XML 21 R6.htm IDEA: XBRL DOCUMENT v3.20.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities:    
Net income $ 115,680 $ 130,099
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 254,105 247,266
Loss on sale of depreciable real estate assets 27 13
Loss (gain) on sale of non-depreciable real estate assets 371 (9,260)
Loss (gain) on embedded derivative in preferred shares 15,945 (4,070)
Stock compensation expense 8,150 8,237
Amortization of debt issuance costs, discounts and premiums 2,290 3,468
Net change in operating accounts and other operating activities (6,953) (7,286)
Net cash provided by operating activities 389,615 368,467
Cash flows from investing activities:    
Purchases of real estate and other assets (5,004) (19,596)
Capital improvements, development and other (191,850) (133,354)
Distributions from real estate joint ventures 84 184
Contributions to affiliates (1,725) (2,700)
Proceeds from disposition of real estate assets 660 14,640
Net cash used in investing activities (197,835) (140,826)
Cash flows from financing activities:    
Proceeds from revolving credit facility 180,000 545,000
Repayments of revolving credit facility (180,000) (1,085,000)
Net proceeds from commercial paper 20,000 367,000
Proceeds from notes payable   490,435
Principal payments on notes payable (3,483) (303,672)
Payment of deferred financing costs (31) (9,048)
Distributions to noncontrolling interests (8,126) (7,886)
Distributions paid on common shares/units (228,618) (218,758)
Distributions paid on preferred shares/units (1,844) (1,844)
Net change in other financing activities (4,625) 2,143
Net cash used in financing activities (226,727) (221,630)
Net (decrease) increase in cash, cash equivalents and restricted cash (34,947) 6,011
Cash, cash equivalents and restricted cash, beginning of period 70,541 51,673
Cash, cash equivalents and restricted cash, end of period 35,594 57,684
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 19,667 40,972
Restricted cash 15,927 16,712
Cash, cash equivalents and restricted cash, end of period 35,594 57,684
Supplemental disclosure of cash flow information:    
Interest paid 84,623 84,972
Income taxes paid 120 2,452
Supplemental disclosure of noncash investing and financing activities:    
Conversion of OP Units to shares of common stock 450 1,157
Accrued construction in progress 18,991 21,063
Interest capitalized 3,019 1,093
Limited Partner [Member]    
Cash flows from operating activities:    
Net income 115,680 130,099
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 254,105 247,266
Loss on sale of depreciable real estate assets 27 13
Loss (gain) on sale of non-depreciable real estate assets 371 (9,260)
Loss (gain) on embedded derivative in preferred shares 15,945 (4,070)
Stock compensation expense 8,150 8,237
Amortization of debt issuance costs, discounts and premiums 2,290 3,468
Net change in operating accounts and other operating activities (6,953) (7,286)
Net cash provided by operating activities 389,615 368,467
Cash flows from investing activities:    
Purchases of real estate and other assets (5,004) (19,596)
Capital improvements, development and other (191,850) (133,354)
Distributions from real estate joint ventures 84 184
Contributions to affiliates (1,725) (2,700)
Proceeds from disposition of real estate assets 660 14,640
Net cash used in investing activities (197,835) (140,826)
Cash flows from financing activities:    
Proceeds from revolving credit facility 180,000 545,000
Repayments of revolving credit facility (180,000) (1,085,000)
Net proceeds from commercial paper 20,000 367,000
Proceeds from notes payable   490,435
Principal payments on notes payable (3,483) (303,672)
Payment of deferred financing costs (31) (9,048)
Distributions paid on common shares/units (236,744) (226,644)
Distributions paid on preferred shares/units (1,844) (1,844)
Net change in other financing activities (4,625) 2,143
Net cash used in financing activities (226,727) (221,630)
Net (decrease) increase in cash, cash equivalents and restricted cash (34,947) 6,011
Cash, cash equivalents and restricted cash, beginning of period 70,541 51,673
Cash, cash equivalents and restricted cash, end of period 35,594 57,684
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 19,667 40,972
Restricted cash 15,927 16,712
Cash, cash equivalents and restricted cash, end of period 35,594 57,684
Supplemental disclosure of cash flow information:    
Interest paid 84,623 84,972
Income taxes paid 120 2,452
Supplemental disclosure of noncash investing and financing activities:    
Accrued construction in progress 18,991 21,063
Interest capitalized $ 3,019 $ 1,093