|
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
|
12 Months Ended |
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
| Cash flows from operating activities: |
|
|
|
| Net income |
$ 34,842 |
$ 39,780 |
$ 30,294 |
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
| Change in fair value of derivatives |
7 |
(36) |
1,332 |
| Gain on sale of property, discontinued operations |
0 |
(4,510) |
0 |
| Gain on casualty settlement, continuing operations |
(77) |
(219) |
(245) |
| Depreciation and amortization of deferred leasing costs |
49,130 |
40,189 |
35,400 |
| Amortization of deferred debt costs |
1,257 |
1,576 |
1,547 |
| Non cash compensation costs of stock grants and options |
1,145 |
952 |
948 |
| Provision for credit losses |
968 |
1,151 |
1,883 |
| (Increase) decrease in accounts receivable and accrued income |
(3,669) |
(3,240) |
(5,291) |
| Additions to deferred leasing costs |
(5,876) |
(5,362) |
(6,257) |
| (Increase) decrease in prepaid expenses |
(152) |
(54) |
(844) |
| (Increase) decrease in other assets |
353 |
9,573 |
(3,668) |
| Increase (decrease) in accounts payable, accrued expenses and other liabilities |
(3,286) |
(930) |
1,478 |
| Decrease in deferred income |
(1,115) |
(447) |
(908) |
| Net cash provided by operating activities |
73,527 |
78,423 |
55,669 |
| Cash flows from investing activities: |
|
|
|
| Acquisitions of real estate investments, net |
(5,124) |
(34,050) |
(170,100) |
| Additions to real estate investments |
(13,999) |
(12,680) |
(11,624) |
| Additions to development and redevelopment projects |
(7,316) |
(7,913) |
(20,780) |
| Proceeds from sale of properties |
0 |
5,818 |
0 |
| Proceeds from casualty settlement |
405 |
1,952 |
1,004 |
| Net cash used in investing activities |
(26,034) |
(46,873) |
(201,500) |
| Cash flows from financing activities: |
|
|
|
| Proceeds from mortgage notes payable |
101,600 |
83,500 |
286,000 |
| Repayments on mortgage notes payable |
(71,308) |
(117,595) |
(82,685) |
| Proceeds from construction loans payable |
0 |
0 |
13,410 |
| Repayments on construction loans payable |
0 |
0 |
(104,243) |
| Proceeds from revolving credit facility |
142,000 |
38,000 |
16,000 |
| Repayments on revolving credit facility |
(180,000) |
(8,000) |
(8,000) |
| Additions to deferred debt costs |
(3,219) |
(2,199) |
(1,445) |
| Proceeds from the issuance of: |
|
|
|
| Common stock |
22,292 |
27,784 |
27,101 |
| Partnership units |
4,144 |
0 |
49,589 |
| Preferred stock redemption costs |
(9) |
0 |
0 |
| Distributions to: |
|
|
|
| Preferred stockholders |
(14,561) |
(15,140) |
(15,140) |
| Common stockholders |
(29,205) |
(28,135) |
(27,062) |
| Noncontrolling interest |
(9,956) |
(9,955) |
(8,339) |
| Net cash provided by (used in) financing activities |
(42,329) |
(31,740) |
145,186 |
| Net increase (decrease) in cash and cash equivalents |
5,164 |
(190) |
(645) |
| Cash and cash equivalents, beginning of year |
12,133 |
12,323 |
12,968 |
| Cash and cash equivalents, end of year |
17,297 |
12,133 |
12,323 |
| Supplemental disclosure of cash flow information: |
|
|
|
| Cash paid for interest |
45,743 |
48,302 |
42,948 |
|
Series A Preferred Stock
|
|
|
|
| Proceeds from the issuance of: |
|
|
|
| Preferred stock redemption payments |
(60,000) |
0 |
0 |
| Distributions to: |
|
|
|
| Preferred stockholders |
(5,213) |
(8,000) |
(8,000) |
|
Series B Preferred Stock
|
|
|
|
| Proceeds from the issuance of: |
|
|
|
| Preferred stock redemption payments |
(79,328) |
0 |
0 |
| Distributions to: |
|
|
|
| Preferred stockholders |
(3,253) |
(7,140) |
(7,140) |
|
Series C Preferred Stock
|
|
|
|
| Proceeds from the issuance of: |
|
|
|
| Series C preferred stock |
135,221 |
0 |
0 |
| Distributions to: |
|
|
|
| Preferred stockholders |
$ (6,095) |
$ 0 |
$ 0 |