XML 89 R8.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities:      
Net income $ 451,123 $ 447,080 $ 514,222
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 219,857 209,050 193,296
Amortization of deferred financing costs 11,989 14,286 12,289
Non-cash interest expense related to amortization of discount on equity component of exchangeable senior notes 4,742 4,687 5,103
Non-cash lease expense 1,064    
Compensation expense related to stock-based awards 13,051 11,176 9,561
Gain on real estate transactions and impairment of real estate (1,205) (30,807) (112,789)
Distributions from unconsolidated real estate ventures in excess of earnings 6,358 6,867 4,567
Changes in operating assets and liabilities:      
Other assets (12,482) (1,664) (12,728)
Accounts payable and accrued expenses 15,522 2,736 (10,515)
Other liabilities (2,333) 14,384 (5,631)
Net cash provided by operating activities 707,686 677,795 597,375
Cash flows from investing activities:      
Acquisition of real estate assets (349,494) (426,388) (653,185)
Development and redevelopment of real estate assets (53,717) (60,677) (31,746)
Proceeds from sale of real estate assets 11,254 52,458 312,165
Investment in unconsolidated real estate entities (197,759) (65,500) (17,944)
Return of investment in unconsolidated real estate ventures 3,982 49,130 581
Issuance of notes receivable (185,993) (13,850) 0
Principal payments received from notes receivable 157,861 25,226 44,869
Purchase of equipment and fixtures (7,764) (4,297) (7,819)
Net cash used in investing activities (621,630) (443,898) (353,079)
Cash flows from financing activities:      
Proceeds from the sale of common stock, net of offering costs 198,827 90,231 0
Proceeds from notes payable and revolving lines of credit 2,214,000 1,413,030 1,325,623
Principal payments on notes payable and revolving lines of credit (1,977,805) (1,109,854) (1,088,679)
Principal payments on notes payable to trusts (30,928) (88,662) 0
Deferred financing costs (2,986) (12,302) (6,967)
Repurchase of exchangeable senior notes 0 (80,270) (19,916)
Net proceeds from exercise of stock options 3,063 1,169 1,266
Redemption of Operating Partnership units held by noncontrolling interests 0 (2,558) (2,510)
Contributions from noncontrolling interests 173 122 201
Dividends paid on common stock (458,114) (424,907) (393,040)
Distributions to noncontrolling interests (34,243) (33,250) (31,972)
Net cash used in financing activities (88,013) (247,251) (215,994)
Net increase (decrease) in cash, cash equivalents, and restricted cash (1,957) (13,354) 28,302
Cash, cash equivalents, and restricted cash, beginning of the period 72,690 86,044 57,742
Cash, cash equivalents, and restricted cash, end of the period 70,733 72,690 86,044
Supplemental schedule of cash flow information      
Interest paid 174,155 159,474 136,202
Income taxes paid 10,359 730 5,648
Redemption of Operating Partnership units held by noncontrolling interests for common stock      
Noncontrolling interests in Operating Partnership (13,057) (1,337)  
Common stock and paid-in capital 13,057 1,337  
Establishment of operating lease right of use assets and lease liabilities      
Real estate assets - operating lease right-of-use assets 277,557    
Operating lease liabilities (286,914)    
Accounts payable and accrued expenses 9,357    
Acquisitions of real estate assets      
Real estate assets, net 21,066 88,842 51,455
Value of Operating Partnership units issued   (1,877) (14,428)
Notes payable assumed (17,157) (87,500) (24,055)
Investment in unconsolidated real estate ventures (2,780) 535 (12,957)
Other noncontrolling interests     (15)
Net liabilities assumed (1,129)    
Accrued construction costs and capital expenditures      
Acquisition of real estate assets 2,203 778 3,509
Development and redevelopment of real estate assets 1,601 554 1,703
Accounts payable and accrued expenses (3,804) (1,332) (5,212)
Contribution/Issuance of Preferred OP Units for additional investment in unconsolidated real estate venture      
Investments in unconsolidated real estate ventures (28,022)    
Preferred OP Units issued (28,022)   (4,351)
Investment in unconsolidated real estate ventures     $ 4,351
Conversion of Preferred OP Units to common OP Units      
Preferred OP Units 4,374 6,851  
Common OP Units $ (4,374) $ (6,851)