XML 24 R8.htm IDEA: XBRL DOCUMENT v3.21.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Dec. 31, 2020
Cash flows from operating activities:          
Net income $ 118,848 $ 13,310 $ 297,305 $ 8,101  
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation and amortization     226,935 259,161  
Amortization of deferred loan costs and debt premiums     4,608 7,566  
(Accretion) and amortization of above and below market lease intangibles, net     (17,244) (29,847)  
Stock-based compensation, net of capitalization     9,272 10,654  
Equity in income of investments in real estate partnerships (14,243) (8,116) (26,344) (22,358)  
Gain on sale of real estate, net of tax     (38,198) (48,690)  
Provision for impairment of real estate, net of tax (20)   115 1,014  
Goodwill impairment       132,128  
Early extinguishment of debt   19,358   19,358  
Distribution of earnings from investments in real estate partnerships     54,310 32,659  
Settlement of derivative instruments     (2,472)    
Deferred compensation expense     2,707 1,381  
Realized and unrealized (gain) loss on investments     (3,177) (1,427)  
Changes in assets and liabilities:          
Tenant and other receivables     (8,659) 4,072  
Deferred leasing costs     (7,103) (4,999)  
Other assets     (6,932) (7,670)  
Accounts payable and other liabilities     25,879 20,223  
Tenants’ security, escrow deposits and prepaid rent     (2,524) (6,737)  
Net cash provided by operating activities     508,478 374,589  
Cash flows from investing activities:          
Acquisition of operating real estate, net of cash acquired of $2,991 in 2021     (78,611) (16,867)  
Advance deposits refunded on acquisition of operating real estate     500 100  
Real estate development and capital improvements     (120,827) (149,293)  
Proceeds from sale of real estate     131,861 125,539  
Issuance of notes receivable     (20) (551)  
Investments in real estate partnerships     (21,788) (47,957)  
Return of capital from investments in real estate partnerships     86,449 23,235  
Dividends on investment securities     125 193  
Acquisition of investment securities     (22,422) (10,580)  
Proceeds from sale of investment securities     23,162 10,659  
Net cash used in investing activities     (1,571) (65,522)  
Cash flows from financing activities:          
Net proceeds from common stock issuance     82,510 125,608  
Repurchase of common shares in conjunction with equity award plans     (4,066) (5,512)  
Proceeds from sale of treasury stock     96 269  
Distributions to limited partners in consolidated partnerships, net     (3,272) (2,193)  
Distributions to exchangeable operating partnership unit holders     (1,363) (1,366)  
Dividends paid to common stockholders     (301,897) (300,538)  
Repayment of fixed rate unsecured notes       (300,000)  
Proceeds from issuance of fixed rate unsecured notes, net       598,830  
Proceeds from unsecured credit facilities       610,000  
Repayment of unsecured credit facilities     (265,000) (830,000)  
Repayment of notes payable     (13,764) (3,891)  
Scheduled principal payments     (8,448) (8,149)  
Payment of loan costs     (7,468) (5,063)  
Early redemption costs       (21,748)  
Net cash used in financing activities     (522,672) (143,753)  
Net (decrease) increase in cash and cash equivalents and restricted cash     (15,765) 165,314  
Cash and cash equivalents and restricted cash at beginning of the period     378,450 115,562 $ 115,562
Cash and cash equivalents and restricted cash at end of the period 362,685 280,876 362,685 280,876 378,450
Supplemental disclosure of cash flow information:          
Cash paid for interest (net of capitalized interest of $3,012 and $3,590 in 2021 and 2020, respectively)     113,647 121,307  
Cash paid for income taxes, net of refunds     358 898  
Supplemental disclosure of non-cash transactions:          
Acquisition of real estate previously held within investments in real estate partnerships     (4,609) 5,986  
Mortgage loans assumed by company with the acquisition of real estate     111,090 16,359  
Mortgage loan assumed by purchaser with the sale of real estate       8,250  
Common stock issued for partnership units exchanged     99    
Real estate received in lieu of promote interest     13,589    
Exchangeable operating partnership units issued for acquisition of real estate       1,275  
Change in accrued capital expenditures     5,830 16,276  
Common stock issued under dividend reinvestment plan 404 382 1,172 1,138  
Stock-based compensation capitalized     600 650  
Common stock and exchangeable operating partnership dividends declared but not paid     101,753    
(Distributions to) contributions from limited partners in consolidated partnerships, net       (1,420)  
Common stock issued for dividend reinvestment in trust     826 819  
Contribution of stock awards into trust     1,416 1,439  
