Consolidated Statements of Cash Flows (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Document Fiscal Year Focus | 2015 | |
Adjustments to reconcile net income to net cash provided by operating activities: | | |
Stock-based compensation, net of capitalization | $2,900 | $2,272 |
Cash flows from financing activities: | | |
Net proceeds from common stock issuance | 1,173 | |
Parent Company [Member] | | |
Incremental Common Shares Attributable to Dilutive Effect of Equity Forward Agreements | 7 | 0 |
Cash flows from operating activities: | | |
Net income | 30,992 | 25,056 |
Adjustments to reconcile net income to net cash provided by operating activities: | | |
Depreciation and amortization | 35,992 | 37,905 |
Amortization of deferred loan cost and debt premium | 2,447 | 2,889 |
Amortization and (accretion) of above and below market lease intangibles, net | -521 | -861 |
Stock-based compensation, net of capitalization | 2,900 | 2,272 |
Equity in income of investments in real estate partnerships | -5,567 | -7,808 |
Gain on sale of real estate | -803 | -715 |
Provision for impairment | 0 | -225 |
Early extinguishment of debt | 61 | 0 |
Distribution of earnings from operations of investments in real estate partnerships | -12,301 | -8,681 |
Gain on derivative instruments | 0 | -5 |
Deferred compensation expense | 631 | 200 |
Realized and unrealized gain on investments | -634 | -201 |
Changes in assets and liabilities: | | |
Restricted cash | 1,415 | 328 |
Accounts receivable | -7,827 | -6,740 |
Straight-line rent receivables, net | -1,877 | -1,594 |
Deferred leasing costs | -1,816 | -1,961 |
Other assets | -1,137 | -1,952 |
Accounts payable and other liabilities | -13,101 | -4,858 |
Tenantsb security and escrow deposits and prepaid rent | 1,124 | 1,403 |
Net cash provided by operating activities | 54,458 | 52,264 |
Cash flows from investing activities: | | |
Acquisition of operating real estate | 0 | -78,943 |
Proceeds from Deposits on Real Estate Sales | -4,000 | 0 |
Real estate development and capital improvements | -55,047 | -46,648 |
Proceeds from sale of real estate investments | 3,414 | 4,472 |
Investments in real estate partnerships | -1,344 | -1,771 |
Distributions received from investments in real estate partnerships | 2,717 | 5,931 |
Dividends on investments | 31 | 27 |
Acquisition of securities | -3,726 | -1,797 |
Proceeds from sale of securities | 2,868 | 1,676 |
Net cash used in investing activities | -55,087 | -117,053 |
Cash flows from financing activities: | | |
Net proceeds from common stock issuance | 992 | 0 |
Redemption of preferred stock and partnership units | 0 | -300 |
Distributions to limited partners in consolidated partnerships, net | -1,050 | -426 |
Distributions to exchangeable operating partnership unit holders | -76 | -78 |
Dividends paid to common stockholders | -45,273 | -42,947 |
Dividends paid to preferred stockholders | -5,266 | -5,266 |
Proceeds from unsecured credit facilities | 40,000 | 70,000 |
Repayment of unsecured credit facilities | -10,000 | 0 |
Proceeds from notes payable | 1,351 | 0 |
Repayments of Notes Payable | 55,777 | 0 |
Scheduled principal payments | -1,481 | -1,719 |
Payment of loan costs | -78 | 0 |
Net cash (used in) provided by financing activities | -76,658 | 19,264 |
Net decrease in cash and cash equivalents | -77,287 | -45,525 |
Cash and cash equivalents at beginning of the period | 113,776 | 80,684 |
Cash and cash equivalents at end of the period | 36,489 | 35,159 |
Supplemental disclosure of cash flow information: | | |
Cash paid for interest (net of capitalized interest of $2,059 and $1,641 in 2015 and 2014, respectively) | 17,964 | 18,338 |
Income Taxes Paid | 697 | 0 |
Supplemental disclosure of non-cash transactions: | | |
Mortgage loans assumed for the acquisition of real estate | 0 | 78,049 |
Change in fair value of derivative instruments | -13,882 | -13,800 |
Common stock issued for dividend reinvestment plan | 374 | 313 |
Stock-based compensation capitalized | 701 | 696 |
Contributions from limited partners in consolidated partnerships, net | 13 | 58 |
Non-controlling interest recorded, fair value | 0 | 15,385 |
