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COMBINED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
1 Months Ended 11 Months Ended 12 Months Ended
Dec. 31, 2014
Nov. 23, 2014
Dec. 31, 2016
Dec. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net income $ 72,722   $ 2,069 $ 21,143
Adjustments to reconcile net income to net cash provided by (used in) operating activities:        
Depreciation and amortization 34,481   269,450 294,624
Unrealized (gain) loss on interest rate swaps (15,084)   (39,814) (75,760)
Straight-lining of rental income (5,653)   (82,568) (69,522)
Realized and unrealized (gains) losses on real estate fund investments 1,357     (21,201)
Loss from unconsolidated real estate funds     498  
Distributions of cumulative earnings from unconsolidated real estate funds     189  
Amortization of above and below-market leases, net (467)   (9,536) (9,917)
Amortization of stock-based compensation expense     11,278 7,309
Income from unconsolidated joint ventures (938)   (7,413) (6,850)
Other non-cash adjustments 1,368   2,628 5,824
Distributions of cumulative earnings from unconsolidated joint ventures 532   8,081 4,966
Amortization of deferred financing costs 240   6,804 2,565
Realized and unrealized (gains) losses on marketable securities 356   (494) 119
Defeasance cost in connection with the repayments of notes and mortgages payable 14,990   4,608  
Gain on consolidation of an unconsolidated joint venture (239,716)      
Stock-based compensation expense in connection with the Founders Grant 71,000      
Changes in operating assets and liabilities:        
Restricted cash 6,502      
Real estate fund investments (51,362)     (127,743)
Accounts and other receivables (150)   (4,521) (3,152)
Deferred charges (13,181)   (15,701) (40,510)
Other assets 13,722   (12,037) 6,465
Accounts payable and accrued expenses 14,162   11,479 (6,152)
Deferred income taxes     (1,662) (328)
Other liabilities 14,547   1,702 1,151
Net cash provided by (used in) operating activities (80,572)   145,040 (16,969)
CASH FLOWS FROM INVESTING ACTIVITIES:        
Acquisitions of rental property     (517,823)  
Additions to rental properties (6,143)   (132,686) (107,859)
Changes in restricted cash 18,556   15,080 12,424
Contributions to unconsolidated real estate funds     (1,780)  
Distributions of capital from unconsolidated real estate funds     203  
Distributions of capital from unconsolidated joint ventures     40 19
Cash received from properties in connection with the Formation Transactions 192,500      
Net cash (used in) provided by investing activities 204,913   (636,966) (95,416)
CASH FLOWS FROM FINANCING ACTIVITIES:        
Proceeds from notes and mortgages payable     1,362,414 1,013,544
Repayments of notes and mortgages payable (1,704,330)   (689,269) (927,633)
Proceeds from revolving credit facility     340,000 20,000
Purchase of marketable securities in connection with the defeasance of notes and mortgages payable (435,774)   (214,608)  
Repayments of revolving credit facility     (130,000)  
Dividends paid to common stockholders     (82,105) (68,723)
Debt issuance costs (8,599)   (29,387) (18,871)
Contributions from noncontrolling interests 57,843   7,651 167,929
Distributions to noncontrolling interests (8,488)   (3,636) (56,636)
Acquisition of noncontrolling interest in consolidated joint ventures       (261,464)
Cash paid for equity interests in the Formation Transactions (214,949)      
Proceeds from the issuance of common stock 2,590,599      
Settlement of interest rate swap liabilities (14,130)   (23,654) (33,741)
Distributions paid to common unitholders     (18,412) (16,735)
Net cash provided by (used in) financing activities 262,172   518,994 (182,330)
Net increase (decrease) in cash and cash equivalents 386,513   27,068 (294,715)
Cash and cash equivalents at beginning of period 52,086   143,884 438,599
Decrease in cash due to deconsolidation of real estate fund investments     (7,987)  
Cash and cash equivalents at end of period 438,599 $ 52,086 162,965 143,884
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:        
Cash payments for interest 23,728   140,111 159,186
Cash payments for income taxes, net of refunds     2,095 2,798
(Decrease) increase due to deconsolidation of real estate fund investments        
Real estate fund investments     (416,438)  
