|
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 |
$ 81,387 |
$ 63,439 |
$ 63,728 |
| Adjustments to reconcile net income to net cash provided by Operating activities: |
|
|
|
| Depreciation and amortization, including related intangible assets |
193,005 |
190,260 |
194,786 |
| Depreciation and amortization on discontinued operations |
|
409 |
1,811 |
| Amortization of stock compensation |
4,557 |
4,528 |
2,272 |
| Amortization of deferred financing costs and debt discount |
2,370 |
2,656 |
2,730 |
| Equity in (earnings) loss of unconsolidated joint venture, net |
(2,022) |
(2,276) |
5,560 |
| Gain on reduction of other obligations |
|
|
(1,693) |
| Realized gains on disposition of rental property |
|
(4,447) |
|
| Impairment charge on rental property |
|
9,521 |
|
| Impairment charge on rental property from discontinued operations |
|
|
16,563 |
| Distributions of cumulative earnings from unconsolidated joint ventures |
3,301 |
2,311 |
2,637 |
| Changes in operating assets and liabilities: |
|
|
|
| Increase in unbilled rents receivable, net |
(7,352) |
(7,458) |
(6,859) |
| (Increase) decrease in deferred charges and other assets, net |
(27,398) |
(24,069) |
403 |
| (Increase) decrease in accounts receivable, net |
5,241 |
(4,306) |
14,880 |
| Increase (decrease) in accounts payable, accrued expenses and other liabilities |
1,827 |
(424) |
(4,267) |
| (Decrease) increase in rents received in advance and security deposits |
(4,859) |
3,184 |
(1,570) |
| (Decrease) increase in accrued interest payable |
2,008 |
(10,292) |
3,705 |
| Net cash provided by operating activities |
252,065 |
223,036 |
294,686 |
| CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
| Additions to rental property and related intangibles |
(91,729) |
(92,499) |
(77,767) |
| Repayment of notes receivable |
|
|
11,441 |
| Investment in unconsolidated joint ventures |
(501) |
(954) |
(6,327) |
| Distributions in excess of cumulative earnings from unconsolidated joint ventures |
1,460 |
2,410 |
518 |
| (Increase) decrease in restricted cash |
(3,407) |
2,018 |
(7,962) |
| Net cash used in investing activities |
(94,177) |
(89,025) |
(80,097) |
| CASH FLOW FROM FINANCING ACTIVITIES |
|
|
|
| Borrowings from revolving credit facility |
299,500 |
250,000 |
337,000 |
| Repayment of revolving credit facility and money market loans |
(472,000) |
(22,000) |
(498,000) |
| Proceeds from senior unsecured notes |
|
|
246,238 |
| Repayment of senior unsecured notes |
|
(465,000) |
(199,724) |
| Proceeds from mortgages and loans payable |
|
11,000 |
81,500 |
| Repayment of mortgages, loans payable and other obligations |
(8,684) |
(8,154) |
(11,462) |
| Payment of financing costs |
(4,993) |
(2,074) |
(2,766) |
| Proceeds from offering of common stock |
227,374 |
|
274,826 |
| Redemption of preferred stock |
(25,000) |
|
|
| Proceeds from stock options exercised |
3,048 |
1,504 |
504 |
| Payment of dividends and distributions |
(178,488) |
(168,495) |
(173,267) |
| Net cash (used in) provided by financing activities |
(159,243) |
(403,219) |
54,849 |
| Net (decrease) increase in cash and cash equivalents |
(1,355) |
(269,208) |
269,438 |
| Cash and cash equivalents, beginning of period |
21,851 |
291,059 |
21,621 |
| Cash and cash equivalents, end of period |
$ 20,496 |
$ 21,851 |
$ 291,059 |