v2.4.0.6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Net income $ 214,430 $ 73,728
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation expense 127,436 120,059
Depreciation expense from discontinued operations 895 4,160
Amortization of deferred financing costs and debt premium/discount 3,040 3,485
Amortization of stock-based compensation 4,268 3,262
Loss on extinguishment of debt 1,781  
Equity in (income) loss of unconsolidated entities and noncontrolling interests, net of eliminations (3,182) 421
Gain on sale of real estate assets (95,329) (7,675)
Expensed acquisition costs 163 958
Increase in cash in operating escrows (1,988) (1,144)
Increase in resident security deposits, prepaid expenses and other assets (20,895) (9,943)
Increase (decrease) in accrued expenses, other liabilities and accrued interest payable (8,151) 18,568
Net cash provided by operating activities 222,468 205,879
Cash flows from investing activities:    
Development/redevelopment of real estate assets including land acquisitions and deferred development costs (341,144) (266,374)
Acquisition of real estate assets (37,105) (46,275)
Capital expenditures - existing real estate assets (6,606) (7,765)
Capital expenditures - non-real estate assets (588) (7,748)
Proceeds from exchange/sale of real estate, net of selling costs 182,225 22,371
Increase (decrease) in payables for construction 6,582 (612)
Decrease in cash in construction escrows 1,697 10,917
Decrease in investments in unconsolidated real estate entities 2,188 2,458
Net cash used in investing activities (192,751) (293,028)
Cash flows from financing activities:    
Issuance of common stock 175,682 264,134
Dividends paid (177,322) (154,382)
Repayments of mortgage notes payable (103,621) (31,963)
Repayment of unsecured notes (179,400)  
Payment of deferred financing costs (123) (252)
Acquisition of joint venture partner equity interest (3,350) (6,570)
Distributions to DownREIT partnership unitholders (15) (13)
Distributions to joint venture and profit-sharing partners (158) (127)
Net cash (used in) provided by financing activities (288,307) 70,827
Net decrease in cash and cash equivalents (258,590) (16,322)
Cash and cash equivalents, beginning of period 616,853 306,426
Cash and cash equivalents, end of period 358,263 290,104
Cash paid during the period for interest, net of amount capitalized $ 62,012 $ 76,315