XML 17 R8.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 (loss) $ 285,293 $ 230,906 $ 86,629
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 150,440 172,088 177,561
Gains on sales of properties (250,889) (252,913) (63,428)
Debt satisfaction (gains) charges, net 4,517 2,596 (6,196)
Impairment charges and loan losses 5,329 95,813 44,996
Straight-line rents (14,264) (20,207) (19,568)
Amortization of right of use assets 3,645    
Other non-cash (income) expense, net 6,060 (3,060) 8,093
Equity in (earnings) losses of non-consolidated entities (2,890) (1,708) 848
Distributions of accumulated earnings from non-consolidated entities 2,571 2,083 403
Unearned contingent acquisition consideration 0 0 (3,922)
Change in accounts payable and other liabilities (270) (129) (1,141)
Change in rent receivable and prepaid rent, net 3,770 (3,942) 2,922
Change in accrued interest payable 3,368 (891) 16
Other adjustments, net (4,496) (2,825) 657
Net cash provided by operating activities: 192,184 217,811 227,870
Cash flows from investing activities:      
Investment in real estate, including intangible assets (662,010) (315,959) (558,571)
Investment in real estate under construction (11,332) 0 (83,274)
Capital expenditures (17,829) (15,506) (15,184)
Net proceeds from sale of properties 504,118 898,514 223,853
Net proceeds from sale of non-consolidated investment 0 0 6,127
Principal payments received on loans receivable 0 0 139,042
Investments in non-consolidated entities, net (8,018) (10,206) (9,898)
Distributions from non-consolidated entities in excess of accumulated earnings 17,119 3,330 531
Payments of deferred leasing costs (8,196) (4,522) (6,526)
Change in real estate deposits (817) (760) 20,826
Net cash provided by (used in) investing activities (186,965) 554,891 (283,074)
Cash flows from financing activities:      
Dividends to common and preferred shareholders (122,843) (175,537) (172,101)
Principal amortization payments (24,259) (29,666) (30,082)
Principal payments on debt, excluding normal amortization (89,242) (14,599) (50,797)
Proceeds of mortgages and notes payable 0 26,350 45,400
Term loan payments 0 (300,000) 0
Proceeds from term loans 0 0 95,000
Revolving credit facility borrowings 110,000 150,000 270,000
Revolving credit facility payments (110,000) (310,000) (110,000)
Payment of early extinguishment of debt charges (3,505) (5) (1,326)
Payments of deferred financing costs (5,456) (690) (2,124)
Cash distributions to noncontrolling interests (2,763) (3,429) (3,242)
Cash contributions from noncontrolling interests 867 0 0
Redemption of a noncontrolling interest 0 0 7,951
Repurchase of common shares (3,598) (47,217) 0
Issuance of common shares, net of costs and repurchases to settle tax obligations 197,643 (2,818) 16,804
Net cash provided by (used in) financing activities (53,156) (707,611) 49,581
Change in cash, cash equivalents and restricted cash (47,937) 65,091 (5,623)
Cash, cash equivalents and restricted cash, at beginning of year 177,247 112,156 117,779
Cash, cash equivalents and restricted cash, at end of year $ 129,310 $ 177,247 $ 112,156