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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Operating Activities    
Net income $ 47,555 $ 9,966
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 97,183 70,866
Loss on early extinguishment of debt 670 0
Gain on sales of real estate – rental properties (270) 0
Impairment of real estate 0 28,980
Equity in (earnings) losses of unconsolidated real estate joint ventures (361) 397
Distributions of earnings from unconsolidated real estate joint ventures 125 98
Amortization of loan fees 2,895 2,760
Amortization of debt premiums/discounts (596) (86)
Amortization of acquired below-market leases (5,359) (974)
Deferred rent (35,592) (12,138)
Stock compensation expense 5,252 5,439
Investment gains (1,795) (5,891)
Investment losses 308 1,782
Changes in operating assets and liabilities:    
Restricted cash (180) 671
Tenant receivables (235) 521
Deferred leasing costs (16,072) (7,083)
Other assets (3,987) (2,525)
Accounts payable, accrued expenses, and tenant security deposits 17,923 8,999
Net cash provided by operating activities 107,464 101,782
Investing Activities    
Proceeds from sale of properties 2,827 0
Additions to real estate (218,473) (159,501)
Purchase of real estate (217,643) 0
Deposits for investing activities 3,200 0
Investments in unconsolidated real estate joint ventures 0 (449)
Additions to investments (43,974) (22,085)
Sales of investments 5,707 10,913
Net cash used in investing activities (468,356) (171,122)
Financing Activities    
Borrowings from secured notes payable 73,401 64,922
Repayments of borrowings from secured notes payable (829) (58,657)
Proceeds from issuance of unsecured senior notes payable 424,384 0
Borrowings from unsecured senior line of credit 1,139,000 555,000
Repayments of borrowings from unsecured senior line of credit (1,167,000) (407,000)
Repayments of borrowings from unsecured senior bank term loans (200,000) 0
Change in restricted cash related to financing activities (1,806) 8,316
Payment of loan fees (4,335) (377)
Repurchase of preferred stock (17,934) (25,618)
Proceeds from the issuance of common stock 217,759 25,278
Dividends on common stock (73,705) (56,490)
Dividends on preferred stock (3,617) (6,247)
Financing costs paid for sale of noncontrolling interests 0 (6,420)
Contributions from noncontrolling interests 6,888 0
Distributions to noncontrolling interests (5,322) (1,927)
Net cash provided by financing activities 386,884 90,780
Effect of foreign exchange rate changes on cash and cash equivalents 185 (341)
Net increase (decrease) in cash and cash equivalents 26,177 21,099
Cash and cash equivalents at beginning of period 125,032 125,098
Cash and cash equivalents at end of period 151,209 146,197
Supplemental Disclosure of Cash Flow Information    
Cash paid during the period for interest, net of interest capitalized 30,080 14,068
Non-Cash Investing Activities    
Change in accrued construction (1,693) 29,197
Non-Cash Financing Activities    
Payable for redemption of preferred stock $ 130,000 $ 0