|
Consolidated Statements Of Cash Flows (USD $)
In Thousands, unless otherwise specified
|
3 Months Ended |
|
Mar. 31, 2014
|
Mar. 31, 2013
|
| CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
| Net income (loss) |
$ (17,628) |
$ 13,089 |
| Adjustments to reconcile net income (loss) to net cash provided by Operating activities: |
|
|
| Depreciation and amortization, including related intangible assets |
45,461 |
43,389 |
| Depreciation and amortization on discontinued operations |
|
3,453 |
| Amortization of deferred stock units |
117 |
|
| Amortization of stock compensation |
4,543 |
606 |
| Amortization of deferred financing costs and debt discount |
769 |
773 |
| Equity in loss of unconsolidated joint venture, net |
1,235 |
1,750 |
| Distributions of cumulative earnings from unconsolidated joint ventures |
1,811 |
453 |
| Changes in operating assets and liabilities: |
|
|
| Increase in unbilled rents receivable, net |
(2,908) |
(6,335) |
| Increase in deferred charges, goodwill and other assets |
(15,745) |
(8,862) |
| Decrease in accounts receivable, net |
(2,316) |
74 |
| Increase in accounts payable, accrued expenses and other liabilities |
21,579 |
9,797 |
| Decrease increase in rents received in advance and security deposits |
(3,554) |
(3,339) |
| Increase in accrued interest payable |
(5,894) |
(5,783) |
| Net cash provided by operating activities |
27,470 |
49,065 |
| CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
| Rental property acquisitions and related intangibles |
|
(61,318) |
| Rental property additions and improvements |
(14,600) |
(25,214) |
| Development of rental property, other related costs and deposits |
(7,357) |
(9,121) |
| Investment in unconsolidated joint ventures |
(1,889) |
(30,523) |
| Distributions in excess of cumulative earnings from unconsolidated joint ventures |
456 |
1,233 |
| Increase in restricted cash |
(826) |
(1,080) |
| Net cash used in investing activities |
(24,216) |
(126,023) |
| CASH FLOW FROM FINANCING ACTIVITIES |
|
|
| Borrowings from revolving credit facility |
70,000 |
153,500 |
| Repayment of revolving credit facility |
|
(61,500) |
| Repayment of senior unsecured notes |
(200,000) |
|
| Proceeds from mortgages and loans payable |
425 |
1,363 |
| Repayment of mortgages, loans payable and other obligations |
(2,793) |
(2,643) |
| Payment of contingent consideration |
(3,936) |
(2,755) |
| Payment of financing costs |
|
(236) |
| Proceeds from stock options exercised |
0 |
0 |
| Payment of dividends and distributions |
(29,922) |
(44,832) |
| Net cash (used in) provided by financing activities |
(166,226) |
42,897 |
| Net increase (decrease) in cash and cash equivalents |
(162,972) |
(34,061) |
| Cash and cash equivalents, beginning of period |
221,706 |
58,245 |
| Cash and cash equivalents, end of period |
$ 58,734 |
$ 24,184 |