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CONSOLIODATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Operating activities    
Net income $ 84,963 $ (44)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 142,810 131,742
Depreciation and amortization – discontinued operations 0 116
Amortization of below market leases, net (12,422) (8,916)
Amortization of financing costs 2,360 2,551
Amortization of debt premium, net (8,839) (4,110)
Non-cash adjustment for interest rate swaps 187 37
Share-based compensation expense 5,115 6,449
Deferred income tax benefit (176) (1,973)
Net gains on sale of real estate (106,913) (12,953)
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 5,542 0
Equity in (earnings) losses of unconsolidated joint ventures (923) 783
Distributions of income from unconsolidated joint ventures 3,230 0
Change in deferred leasing costs (15,492) 2,403
Changes in operating assets and liabilities:    
Change in condominium units 9,318 7,057
Change in receivables and other assets (41,869) (46,821)
Change in accounts payable and other liabilities (9,878) (26,374)
Net cash provided by operating activities 62,413 39,484
Investing activities    
Proceeds from mortgage loan receivable 64 64
Investment in unconsolidated joint ventures (3,247) (3,417)
Distributions of capital from unconsolidated joint ventures 3,084 4,340
Investment in real estate (224,285) (282,352)
Proceeds from sale of real estate 395,049 67,294
Real estate development (23,148) (8,276)
Improvements to real estate (51,370) (40,201)
Net cash provided by (used in) investing activities 96,147 (262,548)
Financing activities    
Principal payments on mortgage notes payable (159,160) (42,203)
Proceeds from mortgage notes payable 18,411 481
Proceeds from bank borrowings 454,850 259,259
Payments on bank borrowings (386,350) (212,259)
Debt financing costs (2,811) (4,106)
Dividends paid on common stock (62,818) (55,855)
Dividends paid on common units of Operating Partnership (2,808) (2,925)
Acquisition of noncontrolling interests 0 (43,502)
Contributions from noncontrolling interest partners 2,125 2,348
Distributions to noncontrolling interest partners (55,866) (129)
Proceeds from stock offerings, net of offering costs 0 391,134
Payments of offering costs associated with the issuance of common stock (209) 0
Net cash (used in) provided by financing activities (194,636) 292,243
Change in cash and cash equivalents (36,076) 69,179
Cash and cash equivalents at beginning of period 116,241 58,678
Cash and cash equivalents at end of period 80,165 127,857
Supplemental cash flow information:    
Cash paid for interest 61,013 50,924
Cash paid for income taxes 2,066 2,191
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 24,079 0
Transfer of liabilities classified as held for sale, net $ 2,035 $ 0