|
Consolidated Statements Of Cash Flows (USD $)
In Thousands, unless otherwise specified
|
3 Months Ended |
|
Mar. 31, 2015
|
Mar. 31, 2014
|
| CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
| Net loss |
$ (3,325) |
$ (17,628) |
| Adjustments to reconcile net income to net cash provided by Operating activities: |
|
|
| Depreciation and amortization, including related intangible assets |
41,185 |
45,461 |
| Amortization of deferred stock units |
98 |
117 |
| Amortization of stock compensation |
313 |
4,543 |
| Amortization of deferred financing costs |
953 |
769 |
| Amortization of debt discount and mark-to-market |
997 |
1,889 |
| Equity in (earnings) loss of unconsolidated joint venture, net |
3,529 |
1,235 |
| Distributions of cumulative earnings from unconsolidated joint ventures |
815 |
1,811 |
| Realized (gains) loss on disposition of rental property, net |
(144) |
|
| Changes in operating assets and liabilities: |
|
|
| Decrease (increase) in unbilled rents receivable, net |
347 |
(2,908) |
| Increase in deferred charges, goodwill and other assets |
(10,828) |
(17,634) |
| Increase in accounts receivable, net |
(866) |
(2,316) |
| Increase in accounts payable, accrued expenses and other liabilities |
8,159 |
21,579 |
| Decrease in rents received in advance and security deposits |
(4,717) |
(3,554) |
| Increase (decrease) in accrued interest payable |
2,671 |
(5,894) |
| Net cash provided by operating activities |
39,187 |
27,470 |
| CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
| Rental property additions and improvements |
(19,658) |
(14,600) |
| Development of rental property, other related costs and deposits |
(12,519) |
(7,357) |
| Proceeds from the sale of rental property |
1,072 |
|
| Investment in unconsolidated joint ventures |
(20,880) |
(1,889) |
| Distributions in excess of cumulative earnings from unconsolidated joint ventures |
1,097 |
456 |
| Increase in restricted cash |
(1,535) |
(826) |
| Net cash used in investing activities |
(52,423) |
(24,216) |
| CASH FLOW FROM FINANCING ACTIVITIES |
|
|
| Borrowings from revolving credit facility |
56,000 |
70,000 |
| Repayment of revolving credit facility |
(14,000) |
|
| Repayment of senior unsecured notes |
|
(200,000) |
| Proceeds from mortgages and loans payable |
1,150 |
425 |
| Repayment of mortgages, loans payable and other obligations |
(25,228) |
(2,793) |
| Payment of contingent consideration |
|
(3,936) |
| Payment of financing costs |
(30) |
|
| Cash from noncontrolling interests |
94 |
|
| Payment of dividends and distributions |
(14,984) |
(29,922) |
| Net cash provided by (used in) financing activities |
3,002 |
(166,226) |
| Net decrease in cash and cash equivalents |
(10,234) |
(162,972) |
| Cash and cash equivalents, beginning of period |
29,549 |
221,706 |
| Cash and cash equivalents, end of period |
$ 19,315 |
$ 58,734 |