XML 21 R7.htm IDEA: XBRL DOCUMENT v3.10.0.1
Consolidated Statements Of Cash Flows
$ in Thousands
12 Months Ended
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Dec. 31, 2016
USD ($)
Restricted Cash and Cash Equivalents $ 12,635 $ 17,069 $ 9,744
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents 18,507 58,986 29,079
Operating activities:      
Net income 266,983 262,968 224,982
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Gain on Extinguishment of Debt 0 (977) 0
Impairment charges 27,283 10,195 0
Gain on sale of real estate (3,037) (41,942) (5,315)
Gain on insurance recovery 0 (606) (4,684)
Deferred income tax benefit (expense) 573 812 (1,065)
Non-cash fee income 0 0 (1,588)
gain on sale of investment in direct financing lease 5,514 0 0
Costs associated with loan refinancing or payoff 31,958 1,549 905
Equity in loss (income) from joint ventures 22 (72) (619)
Distributions from joint ventures 567 442 816
Depreciation and amortization 153,430 132,946 107,573
Amortization of deferred financing costs 5,797 6,167 4,787
Amortization of above/below-market leases and tenant allowances, net (581) (107) 183
Share-based compensation expense to management and trustees 15,111 14,142 11,164
Share-based compensation expense included in severance expense 3,218 0 0
(Increase) decrease in mortgage notes accrued interest receivable (517) 467 572
(Increase) decrease in accounts receivable, net (22,300) 8,866 (37,627)
Increase in direct financing lease receivable (563) (1,208) (3,255)
Increase in other assets (1,055) (1,691) (3,320)
Increase in accounts payable and accrued liabilities 4,979 260 17,025
Increase (decrease) in unearned rents and interest 7,974 6,061 (5,172)
Net cash provided by operating activities 484,328 398,272 305,362
Investing activities:      
Acquisition of rental properties and other assets (187,460) (397,556) (219,169)
Proceeds from Sale of Real Estate 22,134 191,569 23,860
Investment in unconsolidated joint ventures 29,473 0 0
Proceeds from settlement of derivative (30,796) 0 0
Investment in mortgage notes receivable (36,105) (133,697) (192,539)
Proceeds from mortgage note receivable paydown 335,168 21,784 72,072
Investment in promissory notes receivable 7,863 1,928 1,546
Proceeds from promissory note receivable paydown 7,500 1,599 0
Proceeds from sale of infrastructure related to issuance of revenue bonds 0 0 43,462
Proceeds from insurance recovery 0 606 4,610
Proceeds from Sale of Lease Receivables 43,447 0 20,951
Additions to properties under development (274,956) (384,449) (413,848)
Net cash used by investing activities (96,812) (702,072) (662,147)
Financing activities:      
Proceeds from long-term debt facilities 908,000 1,371,000 1,380,000
Principal payments on long-term debt (949,684) (823,288) (865,266)
Deferred financing fees paid (8,642) (14,318) (14,385)
Costs associated with loan refinancing or payoff (cash portion) (28,650) (7) (482)
Net proceeds from issuance of common shares 956 99,069 142,628
Proceeds from Issuance of Preferred Stock and Preference Stock 0 144,490 0
Payments for Repurchase of Redeemable Preferred Stock 0 125,025 0
Impact of stock option exercises, net (62) (5) (1,488)
Purchase of common shares for treasury (7,156) (6,729) (4,211)
Dividends paid to shareholders (342,315) (311,721) (265,662)
Net cash (used) provided by financing activities (427,553) 333,466 371,134
Effect of exchange rate changes on cash (442) 241 (131)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect (40,479) 29,907 14,218
Cash and cash equivalents at beginning of the year 41,917 19,335 4,283
Cash and cash equivalents at end of the year 5,872 41,917 19,335
Supplemental schedule of non-cash activity:      
Transfer of property under development to rental property 228,572 408,593 454,922
Issuance of nonvested shares and restricted share units at fair value, including nonvested shares issued for payment of bonuses 18,252 24,062 19,626
Conversion of mortgage note receivable to rental property 155,185 9,237 0
Conversion of rental property to mortgage note receivable 0 11,897 0
Stock Issued During Period, Value, Acquisitions 0 657,473 0
Assumption of liabilities net of accounts receivable for acquisition 0 12,083 0
Transfer of investment in a direct financing lease to rental properties 0 35,807 0
Sale of investment in direct financing leases, net in exchange for mortgage note receivable 0 0 70,304
Supplemental disclosure of cash flow information:      
Cash paid during the year for interest 145,559 136,345 96,410
Cash paid during the year for income taxes 1,363 1,499 1,684
Interest cost capitalized 9,903 9,879 10,697
Increase in accrued capital expenditures $ 32,993 $ 333 $ 6,035