|
Consolidated Statements Of Cash Flows (USD $)
In Thousands, unless otherwise specified
|
6 Months Ended |
|
Jun. 30, 2014
|
Jun. 30, 2013
|
| CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
| Net income |
$ 39,719 |
$ 39,273 |
| Adjustments to reconcile net income to net cash provided by Operating activities: |
|
|
| Depreciation and amortization, including related intangible assets |
90,460 |
88,950 |
| Depreciation and amortization on discontinued operations |
|
6,442 |
| Amortization of deferred stock units |
213 |
|
| Amortization of stock compensation |
5,563 |
1,687 |
| Amortization of deferred financing costs and debt discount |
1,528 |
1,582 |
| Equity in (earnings) loss of unconsolidated joint venture, net |
792 |
1,830 |
| Distributions of cumulative earnings from unconsolidated joint ventures |
3,756 |
4,712 |
| Realized (gains) and unrealized losses on disposition of rental property, net |
(54,584) |
(13,758) |
| Changes in operating assets and liabilities: |
|
|
| Increase in unbilled rents receivable, net |
(3,551) |
(8,216) |
| Increase in deferred charges, goodwill and other assets |
(8,592) |
(16,859) |
| (Increase) decrease in accounts receivable, net |
(2,325) |
1,171 |
| Increase in accounts payable, accrued expenses and other liabilities |
19,946 |
3,120 |
| Decrease in rents received in advance and security deposits |
(4,798) |
(6,758) |
| (Decrease) increase in accrued interest payable |
(3,180) |
1,007 |
| Net cash provided by operating activities |
84,947 |
104,183 |
| CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
| Rental property acquisitions and related intangibles |
(37,696) |
(149,200) |
| Rental property additions and improvements |
(41,825) |
(39,688) |
| Development of rental property, other related costs and deposits |
(7,896) |
(12,204) |
| Proceeds from the sale of rental property |
190,798 |
161,727 |
| Investments in notes receivable |
(62,276) |
|
| Repayment of notes receivable |
250 |
83 |
| Investment in unconsolidated joint ventures |
(38,948) |
(31,500) |
| Distributions in excess of cumulative earnings from unconsolidated joint ventures |
837 |
20,354 |
| Increase in restricted cash |
(6,611) |
(300) |
| Net cash used in investing activities |
(3,367) |
(50,728) |
| CASH FLOW FROM FINANCING ACTIVITIES |
|
|
| Borrowings from revolving credit facility |
233,500 |
289,000 |
| Repayment of revolving credit facility |
(177,500) |
(289,000) |
| Proceeds from senior unsecured notes |
|
268,928 |
| Repayment of senior unsecured notes |
(200,000) |
(100,000) |
| Proceeds from mortgages and loans payable |
28,135 |
1,798 |
| Repayment of mortgages, loans payable and other obligations |
(42,469) |
(9,420) |
| Payment of contingent consideration |
(3,936) |
(2,755) |
| Payment of financing costs |
(198) |
(2,643) |
| Payment of dividends and distributions |
(59,875) |
(89,669) |
| Net cash (used in) provided by financing activities |
(222,343) |
66,239 |
| Net (decrease) increase in cash and cash equivalents |
(140,763) |
119,694 |
| Cash and cash equivalents, beginning of period |
221,706 |
58,245 |
| Cash and cash equivalents, end of period |
$ 80,943 |
$ 177,939 |