Annual report pursuant to Section 13 and 15(d)

Consolidated Statements Of Cash Flows

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Consolidated Statements Of Cash Flows (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Cash flows from operating activities      
Net income $ 23,708 $ 105,378 $ 37,559
Adjustments to reconcile net income to net cash provided by operating activities:      
Gain on sale of real estate (5,124) (97,491) (21,599)
Depreciation and amortization, including amounts in discontinued operations 103,934 100,528 95,746
Provision for losses on accounts receivable 3,847 4,005 4,150
Real estate impairment, including amounts in discontinued operations 2,097 15,125 0
Share-based compensation expense 5,856 5,597 5,852
Amortization of debt premiums, discounts and related financing costs 3,867 3,194 5,532
Loss on extinguishment of debt, net 0 0 9,176
Changes in other assets (8,803) (16,187) (20,974)
Changes in other liabilities 1,721 (2,294) (3,509)
Net cash provided by operating activities 131,103 117,855 111,933
Cash flows from investing activities      
Real estate acquisitions, net (52,142) [1] (281,701) [1] (155,881) [1]
Capital improvements to real estate (51,180) (32,815) (25,045)
Development in progress (6,494) (25,929) (1,337)
Net cash received from sale of real estate 21,825 402,164 71,505
Non-real estate capital improvements (555) (621) (392)
Net cash (used in) provided by investing activities (88,546) 61,098 (111,150)
Cash flows from financing activities      
Line of credit repayments, net (99,000) (1,000) (28,000)
Dividends paid (97,734) (115,045) (108,949)
Net contributions from (distributions to) noncontrolling interests 298 (2,488) (163)
Proceeds from dividend reinvestment program 1,316 5,043 5,286
Principal payments – mortgage notes payable (85,667) (32,331) (25,985)
Proceeds from debt offering 298,314 0 247,998
Payment of financing costs (4,678) (3,905) (2,450)
Net proceeds from equity offerings 0 0 168,880
Notes payable repayments, including penalties for early extinguishment (50,000) (96,521) (193,799)
Net proceeds from exercise of share options 1,153 1,292 3,963
Net cash (used in) provided by financing activities (35,998) (244,955) 66,781
Net increase (decrease) in cash and cash equivalents 6,559 (66,002) 67,564
Cash and cash equivalents at beginning of year 12,765 78,767 11,203
Cash and cash equivalents at end of year 19,324 12,765 78,767
Supplemental disclosure of cash flow information:      
Cash paid for interest, net of capitalized interest expense 58,282 63,916 60,622
Cash paid for income taxes $ 84 $ 725 $ 0
[1] See note 3 to the consolidated financial statements for the supplemental disclosure of non-cash investing and financing activities, including the assumption of mortgage debt in conjunction with some of our real estate acquisitions.