Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Cash flows from operating activities    
Net income $ 11,189 $ 11,244
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization, including amounts in discontinued operations 51,585 50,708
Provision for losses on accounts receivable 2,013 2,138
Real estate impairment 0 599
Amortization of share grants, net 2,763 2,745
Amortization of debt premiums, discounts and related financing costs 1,885 1,616
Changes in operating other assets (4,609) (12,840)
Changes in operating other liabilities 2,294 3,764
Net cash provided by operating activities 67,120 59,974
Cash flows from investing activities    
Real estate acquisitions, net (52,142) (126,870)
Net cash received for sale of real estate 0 58,117
Capital improvements to real estate (21,525) (10,399)
Development in progress (2,218) (11,802)
Non-real estate capital improvements (415) (231)
Net cash used in investing activities (76,300) (91,185)
Cash flows from financing activities    
Line of credit borrowings, net 122,000 145,000
Dividends paid (57,807) (57,386)
Net contributions from (distributions to) noncontrolling interests 88 (107)
Financing costs (1,967) 0
Proceeds from dividend reinvestment program 1,345 2,644
Principal payments - mortgage notes payable (2,900) (2,047)
Notes payable repayments (50,000) (93,862)
Net proceeds from exercise of share options 23 1,088
Net cash provided by and (used in) financing activities 10,782 (4,670)
Net increase (decrease) in cash and cash equivalents 1,602 (35,881)
Cash and cash equivalents at beginning of year 12,765 78,767
Cash and cash equivalents at end of period 14,367 42,886
Supplemental disclosure of cash flow information:    
Cash paid for interest, net of amounts capitalized $ 29,995 $ 32,941