|
Consolidated Statements Of Cash Flows (USD $)
|
12 Months Ended |
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
| CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
| Net income (loss) |
$ (19,058,000) |
$ 46,269,000 |
$ 81,387,000 |
| Adjustments to reconcile net income (loss) to net cash provided by Operating activities: |
|
|
|
| Depreciation and amortization, including related intangible assets |
183,303,000 |
174,397,000 |
174,589,000 |
| Depreciation and amortization on discontinued operations |
8,218,000 |
17,765,000 |
18,416,000 |
| Amortization of deferred stock units |
529,000 |
490,000 |
433,000 |
| Amortization of stock compensation |
2,387,000 |
3,642,000 |
4,123,000 |
| Amortization of deferred financing costs and debt discount |
3,172,000 |
2,669,000 |
2,370,000 |
| Write off of unamortized deferred financing costs related to early extinguishment of debt |
156,000 |
593,000 |
0 |
| Equity in loss (earnings) of unconsolidated joint venture, net |
2,327,000 |
(4,089,000) |
(2,022,000) |
| Distributions of cumulative earnings from unconsolidated joint ventures |
8,485,000 |
3,990,000 |
3,301,000 |
| Realized (gains) and unrealized losses on disposition of rental property and impairments, net |
(59,520,000) |
13,175,000 |
|
| Impairments |
110,853,000 |
9,845,000 |
|
| Changes in operating assets and liabilities: |
|
|
|
| Increase in unbilled rents receivable, net |
(10,105,000) |
(6,488,000) |
(7,352,000) |
| Increase in deferred charges, goodwill and other assets |
(24,623,000) |
(17,224,000) |
(27,397,000) |
| Decrease (increase) in accounts receivable, net |
248,000 |
(2,065,000) |
5,241,000 |
| (Decrease) increase in accounts payable, accrued expenses and other liabilities |
(7,090,000) |
(1,816,000) |
1,827,000 |
| (Decrease) increase in rents received in advance and security deposits |
(2,187,000) |
2,898,000 |
(4,859,000) |
| Increase in accrued interest payable |
1,598,000 |
655,000 |
2,008,000 |
| Net cash provided by operating activities |
198,693,000 |
244,706,000 |
252,065,000 |
| CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
| Rental property acquisitions and related intangibles |
(178,294,000) |
(115,460,000) |
|
| Rental property additions and improvements |
(89,869,000) |
(47,191,000) |
(74,888,000) |
| Development of rental property |
(13,772,000) |
(60,354,000) |
(16,841,000) |
| Proceeds from the sale of rental property |
332,102,000 |
23,429,000 |
|
| Issuance of notes and mortgage receivable |
(16,425,000) |
|
|
| Repayment of notes receivable |
333,000 |
|
|
| Investment in unconsolidated joint ventures |
(86,504,000) |
(36,051,000) |
(501,000) |
| Distributions in excess of cumulative earnings from unconsolidated joint ventures |
23,907,000 |
1,547,000 |
1,460,000 |
| (Increase) decrease in restricted cash |
(455,000) |
1,724,000 |
(3,407,000) |
| Net cash used in investing activities |
(28,977,000) |
(232,356,000) |
(94,177,000) |
| CASH FLOW FROM FINANCING ACTIVITIES |
|
|
|
| Borrowings from revolving credit facility |
289,000,000 |
591,026,000 |
299,500,000 |
| Repayment of revolving credit facility |
(289,000,000) |
(646,526,000) |
(472,000,000) |
| Proceeds from senior unsecured notes |
268,928,000 |
547,926,000 |
|
| Repayment of senior unsecured notes |
(100,000,000) |
(221,019,000) |
|
| Proceeds from mortgages and loans payable |
3,170,000 |
1,937,000 |
|
| Proceeds from offering of common stock |
|
|
227,374,000 |
| Redemption of preferred stock |
|
|
(25,000,000) |
| Repayment of mortgages, loans payable and other obligations |
(20,715,000) |
(52,318,000) |
(8,684,000) |
| Payment of contingent consideration |
(2,755,000) |
|
|
| Payment of financing costs |
(5,429,000) |
(4,711,000) |
(4,993,000) |
| Repurchase of common stock |
|
(11,011,000) |
|
| Proceeds from stock options exercised |
0 |
0 |
3,048,000 |
| Payment of dividends and distributions |
(149,454,000) |
(179,905,000) |
(178,488,000) |
| Net cash (used in) provided by financing activities |
(6,255,000) |
25,399,000 |
(159,243,000) |
| Net increase in cash and cash equivalents |
163,461,000 |
37,749,000 |
(1,355,000) |
| Cash and cash equivalents, beginning of period |
58,245,000 |
20,496,000 |
21,851,000 |
| Cash and cash equivalents, end of period |
$ 221,706,000 |
$ 58,245,000 |
$ 20,496,000 |