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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Dec. 31, 2019
Cash flows from operating activities:          
Net income (loss) $ 19,574 $ 52,690 $ (5,209) $ 144,183  
Adjustments to reconcile net (loss) income to net cash provided by operating activities:          
Depreciation and amortization     174,353 190,783  
Amortization of deferred loan costs and debt premiums     5,237 5,911  
(Accretion) and amortization of above and below market lease intangibles, net     (22,456) (19,496)  
Stock-based compensation, net of capitalization     7,217 6,989  
Equity in income of investments in real estate partnerships (2,824) (13,128) (14,242) (43,955)  
Gain on sale of real estate, net of tax     (45,453) (16,932)  
Provision for impairment of real estate, net of tax 230 10,441 1,014 12,113  
Goodwill impairment 0   132,128 0  
Early extinguishment of debt     0 10,591  
Distribution of earnings from investments in real estate partnerships     18,655 25,659  
Settlement of derivative instruments     0 (5,719)  
Deferred compensation expense     (441) 3,297  
Realized and unrealized gain on investments     599 (3,299)  
Changes in assets and liabilities:          
Tenant and other receivables     (24,111) 6,975  
Deferred leasing costs     (3,732) (4,782)  
Other assets     (8,499) (7,628)  
Accounts payable and other liabilities     10,982 (3,292)  
Tenants’ security, escrow deposits and prepaid rent     (8,623) (12,075)  
Net cash provided by operating activities     217,419 289,323  
Cash flows from investing activities:          
Acquisition of operating real estate     (16,867) (19,302)  
Advance deposits refunded (paid) on acquisition of operating real estate     100 (11,000)  
Real estate development and capital improvements     (107,852) (80,032)  
Proceeds from sale of real estate investments     115,614 83,460  
Issuance of notes receivable     (440) 0  
Investments in real estate partnerships     (42,088) (32,970)  
Return of capital from investments in real estate partnerships     23,235 46,740  
Dividends on investment securities     140 264  
Acquisition of investment securities     (7,062) (11,498)  
Proceeds from sale of investment securities     7,094 10,828  
Net cash used in investing activities     (28,126) (13,510)  
Cash flows from financing activities:          
Net proceeds from common stock issuance     125,616 0  
Repurchase of common shares in conjunction with equity award plans     (5,405) (6,148)  
Common shares repurchased through share repurchase program     0 (32,778)  
Proceeds from sale of treasury stock     62 9  
Distributions to limited partners in consolidated partnerships, net     (1,644) (968)  
Distributions to exchangeable operating partnership unit holders     (910) (409)  
Dividends paid to common stockholders     (199,971) (195,246)  
Repayment of fixed rate unsecured notes     0 (250,000)  
Proceeds from issuance of fixed rate unsecured notes, net     598,830 298,983  
Proceeds from unsecured credit facilities     610,000 185,000  
Repayment of unsecured credit facilities     (830,000) (210,000)  
Repayment of notes payable     (3,891) (53,530)  
Scheduled principal payments     (5,128) (4,562)  
Payment of loan costs     (5,056) (3,343)  
Early redemption costs     0 (10,647)  
Net cash provided by (used in) financing activities     282,503 (283,639)  
Net increase (decrease) in cash and cash equivalents and restricted cash     471,796 (7,826)  
Cash and cash equivalents and restricted cash at beginning of the period     115,562 45,190 $ 45,190
Cash and cash equivalents and restricted cash at end of the period 587,358 37,364 587,358 37,364 115,562
Supplemental disclosure of cash flow information:          
Cash paid for interest (net of capitalized interest of $2,449 and $1,996 in 2020 and 2019, respectively)     72,013 68,351  
Cash paid for income taxes, net of refunds     576 459  
Supplemental disclosure of non-cash transactions:          
Acquisition of real estate previously held within investments in real estate partnerships     5,986    
Mortgage loan assumed with the acquisition of real estate     16,359    
Exchangeable operating partnership units issued for acquisition of real estate     1,275    
Change in accrued capital expenditures     2,965 9,149  
Common stock issued under dividend reinvestment plan 377 357 756 740  
Stock-based compensation capitalized     604 1,105  
Contributions from limited partners in consolidated partnerships, net       66  
Common stock issued for dividend reinvestment in trust     540 479  
Contribution of stock awards into trust     1,352 2,397  
