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, 2015
Jun. 30, 2014
Net Cash Provided by (Used in) Operating Activities [Abstract]    
Net income $ 26,512 $ 105,634
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 50,778 47,154
Provision for losses on accounts receivable 1,126 727
Real estate impairment 5,909 0
Gain on sale of real estate (31,731) (106,555)
Amortization of share grants, net 3,073 2,505
Amortization of debt premiums, discounts and related financing costs 1,854 1,754
Loss on extinguishment of debt 119 0
Changes in operating other assets (758) (8,035)
Changes in operating other liabilities (2,550) (4,061)
Net cash provided by operating activities 54,332 39,123
Cash flows from investing activities    
Real estate acquisitions, net 0 (154,126)
Net cash received for sale of real estate 39,059 190,864
Capital improvements to real estate (12,391) (28,947)
Development in progress (13,332) (13,573)
Real estate deposits, net (3,000) (1,250)
Cash held in replacement reserve escrows (2,392) (95)
Non-real estate capital improvements (1,836) (41)
Net cash provided by (used in) investing activities 6,108 (7,168)
Cash flows from financing activities    
Line of credit borrowings, net 135,000 0
Dividends paid (41,019) (40,134)
Contributions from noncontrolling interests 5 5
Distributions to noncontrolling interests 0 3,454
Payment of financing costs (3,755) (660)
Net proceeds from equity offering 5,121 0
Principal payments – mortgage notes payable (2,266) (1,794)
Borrowings under construction loan 3,425 6,748
Notes payable repayments (150,000) (100,000)
Net cash used in financing activities (53,489) (139,289)
Net increase (decrease) in cash and cash equivalents 6,951 (107,334)
Cash and cash equivalents at beginning of period 15,827 130,343
Cash and cash equivalents at end of period 22,778 23,009
Supplemental disclosure of cash flow information:    
Cash paid for interest, net of amounts capitalized 30,117 29,835
Decrease (increase) in accrued capital improvements and development costs 383 (9,082)
Mortgage notes payable assumed in connection with the acquisition of real estate $ 0 $ 100,861