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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Dec. 31, 2018
Cash flows from operating activities:      
Net income $ 102,160 $ 95,430  
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 54,659 51,749  
Amortization of deferred financing costs 3,034 3,021  
Non-cash interest expense related to amortization of discount on equity component of exchangeable senior notes 1,162 1,209  
Compensation expense related to stock-based awards 2,954 2,726  
Distributions from unconsolidated real estate ventures in excess of earnings 1,732 1,501  
Changes in operating assets and liabilities:      
Other assets (305) (737)  
Accounts payable and accrued expenses 6,418 10,434  
Other liabilities (2,475) 6,275  
Net cash provided by operating activities 169,339 171,608  
Cash flows from investing activities:      
Acquisition of real estate assets (212,552) (76,122)  
Development and redevelopment of real estate assets (15,846) (11,106)  
Proceeds from sale of real estate assets, investments in real estate ventures and other assets 0 753  
Investment in unconsolidated real estate ventures (17,395) (438)  
Return of investment in unconsolidated real estate ventures 0 47,944  
Principal payments received from notes receivable 0 9,172  
Purchase of equipment and fixtures (1,182) (1,131)  
Net cash used in investing activities (246,975) (30,928)  
Cash flows from financing activities:      
Proceeds from notes payable and revolving lines of credit 424,000 162,000  
Principal payments on notes payable and revolving lines of credit (225,020) (168,204)  
Principal payments on notes payable to trusts (30,928) 0  
Deferred financing costs (100) (117)  
Repurchase of exchangeable senior notes 0 (58,464)  
Net proceeds from exercise of stock options 1,757 799  
Redemption of Operating Partnership units held by noncontrolling interests 0 (2,558)  
Contributions from noncontrolling interests 0 120  
Dividends paid on common stock (109,523) (98,327)  
Distributions to noncontrolling interests (8,412) (7,909)  
Net cash provided by (used in) financing activities 51,774 (172,660)  
Net decrease in cash, cash equivalents, and restricted cash (25,862) (31,980)  
Cash, cash equivalents, and restricted cash, beginning of the period 72,690 86,044 $ 86,044
Cash, cash equivalents, and restricted cash, end of the period 46,828 54,064 $ 72,690
Supplemental schedule of cash flow information      
Interest paid 45,165 37,007  
Income taxes paid (received) (177) 492  
Redemption of Operating Partnership units held by noncontrolling interests for common stock      
Common stock and paid-in capital 3,310 0  
Establishment of operating lease right-of-use assets and lease liabilities      
Real estate assets - operating lease right-of-use assets 95,506 0  
Operating lease liabilities (104,863) 0  
Accounts payable and accrued expenses 9,357 0  
Acquisitions of real estate assets      
Real estate assets, net 223,740 70,787  
Notes payable assumed (17,157) 0  
Accrued construction costs and capital expenditures      
Acquisition of real estate assets 780 526  
Development and redevelopment of real estate assets 0 1,381  
Accounts payable and accrued expenses (780) (1,907)  
Redemption of Operating Partnership units held by noncontrolling interests for common stock      
Redemption of Operating Partnership units held by noncontrolling interests for common stock      
Noncontrolling interests in Operating Partnership (3,310) 0  
Acquisitions of real estate assets      
Acquisitions of real estate assets      
Real estate assets, net 19,937 489  
Notes payable assumed (17,157) 0  
Investment in unconsolidated real estate ventures (2,780) (489)  
Contribution of Preferred OP Units to unconsolidated real estate venture      
Contribution of Preferred OP Units to unconsolidated real estate venture      
Investments in unconsolidated real estate ventures 23,447 0  
Value of Preferred Operating Partnership units issued $ (23,447) $ 0