XML 18 R7.htm IDEA: XBRL DOCUMENT v3.21.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
OPERATING ACTIVITIES:    
Net income (loss) $ (24,069) $ 48,175
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Share-based compensation expense 13,236 17,362
Depreciation and amortization, including amortization of debt issuance costs 65,747 49,360
Deferred rent (6,594) (6,614)
Loss from unconsolidated real estate ventures, net 943 2,692
Amortization of market lease intangibles, net (458) (163)
Amortization of lease incentives 2,345 1,609
Loss on extinguishment of debt   33
Gain on sale of real estate   (59,477)
Losses on operating lease and other receivables 501 2,718
Return on capital from unconsolidated real estate ventures 5,952 532
Other non-cash items (633) (163)
Changes in operating assets and liabilities:    
Tenant and other receivables 9,836 (4,210)
Other assets, net 2,115 (1,105)
Accounts payable and accrued expenses (842) (5,968)
Other liabilities, net (1,577) (2,865)
Net cash provided by operating activities 66,502 41,916
INVESTING ACTIVITIES:    
Development costs, construction in progress and real estate additions (28,499) (107,013)
Proceeds from sale of real estate   154,493
Investments in unconsolidated real estate ventures (1,016) (3,563)
Net cash (used in) provided by investing activities (29,515) 43,917
FINANCING ACTIVITIES:    
Finance lease payments   (2,642)
Borrowings under mortgages payable   175,000
Borrowings under revolving credit facility   200,000
Repayments of mortgages payable (2,234) (2,221)
Repayments of revolving credit facility   (200,000)
Debt issuance costs (4,587) (9,278)
Common shares repurchased (19,203) (41,177)
Dividends paid to common shareholders (29,650) (30,184)
Distributions to redeemable noncontrolling interests (5,785) (3,828)
Contributions from noncontrolling interests 9,683  
Net cash (used in) provided by financing activities (51,776) 85,670
Net (decrease) increase in cash and cash equivalents and restricted cash (14,789) 171,503
Cash and cash equivalents and restricted cash as of the beginning of the period 263,336 142,516
Cash and cash equivalents and restricted cash as of the end of the period 248,547 314,019
SUPPLEMENTAL DISCLOSURE OF CASH FLOW AND NON-CASH INFORMATION:    
Cash paid for interest (net of capitalized interest of $1,710 and $5,268 in 2021 and 2020) 14,929 10,927
Accrued capital expenditures included in accounts payable and accrued expenses 38,668 76,418
Write-off of fully depreciated assets 39,920 7,111
Conversion of common limited partnership units to common shares 3,919 31,126
Recognition (derecognition) of operating lease right-of-use assets   (13,151)
Recognition (derecognition) of liabilities related to operating lease right-of-use assets   (13,151)
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 $ 610 $ 1,396