Common stock issued for dividend reinvestment in trust | 214 | 189 |
Contribution of stock awards into trust | 1,042 | 1,440 |
Distribution of stock held in trust | 0 | 4 |
Partnership Interest [Member] | | |
Incremental Common Shares Attributable to Dilutive Effect of Equity Forward Agreements | 7 | 0 |
Cash flows from operating activities: | | |
Net income | 30,992 | 25,056 |
Adjustments to reconcile net income to net cash provided by operating activities: | | |
Depreciation and amortization | 35,992 | 37,905 |
Amortization of deferred loan cost and debt premium | 2,447 | 2,889 |
Amortization and (accretion) of above and below market lease intangibles, net | -521 | -861 |
Stock-based compensation, net of capitalization | 2,900 | 2,272 |
Equity in income of investments in real estate partnerships | -5,567 | -7,808 |
Gain on sale of real estate | -803 | -715 |
Provision for impairment | 0 | -225 |
Early extinguishment of debt | 61 | 0 |
Distribution of earnings from operations of investments in real estate partnerships | -12,301 | -8,681 |
Gain on derivative instruments | 0 | -5 |
Deferred compensation expense | 631 | 200 |
Realized and unrealized gain on investments | -634 | -201 |
Changes in assets and liabilities: | | |
Restricted cash | 1,415 | 328 |
Accounts receivable | -7,827 | -6,740 |
Straight-line rent receivables, net | -1,877 | -1,594 |
Deferred leasing costs | -1,816 | -1,961 |
Other assets | -1,137 | -1,952 |
Accounts payable and other liabilities | -13,101 | -4,858 |
Tenantsb security and escrow deposits and prepaid rent | 1,124 | 1,403 |
Net cash provided by operating activities | 54,458 | 52,264 |
Cash flows from investing activities: | | |
Acquisition of operating real estate | 0 | -78,943 |
Proceeds from Deposits on Real Estate Sales | -4,000 | 0 |
Real estate development and capital improvements | -55,047 | -46,648 |
Proceeds from sale of real estate investments | 3,414 | 4,472 |
Investments in real estate partnerships | -1,344 | -1,771 |
Distributions received from investments in real estate partnerships | 2,717 | 5,931 |
Dividends on investments | 31 | 27 |
Acquisition of securities | -3,726 | -1,797 |
Proceeds from sale of securities | 2,868 | 1,676 |
Net cash used in investing activities | -55,087 | -117,053 |
Cash flows from financing activities: | | |
Net proceeds from common units issued as a result of common stock issued by Parent Company | 992 | 0 |
Redemption of preferred stock and partnership units | 0 | -300 |
Distributions to limited partners in consolidated partnerships, net | -1,050 | -426 |
Dividends paid to common stockholders | -45,349 | -43,025 |
Dividends paid to preferred stockholders | -5,266 | -5,266 |
Proceeds from unsecured credit facilities | 40,000 | 70,000 |
Repayment of unsecured credit facilities | -10,000 | 0 |
Proceeds from notes payable | 1,351 | 0 |
Repayments of Notes Payable | 55,777 | 0 |
Scheduled principal payments | -1,481 | -1,719 |
Payment of loan costs | -78 | 0 |
Net cash (used in) provided by financing activities | -76,658 | 19,264 |
Net decrease in cash and cash equivalents | -77,287 | -45,525 |
Cash and cash equivalents at beginning of the period | 113,776 | 80,684 |
Cash and cash equivalents at end of the period | 36,489 | 35,159 |
Supplemental disclosure of cash flow information: | | |
Cash paid for interest (net of capitalized interest of $2,059 and $1,641 in 2015 and 2014, respectively) | 17,964 | 18,338 |
Income Taxes Paid | 697 | 0 |
Supplemental disclosure of non-cash transactions: | | |
Mortgage loans assumed for the acquisition of real estate | 0 | 78,049 |
Change in fair value of derivative instruments | -13,882 | -13,800 |
Common stock issued for dividend reinvestment plan | 374 | 313 |
Stock-based compensation capitalized | 701 | 696 |
Contributions from limited partners in consolidated partnerships, net | 13 | 58 |
Non-controlling interest recorded, fair value | 0 | 15,385 |
Common stock issued for dividend reinvestment in trust | 214 | 189 |
Contribution of stock awards into trust | 1,042 | 1,440 |
Distribution of stock held in trust | $0 | $4 |