XML 18 R6.htm IDEA: XBRL DOCUMENT v3.8.0.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
OPERATING ACTIVITIES    
Net income $ 49,295 $ 54,031
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 69,282 69,806
Amortization of deferred financing fees 1,040 1,099
Income tax provision 119 234
Earnings from unconsolidated joint ventures (223) (337)
Distributions received from operations of unconsolidated joint ventures 613 382
Provision for impairment 8,423 977
Loss on extinguishment of debt 0 847
Other gain on unconsolidated joint ventures 0 (215)
Gain on sale of real estate (35,920) (35,684)
Amortization of premium on mortgages, net (870) (1,346)
Service-based restricted share expense 1,970 2,150
Long-term incentive cash and equity compensation expense 251 827
Changes in assets and liabilities:    
Accounts receivable, net (1,441) 2,580
Acquired lease intangibles and other assets, net (480) 522
Accounts payable, acquired lease intangibles and other liabilities (3,201) (6,110)
Net cash provided by operating activities 88,858 89,763
INVESTING ACTIVITIES    
Acquisition of real estate (165,882) 0
Development and capital improvements (43,966) (51,146)
Net proceeds from sales of real estate 121,419 88,212
Distributions from sale of joint venture property 0 1,303
Change in restricted cash 1,888 682
Net cash (used in) provided by investing activities (86,541) 39,051
FINANCING ACTIVITIES    
Repayments of mortgages and notes payable (2,381) (23,221)
Proceeds on revolving credit facility 224,000 181,000
Repayments on revolving credit facility (161,000) (231,000)
Payment of deferred financing costs (2,263) (457)
Proceeds, net of costs, from issuance of common stock (24) (185)
Redemption of operating partnership units for cash (8) (1,518)
Shares used for employee taxes upon vesting of awards (497) 0
Dividends paid to preferred shareholders (5,026) (5,026)
Dividends paid to common shareholders and deferred shares (52,653) (50,176)
Distributions paid to operating partnership unit holders (1,266) (1,245)
Net cash used in financing activities (1,118) (131,828)
Net change in cash and cash equivalents 1,199 (3,014)
Cash and cash equivalents at beginning of period 3,582 6,644
Cash and cash equivalents at end of period 4,781 3,630
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for interest (net of capitalized interest of $193 and $640 in 2017 and 2016, respectively) 29,698 32,557
Proceeds from dispositions held in escrow 0 18,990
Decrease in restricted cash attributable to acquired real estate $ 4,000 $ 0