XML 30 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Cash flows from operating activities:    
Net income $ 29,703 $ 27,241
Adjustments to reconcile net income to net cash provided by operating activities:    
Gain on sale of marketable securities (1,767) 0
Co-investments (391) 862
Amortization expense 2,930 2,871
Amortization of discount on notes receivables (844) (466)
Amortization of discount on marketable securities (1,377) (1,256)
Gain on the sales of real estate (1,503) (10,870)
Depreciation 47,144 40,828
Equity-based compensation 1,132 986
Changes in operating assets and liabilities:    
Prepaid expenses and other assets 1,764 (2,563)
Accounts payable and accrued liabilities 8,443 14,610
Other liabilities 458 (83)
Net cash provided by operating activities 85,692 72,160
Additions to real estate:    
Acquisitions of real estate (175,950) (38,900)
Improvements to recent acquisitions (2,601) (2,296)
Redevelopment (6,573) (8,008)
Revenue generating capital expenditures (304) (611)
Non-revenue generating capital expenditures (4,019) (1,200)
Lessor required capital expenditure (768) 0
Acquisitions of and additions to real estate under development (3,332) (6,789)
Dispositions of real estate 9,051 16,816
Changes in restricted cash deposits 19,980 517
Purchases of marketable securities (6,541) (5,438)
Sales and maturities of marketable securities 20,335 1,348
Collections of notes and other receivables 52,473 7,164
Contributions to co-investments (45,518) (12,945)
Distributions from co-investments 38,030 6,291
Net cash used in investing activities (105,737) (44,051)
Cash flows from financing activities:    
Borrowings under debt agreements 235,282 159,394
Repayment of debt (279,854) (177,984)
Additions to deferred charges (716) (293)
Equity related issuance cost (225) (150)
Net proceeds from stock options exercised 1,367 933
Net proceeds from issuance of common stock 122,905 31,590
Distributions to noncontrolling interest (3,995) (3,850)
Redemption of noncontrolling interest (1,329) (435)
Common and preferred stock dividends paid (41,152) (36,459)
Net cash provided by (used in) financing activities 32,283 (27,254)
Net increase in cash and cash equivalents 12,238 855
Cash and cash equivalents at beginning of year 18,606 12,889
Cash and cash equivalents at end of period 30,844 13,744
Supplemental disclosure of cash flow information:    
Cash paid for interest, net of $3.7 million, and $1.6 million capitalized in 2013 and 2012, respectively 23,863 22,603
Supplemental disclosure of noncash investing and financing activities:    
Transfer from real estate under development to rental properties 67 242
Contribution of note receivable to co-investment 0 12,325
Change in accrual of dividends 5,344 2,484
Change in fair value of derivative liabilities 570 396
Change in fair value of marketable securities 1,629 379
Change in construction payable $ 3,376 $ 3,168