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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
OPERATING ACTIVITIES:    
Net income $ 26,045 $ 24,416
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization - continuing and discontinued operations 10,536 9,508
Stock-based compensation expense 910 721
Gain on sale of assets, net (16)  
Straight-line rental income - continuing and discontinued operations (1,333) [1] (1,689) [1]
Recovery from doubtful accounts - continuing and discontinued operations (21) (14)
Non-cash interest related to earn-out liabilities 220 177
Other non-cash items, net 642 696
(Decrease) increase in accrued interest payable (200) 183
Decrease in interest receivable 391 33
Net change in other assets and liabilities (344) 363
Net cash provided by operating activities 36,830 34,394
INVESTING ACTIVITIES:    
Investment in real estate properties, net (20,482) (52,450)
Investment in real estate capital improvements, net (661) (1,804)
Proceeds from sale of real estate investments, net 1,248  
Principal payments received on mortgage loans receivable 3,752 3,620
Proceeds from redemption of marketable securities 6,500  
Advances under notes receivable (2,019)  
Principal payments received on notes receivable 191 359
Net cash used in investing activities (11,471) (50,275)
FINANCING ACTIVITIES:    
Bank borrowings 23,000 119,000
Repayment of bank borrowings (11,000) (86,700)
Principal payments on bonds payable (565) (530)
Proceeds from common stock offering   103,667
Distributions paid to stockholders (28,096) (29,450)
Redemption of non-controlling interests (2,764) (88,413)
Distributions paid to non-controlling interests (59) (96)
Debt issue costs (716) (2,105)
Stock option exercises 746  
Net cash (used in) provided by financing activities (19,454) 15,373
Increase (decrease) in cash and cash equivalents 5,905 (508)
Cash and cash equivalents, beginning of period 4,408 6,903
Cash and cash equivalents, end of period 10,313 6,395
SUPPLEMENTAL CASH FLOW INFORMATION:    
Interest paid $ 3,918 $ 2,037
[1] During the six months ended June 30, 2012 and 2011, we recorded $70 and $123, 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.