XML 18 R8.htm IDEA: XBRL DOCUMENT v3.20.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities:    
Net income $ 227,419 $ 214,849
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 111,293 109,065
Amortization of deferred financing costs 4,946 6,006
Non-cash interest expense related to amortization of discount on equity component of exchangeable senior notes 2,442 2,347
Non-cash lease expense 430 0
Compensation expense related to stock-based awards 7,864 6,952
Gain on real estate transactions 0 (1,205)
Distributions from unconsolidated real estate ventures in excess of earnings 4,254 3,334
Changes in operating assets and liabilities:    
Other assets (10,185) 1,890
Accounts payable and accrued expenses 19,963 21,632
Other liabilities 23,647 (1,463)
Net cash provided by operating activities 392,073 363,407
Cash flows from investing activities:    
Acquisition of real estate assets (45,246) (248,808)
Development and redevelopment of real estate assets (29,991) (20,891)
Proceeds from sale of real estate assets 0 11,254
Investment in unconsolidated real estate entities (9,541) (31,344)
Return of investment in unconsolidated real estate ventures 0 3,982
Issuance of notes receivable (24,325) (152,599)
Purchase of equipment and fixtures (2,765) (2,023)
Net cash used in investing activities (111,868) (440,429)
Cash flows from financing activities:    
Proceeds from the sale of common stock, net of offering costs 0 98,796
Proceeds from notes payable and revolving lines of credit 594,000 757,000
Principal payments on notes payable and revolving lines of credit (566,689) (524,370)
Principal payments on notes payable to trusts 0 (30,928)
Deferred financing costs (12) (587)
Net proceeds from exercise of stock options 1,670 2,227
Repurchase of common stock (67,819) 0
Contributions from noncontrolling interests 68 50
Dividends paid on common stock (233,515) (225,095)
Distributions to noncontrolling interests (16,890) (17,117)
Net cash provided by (used in) financing activities (289,187) 59,976
Net decrease in cash, cash equivalents, and restricted cash (8,982) (17,046)
Cash, cash equivalents, and restricted cash, beginning of the period 70,733 72,690
Cash, cash equivalents, and restricted cash, end of the period 61,751 55,644
Supplemental schedule of cash flow information    
Interest paid 81,950 88,455
Income taxes paid 1,792 4,095
Redemption of Operating Partnership units held by noncontrolling interests for common stock    
Noncontrolling interests in Operating Partnership (4,005) (8,133)
Common stock and paid-in capital 4,005 8,133
Establishment of operating lease right of use assets and lease liabilities    
Real estate assets - operating lease right-of-use assets 6,779 225,017
Operating lease liabilities (6,779) (234,374)
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 912 1,368
Accounts payable and accrued expenses (912) (1,368)
Redemption of Preferred Operating Partnership units for common stock    
Noncontrolling interests in Operating Partnership (2,724) 0
Common stock and paid-in capital 2,724 0
Establishment of finance lease assets and lease liabilities    
Real estate assets, net 8,514 0
Other liabilities (8,514) 0
Preferred Operating Partnership Units [Abstract]    
Conversion Of Preferred Operating Units To Common Units 0 (4,374)
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 (28,022)
Value of Preferred Operating Partnership units issued $ 0 $ 28,022