XML 35 R8.htm IDEA: XBRL DOCUMENT v3.20.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
OPERATING ACTIVITIES:      
Net income (loss) $ (67,261) $ 74,144 $ 46,613
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Share-based compensation expense 66,051 65,273 52,675
Depreciation and amortization, including amortization of debt issuance costs 225,597 195,795 215,659
Deferred rent (20,084) (39,174) (14,056)
(Income) loss from unconsolidated real estate ventures, net 20,336 1,395 (39,409)
Amortization of market lease intangibles, net (442) (791) (220)
Amortization of lease incentives 6,603 6,336 3,406
Reduction of gain on bargain purchase     7,606
Loss on extinguishment of debt 62 5,805 4,536
Impairment loss 10,232    
Gain on sale of real estate (59,477) (104,991) (52,183)
Losses on operating lease and other receivables 25,805 1,560 3,298
Return on capital from unconsolidated real estate ventures 4,302 2,690 7,827
Other non-cash items 4,326 567 462
Impairment of corporate assets   10,170  
Changes in operating assets and liabilities:      
Tenant and other receivables (9,231) (8,382) (5,582)
Other assets, net (11,075) (9,177) (16,600)
Accounts payable and accrued expenses 591 (7,678) (5,984)
Other liabilities, net (27,314) (19,556) (19,855)
Net cash provided by operating activities 169,021 173,986 188,193
INVESTING ACTIVITIES:      
Development costs, construction in progress and real estate additions (307,497) (441,014) (385,943)
Acquisition of real estate (45,688) (165,208) (23,246)
Deposits for real estate and other acquisitions (25,424) (850)  
Proceeds from sale of real estate 154,493 377,511 413,077
Acquisition of interests in unconsolidated real estate ventures, net of cash acquired     (386)
Distributions of capital from unconsolidated real estate ventures 71,065 7,557 14,408
Distributions of capital from sales of unconsolidated real estate ventures     80,279
Investments in unconsolidated real estate ventures (14,639) (18,668) (31,197)
Other     (665)
Net cash (used in) provided by investing activities (167,690) (240,672) 66,327
FINANCING ACTIVITIES:      
Acquisition of interest in consolidated real estate venture     (5,550)
Finance lease payments (3,531) (137) (114)
Borrowings under mortgages payable 580,105 2,200 118,141
Borrowings under revolving credit facility 500,000 200,000 35,000
Borrowings under unsecured term loans 100,000   250,000
Repayments of mortgages payable (104,083) (719,003) (312,894)
Repayments of revolving credit facility (700,000)   (150,751)
Debt issuance costs (14,856) (515) (3,114)
Proceeds from the issuance of common stock, net of issuance costs   472,780  
Proceeds from common stock issued pursuant to ESPP 1,715 1,457 597
Common shares repurchased (104,774)    
Dividends paid to common shareholders (120,011) (129,834) (107,372)
Distributions to redeemable noncontrolling interests (15,030) (17,390) (17,398)
Distributions to noncontrolling interests (46) (95) (340)
Contributions from noncontrolling interests   207 250
Net cash provided by (used in) financing activities 119,489 (190,330) (193,545)
Net increase (decrease) in cash and cash equivalents and restricted cash 120,820 (257,016) 60,975
Cash and cash equivalents and restricted cash as of the beginning of the period 142,516 399,532 338,557
Cash and cash equivalents and restricted cash as of the end of the period 263,336 142,516 399,532
SUPPLEMENTAL DISCLOSURE OF CASH FLOW AND NON-CASH INFORMATION:      
Cash paid for interest (net of capitalized interest of $13,189, $29,806 and $20,804 in 2020, 2019 and 2018) 56,961 49,437 64,605
Accrued capital expenditures included in accounts payable and accrued expenses 43,188 84,076 53,073
Write-off of fully depreciated assets 30,798 66,533 52,272
Cash received for income taxes 1,187 282 1,965
Deconsolidation of properties   181,813 95,923
Accrued dividends to common shareholders 29,650 30,184 39,298
Accrued distributions to redeemable noncontrolling interests 4,425 3,828 5,896
Conversion of common limited partnership units to common shares 47,517 57,318 $ 109,208
Recognition (derecognition) of operating lease right-of-use assets (13,151) 35,318  
Recognition (derecognition) of liabilities related to operating lease right-of-use assets (13,151) 37,922  
Recognition of finance lease right-of-use assets 42,354    
Recognition of liabilities related to finance lease right-of-use assets 40,684    
Cash paid for amounts included in the measurement of lease liabilities for operating leases 5,201 $ 6,202  
Deferred purchase price related to acquisition $ 19,479