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CONSOLIODATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Operating activities    
Net income $ 63,469 $ 42,139
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 80,571 96,192
Amortization of below market leases, net (3,283) (8,620)
Amortization of financing costs 1,551 1,624
Amortization of debt premium, net (5,874) (5,908)
Non-cash adjustment for interest rate swaps (47) 205
Share-based compensation 3,067 3,459
Deferred income tax expense (benefit) 256 (401)
Net gains on sale of real estate (62,982) (59,562)
Impairment loss on real estate 0 5,400
(Gain) loss on extinguishment of debt, net (462) 4,840
Equity in earnings of unconsolidated joint ventures (519) (584)
Distributions of income from unconsolidated joint ventures 1,301 1,990
Change in deferred leasing costs (14,260) (7,780)
Changes in operating assets and liabilities:    
Change in condominium units 0 8,649
Change in receivables and other assets (16,353) (10,061)
Change in accounts payable and other liabilities (7,217) (16,930)
Net cash provided by operating activities 39,218 54,652
Investing activities    
Proceeds from mortgage loan receivable 42 43
Investment in unconsolidated joint ventures, net 540 (2,649)
Distributions of capital from unconsolidated joint ventures 20,034 3,021
Investment in real estate 0 (145,386)
Proceeds from sale of real estate 191,712 198,004
Real estate development (973) (20,983)
Improvements to real estate (48,786) (20,833)
Net cash provided by investing activities 162,569 11,217
Financing activities    
Principal payments on mortgage notes payable (168,851) (145,989)
Proceeds from mortgage notes payable 8,107 10,769
Proceeds from bank borrowings 0 454,850
Payments on bank borrowings 0 (336,350)
Debt financing costs (260) (2,739)
Dividends paid on common stock (42,030) (41,845)
Dividends paid on common units of Operating Partnership (1,824) (1,892)
Contributions from noncontrolling interest partners 0 2,125
Distributions to noncontrolling interest partners (52) (47,440)
Other 0 (209)
Net cash used in financing activities (204,910) (108,720)
Change in cash and cash equivalents (3,123) (42,851)
Cash and cash equivalents at beginning of period 74,961 116,241
Cash and cash equivalents at end of period 71,838 73,390
Supplemental cash flow information:    
Cash paid for interest 37,874 41,629
Cash paid for income taxes 1,277 940
Supplemental schedule of non-cash investing and financing activity:    
Operating Partnership units converted to common stock 91 6,337
Transfer of assets classified as held for sale, net 75 27,248
Transfer of liabilities classified as held for sale, net 10,674 179
Deconsolidation of ownership interest in Courvoisier Centre $ 27 $ 0