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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities:      
Net income $ 32,397 $ 77,640 $ 251,491
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 194,573 175,977 203,866
Provision for impairment of investment properties 12,298 2,079 67,003
Gain on sales of investment properties (18,872) (37,211) (337,975)
Amortization of loan fees and debt premium and discount, net 2,863 3,416 7,655
Amortization of stock-based compensation 7,559 6,992 6,059
Premium paid in connection with defeasance of mortgages payable 0 0 59,968
Debt prepayment fees 8,151 5,791 8,498
Payment of leasing fees and inducements (10,436) (8,775) (15,981)
Changes in accounts receivable, net 4,830 (8,395) 962
Changes in right-of-use lease assets 1,923 0 0
Changes in accounts payable and accrued expenses, net 129 (6,398) 579
Changes in lease liabilities (630) 0 0
Changes in other operating assets and liabilities, net 2,935 (672) (1,770)
Other, net (6,229) (6,281) (2,839)
Net cash provided by operating activities 231,491 204,163 247,516
Cash flows from investing activities:      
Purchase of investment properties (29,891) (25,450) (200,755)
Capital expenditures and tenant improvements (75,597) (72,936) (73,750)
Proceeds from sales of investment properties 44,656 197,887 896,456
Investment in developments in progress (29,470) (12,226) (13,649)
Net cash (used in) provided by investing activities (90,302) 87,275 608,302
Cash flows from financing activities:      
Principal payments on mortgages payable (110,546) (81,788) (106,722)
Proceeds from unsecured notes payable 100,000 0 0
Proceeds from unsecured term loans 270,000 0 200,000
Repayments of unsecured term loans 0 (100,000) (100,000)
Proceeds from unsecured revolving line of credit 263,000 482,000 943,000
Repayments of unsecured revolving line of credit (518,000) (425,000) (813,000)
Payment of loan fees and deposits (2,519) (5,954) (10)
Debt prepayment fees (8,151) (5,791) (8,498)
Purchase of U.S. Treasury securities in connection with defeasance of mortgages payable 0 0 (439,403)
Redemption of preferred stock 0 0 (135,000)
Distributions paid (141,528) (145,333) (163,684)
Shares repurchased through common stock repurchase program 0 (74,952) (227,102)
Other, net 1,401 (1,354) (1,413)
Net cash used in financing activities (146,343) (358,172) (851,832)
Net (decrease) increase in cash, cash equivalents and restricted cash (5,154) (66,734) 3,986
Cash, cash equivalents and restricted cash, at beginning of year 19,601 86,335 82,349
Cash, cash equivalents and restricted cash, at end of year 14,447 19,601 86,335
Supplemental cash flow disclosure, including non-cash activities:      
Cash paid for interest, net of interest capitalized 74,154 70,564 78,327
Cash paid for amounts included in the measurement of operating lease liabilities 6,011 0 0
Distributions payable 35,387 35,387 36,311
Accrued capital expenditures and tenant improvements 7,477 16,007 7,902
Accrued leasing fees and inducements 1,903 530 547
Accrued redevelopment costs 2,185 41 750
Amounts reclassified into developments in progress 34,746 0 0
Developments in progress placed in service 1,377 11,997 0
Lease liabilities arising from obtaining right-of-use lease assets 103,840 0 0
Straight-line ground rent liabilities reclassified to right-of-use lease asset 31,030 0 0
Straight-line office rent liability reclassified to right-of-use lease asset 507 0 0
Acquired ground lease intangible liability reclassified to right-of-use lease asset 11,898 0 0
U.S. Treasury securities transferred in connection with defeasance of mortgages payable 0 0 439,403
Defeasance of mortgages payable 0 0 379,435
Purchase of investment properties (after credits at closing):      
Net investment properties (28,486) (25,450) (198,984)
Accounts receivable, acquired lease intangibles and other assets (1,792) 0 (15,451)
Accounts payable, acquired lease intangibles and other liabilities 387 0 11,156
Gain on exchange of investment property 0 0 2,524
Purchase of investment properties (after credits at closing) (29,891) (25,450) (200,755)
Proceeds from sales of investment properties:      
Net investment properties 30,119 156,248 556,129
Right-of-use lease assets 8,242 0 0
Accounts receivable, acquired lease intangibles and other assets 1,591 11,279 17,678
Lease liabilities (11,326) 0 0
Accounts payable, acquired lease intangibles and other liabilities (2,842) (6,851) (11,316)
Deferred gain 0 0 (1,486)
Gain on sales of investment properties, excluding gain on exchange of investment property 18,872 37,211 335,451
Proceeds from sales of investment properties 44,656 197,887 896,456
Reconciliation of cash, cash equivalents and restricted cash, at end of year:      
Cash and cash equivalents 9,989 14,722 25,185
Restricted cash (included within “Other assets, net”) 4,458 4,879 61,150
Cash, cash equivalents and restricted cash, at end of year $ 14,447 $ 19,601 $ 86,335