Distribution of stock held in trust     441 167  
Change in fair value of securities     326 260  
Partnership Interest [Member]          
Cash flows from operating activities:          
Net income (loss) 19,574 52,690 (5,209) 144,183  
Adjustments to reconcile net (loss) income to net cash provided by operating activities:          
Depreciation and amortization     174,353 190,783  
Amortization of deferred loan costs and debt premiums     5,237 5,911  
(Accretion) and amortization of above and below market lease intangibles, net     (22,456) (19,496)  
Stock-based compensation, net of capitalization     7,217 6,989  
Equity in income of investments in real estate partnerships (2,824) (13,128) (14,242) (43,955)  
Gain on sale of real estate, net of tax     (45,453) (16,932)  
Provision for impairment of real estate, net of tax 230 10,441 1,014 12,113  
Goodwill impairment     132,128 0  
Early extinguishment of debt     0 10,591  
Distribution of earnings from investments in real estate partnerships     18,655 25,659  
Settlement of derivative instruments     0 (5,719)  
Deferred compensation expense     (441) 3,297  
Realized and unrealized gain on investments     599 (3,299)  
Changes in assets and liabilities:          
Tenant and other receivables     (24,111) 6,975  
Deferred leasing costs     (3,732) (4,782)  
Other assets     (8,499) (7,628)  
Accounts payable and other liabilities     10,982 (3,292)  
Tenants’ security, escrow deposits and prepaid rent     (8,623) (12,075)  
Net cash provided by operating activities     217,419 289,323  
Cash flows from investing activities:          
Acquisition of operating real estate     (16,867) (19,302)  
Advance deposits refunded (paid) on acquisition of operating real estate     100 (11,000)  
Real estate development and capital improvements     (107,852) (80,032)  
Proceeds from sale of real estate investments     115,614 83,460  
Issuance of notes receivable     (440) 0  
Investments in real estate partnerships     (42,088) (32,970)  
Return of capital from investments in real estate partnerships     23,235 46,740  
Dividends on investment securities     140 264  
Acquisition of investment securities     (7,062) (11,498)  
Proceeds from sale of investment securities     7,094 10,828  
Net cash used in investing activities     (28,126) (13,510)  
Cash flows from financing activities:          
Net proceeds from common stock issuance     125,616 0  
Repurchase of common shares in conjunction with equity award plans     (5,405) (6,148)  
Common shares repurchased through share repurchase program     0 (32,778)  
Proceeds from sale of treasury stock     62 9  
Distributions to limited partners in consolidated partnerships, net     (1,644) (968)  
Dividends paid to common stockholders     (200,881) (195,655)  
Repayment of fixed rate unsecured notes     0 (250,000)  
Proceeds from issuance of fixed rate unsecured notes, net     598,830 298,983  
Proceeds from unsecured credit facilities     610,000 185,000  
Repayment of unsecured credit facilities     (830,000) (210,000)  
Repayment of notes payable     (3,891) (53,530)  
Scheduled principal payments     (5,128) (4,562)  
Payment of loan costs     (5,056) (3,343)  
Early redemption costs     0 (10,647)  
Net cash provided by (used in) financing activities     282,503 (283,639)  
Net increase (decrease) in cash and cash equivalents and restricted cash     471,796 (7,826)  
Cash and cash equivalents and restricted cash at beginning of the period     115,562 45,190 45,190
Cash and cash equivalents and restricted cash at end of the period $ 587,358 $ 37,364 587,358 37,364 $ 115,562
Supplemental disclosure of cash flow information:          
Cash paid for interest (net of capitalized interest of $2,449 and $1,996 in 2020 and 2019, respectively)     72,013 68,351  
Cash paid for income taxes, net of refunds     576 459  
Supplemental disclosure of non-cash transactions:          
Acquisition of real estate previously held within investments in real estate partnerships     5,986    
Mortgage loan assumed with the acquisition of real estate     16,359    
Exchangeable operating partnership units issued for acquisition of real estate     1,275    
Change in accrued capital expenditures     2,965 9,149  
Common stock issued under dividend reinvestment plan     756 740  
Stock-based compensation capitalized     604 1,105  
Contributions from limited partners in consolidated partnerships, net       66  
Common stock issued for dividend reinvestment in trust     540 479  
Contribution of stock awards into trust     1,352 2,397  
Distribution of stock held in trust     441 167  
Change in fair value of securities     $ 326 $ 260