XML 27 R8.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 18,993,000 $ 107,176,000 $ 2,069,000
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 258,225,000 266,037,000 269,450,000
Straight-lining of rental income (59,061,000) (54,453,000) (82,568,000)
Real estate impairment loss 46,000,000    
Gain on sale of real estate (36,845,000) (133,989,000)  
Amortization of stock-based compensation expense 19,646,000 15,922,000 11,278,000
Amortization of above and below-market leases, net (16,059,000) (19,523,000) (9,536,000)
Amortization of deferred financing costs 11,023,000 11,188,000 6,804,000
Distributions of earnings from unconsolidated joint ventures 6,207,000 5,700,000 8,121,000
Income from unconsolidated joint ventures (3,468,000) (20,185,000) (7,413,000)
Realized and unrealized losses (gains) on marketable securities 1,604,000 (4,664,000) (494,000)
Distributions of earnings from unconsolidated real estate funds 330,000 342,000 392,000
Loss from unconsolidated real estate funds 269,000 6,143,000 498,000
Valuation allowance on preferred equity investment   19,588,000  
Loss on early extinguishment of debt   7,877,000 4,608,000
Unrealized gain on interest rate swaps   (1,802,000) (39,814,000)
Other non-cash adjustments 288,000 (470,000) 966,000
Changes in operating assets and liabilities:      
Accounts and other receivables (2,994,000) (1,000,000) (4,521,000)
Deferred charges (31,861,000) (33,295,000) (15,701,000)
Other assets (57,216,000) 10,243,000 (12,037,000)
Accounts payable and accrued expenses 4,200,000 6,305,000 11,479,000
Other liabilities (2,758,000) 2,971,000 4,702,000
Net cash provided by operating activities 156,523,000 190,111,000 148,283,000
CASH FLOWS FROM INVESTING ACTIVITIES:      
Proceeds from sale of real estate 349,013,000 540,333,000  
Additions to real estate (137,915,000) (86,434,000) (132,686,000)
Investment in and contributions of capital to unconsolidated joint ventures (29,883,000) (28,791,000)  
Sales of marketable securities 24,794,000 27,261,000 2,353,000
Purchases of marketable securities (20,019,000) (29,248,000) (2,722,000)
Escrow deposits and loans receivable for Residential Development Fund (15,680,000)    
Deposit on real estate (10,000,000)    
Contributions of capital to unconsolidated real estate funds (3,779,000) (790,000) (1,780,000)
Distributions of capital from unconsolidated real estate funds 79,000 14,584,000  
Acquisitions of real estate   (161,184,000) (517,823,000)
Distributions of capital from unconsolidated joint ventures   20,000,000  
Net cash provided by (used in) by investing activities 156,610,000 295,731,000 (652,658,000)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Repurchases of common shares (102,863,000)    
Dividends paid to common stockholders (94,991,000) (89,276,000) (82,105,000)
Contributions from noncontrolling interests 45,116,000 100,777,000 7,651,000
Repayment of loans to affiliates (27,299,000)    
Distributions to noncontrolling interests (18,184,000) (119,251,000) (3,636,000)
Proceeds from notes and mortgages payable 16,700,000 991,556,000 1,362,414,000
Distributions paid to common unitholders (10,064,000) (11,504,000) (18,412,000)
Debt issuance costs and other (6,564,000) (7,490,000) (29,387,000)
Repayments of notes and mortgages payable   (1,044,821,000) (689,269,000)
Repayment of borrowings under revolving credit facility   (290,000,000) (130,000,000)
Borrowings under revolving credit facility   60,000,000 340,000,000
Settlement of interest rate swap liabilities   (19,425,000) (23,654,000)
Transfer tax refund in connection with the acquisition of noncontrolling interests   9,555,000  
Loss on early extinguishment of debt   (7,877,000) (4,608,000)
Purchase of marketable securities in connection with the defeasance of notes and mortgages payable     (210,000,000)
Net cash (used in) provided by financing activities (198,149,000) (427,756,000) 518,994,000
Net increase in cash and cash equivalents and restricted cash 114,984,000 58,086,000 14,619,000
Cash and cash equivalents and restricted cash at beginning of period 250,425,000 192,339,000 185,707,000
Decrease in cash due to deconsolidation of real estate fund investments     (7,987,000)
Cash and cash equivalents and restricted cash at end of period 365,409,000 250,425,000 192,339,000
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH:      
Cash and cash equivalents at beginning of period 219,381,000 162,965,000 143,884,000
Restricted cash at beginning of period 31,044,000 29,374,000 41,823,000
Cash and cash equivalents and restricted cash at beginning of period 250,425,000 192,339,000 185,707,000
Cash and cash equivalents at end of period 339,653,000 219,381,000 162,965,000
Restricted cash at end of period 25,756,000 31,044,000 29,374,000
Cash and cash equivalents and restricted cash at end of period 365,409,000 250,425,000 192,339,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:      
Cash payments for interest 136,452,000 132,361,000 140,111,000
Cash payments for income taxes, net of refunds 4,049,000 5,048,000 2,095,000
NON-CASH TRANSACTIONS:      
Common shares issued upon redemption of commons units 3,461,000 172,728,000 312,257,000
Dividends and distributions declared but not yet paid 25,902,000 25,211,000 25,151,000
Write-off of fully amortized and/or depreciated assets 4,158,000 9,684,000 11,431,000
Basis adjustment to investment in unconsolidated joint ventures upon adoption of ASU 2017-05 7,086,000    
Additions to real estate included in accounts payable and accrued expenses 19,872,000 10,413,000 12,104,000
Change in value of interest rate swaps $ (7,273,000) (10,618,000) (8,161,000)
Consolidation (deconsolidation) of real estate and real estate fund investments   102,512,000 (396,697,000)
Assumption of notes and mortgages payable   $ 228,000,000  
Transfer of real estate to assets held for sale     (346,685,000)
Marketable securities transferred in connection with the defeasance of notes and mortgages payable     214,608,000
Defeasance of notes and mortgages payable     $ (210,000,000)