XML 60 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 $ 109,984 $ 135,409 $ 164,674
Adjustments to reconcile net income to cash provided by operating activities:      
Depreciation 166,444 180,619 155,341
Net amortization of debt discounts, premiums and deferred financing fees 6,943 7,534 6,782
Straight line rental income (31,474) (12,200) (13,368)
Amortization of acquired real estate leases 48,441 34,032 35,174
Other amortization 16,744 16,324 15,206
Loss on asset impairment 10,355 129,264 31,882
Loss (gain) on early extinguishment of debt 35 1,044 (20,686)
Equity in earnings of investees (11,377) (8,464) (6,546)
Gain on issuance of shares by an equity investee (11,177) (34,808)  
Distributions of earnings from investees 11,238 8,465 4,975
Net gain on sale of properties (42,752) (172,104) (79,133)
Gain on asset acquisition   (20,392)  
Change in assets and liabilities:      
(Increase) decrease in restricted cash (2,787) 6,580 (825)
Increase in rents receivable and other assets (31,362) (22,580) (5,650)
Increase in accounts payable and accrued expenses 12,589 3,129 3,034
Increase (decrease) in rent collected in advance 8,479 (1,200) 2,983
Increase in security deposits 1,933 719 5,162
Increase (decrease) in due to related persons 1,076 683 (1,764)
Cash provided by operating activities 263,332 252,054 297,241
CASH FLOWS FROM INVESTING ACTIVITIES:      
Real estate acquisitions (768,060) (895,549) (608,621)
Real estate improvements (100,339) (77,389) (57,026)
Investment in direct financing lease, net (38,635)    
Principal payments received from direct financing lease 5,256    
Principal payments received from real estate mortgage receivable 8,183 105  
Proceeds from investment in marketable pass through certificates   8,000  
Investment in marketable pass through certificates     (6,760)
Proceeds from sale of properties, net 264,284 603,800 212,048
Distributions in excess of earnings from investees 5,379 7,654  
Investment in Affiliates Insurance Company   (76) (5,133)
Cash used in investing activities (623,932) (353,455) (465,492)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from issuance of common shares, net 264,056 430,778  
Proceeds from issuance of preferred shares, net 265,391    
Redemption of preferred shares   (175,000)  
Repurchase and retirement of common shares     (14,486)
Repurchase and retirement of outstanding debt securities     (88,251)
Proceeds from borrowings 1,007,000 1,828,632 1,082,000
Payments on borrowings (975,030) (1,618,101) (632,059)
Deferred financing fees (7,131) (13,055) (17,721)
Distributions to common shareholders (150,074) (126,237) (107,878)
Distributions to preferred shareholders (44,405) (49,656) (50,668)
Purchase of noncontrolling equity interest   (2,500)  
Cash provided by financing activities 359,807 274,861 170,937
Effect of exchange rate changes on cash (484) 2,376  
(Decrease) increase in cash and cash equivalents (1,277) 175,836 2,686
Cash and cash equivalents at beginning of year 194,040 18,204 15,518
Cash and cash equivalents at end of year 192,763 194,040 18,204
SUPPLEMENTAL CASH FLOW INFORMATION:      
Interest paid 186,774 173,221 166,771
Taxes paid 966 690 711
NON-CASH INVESTING ACTIVITIES:      
Real estate acquisitions (321,235)   (9,078)
Investment in real estate mortgage receivable   (8,288)  
Net assets transferred to Government Properties Income Trust     395,317
Working capital acquired   1,153  
NON-CASH FINANCING ACTIVITIES:      
Issuance of common shares 1,039 896 628
Assumption of mortgage notes payable 321,235   9,069
Secured credit facility and related deferred financing fees transferred to Government Properties Income Trust     (243,199)
Common distributions declared   $ (26,863) $ 26,863