Loans payable to noncontrolling interests     (45,662)  
Investments in unconsolidated real estate funds     27,292  
Noncontrolling interests in consolidated real estate funds     (351,035)  
Dividends and distributions declared but not yet paid     25,151 25,067
Common shares issued upon redemption of commons units     312,257  
Transfer of rental property to assets held for sale     (346,685)  
Marketable securities transferred in connection with the defeasance of notes and mortgages payable 435,774   214,608  
Defeasance of notes and mortgages payable (420,784)   (210,000)  
Additions to real estate included in accounts payable and accrued expenses 16,598   12,104 32,009
Change in value of interest rate swaps     (8,161) 9,241
(Purchases) sale of marketable securities using restricted cash 146   (369) (1,481)
Write-off of fully amortized and/or depreciated assets     $ 11,431 $ 1,399
Increase (decrease) in assets, liabilities and noncontrolling interests from the Formation Transactions:        
Rental property, net 7,043,651      
Real estate funds (2,045,922)      
Investment in unconsolidated joint ventures (18,264)      
Working capital, net of cash 26,784      
Intangible assets 689,894      
Notes and mortgages payable 4,261,903      
Intangible liabilities 222,985      
Preferred equity obligation 114,147      
Profit sharing compensation payable (57,296)      
Interest rate swap liabilities 223,411      
Reduction of equity for deferred offering costs 31,284      
Predecessor [Member]        
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net income   109,398    
Adjustments to reconcile net income to net cash provided by (used in) operating activities:        
Depreciation and amortization   10,203    
Unrealized (gain) loss on interest rate swaps   673    
Straight-lining of rental income   161    
Realized and unrealized (gains) losses on real estate fund investments   (129,354)    
Income from unconsolidated joint ventures   (4,241)    
Other non-cash adjustments   7,303    
Distributions of cumulative earnings from unconsolidated joint ventures   2,874    
Amortization of deferred financing costs   389    
Realized and unrealized (gains) losses on marketable securities   (1,706)    
Changes in operating assets and liabilities:        
Restricted cash   (8,271)    
Real estate fund investments   (31,061)    
Accounts and other receivables   (35,989)    
Deferred charges   600    
Other assets   311    
Accounts payable and accrued expenses   (4,605)    
Profit sharing payables   156    
Deferred income taxes   (2,205)    
Other liabilities   869    
Net cash provided by (used in) operating activities   (84,495)    
CASH FLOWS FROM INVESTING ACTIVITIES:        
Acquisitions of rental property   (64,650)    
Additions to rental properties   (1,266)    
Changes in restricted cash   584    
Distributions of capital from unconsolidated joint ventures   2,079    
Proceeds from repayment of loan to management   3,000    
Investment in unconsolidated joint ventures   (4,077)    
Net cash (used in) provided by investing activities   (64,330)    
CASH FLOWS FROM FINANCING ACTIVITIES:        
Repayments of notes and mortgages payable   (2,827)    
Contributions from noncontrolling interests   272,721    
Distributions to noncontrolling interests   (266,028)    
Contribution from Predecessor shareholders   23,688    
Distributions to Predecessor shareholders   (149,135)    
Proceeds from loans payable to noncontrolling interests   39,075    
Offering costs   (23,744)    
Net cash provided by (used in) financing activities   (106,250)    
Net increase (decrease) in cash and cash equivalents   (255,075)    
Cash and cash equivalents at beginning of period $ 52,086 307,161    
Cash and cash equivalents at end of period   52,086    
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:        
Cash payments for interest   19,829    
Cash payments for income taxes, net of refunds   18,998    
(Decrease) increase due to deconsolidation of real estate fund investments        
(Purchases) sale of marketable securities using restricted cash   7,110    
Write-off of fully amortized and/or depreciated assets   2,735    
Increase (decrease) in assets, liabilities and noncontrolling interests from the Formation Transactions:        
Debt assumed from affiliate   $ 27,299