|
Consolidated Statements Of Cash Flows (USD $)
|
6 Months Ended |
|
Jun. 30, 2011
|
Jun. 30, 2010
|
| CASH FLOWS FROM OPERATING ACTIVITIES |
 |
 |
| Net income |
$ 38,866,000 |
$ 39,626,000 |
| Adjustments to reconcile net income to net cash provided by Operating activities: |
 |
 |
| Depreciation and amortization, including related intangible assets |
96,152,000 |
95,283,000 |
| Depreciation and amortization on discontinued operations |
|
409,000 |
| Amortization of stock compensation |
1,594,000 |
1,444,000 |
| Amortization of deferred financing costs and debt discount |
1,168,000 |
1,376,000 |
| Equity in (earnings) loss of unconsolidated joint venture, net |
(635,000) |
262,000 |
| Realized gains on disposition of rental property |
 |
(4,447,000) |
| Distributions of cumulative earnings from unconsolidated joint ventures |
1,471,000 |
102,000 |
| Changes in operating assets and liabilities: |
 |
 |
| Increase in unbilled rents receivable, net |
(4,066,000) |
(3,077,000) |
| Increase in deferred charges and other assets, net |
(18,468,000) |
(18,815,000) |
| Decrease (increase) in accounts receivable, net |
3,554,000 |
(3,534,000) |
| Increase in accounts payable, accrued expenses and other liabilities |
5,749,000 |
17,434,000 |
| Decrease in rents received in advance and security deposits |
(2,327,000) |
(3,906,000) |
| Increase (decrease) in accrued interest payable |
706,000 |
(1,595,000) |
| Net cash provided by operating activities |
123,764,000 |
120,562,000 |
| CASH FLOWS FROM INVESTING ACTIVITIES |
 |
 |
| Additions to rental property and related intangibles |
(43,252,000) |
(30,267,000) |
| Investment in unconsolidated joint ventures |
(201,000) |
(667,000) |
| Distributions in excess of cumulative earnings from unconsolidated joint ventures |
929,000 |
|
| (Increase) decrease in restricted cash |
(3,077,000) |
8,000 |
| Net cash used in investing activities |
(45,601,000) |
(30,926,000) |
| CASH FLOW FROM FINANCING ACTIVITIES |
 |
 |
| Borrowings from revolving credit facility |
139,000,000 |
|
| Repayment of revolving credit facility |
(358,000,000) |
|
| Repayment of senior unsecured notes |
 |
(150,000,000) |
| Proceeds from offering of common stock |
227,374,000 |
|
| Repayment of mortgages, loans payable and other obligations |
(4,160,000) |
(3,978,000) |
| Payment of financing costs |
(6,000) |
(2,010,000) |
| Proceeds from stock options exercised |
1,463,000 |
513,000 |
| Payment of dividends and distributions |
(87,591,000) |
(84,230,000) |
| Net cash used in financing activities |
(81,920,000) |
(239,705,000) |
| Net decrease in cash and cash equivalents |
(3,757,000) |
(150,069,000) |
| Cash and cash equivalents, beginning of period |
21,851,000 |
291,059,000 |
| Cash and cash equivalents, end of period |
$ 18,094,000 |
$ 140,990,000 |