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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Operating Activities    
Net income $ 29,714 $ 32,788
Adjustments to reconcile net income to net cash provided by operating activities:    
Income from unconsolidated Funds (323) (1,551)
Depreciation and amortization 97,777 79,873
Net accretion of acquired lease intangibles (4,256) (4,120)
Straight-line rent 1,406 (4,369)
Write-off of uncollectible amounts 1,696 1,688
Deferred loan costs amortized and written off 1,876 1,917
Amortization of loan premium (215) (51)
Amortization of stock-based compensation 2,941 2,630
Operating distributions from unconsolidated Funds 394 1,551
Change in working capital components:    
Tenant receivables (2,195) (2,598)
Interest payable, accounts payable and deferred revenue 24,787 25,369
Security deposits (567) 69
Other assets 475 (707)
Net cash provided by operating activities 153,510 132,489
Investing Activities    
Capital expenditures for improvements to real estate (32,530) (46,498)
Capital expenditures for developments (25,883) (17,565)
Acquisition of additional interests in unconsolidated Fund (6,591) 0
Capital distributions from unconsolidated Funds 219 2,225
Net cash used in investing activities (64,785) (61,838)
Financing Activities    
Proceeds from borrowings 30,000 72,318
Repayment of borrowings (30,185) (77,495)
Loan cost payments (247) (1,449)
Distributions paid to noncontrolling interests (18,366) (15,760)
Dividends paid to common stockholders (48,907) (44,263)
Repurchase of OP Units (7) (507)
Net cash used in financing activities (67,712) (67,156)
Increase in cash and cash equivalents and restricted cash 21,013 3,495
Cash and cash equivalents and restricted cash - beginning balance 153,804 146,348
Cash and cash equivalents and restricted cash - ending balance 174,817 149,843
Operating Activities    
Cash paid for interest, net of capitalized interest 33,738 31,060
Capitalized interest paid 881 838
Non-cash Investing Transactions    
Accrual for real estate and development capital expenditures 34,916 17,070
Capitalized stock-based compensation for improvements to real estate and developments 859 670
Removal of fully depreciated and amortized tenant improvements and lease intangibles 19,887 16,805
Removal of fully amortized acquired lease intangible assets 88 1,786
Removal of fully accreted acquired lease intangible liabilities 1,284 873
Recognition of ground lease right-of-use asset - Adoption of ASU 2016-02 0 10,887
Above-market ground lease intangible liability offset against right-of-use asset - Adoption of ASU 2016-02 0 3,408
Recognition of ground lease liability - Adoption of ASU 2016-02 0 10,887
Non-cash Financing Transactions    
Loss recorded in AOCI - derivatives (206,597) (21,563)
Accrual for deferred loan costs 72 0
Dividends declared 48,909 44,262
Exchange of OP Units for common stock 90 363
Unconsolidated Funds    
Non-cash Financing Transactions    
Loss recorded in AOCI - derivatives $ (370) $ (2,405)