XML 30 R8.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 30,983 $ 20,793
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 23,171 21,604
Amortization of financing costs 1,468 1,512
Gain on disposition of property (13,508) (4,191)
Impairment of asset 0 1,500
Share-based compensation expense 3,833 2,786
Equity in earnings of unconsolidated affiliates (4,459) (3,065)
Distributions of operating income from unconsolidated affiliates 5,550 2,454
Other, net (1,737) (2,703)
Changes in assets and liabilities    
Cash in escrow (5,691) (1,767)
Rents receivable, net (834) (2,131)
Prepaid expenses and other assets 7,570 (11,298)
Accounts payable and accrued expenses 597 (1,292)
Other liabilities (941) 658
Net cash provided by operating activities 46,002 24,860
CASH FLOWS FROM INVESTING ACTIVITIES    
Acquisition of real estate (107,600) (109,100)
Redevelopment and property improvement costs (68,311) (43,567)
Deferred leasing costs (1,224) (3,099)
Investments in and advances to unconsolidated affiliates (28,100) (51,231)
Return of capital from unconsolidated affiliates 24,326 86,678
Consolidation of previously unconsolidated investment 0 1,864
Proceeds from notes receivable 11,990 5,529
Issuance of notes receivable (19,362) 0
Proceeds from sale of properties, net 19,158 11,816
Net cash used in investing activities (169,123) (101,110)
CASH FLOWS FROM FINANCING ACTIVITIES    
Principal payments on mortgage notes (132,452) (136,907)
Proceeds received from mortgage notes 189,700 333,760
Loan proceeds held as restricted cash 38,513 (153,022)
Deferred financing and other costs (2,033) (11,229)
Capital contributions from noncontrolling interests 31,046 15,567
Distributions to noncontrolling interests (56,730) (19,080)
Dividends paid to Common Shareholders (25,814) (20,827)
Proceeds from issuance of Common Shares, net of issuance costs of $1,495 and $1,324, respectively 88,499 75,871
Other employee and trustee stock compensation, net 0 326
Net cash provided by financing activities 130,729 84,459
Increase in cash and cash equivalents 7,608 8,209
Cash and cash equivalents, beginning of period 79,189 91,813
Cash and cash equivalents, end of period 86,797 100,022
Supplemental disclosure of cash flow information    
Cash paid during the period for interest, net of capitalized interest of $6,095 and $3,944, respectively 23,486 16,668
Cash paid for income taxes 316 137
Supplemental disclosure of non-cash investing activities    
Disposition of real estate through cancellation of debt (22,865) 0
Acquisition of real estate through conversion of notes receivable 38,000 18,500
Consolidation of previously unconsolidated investment    
Real estate, net 0 (118,484)
Mortgage notes payable 0 166,200
Distributions in excess of income from, and investments in, unconsolidated affiliates 0 (10,298)
Other assets and liabilities 0 (1,605)
Noncontrolling interest 0 (33,949)
Cash included in consolidation of previously unconsolidated investment $ 0 $ 1,864