XML 20 R6.htm IDEA: XBRL DOCUMENT v3.22.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities:    
Net income $ 113,577 $ 48,864
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 133,986 131,820
Loss on sale of depreciable real estate assets 1 0
Gain on sale of non-depreciable real estate assets (23) 0
(Gain) loss on embedded derivative in preferred shares (11,896) 15,108
Stock compensation expense 6,640 5,369
Amortization of debt issuance costs, discounts and premiums 1,510 1,344
Loss (gain) on investments 10,233 (1,622)
Net change in operating accounts and other operating activities (74,405) (52,772)
Net cash provided by operating activities 179,623 148,111
Cash flows from investing activities:    
Purchases of real estate and other assets (5,232) 0
Capital improvements and other (38,212) (49,220)
Development costs (42,780) (64,291)
Distributions from real estate joint venture 95 114
Contributions to affiliates (7,500) 0
Proceeds from real estate asset dispositions and insurance recoveries 10,097 898
Net cash used in investing activities (83,532) (112,499)
Cash flows from financing activities:    
Net proceeds from commercial paper 20,000 213,000
Principal payments on notes payable (343) (119,154)
Distributions to noncontrolling interests (3,484) (4,159)
Dividends paid on common shares (125,432) (117,242)
Dividends paid on preferred shares (922) (922)
Acquisition of noncontrolling interests (43,070) 0
Net change in other financing activities (814) 625
Net cash used in financing activities (154,065) (27,852)
Net (decrease) increase in cash, cash equivalents and restricted cash (57,974) 7,760
Cash, cash equivalents and restricted cash, beginning of period 130,598 35,615
Cash, cash equivalents and restricted cash, end of period 72,624 43,375
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 60,371 32,620
Restricted cash 12,253 10,755
Total cash, cash equivalents and restricted cash 72,624 43,375
Supplemental disclosure of cash flow information:    
Interest paid 30,427 26,998
Income taxes paid 0 81
Supplemental disclosure of noncash investing and financing activities:    
Conversion of OP Units to shares of common stock 193 232
Accrued construction in progress 38,191 32,781
Interest capitalized 1,836 2,550
Limited Partnership [Member]    
Cash flows from operating activities:    
Net income 113,577 48,864
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 133,986 131,820
Loss on sale of depreciable real estate assets 1 0
Gain on sale of non-depreciable real estate assets (23) 0
(Gain) loss on embedded derivative in preferred shares (11,896) 15,108
Stock compensation expense 6,640 5,369
Amortization of debt issuance costs, discounts and premiums 1,510 1,344
Loss (gain) on investments 10,233 (1,622)
Net change in operating accounts and other operating activities (74,405) (52,772)
Net cash provided by operating activities 179,623 148,111
Cash flows from investing activities:    
Purchases of real estate and other assets (5,232) 0
Capital improvements and other (38,212) (49,220)
Development costs (42,780) (64,291)
Distributions from real estate joint venture 95 114
Contributions to affiliates (7,500) 0
Proceeds from real estate asset dispositions and insurance recoveries 10,097 898
Net cash used in investing activities (83,532) (112,499)
Cash flows from financing activities:    
Net proceeds from commercial paper 20,000 213,000
Principal payments on notes payable (343) (119,154)
Dividends paid on common shares (128,916) (121,401)
Dividends paid on preferred shares (922) (922)
Acquisition of noncontrolling interests (43,070) 0
Net change in other financing activities (814) 625
Net cash used in financing activities (154,065) (27,852)
Net (decrease) increase in cash, cash equivalents and restricted cash (57,974) 7,760
Cash, cash equivalents and restricted cash, beginning of period 130,598 35,615
Cash, cash equivalents and restricted cash, end of period 72,624 43,375
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 60,371 32,620
Restricted cash 12,253 10,755
Total cash, cash equivalents and restricted cash 72,624 43,375
Supplemental disclosure of cash flow information:    
Interest paid 30,427 26,998
Income taxes paid 0 81
Supplemental disclosure of noncash investing and financing activities:    
Accrued construction in progress 38,191 32,781
Interest capitalized $ 1,836 $ 2,550