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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
OPERATING ACTIVITIES:      
Net income (loss) $ 74,144,000 $ 46,613,000 $ (79,084,000)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Share-based compensation expense 65,273,000 52,675,000 33,693,000
Depreciation and amortization, including amortization of debt issuance costs 195,795,000 215,659,000 164,580,000
Deferred rent (39,174,000) (14,056,000) (10,388,000)
(Income) loss from unconsolidated real estate ventures, net 1,395,000 (39,409,000) 4,143,000
Amortization of above- and below-market lease intangibles, net (791,000) (220,000) (862,000)
Amortization of lease incentives 6,336,000 3,406,000 4,023,000
Gain (reduction of gain) on bargain purchase 0 (7,606,000) 24,376,000
Loss on extinguishment of debt 5,805,000 4,536,000 701,000
Gain on sale of real estate (104,991,000) (52,183,000) 0
Net unrealized loss (gain) on derivative financial instruments not designated as cash flow hedges 50,000 (926,000) (1,348,000)
Losses on operating lease receivables 1,560,000 3,298,000 3,807,000
Return on capital from unconsolidated real estate ventures 2,690,000 7,827,000 2,563,000
Other non-cash items 517,000 1,388,000 3,955,000
Deferred tax benefit (1,336,000) (718,000) (10,408,000)
Impairment of corporate assets 10,170,000 0 0
Changes in operating assets and liabilities:      
Tenant and other receivables (8,382,000) (5,582,000) (2,098,000)
Other assets, net (9,177,000) (16,600,000) (23,481,000)
Accounts payable and accrued expenses (7,678,000) (5,984,000) 16,160,000
Other liabilities, net (18,220,000) (19,137,000) (7,397,000)
Net cash provided by operating activities 173,986,000 188,193,000 74,183,000
INVESTING ACTIVITIES:      
Development costs, construction in progress and real estate additions (441,014,000) (385,943,000) (210,593,000)
Acquisition of real estate 165,208,000 23,246,000 0
Cash and restricted cash received in connection with the Combination, net     97,416,000
Deposits for real estate acquisitions (850,000) 0 0
Proceeds from sale of real estate 377,511,000 413,077,000 0
Acquisition of interests in unconsolidated real estate ventures, net of cash acquired 0 (386,000) (8,834,000)
Distributions of capital from unconsolidated real estate ventures 7,557,000 14,408,000 6,929,000
Distributions of capital from unconsolidated real estate ventures 0 80,279,000 0
Investments in and advances to unconsolidated real estate ventures (18,668,000) (31,197,000) (16,321,000)
Repayment of notes receivable 0 0 50,934,000
Other 0 (665,000) (2,207,000)
Proceeds from repayment of receivable from former parent 0 0 75,000,000
Net cash (used in) provided by investing activities (240,672,000) 66,327,000 (7,676,000)
FINANCING ACTIVITIES:      
Contributions from former parent, net 0 0 160,203,000
Acquisition of interest in consolidated real estate venture 0 (5,550,000) 0
Repayment of borrowings from former parent 0 0 (115,630,000)
Proceeds from borrowings from former parent 0 0 4,000,000
Finance lease payments (137,000) (114,000) (17,827,000)
Borrowings under mortgages payable 2,200,000 118,141,000 366,239,000
Borrowings under revolving credit facility 200,000,000 35,000,000 115,751,000
Borrowings under unsecured term loans 0 250,000,000 50,000,000
Repayments of mortgages payable (719,003,000) (312,894,000) (272,905,000)
Repayments of revolving credit facility 0 150,751,000 0
Debt issuance costs 515,000 3,114,000 19,287,000
Proceeds from the issuance of common stock, net of issuance costs 472,780,000 0 0
Proceeds from common stock issued pursuant to ESPP 1,457,000 597,000 0
Dividends paid to common shareholders (129,834,000) (107,372,000) (26,540,000)
Distributions to redeemable noncontrolling interests (17,390,000) (17,398,000) (4,556,000)
Contributions from noncontrolling interests 207,000 250,000 357,000
Distributions to noncontrolling interests (95,000) (340,000) (18,000)
Net cash (used in) provided by in financing activities (190,330,000) (193,545,000) 239,787,000
Net (decrease) increase in cash and cash equivalents and restricted cash (257,016,000) 60,975,000 306,294,000
Cash and cash equivalents and restricted cash as of the beginning of the period 399,532,000 338,557,000 32,263,000
Cash and cash equivalents and restricted cash as of the end of the period 142,516,000 399,532,000 338,557,000
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AS OF END OF THE PERIOD:      
Cash and cash equivalents and restricted cash 399,532,000 399,532,000 32,263,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW AND NON-CASH INFORMATION:      
Transfer of mortgage payable to former parent 0 0 115,630,000
Cash paid for interest (net of capitalized interest of $29,806, $20,804 and $12,727 in 2019, 2018 and 2017) 49,437,000 64,605,000 52,388,000
Accrued capital expenditures included in accounts payable and accrued expenses 84,076,000 53,073,000 12,445,000
Write-off of fully depreciated assets 66,533,000 52,272,000 55,998,000
Cash received (payments) for income taxes 282,000 (1,965,000) 3,396,000
Deconsolidation of properties 181,813,000 95,923,000 0
Acquisition of consolidated real estate venture 0 0 5,420,000
Fair value of OP Unit redemptions (57,318,000) (109,208,000) 0
Initial recognition of operating right-of-use assets 35,318,000 0 0
Initial recognition of lease liabilities related to operating right-of-use assets 37,922,000 0 0
Cash paid for amounts included in the measurement of lease liabilities for operating leases 6,202,000 0 0
Issuance of common limited partnership units at the Separation 0 0 96,632,000
Issuance of common shares at the Separation 0 0 2,330,579,000
Issuance of common shares in connection with the Combination 0 0 864,918,000
Issuance of common limited partnership units in connection with the Combination 0 0 359,967,000
Contribution from former parent in connection with the Separation $ 0 $ 0 $ 172,817,000