XML 48 R7.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
OPERATING ACTIVITIES:    
Net income $ 43,165,000 $ 38,549,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization-continuing and discontinued operations 18,469,000 16,461,000
Stock-based compensation expense 2,050,000 1,355,000
Gain on sale of assets, net (1,605,000) (16,000)
Straight-line rental income-continuing and discontinued operations (3,000,000) [1] (2,199,000) [1]
Provision (recovery) for doubtful accounts 42,000 (23,000)
Non-cash interest related to earn-out liabilities 256,000 330,000
Other non-cash items, net 354,000 991,000
(Decrease) increase in accrued interest payable (1,203,000) 964,000
Decrease in interest receivable 26,000 397,000
Net change in other assets and liabilities 1,614,000 602,000
Net cash provided by operating activities 60,168,000 57,411,000
INVESTING ACTIVITIES:    
Investment in real estate properties, net (2,050,000) (80,982,000)
Investment in real estate properties under development (15,369,000) (1,438,000)
Investment in real estate capital improvements (6,390,000) (1,174,000)
Proceeds from sale of real estate investments, net 11,001,000 1,248,000
Advances under mortgage loans receivable (2,816,000)  
Principal payments received on mortgage loans receivable 1,429,000 4,856,000
Proceeds from redemption of marketable securities   6,500,000
Advances under notes receivable (795,000) (2,461,000)
Principal payments received on notes receivable 2,716,000 273,000
Net cash used in investing activities (12,274,000) (73,178,000)
FINANCING ACTIVITIES:    
Bank borrowings 2,000,000 52,500,000
Repayment of bank borrowings (117,500,000) (73,000,000)
Proceeds from issuance of senior unsecured notes   85,800,000
Principal payments on bonds payable (600,000) (565,000)
Payment of earn-out liabilities (7,000,000)  
Proceeds from common stock offering 176,260,000  
Stock option exercises 523,000 1,926,000
Distributions paid to stockholders (48,363,000) (42,777,000)
Redemption of non-controlling interests   (2,764,000)
Distributions paid to non-controlling interests (7,000) (69,000)
Financing costs paid (37,000) (1,418,000)
Other (23,000)  
Net cash provided by financing activities 5,253,000 19,633,000
Increase in cash and cash equivalents 53,147,000 3,866,000
Cash and cash equivalents, beginning of period 7,191,000 4,408,000
Cash and cash equivalents, end of period 60,338,000 8,274,000
SUPPLEMENTAL CASH FLOW INFORMATION:    
Interest paid 9,870,000 5,560,000
Non-cash investing and financing transactions:    
Redemption of non-controlling interests   $ 56,000
[1] During the nine months ended September 30, 2013 and 2012, we recorded $19 and $101, 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.