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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 64,308 $ 134,592 $ 149,970
Adjustments to reconcile net income to net cash provided by operating activities:      
Gain on disposition of properties (48,886) (81,965) (89,063)
Gain on change in control (5,571) 0 0
Depreciation and amortization 104,934 70,011 60,751
Distributions of operating income from unconsolidated affiliates 9,249 7,256 12,291
Equity in earnings and gains of unconsolidated affiliates (23,371) (39,449) (37,330)
Stock compensation expense 11,155 13,695 7,438
Amortization of financing costs 5,985 3,204 3,537
Impairment charges 14,455 0 5,000
Other, net (10,610) (8,095) (6,483)
Changes in assets and liabilities:      
Other liabilities (4,285) 26,532 5,354
Prepaid expenses and other assets (6,498) (11,677) 12,690
Rents receivable, net (11,274) (4,847) (5,673)
Restricted cash 11,474 1,912 (6,168)
Accounts payable and accrued expenses 8,768 591 1,284
Net cash provided by operating activities 119,833 111,760 113,598
CASH FLOWS FROM INVESTING ACTIVITIES      
Acquisition of real estate (200,429) (495,644) (338,700)
Development and property improvement costs (108,142) (149,434) (164,315)
Issuance of or advances on notes receivable (10,600) (157,352) (48,500)
Proceeds from the disposition of properties 260,711 150,378 168,895
Investments in and advances to unconsolidated affiliates (6,535) (72,098) (24,168)
Return of capital from unconsolidated affiliates 23,946 54,444 11,892
Proceeds from notes receivable 32,000 42,819 15,984
Deposits for properties under contract (2,000) 1,424 (5,776)
Proceeds from disposition of properties of unconsolidated affiliates 26,045 24,586 38,392
Payment of deferred leasing costs (5,202) (7,515) (8,207)
Change in control of previously unconsolidated (consolidated) affiliate 288 (2,578) 0
Net cash provided by (used in) investing activities 10,082 (610,970) (354,503)
CASH FLOWS FROM FINANCING ACTIVITIES      
Principal payments on mortgage and other notes (306,119) (394,864) (148,423)
Principal payments on unsecured debt (277,134) (541,790) (234,815)
Proceeds received on mortgage and other notes 156,344 222,071 90,234
Proceeds from unsecured debt 359,625 666,716 417,425
Proceeds from issuance of Common Shares, net of issuance costs of $0, $9,238 and $1,150, respectively 0 450,130 63,234
Capital contributions from noncontrolling interests 85,206 295,108 35,489
Distributions to noncontrolling interests (39,942) (105,994) (84,610)
Dividends paid to Common Shareholders (99,527) (91,334) (86,353)
Deferred financing and other costs (6,211) (11,678) (4,376)
Loan proceeds held as restricted cash 861 9,874 48,676
Purchase of convertible notes payable 0 0 (380)
Net cash (used in) provided by financing activities (126,897) 498,239 96,101
Increase (decrease) in cash and cash equivalents 3,018 (971) (144,804)
Cash and cash equivalents, beginning of the year 71,805 72,776 217,580
Cash and cash equivalents, end of the year 74,823 71,805 72,776
Supplemental disclosure of cash flow information      
Cash paid during the period for interest, net of capitalized interest of $13,509, $21,109 and $16,447, respectively 49,942 42,279 47,960
Cash paid for income taxes, net of (refunds) 875 2,036 2,038
Supplemental disclosure of non-cash investing activities      
Acquisition of real estate through assumption of debt 0 120,672 91,885
Acquisition of real estate through issuance of OP Units 0 29,336 0
Acquisition of capital lease obligation 0 76,461 0
Mortgage debt financed at time of acquisition 0 63,900 0
Assumption of accounts payable and accrued expenses through acquisition of real estate 2,173 3,587 0
Assumption of prepaid expenses and other assets through acquisition of real estate 2,226 0
Disposition of air rights through issuance of notes receivable 0 (29,539)
Acquisition of real estate through assumption of restricted cash 0 (28,912)
Acquisition of real estate through conversion of note receivable 9,000 0 13,386
Acquisition of undivided interest in a property through conversion of notes receivable 60,695 0 0
Change in control of previously unconsolidated (consolidated) investment      
(Increase) decrease in real estate, net (39,322) 90,559 0
Gain on change in control 5,571 0 0
Decrease in notes receivable 32,010 0 0
Decrease (increase) in investments in and advances to unconsolidated affiliates 4,159 (21,421) 0
Decrease in noncontrolling interest 0 (75,713) 0
Change in other assets and liabilities (2,130) 3,997 0
Increase (decrease) in cash upon change of control $ 288 $ (2,578) $ 0