|
Consolidated Statements Of Cash Flows (USD $)
|
3 Months Ended |
|
Mar. 31, 2012
|
Mar. 31, 2011
|
| CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
| Net income |
$ 29,267,000 |
$ 18,575,000 |
| Adjustments to reconcile net income to net cash provided by Operating activities: |
|
|
| Depreciation and amortization, including related intangible assets |
47,666,000 |
47,618,000 |
| Depreciation and amortization on discontinued operations |
415,000 |
441,000 |
| Amortization of stock compensation |
934,000 |
797,000 |
| Amortization of deferred financing costs and debt discount |
611,000 |
584,000 |
| Equity in (earnings) loss of unconsolidated joint venture, net |
(600,000) |
101,000 |
| Realized gains (losses) and unrealized losses on disposition of rental property, net |
(4,012,000) |
|
| Distributions of cumulative earnings from unconsolidated joint ventures |
125,000 |
369,000 |
| Changes in operating assets and liabilities: |
|
|
| Increase in unbilled rents receivable, net |
(756,000) |
(1,783,000) |
| Increase in deferred charges and other assets, net |
(10,910,000) |
(8,542,000) |
| (Increase) decrease in accounts receivable, net |
(737,000) |
1,401,000 |
| Increase (decrease) in accounts payable, accrued expenses and other liabilities |
6,129,000 |
(7,724,000) |
| Increase (decrease) in rents received in advance and security deposits |
606,000 |
(4,575,000) |
| Decrease in accrued interest payable |
(11,832,000) |
(10,992,000) |
| Net cash provided by operating activities |
56,906,000 |
36,270,000 |
| CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
| Additions to rental property and related intangibles |
(21,125,000) |
(16,787,000) |
| Investment in unconsolidated joint ventures |
(32,288,000) |
(111,000) |
| Distributions in excess of cumulative earnings from unconsolidated joint ventures |
988,000 |
631,000 |
| Increase in restricted cash |
(642,000) |
(2,514,000) |
| Net cash used in investing activities |
(53,067,000) |
(18,781,000) |
| CASH FLOW FROM FINANCING ACTIVITIES |
|
|
| Borrowings from revolving credit facility |
207,526,000 |
92,000,000 |
| Repayment of revolving credit facility |
(64,026,000) |
(304,000,000) |
| Repayment of senior unsecured notes |
(100,000,000) |
|
| Proceeds from offering of common stock |
|
227,374,000 |
| Repayment of mortgages, loans payable and other obligations |
(2,339,000) |
(2,074,000) |
| Payment of financing costs |
|
(6,000) |
| Proceeds from stock options exercised |
|
270,300 |
| Payment of dividends and distributions |
(44,972,000) |
(42,176,000) |
| Net cash used in financing activities |
(3,811,000) |
(28,612,000) |
| Net increase (decrease) in cash and cash equivalents |
28,000 |
(11,123,000) |
| Cash and cash equivalents, beginning of period |
20,496,000 |
21,851,000 |
| Cash and cash equivalents, end of period |
$ 20,524,000 |
$ 10,728,000 |