Distribution of stock held in trust     966 442  
Change in fair value of securities     334 288  
Partnership Interest [Member]          
Cash flows from operating activities:          
Net income 118,848 13,310 297,305 8,101  
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation and amortization     226,935 259,161  
Amortization of deferred loan costs and debt premiums     4,608 7,566  
(Accretion) and amortization of above and below market lease intangibles, net     (17,244) (29,847)  
Stock-based compensation, net of capitalization     9,272 10,654  
Equity in income of investments in real estate partnerships (14,243) (8,116) (26,344) (22,358)  
Gain on sale of real estate, net of tax     (38,198) (48,690)  
Provision for impairment of real estate, net of tax (20)   115 1,014  
Goodwill impairment       132,128  
Early extinguishment of debt   19,358   19,358  
Distribution of earnings from investments in real estate partnerships     54,310 32,659  
Settlement of derivative instruments     (2,472)    
Deferred compensation expense     2,707 1,381  
Realized and unrealized (gain) loss on investments     (3,177) (1,427)  
Changes in assets and liabilities:          
Tenant and other receivables     (8,659) 4,072  
Deferred leasing costs     (7,103) (4,999)  
Other assets     (6,932) (7,670)  
Accounts payable and other liabilities     25,879 20,223  
Tenants’ security, escrow deposits and prepaid rent     (2,524) (6,737)  
Net cash provided by operating activities     508,478 374,589  
Cash flows from investing activities:          
Acquisition of operating real estate, net of cash acquired of $2,991 in 2021     (78,611) (16,867)  
Advance deposits refunded on acquisition of operating real estate     500 100  
Real estate development and capital improvements     (120,827) (149,293)  
Proceeds from sale of real estate     131,861 125,539  
Issuance of notes receivable     (20) (551)  
Investments in real estate partnerships     (21,788) (47,957)  
Return of capital from investments in real estate partnerships     86,449 23,235  
Dividends on investment securities     125 193  
Acquisition of investment securities     (22,422) (10,580)  
Proceeds from sale of investment securities     23,162 10,659  
Net cash used in investing activities     (1,571) (65,522)  
Cash flows from financing activities:          
Net proceeds from common stock issuance     82,510 125,608  
Repurchase of common shares in conjunction with equity award plans     (4,066) (5,512)  
Proceeds from sale of treasury stock     96 269  
Distributions to limited partners in consolidated partnerships, net     (3,272) (2,193)  
Dividends paid to common stockholders     (303,260) (301,904)  
Repayment of fixed rate unsecured notes       (300,000)  
Proceeds from issuance of fixed rate unsecured notes, net       598,830  
Proceeds from unsecured credit facilities       610,000  
Repayment of unsecured credit facilities     (265,000) (830,000)  
Repayment of notes payable     (13,764) (3,891)  
Scheduled principal payments     (8,448) (8,149)  
Payment of loan costs     (7,468) (5,063)  
Early redemption costs       (21,748)  
Net cash used in financing activities     (522,672) (143,753)  
Net (decrease) increase in cash and cash equivalents and restricted cash     (15,765) 165,314  
Cash and cash equivalents and restricted cash at beginning of the period     378,450 115,562 115,562
Cash and cash equivalents and restricted cash at end of the period $ 362,685 $ 280,876 362,685 280,876 $ 378,450
Supplemental disclosure of cash flow information:          
Cash paid for interest (net of capitalized interest of $3,012 and $3,590 in 2021 and 2020, respectively)     113,647 121,307  
Cash paid for income taxes, net of refunds     358 898  
Supplemental disclosure of non-cash transactions:          
Acquisition of real estate previously held within investments in real estate partnerships     (4,609) 5,986  
Mortgage loans assumed by company with the acquisition of real estate     111,090 16,359  
Mortgage loan assumed by purchaser with the sale of real estate       8,250  
Common stock issued for partnership units exchanged     99    
Real estate received in lieu of promote interest     13,589    
Exchangeable operating partnership units issued for acquisition of real estate       1,275  
Change in accrued capital expenditures     5,830 16,276  
Common stock issued under dividend reinvestment plan     1,172 1,138  
Stock-based compensation capitalized     600 650  
Common stock and exchangeable operating partnership dividends declared but not paid     101,753    
(Distributions to) contributions from limited partners in consolidated partnerships, net       (1,420)  
Common stock issued for dividend reinvestment in trust     826 819  
Contribution of stock awards into trust     1,416 1,439  
Distribution of stock held in trust     966 442  
Change in fair value of securities     $ 334 $ 288