments (62,824) (80,069) (59,077)
Net cash provided (used) by investing activities 11,684 (78,957) (54,367)
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from mortgages payable 139,947 166,490 73,530
Principal payments on mortgages payable (213,658) (180,482) (67,230)
Principal payments on revolving lines of credit and other debt (25,650) (15,567) (14,073)
Proceeds from revolving lines of credit and other debt 56,300 15,500 20,500
Proceeds from sale of common shares, net of issue costs 19,598 108,271 5,978
Repurchase of fractional shares and partnership units (10) (11) (10)
Net (payments) proceeds from noncontrolling partner - consolidated real estate entities (425) (475) 717
Distributions paid to common shareholders, net of reinvestment of $10,627, $9,762 and $10,603, respectively (43,234) (37,323) (29,009)
Distributions paid to preferred shareholders (2,372) (2,372) (2,372)
Distributions paid to noncontrolling interests - Unitholders of the Operating Partnership, net reinvestment of $746, $772 and $782, respectively (13,057) (13,489) (13,601)
Distributions paid to noncontrolling interests - consolidated real estate entities (1,055) (1,273) (165)
Distributions paid to redeemable noncontrolling interests - consolidated real estate entities (442) (177) (112)
Redemption of partnership units 0 0 (158)
Net cash (used) provided by financing activities (84,058) 39,092 (26,005)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (13,600) 21,547 (20,237)
CASH AND CASH EQUIVALENTS AT END OF YEAR 54,791 33,244 53,481
CASH AND CASH EQUIVALENTS AT END OF PERIOD 41,191 54,791 33,244
SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING      
Distribution reinvestment plan 10,627 9,762 10,603
Operating partnership distribution reinvestment plan 746 772 782
Assets acquired through the issuance of operating partnership units 4,996 3,897 3,730
Operating partnership units converted to shares 6,905 3,755 5,034
Real estate investment acquired through assumption of indebtedness and accrued costs 9,895 2,569 0
Adjustments to accounts payable included within real estate investments 933 324 (90)
Fair value adjustments to redeemable noncontrolling interests 370 (192) 6
Cash paid during the year for:      
Interest on mortgages 63,163 67,234 67,947
Interest other 1,399 682 421
Cash paid during the period, total $ 64,562 $ 67,916 $ 68,368