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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 $ 57,516 $ 50,782 $ 53,739
Adjustments to reconcile net income to net cash provided by operating activities:      
Gain on sale of marketable securities (4,956) (12,491) (1,014)
Loss (gain) on early retirement of debt 1,163 10 (4,750)
Co-investments 7,929 1,715 (670)
Amortization expense 11,474 4,828 4,820
Amortization of discount on marketable securities (4,794) (3,714) (3,605)
Amortization of discount on notes receivables (1,757) (4,806) 0
Loss on derivative instruments - ineffectiveness 0 2,301 0
Gain on sale of co-investment (919) 0 (530)
Gain on the sales of real estate (8,562) 0 (8,729)
Impairment loss and reserve for loan loss 0 0 13,084
Non-cash expense due to cancellation of outperformance plan 0 0 3,807
Depreciation 152,542 129,711 118,522
Equity-based compensation 2,927 3,251 3,412
Changes in operating assets and liabilities:      
Prepaid expenses and other assets (1,172) (2,771) (2,249)
Accounts payable and accrued liabilities 3,620 4,302 (2,364)
Other liabilities 1,560 2,412 114
Net cash provided by operating activities 216,571 175,530 173,587
Additions to real estate:      
Acquisitions of real estate (57,478) (279,607) (16,000)
Improvements to recent acquisitions (16,446) (6,388) (3,210)
Redevelopment (45,130) (14,096) (25,812)
Revenue generating capital expenditures (7,616) (1,584) (855)
Non-revenue generating capital expenditures (26,090) (29,278) (25,722)
Acquisition of and additions to real estate under development (79,194) (155,267) (120,844)
Dispositions of real estate 23,003 0 38,178
Changes in restricted cash and refundable deposits (1,376) (4,414) 11,995
Purchases of marketable securities (8,048) (49,974) (116,402)
Sales and maturities marketable securities 32,998 102,039 22,964
Proceeds from tax investor 0 1,223 3,762
Purchases of and advances under notes and other receivables (12,325) (37,627) (3,424)
Collections of notes and other receivables 884 1,855 15,728
Contributions to co-investments (246,106) (79,450) (270)
Non-operating distributions from co-investments 17,141 41,700 954
Net cash used in investing activities (425,783) (510,868) (218,958)
Cash flows from financing activities:      
Borrowings under debt agreements 1,514,684 1,214,216 453,570
Repayment of debt (1,435,135) (882,646) (199,979)
Additions to deferred charges (5,533) (4,109) (3,935)
Payments to settle derivative instruments (2,395) (81,282) 0
Retirement of exchangeable bonds 0 (5,396) (161,084)
Retirement of common stock 0 0 (20,271)
Net proceeds from issuance of Preferred stock, Series H 71,209 0 0
Retirement of Series D preferred units and Series G Preferred stock 0 0 (91,703)
Retirement of Series B preferred units and Series F Preferred stock (103,800) 0 0
Equity related issuance cost (627) 0 0
Net proceeds from stock options exercised 6,986 4,765 943
Net proceeds from issuance of common stock 323,931 251,455 198,511
Contributions from noncontrolling interest 0 4,038 0
Distributions to noncontrolling interest (16,963) (24,795) (22,108)
Redemption of noncontrolling interest (5,387) (24,186) (12,720)
Common and preferred stock dividends paid (138,622) (123,629) (117,102)
Net cash provided by financing activities 208,348 328,431 24,122
Net (decrease) increase in cash and cash equivalents (864) (6,907) (21,249)
Cash and cash equivalents at beginning of year 13,753 20,660 41,909
Cash and cash equivalents at end of year 12,889 13,753 20,660
Supplemental disclosure of cash flow information:      
Cash paid for interest, net of $8,240, $9,486, and $10,463 capitalized in 2011, 2010 and 2009, respectively 89,691 83,497 81,878
Supplemental disclosure of noncash investing and financing activities:      
Transfer from real estate under development to rental properties 165,214 170,940 92,517
Transfer from real estate under development to co-investments 54,472 0 0
Mortgage notes assumed in connection with purchases of real estate 20,927 87,336 0
Note receivable settled when the company purchased the property securingthe note receivable 0 25,750 0
Change in accrual of dividends 3,206 2,655 1,626
Change in fair value of derivative liabilities 230 1,907 42,973
Change in fair value of marketable securities 2,836 6,670 12,900
Change in construction payable $ 2,518 $ 1,304 $ 8,278