XML 56 R6.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash Flows from Operating Activities:      
Net Income $ 322,575 $ 345,343 $ 350,715
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 135,674 161,838 167,101
Amortization of debt deferred costs and intangibles, net 3,194 3,146 2,790
Non-cash lease expense 1,241 0 0
Impairment loss 74 10,120 15,257
Equity in earnings of real estate joint ventures and partnerships, net (20,769) (25,070) (27,074)
Gain on sale of property (189,914) (207,865) (218,611)
Distributions of income from real estate joint ventures and partnerships 20,083 19,605 1,321
Changes in accrued rent, accrued contract receivables and accounts receivable, net 10,001 (2,807) (18,964)
Changes in unamortized lease costs and other assets, net (14,298) (8,632) (13,299)
Changes in accounts payable, accrued expenses and other liabilities, net (975) (2,315) 4,970
Other, net 3,164 (7,403) 5,552
Net cash provided by operating activities 270,050 285,960 269,758
Cash Flows from Investing Activities:      
Acquisition of real estate and land, net (218,849) (1,265) (1,902)
Development and capital improvements (183,188) (155,528) (133,336)
Proceeds from sale of property and real estate equity investments, net 445,319 607,486 433,661
Real estate joint ventures and partnerships - Investments (74,602) (38,096) (37,173)
Real estate joint ventures and partnerships - Distributions of capital 2,482 6,936 28,791
Purchase of investments 0 0 (5,730)
Proceeds from investments 10,375 1,500 8,502
Other, net 2,437 11,921 6,179
Net cash (used in) provided by investing activities (16,026) 432,954 298,992
Cash Flows from Financing Activities:      
Proceeds from issuance of debt 0 638 0
Principal payments of debt (55,556) (257,028) (28,723)
Changes in unsecured credit facilities (5,000) 5,000 (245,000)
Repurchase of common shares of beneficial interest, net 0 (18,564) 0
Proceeds from issuance of common shares of beneficial interest, net 1,098 6,760 1,588
Common share dividends paid (203,297) (382,464) (294,073)
Debt issuance and extinguishment costs paid (3,271) (1,271) (488)
Distributions to noncontrolling interests (6,782) (19,155) (19,342)
Contributions from noncontrolling interests 326 1,465 0
Other, net (2,388) 508 (2,657)
Net cash used in financing activities (274,870) (664,111) (588,695)
Net (decrease) increase in cash, cash equivalents and restricted cash equivalents (20,846) 54,803 (19,945)
Cash, cash equivalents and restricted cash equivalents at January 1 76,137 21,334 41,279
Cash, cash equivalents and restricted cash equivalents at December 31 55,291 76,137 21,334
Cash paid for interest (net of amount capitalized of $13,586, $7,938 and $4,868, respectively) 55,413 65,507 79,161
Cash paid for income taxes 1,526 1,545 1,009
Cash paid for amounts included in operating lease liabilities $ 2,785 $ 0 $ 0