XML 29 R7.htm IDEA: XBRL DOCUMENT v3.20.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 207,293 $ 215,229 $ 277,926
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization of real estate assets and leasing costs 290,353 268,045 249,882
Depreciation of non-real estate furniture, fixtures and equipment 8,955 5,085 4,400
Revenue reversals (recoveries) for doubtful accounts (Notes 2 and 17) 18,997 (3,433) 5,685
Non-cash amortization of share-based compensation awards (Note 15) 30,245 27,007 27,932
Non-cash amortization of deferred financing costs and net debt discounts 2,958 1,427 1,084
Non-cash amortization of net below market rents (Note 5) (7,603) (9,206) (9,748)
Gains on sales of depreciable operating properties (Note 4) (35,536) (36,802) (142,926)
Non-cash amortization of deferred revenue related to tenant-funded tenant improvements (Note 10) (17,547) (19,190) (18,429)
Straight-line rents (67,826) (72,023) (26,976)
Amortization of right of use ground lease assets (Note 2) 825 683  
Loss on early extinguishment of debt (Note 9) 0 0 12,623
Gain on sale of land (Note 4) 0 0 (11,825)
Net change in other operating assets (3,685) (14,476) (7,930)
Net change in other operating liabilities 28,161 24,175 48,345
Net cash provided by operating activities 455,590 386,521 410,043
CASH FLOWS FROM INVESTING ACTIVITIES:      
Expenditures for development properties and undeveloped land (486,565) (845,464) (489,236)
Expenditures for operating properties and other capital assets (129,500) (147,687) (166,440)
Net proceeds received from dispositions (Note 4) 74,937 124,421 364,300
(Increase) decrease in acquisition-related deposits (1,000) 0 36,000
Expenditures for acquisitions of development properties and undeveloped land (Note 3) 0 (173,291) (311,299)
Expenditures for acquisitions of operating properties (Note 3) 0 (186,258) (257,340)
Proceeds received from repayment of note receivable 0 0 15,100
Net cash used in investing activities (542,128) (1,228,279) (808,915)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Net proceeds from issuance of common stock (Note 13) 721,665 353,722 130,693
Net proceeds from the issuance of unsecured debt (Note 9) 772,297 499,390 648,537
Repayments of unsecured debt (Note 9) (150,000) 0 (261,823)
Borrowings on unsecured revolving credit facility 190,000 1,110,000 765,000
Repayments on unsecured revolving credit facility (435,000) (910,000) (690,000)
Principal payments and repayments of secured debt (Note 9) (5,137) (76,309) (3,584)
Financing costs (6,594) (6,678) (6,262)
Repurchase of common stock and restricted stock units (Note 15) (14,082) (14,556) (16,553)
Distributions to noncontrolling interests in consolidated property partnerships (15,247) (12,952) (11,803)
Dividends and distributions paid to common stockholders and common unitholders (224,578) (196,252) (179,411)
Proceeds from exercise of stock options 0 703 41
Borrowings on unsecured debt 0 0 120,000
Contributions from noncontrolling interests in consolidated property partnerships 0 0 8,273
Net cash provided by financing activities 833,324 747,068 503,108
Net increase (decrease) in cash and cash equivalents and restricted cash 746,786 (94,690) 104,236
Cash and cash equivalents and restricted cash, beginning of year 76,344 171,034 66,798
Cash and cash equivalents and restricted cash, end of year $ 823,130 $ 76,344 $ 171,034