| |
For the Years Ended December 31, |
 |
|
| (In thousands) |
2003 |
|
2002 |
|
2001 |
|
| Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
|
|
| Net income |
$ |
72,937 |
|
|
$ |
109,305 |
|
|
$ |
79,061 |
|
| Adjustments to reconcile net income to net cash |
|
|
|
|
|
|
|
|
|
|
|
| provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
|
| Depreciation and amortization |
|
132,995 |
|
|
|
130,186 |
|
|
|
127,084 |
|
| Minority interest |
|
8,924 |
|
|
|
13,801 |
|
|
|
9,431 |
|
| Gain on sale of properties |
|
(4,160 |
) |
|
|
(15,652 |
) |
|
|
(4,464 |
) |
| Gain on sale of discontinued operations |
|
(10,317 |
) |
|
|
(19,085 |
) |
|
|
— |
|
| Gain on sale of residential property |
|
171 |
|
|
|
— |
|
|
|
— |
|
| Impairment losses on real estate |
|
7,255 |
|
|
|
2,496 |
|
|
|
1,500 |
|
| Impairment loss on investments |
|
1,100 |
|
|
|
500 |
|
|
|
42,249 |
|
| Obligations under lease guarantees |
|
811 |
|
|
|
8,693 |
|
|
|
— |
|
| Equity in earnings of unconsolidated entities |
|
(7,034 |
) |
|
|
(7,188 |
) |
|
|
(9,322 |
) |
| Provision for uncollectible accounts |
|
2,608 |
|
|
|
7,052 |
|
|
|
5,498 |
|
| Stock-based compensation |
|
3,548 |
|
|
|
4,310 |
|
|
|
2,630 |
|
| Other |
|
(142 |
) |
|
|
3,027 |
|
|
|
330 |
|
| Changes in assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
| Decrease in accounts receivable |
|
7,905 |
|
|
|
3,989 |
|
|
|
19,737 |
|
| Increase in accrued straight-line rents |
|
(8,906 |
) |
|
|
(9,927 |
) |
|
|
(13,009 |
) |
| Additions to tenant leasing costs |
|
(19,434 |
) |
|
|
(11,240 |
) |
|
|
(13,418 |
) |
| Increase in prepaid expenses and other assets |
|
(15,272 |
) |
|
|
(14,557 |
) |
|
|
(14,798 |
) |
| (Decrease) increase in accounts payable and accrued expenses |
|
(4,768 |
) |
|
|
5,535 |
|
|
|
(15,392 |
) |
| (Decrease) increase in rent received in advance and security deposits |
|
(1,081 |
) |
|
|
874 |
|
|
|
3,713 |
|
|
|
| Total adjustments |
|
94,203 |
|
|
|
102,814 |
|
|
|
141,769 |
|
|
|
| Net cash provided by operating activities |
|
167,140 |
|
|
|
212,119 |
|
|
|
220,830 |
|
|
|
| Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
|
| Acquisition and development of rental property |
|
(117,462 |
) |
|
|
(201,105 |
) |
|
|
(49,829 |
) |
| Additions to land held for development or sale |
|
(4,210 |
) |
|
|
(2,071 |
) |
|
|
(37,661 |
) |
| Additions to construction in progress |
|
(12,238 |
) |
|
|
(7,746 |
) |
|
|
(32,443 |
) |
| Payments on notes receivable |
|
64 |
|
|
|
3,586 |
|
|
|
16,542 |
|
| Issuance of notes receivable |
|
(8,009 |
) |
|
|
(1,442 |
) |
|
|
(582 |
) |
| Distributions from unconsolidated entities |
|
14,658 |
|
|
|
10,933 |
|
|
|
91,167 |
|
| Contributions to unconsolidated entities |
|
(28,353 |
) |
|
|
(13,688 |
) |
|
|
(17,194 |
) |
| Acquisition of minority interest |
|
(2,330 |
) |
|
|
(9,557 |
) |
|
|
(5,033 |
) |
| Decrease in restricted deposits |
|
1,956 |
|
|
|
905 |
|
|
|
34,886 |
|
| Proceeds from sales of properties |
|
52,156 |
|
|
|
176,119 |
|
|
|
101,351 |
|
| Proceeds from sale of residential property |
|
14,164 |
|
|
|
— |
|
|
|
— |
|
|
|
| Net cash (used by) provided by investing activities |
|
(89,604 |
) |
|
|
(44,066 |
) |
|
|
101,204 |
|
|
|
| Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
|
| Repurchase of common shares |
|
(7,858 |
) |
|
|
(35,923 |
) |
|
|
(428,275 |
) |
| Repurchase and redemption of preferred shares |
|
(254,518 |
) |
|
|
(145,482 |
) |
|
|
— |
|
| Proceeds from the issuance of preferred stock |
|
194,664 |
|
|
|
— |
|
|
|
— |
|
| Exercises of stock options |
|
22,170 |
|
|
|
28,810 |
|
|
|
28,477 |
|
| Proceeds from the issuance of unsecured notes |
|
— |
|
|
|
617,982 |
|
|
|
— |
|
| Net borrowings (repayments) on unsecured credit facility |
|
155,500 |
|
|
|
(369,000 |
) |
|
|
281,000 |
|
| Repayments of mortgages payable |
|
(56,365 |
) |
|
|
(117,526 |
) |
|
|
(86,770 |
) |
| Proceeds from mortgages |
|
3,216 |
|
|
|
— |
|
|
|
26,628 |
|
| Dividends and distributions to minority interests |
|
(135,284 |
) |
|
|
(148,385 |
) |
|
|
(159,641 |
) |
| Deferred financing costs |
|
— |
|
|
|
(1,448 |
) |
|
|
— |
|
|
|
| Net cash used by financing activities |
|
(78,475 |
) |
|
|
(170,972 |
) |
|
|
(338,581 |
) |
|
|
| Decrease in cash and cash equivalents |
|
(939 |
) |
|
|
(2,919 |
) |
|
|
(16,547 |
) |
| Cash and cash equivalents, beginning of the period |
|
5,238 |
|
|
|
8,157 |
|
|
|
24,704 |
|
|
| Cash and cash equivalents, end of the period |
$ |
4,299 |
|
|
$ |
5,238 |
|
|
$ |
8,157 |
|
|
|
| Supplemental disclosure of cash flow information: |
|
|
|
|
|
|
|
|
|
|
|
| Cash paid for interest (net
of capitalized interest of $1,696, |
|
|
|
|
|
|
|
|
|
|
|
| $3,274 and $6,221, respectively) |
$ |
104,582 |
|
|
$ |
87,594 |
|
|
$ |
74,996 |
|
|
|
| Cash paid (refunds) for income taxes |
$ |
10 |
|
|
$ |
(933 |
) |
|
$ |
27,361 |
|
|
|
See accompanying notes to consolidated financial statements. |
|
|
|
|
|
|
|
|
|
|
|
