|
Consolidated Statements Of Cash Flows (USD $)
|
9 Months Ended |
|
Sep. 30, 2013
|
Sep. 30, 2012
|
| CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
| Net income |
$ 42,712,000 |
$ 56,854,000 |
| Adjustments to reconcile net income to net cash provided by Operating activities: |
|
|
| Depreciation and amortization, including related intangible assets |
135,148,000 |
130,683,000 |
| Depreciation and amortization on discontinued operations |
8,196,000 |
13,363,000 |
| Amortization of stock compensation |
2,451,000 |
2,338,000 |
| Amortization of deferred financing costs and debt discount |
2,379,000 |
1,945,000 |
| Write off of unamortized discount on senior unsecured notes |
156,000 |
370,000 |
| Equity in loss (earnings) of unconsolidated joint venture, net |
2,059,000 |
(4,751,000) |
| Distributions of cumulative earnings from unconsolidated joint ventures |
6,468,000 |
2,680,000 |
| Realized (gains) and unrealized losses on disposition of rental property and impairments, net |
(61,079,000) |
(2,390,000) |
| Impairments |
48,700,000 |
|
| Changes in operating assets and liabilities: |
|
|
| Increase in unbilled rents receivable, net |
(8,504,000) |
(2,438,000) |
| Increase in deferred charges, goodwill and other assets |
(27,584,000) |
(22,521,000) |
| Decrease (increase) in accounts receivable, net |
1,000 |
(909,000) |
| Increase in accounts payable, accrued expenses and other liabilities |
5,967,000 |
8,056,000 |
| Decrease in rents received in advance and security deposits |
(10,059,000) |
(2,472,000) |
| Decrease in accrued interest payable |
(4,083,000) |
(7,733,000) |
| Net cash provided by operating activities |
142,928,000 |
173,075,000 |
| CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
| Rental property acquisitions and related intangibles |
(149,200,000) |
|
| Rental property additions and improvements |
(67,172,000) |
(59,105,000) |
| Development of rental property |
(12,954,000) |
(16,301,000) |
| Proceeds from the sale of rental property |
332,540,000 |
4,023,000 |
| Issuance of notes and mortgage receivable |
(16,425,000) |
|
| Repayment of notes receivable |
208,000 |
|
| Investment in unconsolidated joint ventures |
(32,235,000) |
(32,477,000) |
| Distributions in excess of cumulative earnings from unconsolidated joint ventures |
20,671,000 |
1,028,000 |
| Payment of contingent consideration |
(2,755,000) |
|
| Decrease in restricted cash |
126,000 |
906,000 |
| Net cash provided by (used in) investing activities |
72,804,000 |
(101,926,000) |
| CASH FLOW FROM FINANCING ACTIVITIES |
|
|
| Borrowings from revolving credit facility |
289,000,000 |
420,026,000 |
| Repayment of revolving credit facility |
(289,000,000) |
(408,526,000) |
| Proceeds from senior unsecured notes |
268,928,000 |
299,403,000 |
| Repayment of senior unsecured notes |
(100,000,000) |
(221,019,000) |
| Proceeds from mortgages and loans payable |
2,343,000 |
|
| Repayment of mortgages, loans payable and other obligations |
(12,185,000) |
(22,424,000) |
| Payment of financing costs |
(5,459,000) |
(2,635,000) |
| Payment of dividends and distributions |
(119,561,000) |
(134,927,000) |
| Net cash provided by (used in) financing activities |
34,066,000 |
(70,102,000) |
| Net increase in cash and cash equivalents |
249,798,000 |
1,047,000 |
| Cash and cash equivalents, beginning of period |
58,245,000 |
20,496,000 |
| Cash and cash equivalents, end of period |
$ 308,043,000 |
$ 21,543,000 |