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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Dec. 31, 2020
Cash flows from operating activities:      
Net income (loss) $ 81,625 $ (24,783)  
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 77,259 89,295  
Amortization of deferred loan costs and debt premiums 2,167 2,619  
(Accretion) and amortization of above and below market lease intangibles, net (5,576) (12,460)  
Stock-based compensation, net of capitalization 2,420 3,320  
Equity in income of investments in real estate partnerships (11,666) (11,418)  
Gain on sale of real estate, net of tax (11,698) (38,005)  
Provision for impairment of real estate, net of tax   784 $ (17,500)
Goodwill impairment   132,128  
Distribution of earnings from investments in real estate partnerships 16,491 16,440  
Settlement of derivative instruments (2,472)    
Deferred compensation expense 1,139 (4,328)  
Realized and unrealized (gain) loss on investments (1,354) 4,923  
Changes in assets and liabilities:      
Tenant and other receivables 15,760 18,569  
Deferred leasing costs (1,907) (1,352)  
Other assets (9,801) (12,201)  
Accounts payable and other liabilities (14,716) (27,498)  
Tenants’ security, escrow deposits and prepaid rent 1,691 (10,355)  
Net cash provided by operating activities 139,362 125,678  
Cash flows from investing activities:      
Acquisition of operating real estate   (16,867)  
Advance deposits refunded on acquisition of operating real estate 500 100  
Real estate development and capital improvements (31,378) (56,309)  
Proceeds from sale of real estate investments 53,859 103,522  
Issuance of notes receivable (20) (167)  
Investments in real estate partnerships (20,223) (32,972)  
Return of capital from investments in real estate partnerships 3,283    
Dividends on investment securities 51 84  
Acquisition of investment securities (8,136) (4,392)  
Proceeds from sale of investment securities 8,834 4,448  
Net cash provided by (used in) investing activities 6,770 (2,553)  
Cash flows from financing activities:      
Net proceeds from common stock issuance   125,773  
Repurchase of common shares in conjunction with equity award plans (3,996) (5,298)  
Proceeds from sale of treasury stock 96 49  
Distributions to limited partners in consolidated partnerships, net (785) (1,064)  
Distributions to exchangeable operating partnership unit holders (453) (455)  
Dividends paid to common stockholders (100,580) (99,409)  
Proceeds from unsecured credit facilities   610,000  
Repayment of unsecured credit facilities (265,000) (125,000)  
Repayment of notes payable (3,962) (3,891)  
Scheduled principal payments (3,114) (2,547)  
Payment of loan costs (7,468)    
Net cash (used in) provided by financing activities (385,262) 498,158  
Net (decrease) increase in cash and cash equivalents and restricted cash (239,130) 621,283  
Cash and cash equivalents and restricted cash at beginning of the period 378,450 115,562 115,562
Cash and cash equivalents and restricted cash at end of the period 139,320 736,845 378,450
Supplemental disclosure of cash flow information:      
Cash paid for interest (net of capitalized interest of $849 and $1,175 in 2021 and 2020, respectively) 44,276 47,912  
Cash (refunded) paid for income taxes, net (101) 317  
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  
Issuance of exchangeable operating partnership units   1,275  
Change in accrued capital expenditures 874 4,942  
Common stock issued under dividend reinvestment plan 376 379  
Stock-based compensation capitalized 196 554  
Common stock and exchangeable operating partnership dividends declared but not paid 101,500    
Common stock issued for dividend reinvestment in trust 274 265  
Contribution of stock awards into trust 571 862  
Distribution of stock held in trust 415 390  
Change in fair value of securities 361 577  
Partnership Interest [Member]      
Cash flows from operating activities:      
Net income (loss) 81,625 (24,783)  
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 77,259 89,295  
Amortization of deferred loan costs and debt premiums 2,167 2,619  
(Accretion) and amortization of above and below market lease intangibles, net (5,576) (12,460)  
Stock-based compensation, net of capitalization 2,420 3,320  
Equity in income of investments in real estate partnerships (11,666) (11,418)  
Gain on sale of real estate, net of tax (11,698) (38,005)  
Provision for impairment of real estate, net of tax   784  
Goodwill impairment   132,128  
Distribution of earnings from investments in real estate partnerships 16,491 16,440  
Settlement of derivative instruments (2,472)    
Deferred compensation expense 1,139 (4,328)  
Realized and unrealized (gain) loss on investments (1,354) 4,923  
Changes in assets and liabilities:      
Tenant and other receivables 15,760 18,569  
Deferred leasing costs (1,907) (1,352)  
Other assets (9,801) (12,201)  
Accounts payable and other liabilities (14,716) (27,498)  
Tenants’ security, escrow deposits and prepaid rent 1,691 (10,355)  
Net cash provided by operating activities 139,362 125,678  
Cash flows from investing activities:      
Acquisition of operating real estate   (16,867)  
Advance deposits refunded on acquisition of operating real estate 500 100  
Real estate development and capital improvements (31,378) (56,309)  
Proceeds from sale of real estate investments 53,859 103,522  
Issuance of notes receivable (20) (167)  
Investments in real estate partnerships (20,223) (32,972)  
Return of capital from investments in real estate partnerships 3,283    
Dividends on investment securities 51 84  
Acquisition of investment securities (8,136) (4,392)  
Proceeds from sale of investment securities 8,834 4,448  
Net cash provided by (used in) investing activities 6,770 (2,553)  
Cash flows from financing activities:      
Net proceeds from common stock issuance   125,773  
Repurchase of common shares in conjunction with equity award plans (3,996) (5,298)  
Proceeds from sale of treasury stock 96 49  
Distributions to limited partners in consolidated partnerships, net (785) (1,064)  
Dividends paid to common stockholders (101,033) (99,864)  
Proceeds from unsecured credit facilities   610,000  
Repayment of unsecured credit facilities (265,000) (125,000)  
Repayment of notes payable (3,962) (3,891)  
Scheduled principal payments (3,114) (2,547)  
Payment of loan costs (7,468)    
Net cash (used in) provided by financing activities (385,262) 498,158  
Net (decrease) increase in cash and cash equivalents and restricted cash (239,130) 621,283  
Cash and cash equivalents and restricted cash at beginning of the period 378,450 115,562 115,562
Cash and cash equivalents and restricted cash at end of the period 139,320 736,845 $ 378,450
Supplemental disclosure of cash flow information:      
Cash paid for interest (net of capitalized interest of $849 and $1,175 in 2021 and 2020, respectively) 44,276 47,912  
Cash (refunded) paid for income taxes, net (101) 317  
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  
Issuance of exchangeable operating partnership units   1,275  
Change in accrued capital expenditures 874 4,942  
Common stock issued under dividend reinvestment plan 376 379  
Stock-based compensation capitalized 196 554  
Common stock and exchangeable operating partnership dividends declared but not paid 101,500    
Common stock issued for dividend reinvestment in trust 274 265  
Contribution of stock awards into trust 571 862  
Distribution of stock held in trust 415 390  
Change in fair value of securities $ 361 $ 577