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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2019
Mar. 31, 2019
Sep. 30, 2018
Mar. 31, 2018
Sep. 30, 2019
Sep. 30, 2018
Dec. 31, 2018
Cash flows from operating activities:              
Net income $ 115,995 $ 102,160 $ 139,687 $ 95,430 $ 330,844 $ 337,830  
Adjustments to reconcile net income to net cash provided by operating activities:              
Depreciation and amortization 56,051   52,283   165,116 155,924  
Amortization of deferred financing costs         8,912 9,230  
Non-cash interest expense related to amortization of discount on equity component of exchangeable senior notes         3,533 3,525  
Compensation expense related to stock-based awards         9,987 8,455  
Gain on real estate transactions         (1,205) (30,807)  
Distributions from unconsolidated real estate ventures in excess of earnings         4,752 5,235  
Changes in operating assets and liabilities:              
Other assets         (11,153) (639)  
Accounts payable and accrued expenses         29,310 27,677  
Other liabilities         4,370 12,597  
Net cash provided by operating activities         544,466 529,027  
Cash flows from investing activities:              
Acquisition of real estate assets         (287,114) (327,011)  
Development and redevelopment of real estate assets         (34,413) (45,376)  
Proceeds from sale of real estate assets, investments in real estate ventures and other assets         11,254 51,889  
Investment in unconsolidated real estate ventures         (33,661) (52,806)  
Return of investment in unconsolidated real estate ventures         3,982 47,964  
Issuance of notes receivable         (162,677) (13,889)  
Principal payments received from notes receivable         151,211 25,226  
Purchase of equipment and fixtures         (4,959) (3,026)  
Net cash used in investing activities         (356,377) (317,029)  
Cash flows from financing activities:              
Proceeds from the sale of common stock, net of offering costs         198,852 33,780  
Proceeds from notes payable and revolving lines of credit         1,508,000 973,386  
Principal payments on notes payable and revolving lines of credit         (1,503,686) (787,939)  
Principal payments on notes payable to trusts         (30,928) (21,650)  
Deferred financing costs         (2,008) (7,055)  
Repurchase of exchangeable senior notes         0 (80,270)  
Net proceeds from exercise of stock options         2,830 1,170  
Redemption of Operating Partnership units held by noncontrolling interests         0 (2,558)  
Contributions from noncontrolling interests         146 122  
Dividends paid on common stock         (341,535) (315,608)  
Distributions to noncontrolling interests         (25,735) (24,837)  
Net cash used in financing activities         (194,064) (231,459)  
Net decrease in cash, cash equivalents, and restricted cash         (5,975) (19,461)  
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 66,715   66,583   66,715 66,583 $ 72,690
Supplemental schedule of cash flow information              
Interest paid         136,563 117,627  
Income taxes paid         6,197 803  
Redemption of Operating Partnership units held by noncontrolling interests for common stock              
Common stock and paid-in capital         9,258 955  
Establishment of operating lease right of use assets and lease liabilities              
Real estate assets - operating lease right-of-use assets 52,413       277,430    
Operating lease liabilities         (286,787)    
Accounts payable and accrued expenses         9,357    
Acquisitions of real estate assets              
Real estate assets, net 16,937 223,740 74,694 70,787 249,101 382,765  
Notes payable assumed 0 (17,157) 0 0 (17,157) (87,500)  
Investment in unconsolidated real estate ventures $ 0 $ 2,780 $ 0 $ 489 2,780 (535)  
Accrued construction costs and capital expenditures              
Acquisition of real estate assets         1,292 275  
Accounts payable and accrued expenses         (1,292) (275)  
Conversion of Preferred OP Units to common OP Units              
Preferred OP Units         4,374 0  
Common OP 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         (9,258) (955)  
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 OP Units to unconsolidated real estate venture              
Contribution of Preferred OP 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