XML 18 R8.htm IDEA: XBRL DOCUMENT v3.5.0.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Cash flows from operating activities:    
Net income $ 306,673 $ 197,792
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 133,402 92,691
Amortization of deferred financing costs 9,388 4,876
Non-cash interest expense related to amortization of discount on equity component of exchangeable senior notes 3,716 2,198
Non-cash interest expense related to amortization of premium on notes payable (828) (2,046)
Compensation expense related to stock-based awards 6,008 4,385
Gain on sale of real estate assets and purchase of joint venture partners' interests (64,432) (2,857)
Gain on real estate transactions and earnout from prior acquisition (9,814) (1,501)
Distributions from unconsolidated real estate ventures in excess of earnings 3,071 4,020
Changes in operating assets and liabilities:    
Receivables from related parties and affiliated real estate joint ventures 923 (2,247)
Other assets (16,059) (20,022)
Accounts payable and accrued expenses 10,938 10,782
Other liabilities 3,173 (1,790)
Net cash provided by operating activities 386,159 286,281
Cash flows from investing activities:    
Acquisition of real estate assets (763,246) (263,404)
Development and redevelopment of real estate assets (18,492) (15,137)
Proceeds from sale of real estate assets 56,786 800
Change in restricted cash 14,296 (203,384)
Investment in unconsolidated real estate ventures (25,690) (549)
Return of investment in unconsolidated real estate ventures 11,991 61
Purchase/issuance of notes receivable (18,530) 0
Principal payments received from notes receivable 41,393 0
Purchase of equipment and fixtures (2,818) (4,821)
Net cash used in investing activities (704,310) (486,434)
Cash flows from financing activities:    
Proceeds from the sale of common stock, net of offering costs 123,423 446,909
Net proceeds from the issuance of exchangeable senior notes 0 563,500
Repurchase of exchangeable senior notes (22,192) (227,212)
Proceeds from notes payable and lines of credit 1,026,975 1,718,753
Principal payments on notes payable and lines of credit (565,541) (1,016,064)
Deferred financing costs (6,700) (5,138)
Net proceeds from exercise of stock options 312 1,424
Proceeds from termination of interest rate cap 1,650 0
Payment of earnout from prior acquisition (4,600) 0
Dividends paid on common stock (269,630) (196,076)
Distributions to noncontrolling interests (22,653) (18,074)
Net cash provided by financing activities 261,044 1,268,022
Net decrease in cash and cash equivalents (57,107) 1,067,869
Cash and cash equivalents, beginning of the period 75,799 47,663
Cash and cash equivalents, end of the period 18,692 1,115,532
Supplemental schedule of cash flow information    
Interest paid 94,585 60,040
Income taxes paid 10,813 1,555
Redemption of Operating Partnership units held by noncontrolling interests for common stock:    
Noncontrolling interests in Operating Partnership (839) (150)
Common stock and paid-in capital 839 150
Tax effect from vesting of restricted stock grants and option exercises:    
Other assets 1,322 1,563
Additional paid-in capital (1,322) (1,563)
Acquisitions of real estate assets:    
Operating Partnership units issued (56,237)  
Accrued construction costs and capital expenditures:    
Acquisition of real estate assets 8,839 0
Accounts payable and accrued expenses (8,839) 0
Distribution of real estate from investments in unconsolidated real estate ventures:    
Real estate assets, net 21,587 0
Investments in unconsolidated real estate ventures (21,587) 0
Disposition of real estate assets:    
Real estate assets, net (7,689) 0
Redemption of Operating Partnership Units [Member]    
Disposition of real estate assets:    
Operating Partnership units redeemed 7,689 0
Acquisitions Of Real Estate [Member]    
Acquisitions of real estate assets:    
Real estate assets, net 65,960 122,132
Operating Partnership units issued (56,237) (106,522)
Notes payable assumed (9,723) 0
Receivables from related parties and affiliated real estate joint ventures 0 (15,610)
Acquisition Of Other Noncontrolling Interests [Member]    
Acquisition of other noncontrolling interests:    
Operating Partnership units issued (800) 0
Other noncontrolling interests 162 0
Additional paid-in capital $ 638 $ 0