Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2012
Dec. 31, 2011
Assets    
Land $ 483,198 $ 465,445
Income producing property 1,979,348 1,899,440
Real estate investment property, at cost 2,462,546 2,364,885
Accumulated depreciation and amortization (604,614) (521,503)
Net income producing property 1,857,932 1,843,382
Properties under development or held for future development 49,135 43,089
Total real estate held for investment, net 1,907,067 1,886,471
Investment in real estate sold or held for sale, net 11,528 27,669
Cash and cash equivalents 19,324 12,765
Restricted cash 14,582 19,229
Rents and other receivables, net of allowance for doubtful accounts of $10,958 and $8,683, respectively 57,076 53,227
Prepaid expenses and other assets 114,541 120,075
Other assets related to properties sold or held for sale 258 1,322
Total assets 2,124,376 2,120,758
Liabilities    
Notes payable 906,190 657,470
Mortgage notes payable 342,970 423,291
Lines of credit 0 99,000
Accounts payable and other liabilities 52,823 51,079
Advance rents 16,096 13,584
Tenant security deposits 9,936 8,728
Other liabilities related to properties sold or held for sale 218 4,774
Total liabilities 1,328,233 1,257,926
Shareholders' equity    
Preferred shares; $0.01 par value; 10,000 shares authorized; no shares issued or outstanding 0 0
Shares of beneficial interest; $0.01 par value; 100,000 shares authorized: 66,437 and 66,265 shares issued and outstanding at December 31, 2012 and 2011, respectively 664 662
Additional paid in capital 1,145,515 1,138,478
Distributions in excess of net income (354,122) (280,096)
Total shareholders’ equity 792,057 859,044
Noncontrolling interests in subsidiaries 4,086 3,788
Total equity 796,143 862,832
Total liabilities and shareholders’ equity $ 2,124,376 $ 2,120,758