XML 18 R8.htm IDEA: XBRL DOCUMENT v3.19.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2019
Mar. 31, 2019
Jun. 30, 2018
Mar. 31, 2018
Jun. 30, 2019
Jun. 30, 2018
Dec. 31, 2018
Cash flows from operating activities:              
Net income $ 112,689 $ 102,160 $ 102,713 $ 95,430 $ 214,849 $ 198,143  
Adjustments to reconcile net income to net cash provided by operating activities:              
Depreciation and amortization 54,406   51,892   109,065 103,641  
Amortization of deferred financing costs         6,006 6,064  
Non-cash interest expense related to amortization of discount on equity component of exchangeable senior notes         2,347 2,385  
Compensation expense related to stock-based awards         6,952 5,842  
Gain on real estate transactions         (1,205) 0  
Distributions from unconsolidated real estate ventures in excess of earnings         3,334 3,615  
Changes in operating assets and liabilities:              
Other assets         1,890 7,269  
Accounts payable and accrued expenses         21,632 7,888  
Other liabilities         (1,463) 4,895  
Net cash provided by operating activities         363,407 339,742  
Cash flows from investing activities:              
Acquisition of real estate assets         (248,808) (238,153)  
Development and redevelopment of real estate assets         (20,891) (27,893)  
Proceeds from sale of real estate assets, investments in real estate ventures and other assets         11,254 753  
Investment in unconsolidated real estate ventures         (31,344) (34,752)  
Return of investment in unconsolidated real estate ventures         3,982 47,944  
Issuance of notes receivable         (152,599) 0  
Principal payments received from notes receivable         0 25,226  
Purchase of equipment and fixtures         (2,023) (2,220)  
Net cash used in investing activities         (440,429) (229,095)  
Cash flows from financing activities:              
Proceeds from the sale of common stock, net of offering costs         98,796 0  
Proceeds from notes payable and revolving lines of credit         757,000 645,386  
Principal payments on notes payable and revolving lines of credit         (524,370) (487,016)  
Principal payments on notes payable to trusts         (30,928) 0  
Deferred financing costs         (587) (3,028)  
Repurchase of exchangeable senior notes         0 (58,469)  
Net proceeds from exercise of stock options         2,227 1,170  
Redemption of Operating Partnership units held by noncontrolling interests         0 (2,558)  
Contributions from noncontrolling interests         50 120  
Dividends paid on common stock         (225,095) (206,813)  
Distributions to noncontrolling interests         (17,117) (16,377)  
Net cash provided by (used in) financing activities         59,976 (127,585)  
Net decrease in cash, cash equivalents, and restricted cash         (17,046) (16,938)  
Cash, cash equivalents, and restricted cash, beginning of the period   72,690   86,044 72,690 86,044 $ 86,044
Cash, cash equivalents, and restricted cash, end of the period 55,644   69,106   55,644 69,106 $ 72,690
Supplemental schedule of cash flow information              
Interest paid         88,455 78,602  
Income taxes paid         4,095 1,836  
Redemption of Operating Partnership units held by noncontrolling interests for common stock              
Common stock and paid-in capital         8,133 383  
Establishment of operating lease right of use assets and lease liabilities              
Real estate assets - operating lease right-of-use assets 129,511       225,017 0  
Operating lease liabilities         (234,374) 0  
Accounts payable and accrued expenses         9,357 0  
Acquisitions of real estate assets              
Real estate assets, net 8,424 223,740 237,284 70,787 232,164 308,071  
Notes payable assumed $ 0 $ (17,157) $ (87,500) $ 0 (17,157) (87,500)  
Accrued construction costs and capital expenditures              
Acquisition of real estate assets         1,368 1,184  
Development and redevelopment of real estate assets         0 1,558  
Accounts payable and accrued expenses         (1,368) (2,742)  
Conversion of Preferred Operating Partnership Units to common Operating Partnership Units              
Preferred Operating Partnership Units         4,374 0  
Common Operating Partnership Units         (4,374) 0  
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         (8,133) (383)  
Acquisitions of real estate assets              
Acquisitions of real estate assets              
Real estate assets, net         19,937 88,842  
Value of Operating Partnership units issued         0 (1,877)  
Notes payable assumed         (17,157) (87,500)  
Investment in unconsolidated real estate ventures         (2,780) 535  
Contribution of Preferred Operating Partnership Units to unconsolidated real estate venture              
Contribution of Preferred Operating Partnership Units to unconsolidated real estate venture              
Investments in unconsolidated real estate ventures         (28,022) 0  
Value of Preferred Operating Partnership units issued         $ 28,022 $ 0