Annual report pursuant to Section 13 and 15(d)

Consolidated Statements Of Cash Flows

v2.4.0.8
Consolidated Statements Of Cash Flows (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Cash flows from operating activities      
Net income $ 37,346 $ 23,708 $ 105,378
Adjustments to reconcile net income to net cash provided by operating activities:      
Gain on sale of real estate (22,144) (5,124) (97,491)
Depreciation and amortization, including amounts in discontinued operations 97,901 103,934 100,528
Provision for losses on accounts receivable 3,772 3,847 4,005
Real estate impairment, including amounts in discontinued operations 0 2,097 15,125
Share-based compensation expense 6,246 5,856 5,597
Amortization of debt premiums, discounts and related financing costs 4,158 3,867 3,194
Loss on extinguishment of debt, net 2,737 0 0
Changes in other assets (10,591) (8,458) (16,416)
Changes in other liabilities (6,107) 1,721 (2,294)
Net cash provided by operating activities 113,318 131,448 117,626
Cash flows from investing activities      
Real estate acquisitions, net (48,200) [1] (52,142) [1] (281,701) [1]
Capital improvements to real estate (55,829) (51,180) (32,815)
Development in progress (15,826) (6,494) (25,929)
Net cash received from sale of real estate 313,765 21,825 402,164
Payments for (Proceeds from) Deposits on Real Estate Acquisitions (3,900) (250) 0
Non-real estate capital improvements (162) (555) (621)
Net cash provided by (used in) investing activities 189,848 (88,796) 61,098
Cash flows from financing activities      
Line of credit borrowings (repayments), net 0 (99,000) (1,000)
Dividends paid (80,104) (97,734) (115,045)
Net contributions from (distributions to) noncontrolling interests 401 298 (2,488)
Proceeds from dividend reinvestment program 0 1,316 5,043
Borrowing under construction loan 7,297 0 0
Principal payments – mortgage notes payable, including penalties for early extinguishment (58,679) (85,667) (32,331)
Net proceeds from debt offering 0 298,314 0
Payment of financing costs (843) (4,678) (3,905)
Notes payable repayments, including penalties for early extinguishment (60,000) (50,000) (96,521)
Net proceeds from exercise of share options 0 1,153 1,292
Net cash (used in) financing activities (191,928) (35,998) (244,955)
Net increase (decrease) in cash and cash equivalents 111,238 6,654 (66,231)
Cash and cash equivalents at beginning of year 19,105 12,451 78,682
Cash and cash equivalents at end of year 130,343 19,105 12,451
Supplemental disclosure of cash flow information:      
Cash paid for interest, net of capitalized interest expense 62,744 58,282 63,916
Cash paid for income taxes 54 84 725
accured capital improvements and development costs $ (328) $ (2,128) $ (2,404)
[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.