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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands
9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
OPERATING ACTIVITIES:  
Net income$ 36,839$ 33,762
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization - continuing and discontinued operations14,48211,947
Stock-based compensation expense1,095982
Straight-line rental income - continuing and discontinued operations(2,766)[1](2,815)[1]
(Recovery) provision for doubtful accounts - continuing and discontinued operations(16)1,472
Non-cash interest related to earn-out liabilities354 
Other non-cash items, net1,216764
Increase in accrued interest payable339506
Decrease in interest receivable223219
Net change in other assets and liabilities1211,122
Net cash provided by operating activities51,88747,959
INVESTING ACTIVITIES:  
Investment in real estate properties and capital improvements, net(69,131)(42,227)
Investment in real estate mortgages (1,694)
Principal payments received on mortgage loans receivable4,9862,989
Advances under notes receivable (100)
Principal payments received on notes receivable5441,413
Net cash used in investing activities(63,601)(39,619)
FINANCING ACTIVITIES:  
Bank borrowings138,00037,500
Repayment of bank borrowings(147,300)(51,000)
Proceeds from issuance of senior unsecured notes50,00050,000
Principal payments on mortgage loan payable and bonds payable(530)(8,180)
Proceeds from common stock offering103,63167,308
Distributions paid to non-controlling interests(144)(163)
Redemption of preferred stock(88,413)(59,065)
Distributions paid to stockholders(43,011)(40,546)
Other(2,208)(557)
Net cash provided by (used in) financing activities10,025(4,703)
(Decrease) increase in cash and cash equivalents(1,689)3,637
Cash and cash equivalents, beginning of period6,9038,856
Cash and cash equivalents, end of period5,21412,493
SUPPLEMENTAL CASH FLOW INFORMATION:  
Interest paid3,528856
Non-cash investing and financing transactions:  
Conversion of preferred stock to common stock 822
Conversion of mortgage loan to owned property $ 2,900
[1]During the nine months ended September 30, 2011 and 2010, we recorded $181 and $259, respectively, in straight-line rental income from a lessee that qualifies as a related party. The lessee's Chief Executive Officer is on our Board of Directors. See Note 9. Transactions with Related Party for further discussion.