XML 23 R7.htm IDEA: XBRL DOCUMENT v3.21.2
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash Flows From Operating Activities    
Net income (loss) $ 1,220 $ (11,330)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 89,545 98,876
Impairment charges 0 4,101
Amortization of non-cash items within interest expense 5,398 4,233
Amortization of acquired above- and below-market leases, net (1,371) (2,274)
Amortization of acquired below-market ground leases 3,916 3,916
Straight-lining of rental revenue (10,110) (5,483)
Equity based compensation 10,038 14,670
Settlement of derivative contract 0 (20,281)
Loss on early extinguishment of debt 214 86
Increase (decrease) in cash flows due to changes in operating assets and liabilities:    
Security deposits (4,523) 20,570
Tenant and other receivables 2,303 (4,378)
Deferred leasing costs (8,372) (7,508)
Prepaid expenses and other assets 5,783 (2,657)
Accounts payable and accrued expenses (5,232) (9,099)
Deferred revenue and other liabilities (5,080) (9,019)
Net cash provided by operating activities 83,729 74,423
Cash Flows From Investing Activities    
Development costs (98) (1,336)
Additions to building and improvements (48,347) (78,377)
Net cash used in investing activities (48,445) (79,713)
Cash Flows From Financing Activities    
Repayment of mortgage notes payable (2,026) (1,950)
Proceeds from unsecured senior notes 0 175,000
Proceeds from unsecured term loan 0 175,000
Repayment of unsecured term loan 0 (50,000)
Proceeds from unsecured revolving credit facility 0 550,000
Deferred financing costs (7,539) (3,585)
Repurchases of common shares (3,533) (114,605)
Private perpetual preferred unit distributions (2,101) (2,097)
Dividends paid to common stockholders (6,063) (37,181)
Distributions paid to non-controlling interests in the operating partnership (3,391) (25,041)
Net cash (used in) provided by financing activities (24,653) 665,541
Net increase in cash and cash equivalents and restricted cash 10,631 660,251
Cash and cash equivalents and restricted cash—beginning of period 567,939 271,597
Cash and cash equivalents and restricted cash—end of period 578,570 931,848
Reconciliation of Cash and Cash Equivalents and Restricted Cash:    
Cash and cash equivalents at beginning of period 526,714 233,946
Restricted cash at beginning of period 41,225 37,651
Cash and cash equivalents at end of period 540,604 872,970
Restricted cash at end of period 37,966 58,878
Cash and cash equivalents and restricted cash 578,570 931,848
Supplemental disclosures of cash flow information:    
Cash paid for interest 38,639 37,736
Cash paid for income taxes 299 910
Non-cash investing and financing activities:    
Building and improvements included in accounts payable and accrued expenses 52,891 64,175
Write-off of fully depreciated assets 8,729 33,261
Derivative instruments at fair values included in accounts payable and accrued expenses 6,176 11,629
Conversion of operating partnership units and Class B shares to Class A shares 6,835 21,517
Issuance of Series 2019 private perpetual preferred in exchange for common shares $ 0 $ 789