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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash flows from operating activities:    
Net income $ 116,162 $ 102,160
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 55,275 54,659
Amortization of deferred financing costs 2,830 3,034
Non-cash interest expense related to amortization of discount on equity component of exchangeable senior notes 1,209 1,162
Non-cash lease expense 353 0
Compensation expense related to stock-based awards 2,980 2,954
Distributions from unconsolidated real estate ventures in excess of earnings 2,539 1,732
Changes in operating assets and liabilities:    
Other assets 2,490 (305)
Accounts payable and accrued expenses 3,727 6,418
Other liabilities 1,691 (2,475)
Net cash provided by operating activities 189,256 169,339
Cash flows from investing activities:    
Acquisition of real estate assets (30,164) (212,552)
Development and redevelopment of real estate assets (15,373) (15,846)
Investment in unconsolidated real estate entities (6,441) (17,395)
Issuance of notes receivable (7,500) 0
Purchase of equipment and fixtures (1,095) (1,182)
Net cash used in investing activities (60,573) (246,975)
Cash flows from financing activities:    
Proceeds from notes payable and revolving lines of credit 268,000 424,000
Principal payments on notes payable and revolving lines of credit (192,508) (225,020)
Principal payments on notes payable to trusts 0 (30,928)
Deferred financing costs (16) (100)
Net proceeds from exercise of stock options 944 1,757
Repurchase of common stock (52,204) 0
Dividends paid on common stock (117,197) (109,523)
Distributions to noncontrolling interests (8,505) (8,412)
Net cash provided by (used in) financing activities (101,486) 51,774
Net increase (decrease) in cash, cash equivalents, and restricted cash 27,197 (25,862)
Cash, cash equivalents, and restricted cash, beginning of the period 70,733 72,690
Cash, cash equivalents, and restricted cash, end of the period 97,930 46,828
Supplemental schedule of cash flow information    
Interest paid 41,013 45,165
Income taxes paid 976 (177)
Redemption of Operating Partnership units held by noncontrolling interests for common stock    
Noncontrolling interests in Operating Partnership (330) (3,310)
Common stock and paid-in capital 330 3,310
Establishment of operating lease right of use assets and lease liabilities    
Real estate assets - operating lease right-of-use assets 0 95,506
Operating lease liabilities 0 (104,863)
Accounts payable and accrued expenses 0 9,357
Acquisitions of real estate assets    
Real estate assets, net 0 19,937
Notes payable assumed 0 (17,157)
Investment in unconsolidated real estate ventures 0 (2,780)
Accrued construction costs and capital expenditures    
Acquisition of real estate assets 960 780
Accounts payable and accrued expenses (960) (780)
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 0 23,447
Value of Preferred Operating Partnership units issued $ 0 $ (23,447)