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
 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Cash flows from operating activities    
Net income $ 11,244 $ 20,286
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization, including amounts in discontinued operations 50,708 47,277
Provision for losses on accounts receivable 2,138 2,359
Real estate impairment 599  
Amortization of share grants, net 2,515 2,701
Amortization of debt premiums, discounts and related financing costs 1,616 3,000
Gain on sale of real estate   (7,942)
Loss on extinguishment of debt, net   42
Changes in operating other assets (12,840) (8,454)
Changes in operating other liabilities 3,994 2,670
Net cash provided by operating activities 59,974 61,939
Cash flows from investing activities    
Real estate acquisitions, net (126,870) (68,000)
Net cash received for sale of real estate 58,117 22,204
Capital improvements to real estate (10,399) (9,072)
Development in progress (11,802) (992)
Non-real estate capital improvements (231) (164)
Net cash used in investing activities (91,185) (56,024)
Cash flows from financing activities    
Line of credit borrowings 163,000 41,000
Line of credit repayments (18,000) (62,000)
Dividends paid (57,386) (52,740)
Distributions to noncontrolling interests (107) (91)
Proceeds from dividend reinvestment program 2,644 2,555
Principal payments - mortgage notes payable (2,047) (2,190)
Net proceeds from equity offerings   67,077
Notes payable repayments, including penalties for early extinguishment (93,862) (1,224)
Net proceeds from exercise of share options 1,088 3,833
Net cash used in financing activities (4,670) (3,780)
Net increase (decrease) in cash and cash equivalents (35,881) 2,135
Cash and cash equivalents at beginning of year 78,767 [1] 11,203
Cash and cash equivalents at end of period 42,886 13,338
Supplemental disclosure of cash flow information:    
Cash paid for interest, net of amounts capitalized $ 32,941 $ 31,173
[1] As adjusted (see note 3 to the consolidated financial statements)