|
Consolidated Statements Of Cash Flows (USD $)
|
6 Months Ended |
|
Jun. 30, 2012
|
Jun. 30, 2011
|
| CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
| Net income |
$ 40,678,000 |
$ 38,866,000 |
| Adjustments to reconcile net income to net cash provided by Operating activities: |
|
|
| Depreciation and amortization, including related intangible assets |
95,735,000 |
95,289,000 |
| Depreciation and amortization on discontinued operations |
428,000 |
863,000 |
| Amortization of stock compensation |
1,635,000 |
1,594,000 |
| Amortization of deferred financing costs and debt discount |
1,272,000 |
1,168,000 |
| Write off of unamortized discount on senior unsecured notes |
370,000 |
|
| Equity in earnings of unconsolidated joint venture, net |
(2,333,000) |
(635,000) |
| Realized gains and unrealized losses on disposition of rental property, net |
(2,378,000) |
|
| Distributions of cumulative earnings from unconsolidated joint ventures |
1,494,000 |
1,471,000 |
| Changes in operating assets and liabilities: |
|
|
| Increase in unbilled rents receivable, net |
(1,610,000) |
(4,066,000) |
| Increase in deferred charges and other assets, net |
(7,322,000) |
(18,468,000) |
| (Increase) decrease in accounts receivable, net |
(1,829,000) |
3,554,000 |
| Increase in accounts payable, accrued expenses and other liabilities |
10,229,000 |
5,749,000 |
| Increase (decrease) in rents received in advance and security deposits |
201,000 |
(2,327,000) |
| (Decrease) increase in accrued interest payable |
(6,000) |
706,000 |
| Net cash provided by operating activities |
136,564,000 |
123,764,000 |
| CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
| Rental property additions and improvements |
(33,348,000) |
(43,252,000) |
| Development of rental property |
(8,352,000) |
|
| Investment in unconsolidated joint ventures |
(32,475,000) |
(201,000) |
| Distributions in excess of cumulative earnings from unconsolidated joint ventures |
988,000 |
929,000 |
| Increase in restricted cash |
(195,000) |
(3,077,000) |
| Net cash used in investing activities |
(73,382,000) |
(45,601,000) |
| CASH FLOW FROM FINANCING ACTIVITIES |
|
|
| Borrowings from revolving credit facility |
302,526,000 |
139,000,000 |
| Repayment of revolving credit facility |
(348,026,000) |
(358,000,000) |
| Proceeds from senior unsecured notes |
299,403,000 |
|
| Repayment of senior unsecured notes |
(221,019,000) |
|
| Proceeds from offering of common stock |
|
227,374,000 |
| Repayment of mortgages, loans payable and other obligations |
(4,674,000) |
(4,160,000) |
| Payment of financing costs |
(2,635,000) |
(6,000) |
| Proceeds from stock options exercised |
0 |
1,463,000 |
| Payment of dividends and distributions |
(89,950,000) |
(87,591,000) |
| Net cash used in financing activities |
(64,375,000) |
(81,920,000) |
| Net decrease in cash and cash equivalents |
(1,193,000) |
(3,757,000) |
| Cash and cash equivalents, beginning of period |
20,496,000 |
21,851,000 |
| Cash and cash equivalents, end of period |
$ 19,303,000 |
$ 18,094,000 |