XML 27 R6.htm IDEA: XBRL DOCUMENT v3.3.0.814
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
OPERATING ACTIVITIES    
Net income $ 50,778 $ 14,127
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 90,000 86,349
Stock-based compensation 4,558 3,400
Straight-line rent receivable (7,671) (7,907)
Straight-line rent liability 583 522
Gain on sales of real estate assets (58,092) (3)
Loss on extinguishment of debt 27,998  
Impairments of real estate assets 3,638 11,034
Pension termination 5,260 0
Impairment of internally-developed software 654 0
Provision for bad debts, net (203) 126
Changes in operating assets and liabilities:    
Other assets (2,502) (16,231)
Accounts payable and accrued liabilities (2,285) (10,644)
Other liabilities 594 (3,123)
Net cash provided by operating activities 113,310 77,650
INVESTING ACTIVITIES    
Acquisitions of real estate (70,043) (37,694)
Development of real estate (10,165)  
Acquisition of additional long-lived assets (35,709) (54,899)
Funding of mortgages and notes receivable   (1,244)
Proceeds from acquisition of real estate upon mortgage note receivable default   204
Proceeds from sales of real estate 134,432 6,134
Proceeds from mortgages and notes receivable repayments 1,914 5,618
Net cash provided by (used in) investing activities 20,429 (81,881)
FINANCING ACTIVITIES    
Net borrowings (repayments) on unsecured credit facility 57,000 (154,000)
Borrowings on term loan   200,000
Borrowings on notes and bonds payable 249,793  
Repayments on notes and bonds payable (49,632) (4,415)
Redemption of notes and bonds payable (333,222)  
Dividends paid (90,078) (86,923)
Net proceeds from issuance of common stock 41,757 52,712
Common stock redemptions (271) (382)
Settlement of swaps (1,684)  
Distributions to noncontrolling interest holders   (380)
Purchase of noncontrolling interest   (8,189)
Debt issuance and assumption costs (2,424) (1,179)
Net cash used in financing activities (128,761) (2,756)
Increase (decrease) in cash and cash equivalents 4,978 (6,987)
Cash and cash equivalents, beginning of period 3,519 8,671
Cash and cash equivalents, end of period 8,497 1,684
Supplemental Cash Flow Information:    
Interest paid 55,995 59,227
Company-financed real estate property sales   1,900
Invoices accrued for construction, tenant improvement and other capitalized costs 8,924 4,662
Mortgage notes payable assumed upon acquisition (adjusted to fair value) 19,431 $ 12,618
Capitalized interest $ 113