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Summary Of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2013
Summary Of Significant Accounting Policies [Abstract]  
Summary Of Significant Accounting Policies

Note 2. Summary of Significant Accounting Policies

 

Principles of Consolidation/Basis of Preparation

 

The accompanying consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and include all of the information and disclosures required by U.S. Generally Accepted Accounting Principles (“GAAP”) for interim reporting. Accordingly, they do not include all of the disclosures required by GAAP for complete financial statement disclosures. In the opinion of management, all adjustments necessary for fair presentation (including normal recurring accruals) have been included. The financial statements are prepared on the accrual basis in accordance with GAAP, which requires management to make estimates and assumptions that affect the disclosure of contingent assets and liabilities, the reported amounts of assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the periods covered by the financial statements. Actual results could differ from these estimates. The financial statements reflect certain reclassifications of prior-period amounts to conform to the 2013 presentation, principally to reflect the sale and/or treatment as “held for sale/conveyance” of certain operating properties and the treatment thereof as “discontinued operations”. The reclassifications had no impact on previously-reported net income attributable to common shareholders or earnings per share. The consolidated financial statements in this Form 10-Q should be read in conjunction with the audited consolidated financial statements and related notes contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012.

 

The consolidated financial statements include the accounts and operations of the Company, the Operating Partnership, its subsidiaries, and certain joint venture partnerships in which it participates. The Company consolidates all variable interest entities for which it is the primary beneficiary.

 

Supplemental Consolidated Statements of Cash Flows Information

 

 

 

 

 

 

 

 

 

Three months ended March 31,

 

 

 

2013

 

2012

 

Supplemental disclosure of cash activities:

 

 

 

 

 

Cash paid for interest

 

$        9,391,000 

 

$      11,869,000 

 

Supplemental disclosure of non-cash activities:

 

 

 

 

 

Capitalization of interest and deferred financing costs

 
298,000 

 
296,000 

 

Conversion of OP Units into common stock

 

 -

 
5,947,000 

 

Mortgage loans payable assumed by buyers

 

 -

 
4,148,000 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Recently-Issued Accounting Pronouncements

 

            In February 2013, the Financial Accounting Standards Board issued guidance on the presentation and disclosure of reclassification adjustments out of accumulated other comprehensive income (“AOCI”). The standard requires an entity to present information about significant items reclassified out of AOCI by component either on the face of the statement where net income is presented or as a separate disclosure in the notes to the financial statements. The guidance is effective beginning January 1, 2013 and is to be applied on a prospective basis. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements.