XML 40 R7.htm IDEA: XBRL DOCUMENT v2.3.0.15
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands
9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
CASH FLOWS FROM OPERATING ACTIVITIES  
Net income$ 39,340$ 41,285
Adjustments to reconcile net income to net cash provided by operating activities  
Depreciation and amortization25,08725,409
Amortization of financing costs2,8973,137
Gain from bargain purchase0(33,805)
Gain on sale of property(32,498)0
Gain on debt extinguishment(1,268)0
Impairment of asset6,9250
Non-cash accretion of notes receivable(601)(4,513)
Share compensation expense3,3903,121
Equity in earnings of unconsolidated affiliates(3,025)(610)
Distributions of operating income from unconsolidated affiliates5,213805
Other, net2,5713,190
Changes in assets and liabilities  
Cash in escrow735(20,977)
Rents receivable, net(6,974)(2,891)
Prepaid expenses and other assets(4,039)1,443
Accounts payable and accrued expenses4,1335,285
Other liabilities(2,749)1,713
Net cash provided by operating activities39,13722,592
CASH FLOWS FROM INVESTING ACTIVITIES  
Investment in real estate(135,709)(60,552)
Deferred acquisition and leasing costs(4,291)(2,442)
Investments in and advances to unconsolidated affiliates(46,544)(2,915)
Return of capital from unconsolidated affiliates3,735753
Repayments of notes receivable48,18242,011
Increase in notes receivable(7,834)0
Proceeds from sale of property43,7910
Net cash used in investing activities(98,670)(23,145)
CASH FLOWS FROM FINANCING ACTIVITIES  
Principal payments on mortgage notes(66,751)(33,698)
Proceeds received on mortgage notes108,80258,914
Purchase of convertible notes payable(21,994)0
Increase in deferred financing and other costs(2,835)(4,973)
Capital contributions from noncontrolling interests43,64621,076
Distributions to noncontrolling interests(1,478)(1,426)
Dividends paid to Common Shareholders(21,773)(21,655)
Repurchase and cancellation of Common Shares(724)(966)
Common Shares issued under Employee Share Purchase Plan6875
Exercise of options to purchase Common Shares7101
Net cash provided by financing activities36,96817,448
(Decrease) increase in cash and cash equivalents(22,565)16,895
Cash and cash equivalents, beginning of period120,59293,808
Cash and cash equivalents, end of period98,027110,703
Supplemental disclosure of cash flow information  
Cash paid during the period for interest, net of capitalized interest of $3,613 and $1,592, respectively22,00621,592
Cash paid for income taxes3,7211,184
Acquisition of interest in unconsolidated affiliate:  
Real estate, net0(108,000)
Assumption of mortgage debt025,990
Gain from bargain purchase033,805
Other assets and liabilities07,532
Investment in unconsolidated affiliates037,824
Cash included in investment in real estate$ 0$ (2,849)