XML 45 R8.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 $ 53,715 $ 50,667 $ 12,706
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation and amortization 33,683 34,499 33,520
Amortization of financing costs 3,918 6,054 3,722
Gain from bargain purchase 0 (33,805) 0
Gain on sale of property (46,830) 0 (7,143)
Gain on debt extinguishment (1,268) 0 (7,057)
Impairment of asset 6,925 0 0
Amortization of discount on convertible debt 829 1,042 1,280
Non-cash accretion of notes receivable (786) (6,164) (5,352)
Share compensation expense 4,299 4,104 3,969
Equity in (earnings) losses of unconsolidated affiliates (1,555) (10,971) 1,529
Impairment of investment in unconsolidated affiliate 0 0 3,768
Distributions of operating income from unconsolidated affiliates 5,515 12,124 880
Reserve for notes receivable 0 0 1,734
Provision for bad debt 252 3,331 4,132
Other, net 472 906 7,457
Changes in assets and liabilities      
Cash in escrow 7,319 (20,028) (1,788)
Rents receivable, net (8,894) (4,662) (8,370)
Prepaid expenses and other assets (5,906) 4,297 6,166
Accounts receivable from related parties 1,034 (2,408) 1,990
Accounts payable and accrued expenses 14,513 1,874 (5,902)
Other liabilities (903) 3,517 221
Net cash provided by operating activities 66,332 44,377 47,462
CASH FLOWS FROM INVESTING ACTIVITIES      
Investments in real estate (181,498) (80,520) (127,322)
Deferred acquisition and leasing costs (6,298) (3,904) (11,368)
Investments in and advances to unconsolidated affiliates (54,981) (19,116) (5,603)
Return of capital from unconsolidated affiliates 4,504 785 4,705
Repayments of notes receivable 56,519 42,010 13,614
Increase in notes receivable (34,343) 0 (9,362)
Proceeds from sale of property 62,940 0 11,956
Net cash used in investing activities (153,157) (60,745) (123,380)
CASH FLOWS FROM FINANCING ACTIVITIES      
Principal payments on mortgage notes (161,389) (127,823) (182,610)
Proceeds received on mortgage notes 144,959 175,793 260,065
Purchase of convertible notes payable (48,997) (240) (46,736)
Increase in deferred financing and other costs (2,877) (6,830) (1,755)
Capital contributions from noncontrolling interests 117,945 33,556 25,653
Distributions to noncontrolling interests (8,605) (1,638) (2,879)
Dividends paid to Common Shareholders (29,033) (28,909) (30,163)
Proceeds from issuance of Common Shares, net of issuance costs 44,659 0 65,222
Repurchase and cancellation of Common Shares (726) (966) (5,424)
Common Shares issued under Employee Share Purchase Plan 93 100 106
Exercise of options to purchase Common Shares 16 109 1,556
Net cash provided by financing activities 56,045 43,152 83,035
(Decrease) increase in cash and cash equivalents (30,780) 26,784 7,117
Cash and cash equivalents, beginning of period 120,592 93,808 86,691
Cash and cash equivalents, end of period 89,812 120,592 93,808
Supplemental disclosure of cash flow information      
Cash paid during the period for interest, net of capitalized interest of $4,850, $2,903 and $3,516, respectively 32,120 31,920 30,183
Cash paid for income taxes 3,776 1,263 777
Supplemental disclosure of non-cash investing and financing activities      
Dividends paid through the issuance of Common Shares 0 0 16,192
Acquisition of interest in unconsolidated affiliates      
Real Estate, net 0 (108,000) 0
Assumption of mortgage debt 0 25,990 0
Gain from bargain purchase 0 33,805 0
Other assets and liabilities 0 7,532 0
Investment in unconsolidated affiliates 0 37,824 0
Cash included in investment in real estate $ 0 $ (2,849) $ 0