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
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Net Cash Provided by (Used in) Operating Activities [Abstract]    
Net income $ 27,092 $ 109,292
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 80,127 71,508
Provision for losses on accounts receivable 1,337 1,335
Real estate impairment 5,909 0
Gain on sale of real estate (31,731) (106,555)
Amortization of share grants, net 3,962 3,835
Amortization of debt premiums, discounts and related financing costs 2,661 2,730
Loss on extinguishment of debt 119 0
Changes in operating other assets (9,733) (16,255)
Changes in operating other liabilities (3,531) (3,013)
Net cash provided by operating activities 76,212 62,877
Cash flows from investing activities    
Real estate acquisitions, net (151,682) (154,126)
Net cash received for sale of real estate 53,566 190,864
Capital improvements to real estate (23,085) (41,945)
Development in progress (29,136) (28,363)
Real estate deposits, net 0 (2,500)
Cash held in replacement reserve escrows (2,897) (550)
Non-real estate capital improvements (2,116) (44)
Net cash used in investing activities (155,350) (36,664)
Cash flows from financing activities    
Line of credit borrowings, net 145,000 5,000
Dividends paid (61,510) (60,153)
Principal payments – mortgage notes payable (3,358) (2,860)
Borrowings under construction loan 4,017 14,137
Notes payable repayments (150,000) (100,000)
Proceeds from term loan 150,000 0
Payment of financing costs (4,910) (660)
Contributions from noncontrolling interests 5 5
Distributions to noncontrolling interests 0 3,454
Net proceeds from equity offering 5,079 0
Net cash provided by (used in) financing activities 84,323 (147,985)
Net increase (decrease) in cash and cash equivalents 5,185 (121,772)
Cash and cash equivalents at beginning of period 15,827 130,343
Cash and cash equivalents at end of period 21,012 8,571
Supplemental disclosure of cash flow information:    
Cash paid for interest, net of amounts capitalized 38,023 36,770
Decrease in accrued capital improvements and development costs 656 10,860
Mortgage notes payable assumed in connection with the acquisition of real estate $ 0 $ 100,861