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
9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Cash flows from operating activities    
Net income $ 18,438 $ 20,750
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization, including amounts in discontinued operations 75,489 77,803
Provision for losses on accounts receivable 3,012 2,847
Gain on sale of real estate (3,195) (3,724)
Amortization of share grants, net 3,615 3,996
Amortization of debt premiums, discounts and related financing costs 2,980 2,836
Changes in operating other assets (8,856) (14,317)
Changes in operating other liabilities 2,002 2,574
Net cash provided by operating activities 93,485 92,765
Cash flows from investing activities    
Real estate acquisitions, net 0 (52,142)
Net cash received for sale of real estate 15,161 13,399
Capital improvements to real estate (39,348) (36,310)
Development in progress (9,385) (4,525)
Real estate deposits, net (6,800) 0
Non-real estate capital improvements (125) (510)
Net cash used in investing activities (40,497) (80,088)
Cash flows from financing activities    
Line of credit borrowings, net 85,000 (99,000)
Dividends paid (60,132) (77,805)
Net contributions from noncontrolling interests 390 211
Financing costs 0 (4,647)
Proceeds from dividend reinvestment program 0 1,315
Net proceeds from debt offering 0 298,314
Principal payments – mortgage notes payable (32,461) (25,527)
Proceeds from construction loan 3,033 0
Notes payable repayments (60,000) (50,000)
Net proceeds from exercise of share options 0 100
Net cash (used in) provided by financing activities (64,170) 42,961
Net (decrease) increase in cash and cash equivalents (11,182) 55,638
Cash and cash equivalents at beginning of period 19,105 12,765
Cash and cash equivalents at end of period 7,923 68,403
Supplemental disclosure of cash flow information:    
Cash paid for interest, net of amounts capitalized 42,075 42,415
Decrease (increase) in accrued capital improvements and development costs $ 2,978 $ 1,989