XML 59 R7.htm IDEA: XBRL DOCUMENT v3.3.0.814
Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Net Income (Loss) Available to Common Stockholders, Diluted $ 123,927 $ 109,141
Operating activities:    
Net income 141,782 126,997
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Provision for loan loss 0 3,777
Income from discontinued operations (199) (3,384)
Gain on sale of real estate (23,829) (330)
Deferred income tax expense 229 1,612
gain on sale of investment in a direct financing lease 0 220
Costs associated with loan refinancing or payoff 261 0
Equity in income from joint ventures 701 878
Distributions from joint ventures 0 810
Depreciation and amortization 64,702 48,750
Amortization of deferred financing costs 3,425 3,158
Amortization of above and below Market Leases 145 144
Share-based compensation expense to management and trustees 6,218 6,984
Share-based compensation expense included in retirement severance expense 6,377 0
Decrease (increase) in restricted cash 94 (1,490)
Increase in mortgage notes accrued interest receivable (5,465) (2,323)
Increase in accounts receivable, net (8,326) (2,585)
Increase in direct financing lease receivable (2,708) (2,211)
Increase in other assets (2,401) (4,025)
Decrease in accounts payable and accrued liabilities (2,694) (8,095)
Increase in unearned rents and interest 7,398 1,408
Net operating cash provided by continuing operations 184,308 168,099
Net operating cash provided by discontinued operations 514 109
Net cash provided by operating activities 184,822 168,208
Investing activities:    
Acquisition of rental properties and other assets 136,029 56,385
Proceeds from sale of real estate 45,992 3,647
Proceeds from settlement of derivative 0 (5,725)
Investment in mortgage notes receivable (62,936) (57,922)
Proceeds from mortgage note receivable paydown 975 317
Investment in promissory notes receivable 0 4,387
Proceeds from Sale of Lease Receivables 4,741 46,092
Additions to properties under development (324,859) (256,528)
Net cash used by investing activities (472,116) (319,441)
Financing activities:    
Proceeds from long-term debt facilities 803,914 265,000
Principal payments on long-term debt (413,069) (220,566)
Deferred financing fees paid (6,952) (808)
Net proceeds from issuance of common shares 99,760 264,008
Impact of stock option exercises, net (3,192) (27)
Purchase of common shares for treasury (8,222) (2,892)
Dividends paid to shareholders (172,926) (152,874)
Net cash provided by financing activities 299,313 151,841
Effect of exchange rate changes on cash (741) (180)
Net increase in cash and cash equivalents 11,278 428
Cash and cash equivalents at beginning of the year 3,336 7,958
Cash and cash equivalents at end of the year 14,614 8,386
Supplemental schedule of non-cash activity:    
Transfer of property under development to rental property 307,004 152,504
Transfer of land held for development to property under development 167,600 0
Acquisition of real estate in exchange for assumption of debt at fair value 0 101,441
Issuance of nonvested shares and restricted share units at fair value, including nonvested shares issued for payment of bonuses 14,285 15,525
Conversion of mortgage note receivable to rental property 120,051 0
Supplemental disclosure of cash flow information:    
Cash paid during the year for interest 76,435 76,836
Cash paid during the period for income taxes 1,286 234
Interest cost capitalized 14,265 4,982
Increase in accrued capital expenditures $ 13,293 $ 11,385