XML 52 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Cash flows from operating activities:      
Net income $ 7,633 $ 43,524 $ 22,093
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization expense 57,500 50,261 39,627
Amortization of above market lease 71 (47) 1,362
Gain (loss) on sale, less applicable income tax 14,826 (21,939)  
Equity in earnings of non-consolidated REITs (2,033) (3,086) (1,183)
Distributions from non-consolidated REITs 705 3,474 1,633
Increase (decrease) in bad debt reserve 65 (365) 980
Changes in operating assets and liabilities:      
Restricted cash (82) (73) (86)
Tenant rent receivables (354) 827 (1,120)
Straight-line rents (4,464) (9,878) (4,249)
Lease acquisition costs (2,520)    
Prepaid expenses and other assets (328) 1,611 865
Accounts payable, accrued expenses and other items 3,717 4,213 (351)
Accrued compensation 318 419 387
Tenant security deposits 481 78 122
Payment of deferred leasing commissions (5,179) (8,058) (10,515)
Net cash provided by operating activities 70,356 60,961 49,565
Cash flows from investing activities:      
Purchase of real estate assets, office computers and furniture (183,868) (174,020) (38,781)
Acquired real estate leases (37,302) (62,230) (15,563)
Investment in non-consolidated REITs (1) (10) (11)
Distributions in excess of earnings from non-consolidated REITs 2,105 1,582 3,537
Investment in related party mortgage loan receivable (74,580) (82,832) (21,149)
Repayment of related party mortgage receivable 121,200    
Changes in deposits on real estate assets   200 (200)
Investment in assets held for syndication   2,230 1,319
Proceeds received on sales of real estate assets 157 96,790  
Net cash used in investing activities (172,289) (218,290) (70,848)
Cash flows from financing activities:      
Distributions to stockholders (63,032) (62,177) (60,586)
Proceeds from equity offering   18,001 22,701
Offering costs   (706) (833)
Borrowings under bank note payable 294,750 449,000 100,960
Repayments of bank note payable (527,000) (209,968)  
Borrowing (repayment) of term loan payable 400,000 (74,850) (150)
Deferred financing costs (5,331) (5,388)  
Swap termination payment   (983)  
Net cash provided by financing activities 99,387 112,929 62,092
Net increase (decrease) in cash and cash equivalents (2,546) (44,400) 40,809
Cash and cash equivalents, beginning of year 23,813 68,213 27,404
Cash and cash equivalents, end of year 21,267 23,813 68,213
Cash paid for:      
Interest 13,969 9,688 6,931
Taxes on income 265 225 245
Non-cash investing and financing activities:      
Accrued costs for purchase of real estate assets 1,692 733 845
Accrued offering costs     $ 90