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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash flows from operating activities:    
Net income $ 95,430 $ 89,734
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 51,749 49,432
Amortization of deferred financing costs 3,021 3,103
Non-cash interest expense related to amortization of discount on equity component of exchangeable senior notes 1,209 1,269
Compensation expense related to stock-based awards 2,726 1,990
Distributions from unconsolidated real estate ventures in excess of earnings 1,501 1,123
Changes in operating assets and liabilities:    
Other assets (737) 2,898
Accounts payable and accrued expenses 10,434 (30,069)
Other liabilities 6,275 (6,359)
Net cash provided by operating activities 171,608 113,121
Cash flows from investing activities:    
Acquisition of real estate assets (76,122) (39,136)
Development and redevelopment of real estate assets (11,106) (5,246)
Proceeds from sale of real estate assets, investments in real estate ventures and other assets 753 0
Investment in unconsolidated real estate ventures (438) (1,519)
Return of investment in unconsolidated real estate ventures 47,944 581
Principal payments received from notes receivable 9,172 44,869
Purchase of equipment and fixtures (1,131) (1,292)
Net cash used in investing activities (30,928) (1,743)
Cash flows from financing activities:    
Proceeds from notes payable and revolving lines of credit 162,000 169,000
Principal payments on notes payable and revolving lines of credit (168,204) (187,916)
Deferred financing costs (117) (253)
Repurchase of exchangeable senior notes (58,464) 0
Net proceeds from exercise of stock options 799 0
Redemption of Operating Partnership units held by noncontrolling interests (2,558) (1,754)
Contributions from noncontrolling interests 120 0
Dividends paid on common stock (98,327) (98,212)
Distributions to noncontrolling interests (7,909) (8,443)
Net cash used in financing activities (172,660) (127,578)
Net decrease in cash, cash equivalents, and restricted cash (31,980) (16,200)
Cash, cash equivalents, and restricted cash, beginning of the period 86,044 57,742
Cash, cash equivalents, and restricted cash, end of the period 54,064 41,542
Supplemental schedule of cash flow information    
Interest paid 37,007 37,570
Income taxes paid 492 5,059
Acquisitions of real estate assets    
Real estate assets, net 70,787 25,556
Investment in unconsolidated real estate ventures (489) 0
Accrued construction costs and capital expenditures    
Acquisition of real estate assets 526 4,797
Development and redevelopment of real estate assets 1,381 990
Accounts payable and accrued expenses (1,907) (5,787)
Acquisitions of real estate assets    
Acquisitions of real estate assets    
Real estate assets, net $ 489 $ 0