Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Cash flows from operating activities    
Revenues from real estate operations received $ 119,348 $ 129,184
Construction contract and other service revenues received 15,695 18,170
Property operating expenses paid (38,865) (39,659)
Construction contract and other service expenses paid (15,588) (12,454)
General, administrative, leasing, business development and land carry costs paid (8,521) (7,997)
Interest expense paid (18,018) (19,896)
Previously accreted interest expense paid (2,263) 0
Settlement of interest rate derivatives 0 (29,738)
Proceeds from sale of trading marketable securities 0 7,041
Exit costs on property dispositions 0 (1,108)
Payments in connection with early extinguishment of debt (4,803) 0
Interest and other income received 320 252
Income taxes paid 6 (8)
Net cash provided by operating activities 47,311 43,787
Purchases of and additions to properties    
Construction, development and redevelopment (44,361) (35,476)
Tenant improvements on operating properties (5,263) (7,934)
Other capital improvements on operating properties (9,327) (3,360)
Proceeds from sales of properties 0 61,230
Mortgage and other loan receivables funded or acquired (2,231) (3,506)
Leasing costs paid (3,436) (2,853)
Other 4,442 (310)
Net cash (used in) provided by investing activities (60,176) 7,791
Proceeds from debt    
Revolving Credit Facility 99,000 71,000
Other debt proceeds 68,132 260,097
Repayments of debt    
Revolving Credit Facility (99,000) (337,000)
Scheduled principal amortization (2,512) (3,207)
Other debt repayments (125,877) (50)
Deferred financing costs paid (1,109) (2,044)
Net proceeds from issuance of common shares 118,389 77
Common share dividends paid (22,276) (29,686)
Preferred share dividends paid (6,106) (4,025)
Distributions paid to noncontrolling interests in the Operating Partnership (1,370) (1,939)
Restricted share redemptions (1,576) (2,373)
Other 85 0
Net cash provided by (used in) financing activities 25,780 (49,150)
Net increase in cash and cash equivalents 12,915 2,428
Cash and cash equivalents    
Beginning of period 10,594 5,559
End of period 23,509 7,987
Reconciliation of net income to net cash provided by operating activities:    
Net income 15,277 10,235
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and other amortization 28,782 31,705
Impairment losses 1,857 5,479
Settlement of previously accreted interest expense (2,263) 0
Amortization of deferred financing costs 1,528 1,572
Increase in deferred rent receivable (4,236) (2,559)
Amortization of net debt discounts 710 775
Gain on sales of real estate (2,354) (4,138)
Share-based compensation 1,649 3,402
Loss on early extinguishment of debt 381 0
Other (2,717) (1,423)
Changes in operating assets and liabilities:    
Decrease in accounts receivable 8,479 14,792
Decrease in restricted cash and marketable securities 201 15,091
Decrease (increase) in prepaid expenses and other assets 4,180 (9,612)
(Decrease) increase in accounts payable, accrued expenses and other liabilities (2,555) 8,372
Decrease in rents received in advance and security deposits (1,608) (1,901)
Decrease in interest rate derivatives in connection with cash settlement 0 (28,003)
Net cash provided by operating activities 47,311 43,787
Supplemental schedule of non-cash investing and financing activities:    
(Decrease) increase in accrued capital improvements, leasing and other investing activity costs (5,353) 11,828
Increase (decrease) in fair value of derivatives applied to AOCL and noncontrolling interests 1,105 (528)
Dividends/distribution payable 29,947 24,544
Decrease in noncontrolling interests and increase in shareholders’ equity in connection with the conversion of common units into common shares 3,175 444
Adjustments to noncontrolling interests resulting from changes in Operating Partnership ownership 2,229 88
Increase in redeemable noncontrolling interest and decrease in shareholders’ equity in connection with adjustment to arrive at fair value of noncontrolling interest $ 848 $ 903