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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Operating activities    
Net income $ 42,139 $ 503
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 96,192 85,261
Depreciation and amortization – discontinued operations 0 116
Amortization of below market leases, net (8,620) (5,074)
Amortization of financing costs 1,624 1,740
Amortization of debt premium, net (5,908) (2,678)
Non-cash adjustment for interest rate swaps 205 121
Share-based compensation expense 3,459 5,294
Deferred income tax benefit (401) 0
Net gains on sale of real estate (59,562) (6,289)
Net gains on sale of real estate – discontinued operations 0 (10,463)
Impairment loss on real estate 5,400 0
Loss on extinguishment of debt 4,840 0
Equity in (earnings) losses of unconsolidated joint ventures (584) 1,035
Distributions of income from unconsolidated joint ventures 1,990 0
Change in deferred leasing costs (7,780) 3,783
Changes in operating assets and liabilities:    
Change in condominium units 8,649 3,472
Change in receivables and other assets (10,061) (33,963)
Change in accounts payable and other liabilities (16,930) (24,257)
Net cash provided by operating activities 54,652 18,601
Investing activities    
Proceeds from mortgage loan receivable 43 43
Investment in unconsolidated joint ventures (2,649) (3,536)
Distributions of capital from unconsolidated joint ventures 3,021 3,333
Investment in real estate (145,386) (175,611)
Proceeds from sale of real estate 198,004 51,080
Real estate development (20,983) (1,544)
Improvements to real estate (20,833) (25,055)
Net cash provided by (used in) investing activities 11,217 (151,290)
Financing activities    
Principal payments on mortgage notes payable (145,989) (39,396)
Proceeds from mortgage notes payable 10,769 0
Proceeds from bank borrowings 454,850 158,468
Payments on bank borrowings (336,350) (84,468)
Debt financing costs (2,739) (4,046)
Dividends paid on common stock (41,845) (37,189)
Dividends paid on common units of Operating Partnership (1,892) (1,951)
Acquisition of noncontrolling interests 0 (43,502)
Contributions from noncontrolling interest partners 2,125 459
Distributions to noncontrolling interest partners (47,440) 0
Proceeds from stock offerings, net of offering costs 0 208,429
Payments of offering costs associated with the issuance of common stock (209) 0
Net cash provided by (used in) financing activities (108,720) 156,804
Change in cash and cash equivalents (42,851) 24,115
Cash and cash equivalents at beginning of period 116,241 58,678
Cash and cash equivalents at end of period 73,390 82,793
Supplemental cash flow information:    
Cash paid for interest 41,629 33,456
Cash paid for income taxes 940 709
Supplemental schedule of non-cash investing and financing activity:    
Assumption of debt from acquisition of One Orlando Centre 0 55,967
Operating Partnership units converted to common stock 6,337 0
Issuance of Operating Partnership units 0 1,546
Transfer of assets classified as held for sale, net 27,248 0
Transfer of liabilities classified as held for sale, net $ 179 $ 0