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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Cash flows from operating activities:      
Net income $ 447,080 $ 514,222 $ 397,089
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 209,050 193,296 182,560
Amortization of deferred financing costs 14,286 12,289 12,922
Non-cash interest expense related to amortization of discount on equity component of exchangeable senior notes 4,687 5,103 4,980
Non-cash interest expense related to amortization of premium on notes payable 0 0 (872)
Compensation expense related to stock-based awards 11,176 9,561 8,045
Gain on sale of real estate assets and purchase of joint venture partners' interests 0 0 (69,199)
Gain on real estate transactions, earnout on prior acquisitions and impairment of real estate (30,807) (112,789) (8,465)
Distributions from unconsolidated real estate ventures in excess of earnings 6,867 4,567 3,534
Changes in operating assets and liabilities:      
Other assets (1,664) (12,728) (1,614)
Accounts payable and accrued expenses 2,736 (10,515) 10,075
Other liabilities 14,384 (5,631) 208
Net cash provided by operating activities 677,795 597,375 539,263
Cash flows from investing activities:      
Acquisition of real estate assets (426,388) (653,185) (1,086,523)
Development and redevelopment of real estate assets (60,677) (31,746) (23,279)
Proceeds from sale of real estate assets, investments in real estate ventures and other assets 52,458 312,165 60,813
Investment in unconsolidated real estate ventures (65,500) (17,944) (28,241)
Return of investment in unconsolidated real estate ventures 49,130 581 16,953
Issuance of notes receivable (13,850) 0 (26,429)
Principal payments received from notes receivable 25,226 44,869 42,785
Purchase of equipment and fixtures (4,297) (7,819) (4,968)
Net cash used in investing activities (443,898) (353,079) (1,048,889)
Cash flows from financing activities:      
Proceeds from the sale of common stock, net of offering costs 90,231 0 123,424
Proceeds from notes payable and revolving lines of credit 1,413,030 1,325,623 1,900,357
Principal payments on notes payable and revolving lines of credit (1,109,854) (1,088,679) (1,122,442)
Principal payments on notes payable to trusts (88,662) 0 0
Deferred financing costs (12,302) (6,967) (17,486)
Repurchase of exchangeable senior notes (80,270) (19,916) (22,195)
Net proceeds from exercise of stock options 1,169 1,266 1,444
Proceeds from termination of interest rate cap 0 0 1,650
Payment of earnout from prior acquisition 0 0 (4,600)
Redemption of Operating Partnership units held by noncontrolling interests (2,558) (2,510) (506)
Contributions from noncontrolling interests 122 201 0
Dividends paid on common stock (424,907) (393,040) (367,818)
Distributions to noncontrolling interests (33,250) (31,972) (30,997)
Net cash (used in) provided by financing activities (247,251) (215,994) 460,831
Net increase (decrease) in cash, cash equivalents, and restricted cash (13,354) 28,302 (48,795)
Cash, cash equivalents, and restricted cash, beginning of the period 86,044 57,742 106,537
Cash, cash equivalents, and restricted cash end of the period 72,690 86,044 57,742
Supplemental schedule of cash flow information      
Interest paid 159,474 136,202 122,265
Income taxes paid 730 5,648 14,864
Redemption of Operating Partnership units held by noncontrolling interests for common stock      
Common stock and paid-in capital 1,337 0 577
Tax effect from vesting of restricted stock grants and option exercises      
Other assets 0 0 2,404
Additional paid-in capital 0 0 (2,404)
Acquisitions of real estate assets      
Real estate assets 457,617 627,462  
Notes payable assumed (87,500) (24,055)  
Investment in unconsolidated real estate ventures     0
Accrued construction costs and capital expenditures      
Acquisition of real estate assets 778 3,509 8,497
Development and redevelopment of real estate assets 554 1,703 125
Accounts payable and accrued expenses (1,332) (5,212) (8,622)
Distribution of real estate from investments in unconsolidated real estate ventures      
Real estate assets, net 0 0 25,055
Investments in unconsolidated real estate ventures 0 0 (25,055)
Disposition of real estate assets      
Real estate assets, net 0 0 (7,869)
Issuance of Preferred OP Units for additional investment in unconsolidated real estate venture      
Preferred OP Units issued 0 (4,351) 0
Investment in unconsolidated real estate ventures 0 4,351 0
Acquisitions of real estate assets      
Acquisitions of real estate assets      
Real estate assets 88,842 51,455 84,163
Value of Operating Partnership units issued (1,877) (14,428) (74,440)
Notes payable assumed (87,500) (24,055) (9,723)
Investment in unconsolidated real estate ventures 535 (12,957)  
Other noncontrolling interests 0 (15) 0
Operating Partnership units redeemed      
Redemption of Operating Partnership units held by noncontrolling interests for common stock      
Noncontrolling interests in Operating Partnership (1,337) 0 (577)
Disposition of real estate assets      
Operating Partnership units redeemed 0 0 7,869
Acquisition of noncontrolling interests      
Acquisition of noncontrolling interests      
Operating Partnership units issued 0 0 (800)
Other noncontrolling interests 0 0 162
Additional paid-in capital $ 0 $ 0 $ 638