Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands |
6 Months Ended |
Jun. 30, 2015 |
Jun. 30, 2014 |
| CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
| Net income |
$ 36,064
|
$ 39,719
|
| Adjustments to reconcile net income to net cash provided by Operating activities: |
|
|
| Depreciation and amortization, including related intangible assets |
83,930
|
90,460
|
| Amortization of deferred stock units |
197
|
213
|
| Amortization of stock compensation |
805
|
5,563
|
| Amortization of deferred financing costs |
1,901
|
1,528
|
| Amortization of debt discount and mark-to-market |
2,018
|
3,836
|
| Equity in (earnings) loss of unconsolidated joint venture, net |
5,858
|
792
|
| Distributions of cumulative earnings from unconsolidated joint ventures |
2,698
|
3,756
|
| Realized (gains) loss on disposition of rental property, net |
(34,543)
|
(54,584)
|
| Realized (gains) loss on sale of investment in unconsolidated joint ventures |
(6,448)
|
|
| Changes in operating assets and liabilities: |
|
|
| Decrease (increase) in unbilled rents receivable, net |
801
|
(3,551)
|
| Increase in deferred charges, goodwill and other assets |
(14,802)
|
(15,022)
|
| Increase in accounts receivable, net |
(3,561)
|
(2,325)
|
| Increase in accounts payable, accrued expenses and other liabilities |
1,478
|
22,540
|
| Decrease in rents received in advance and security deposits |
(3,053)
|
(4,798)
|
| Increase (decrease) in accrued interest payable |
6,342
|
(3,180)
|
| Net cash provided by operating activities |
79,685
|
84,947
|
| CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
| Rental property acquisitions and related intangibles |
(4,057)
|
(37,696)
|
| Rental property additions and improvements |
(42,881)
|
(41,825)
|
| Development of rental property, other related costs and deposits |
(27,869)
|
(7,896)
|
| Proceeds from the sales of rental property |
80,581
|
190,798
|
| Proceeds from the sale of investment in unconsolidated joint venture |
6,448
|
|
| Investments in notes receivable |
|
(62,276)
|
| Repayment of notes receivable |
7,750
|
250
|
| Investment in unconsolidated joint ventures |
(49,305)
|
(38,948)
|
| Distributions in excess of cumulative earnings from unconsolidated joint ventures |
1,985
|
837
|
| Increase in restricted cash |
(7,808)
|
(6,611)
|
| Net cash used in investing activities |
(35,156)
|
(3,367)
|
| CASH FLOW FROM FINANCING ACTIVITIES |
|
|
| Borrowings from revolving credit facility |
129,000
|
233,500
|
| Repayment of revolving credit facility |
(129,000)
|
(177,500)
|
| Repayment of senior unsecured notes |
|
(200,000)
|
| Proceeds from mortgages and loans payable |
2,897
|
28,135
|
| Repayment of mortgages, loans payable and other obligations |
(27,251)
|
(42,469)
|
| Payment of contingent consideration |
|
(3,936)
|
| Payment of financing costs |
(98)
|
(198)
|
| Cash from noncontrolling interests |
158
|
|
| Payment of dividends and distributions |
(29,971)
|
(59,875)
|
| Net cash used in financing activities |
(54,265)
|
(222,343)
|
| Net decrease in cash and cash equivalents |
(9,736)
|
(140,763)
|
| Cash and cash equivalents, beginning of period |
29,549
|
221,706
|
| Cash and cash equivalents, end of period |
$ 19,813
|
$ 80,943
|