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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Dec. 31, 2017
Cash flows from operating activities:          
Net income $ 10,882 $ 114,763 $ 52,662 $ 105,663  
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation and amortization     88,938 105,799  
Provision for impairment of investment properties 724 13,034 1,316 13,034  
Gain on sales of investment properties     (34,519) (157,792)  
Amortization of loan fees and debt premium and discount, net     1,780 5,871  
Amortization of stock-based compensation     3,729 3,549  
Premium paid in connection with defeasance of mortgages payable     0 59,968  
Debt prepayment fees     974 4,545  
Payment of leasing fees and inducements     (3,652) (9,757)  
Changes in accounts receivable, net     (1,520) 4,094  
Changes in accounts payable and accrued expenses, net     (19,554) (15,577)  
Changes in other operating assets and liabilities, net     3,287 11,383  
Other, net     (4,738) (63)  
Net cash provided by operating activities     88,703 130,717  
Cash flows from investing activities:          
Purchase of investment properties     0 (99,434)  
Capital expenditures and tenant improvements     (32,961) (31,629)  
Proceeds from sales of investment properties     187,125 404,996  
Investment in developments in progress     (6,933) (8,612)  
Net cash provided by investing activities     147,231 265,321  
Cash flows from financing activities:          
Principal payments on mortgages payable     (12,818) (38,571)  
Proceeds from unsecured term loans     0 200,000  
Repayments of unsecured term loans     100,000 0  
Proceeds from unsecured revolving line of credit     196,000 474,000  
Repayments of unsecured revolving line of credit     (286,000) (378,000)  
Payment of loan fees and deposits     (5,393) (10)  
Debt prepayment fees     (974) (4,545)  
Purchase of U.S. Treasury securities in connection with defeasance of mortgages payable     0 (439,403)  
Distributions paid     (72,658) (83,182)  
Shares repurchased through share repurchase program     0 (75,697)  
Other, net     (1,405) (1,333)  
Net cash used in financing activities     (283,248) (346,741)  
Net (decrease) increase in cash, cash equivalents and restricted cash     (47,314) 49,297  
Cash, cash equivalents and restricted cash, at beginning of period     86,335 82,349 $ 82,349
Cash, cash equivalents and restricted cash, at end of period 39,021 131,646 39,021 131,646 86,335
Supplemental cash flow disclosure, including non-cash activities:          
Cash paid for interest, net of interest capitalized     34,179 41,017  
Distributions payable 36,363 38,318 36,363 38,318 36,311
Accrued capital expenditures and tenant improvements     7,550 6,089  
Accrued leasing fees and inducements     761 840  
Accrued redevelopment costs     1,074 1,019  
Developments in progress placed in service     9,355 0  
U.S. Treasury securities transferred in connection with defeasance of mortgages payable     0 439,403  
Defeasance of mortgages payable     0 379,435  
Purchase of investment properties (after credits at closing):          
Net investment properties     0 (101,307)  
Accounts receivable, acquired lease intangibles and other assets     0 (7,659)  
Accounts payable, acquired lease intangibles and other liabilities     0 7,008  
Deferred gain     0 2,524  
Purchase of investment properties (after credits at closing)     0 (99,434)  
Proceeds from sales of investment properties:          
Net investment properties     148,448 245,853  
Accounts receivable, acquired lease intangibles and other assets     10,999 8,280  
Accounts payable, acquired lease intangibles and other liabilities     (6,841) (6,253)  
Deferred gain     0 (676)  
Gain on sales of investment properties     34,519 157,792  
Proceeds from sales of investment properties     187,125 404,996  
Reconciliation of cash, cash equivalents and restricted cash reported on the Company’s condensed consolidated balance sheets to such amounts shown in the Company’s condensed consolidated statements of cash flows:          
Cash and cash equivalents, at beginning of period     25,185 53,119 53,119
Restricted cash, at beginning of period (included in “Other assets, net”)     61,150 29,230 29,230
Cash, cash equivalents and restricted cash, at beginning of period     86,335 82,349 82,349
Cash and cash equivalents, at end of period 29,125 28,003 29,125 28,003 25,185
Restricted cash, at end of period (included in “Other assets, net”) 9,896 103,643 9,896 103,643 61,150
Cash, cash equivalents and restricted cash, at end of period $ 39,021 $ 131,646 $ 39,021 $ 131,646 $ 86,335