|
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
|
6 Months Ended |
|
Jun. 30, 2012
|
Jun. 30, 2011
|
| Cash flows from operating activities: |
|
|
| Net income |
$ 16,558 |
$ 31,662 |
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Depreciation |
30,417 |
29,569 |
| Amortization of intangible lease assets and below market lease intangibles, net |
10,944 |
11,292 |
| Amortization of deferred financing costs |
3,458 |
3,380 |
| Amortization of premiums on mortgage notes receivable |
358 |
349 |
| Accretion of discount on marketable securities |
0 |
(846) |
| Amortization of fair value adjustments of mortgage notes payable assumed |
949 |
939 |
| Bad debt expense |
55 |
(92) |
| Impairment of real estate assets |
1,979 |
0 |
| Equity in income of unconsolidated joint ventures |
(467) |
(390) |
| Return on investment from unconsolidated joint ventures |
467 |
465 |
| Property condemnation gain |
(55) |
(92) |
| Gain on sale of marketable securities |
0 |
(15,587) |
| Changes in assets and liabilities: |
|
|
| Rents and tenant receivables |
(3,110) |
(4,858) |
| Prepaid expenses and other assets |
1,509 |
1,886 |
| Accounts payable and accrued expenses |
1,199 |
1,683 |
| Due to affiliates, deferred rental income and other liabilities |
(3,312) |
(4,843) |
| Net cash provided by operating activities |
60,949 |
54,517 |
| Cash flows from investing activities: |
|
|
| Investment in real estate and related assets and other capital expenditures |
(4,249) |
(94,143) |
| Proceeds from sale of marketable securities |
0 |
82,061 |
| Principal repayments from mortgage notes receivable and real estate assets under direct financing leases |
1,765 |
1,614 |
| Return of investment from unconsolidated joint ventures |
648 |
1,248 |
| Refund of property escrow deposits |
0 |
1,090 |
| Payment of property escrow deposits |
0 |
(1,290) |
| Proceeds from easement of real estate assets |
75 |
247 |
| Change in restricted cash |
2,825 |
(2,464) |
| Net cash provided by (used in) investing activities |
1,064 |
(11,637) |
| Cash flows from financing activities: |
|
|
| Redemptions of common stock |
(28,893) |
(24,120) |
| Distributions to investors |
(36,739) |
(35,290) |
| Proceeds from notes payable, line of credit and repurchase agreement |
77,000 |
140,796 |
| Repayment of notes payable, line of credit and repurchase agreement |
(98,035) |
(147,187) |
| Payment of loan deposits |
(1,015) |
0 |
| Deferred financing costs paid |
(144) |
(1,404) |
| Net cash used in financing activities |
(87,826) |
(67,205) |
| Net decrease in cash and cash equivalents |
(25,813) |
(24,325) |
| Cash and cash equivalents, beginning of period |
53,205 |
45,791 |
| Cash and cash equivalents, end of period |
$ 27,392 |
$ 21,466 |