XML 21 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 (loss) $ (22,889) $ 84,290 $ 117,253
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 191,006 181,588 168,508
Impairment charges 6,204 0 0
Amortization of non-cash items within interest expense 9,482 7,328 7,215
Amortization of acquired above and below-market leases, net (3,627) (7,311) (6,120)
Amortization of acquired below-market ground leases 7,831 7,831 7,831
Straight-lining of rental revenue (5,238) (20,057) (22,107)
Equity based compensation 25,495 20,857 18,785
Settlement of derivative contract (20,281) (11,802) 0
Loss on early extinguishment of debt 86 0 0
Increase (decrease) in cash flows due to changes in operating assets and liabilities:      
Security deposits (151) (27,243) 10,717
Tenant and other receivables 3,881 4,015 (1,275)
Deferred leasing costs (14,464) (30,895) (26,899)
Prepaid expenses and other assets (11,730) (3,643) (781)
Accounts payable and accrued expenses (3,305) 427 1,993
Deferred revenue and other liabilities 19,993 27,206 3,902
Net cash provided by operating activities 182,293 232,591 279,022
Cash Flows From Investing Activities      
Short-term investments 0 400,000 (400,000)
Additions to building and improvements and development costs (143,118) (250,256) (243,023)
Net cash (used in) provided by investing activities (143,118) 149,744 (643,023)
Cash Flows From Financing Activities      
Proceeds from mortgage notes payable 180,000 0 160,000
Repayment of mortgage notes payable (3,938) (3,790) (266,613)
Proceeds from unsecured senior notes 175,000 0 335,000
Repayment of unsecured senior notes 0 (250,000) 0
Proceeds from unsecured term loan 175,000 0 0
Repayment of unsecured term loan (50,000) 0 0
Proceeds from unsecured revolving credit facility 550,000 0 0
Repayment of unsecured revolving credit facility (550,000) 0 0
Deferred financing costs (10,135) 0 (1,980)
Net proceeds from the sale of common stock 0 0 4,749
Repurchases of common shares (143,713) 0 0
Private perpetual preferred unit distributions (4,197) (1,743) (936)
Dividends paid to common stockholders (37,181) (75,192) (70,854)
Distributions paid to noncontrolling interests in the operating partnership (23,669) (50,826) (54,749)
Net cash provided by (used in) financing activities 257,167 (381,551) 104,617
Net increase (decrease) in cash and cash equivalents and restricted cash 296,342 784 (259,384)
Cash and cash equivalents and restricted cash—beginning of period 271,597 270,813 530,197
Cash and cash equivalents and restricted cash—end of period 567,939 271,597 270,813
Reconciliation of Cash and Cash Equivalents and Restricted Cash:      
Cash and cash equivalents at beginning of period 233,946 204,981 464,344
Restricted cash at beginning of period 37,651 65,832 65,853
Cash and cash equivalents and restricted cash—end of period 526,714 233,946 204,981
Restricted cash at end of period 41,225 37,651 65,832
Cash and cash equivalents and restricted cash 271,597 271,597 270,813
Supplemental disclosures of cash flow information:      
Cash paid for interest 75,416 76,333 74,160
Interest capitalized 0 1,433 1,596
Cash paid for income taxes 1,282 1,766 4,847
Non-cash investing and financing activities:      
Building and improvements included in accounts payable and accrued expenses 58,057 90,910 85,242
Write-off of fully depreciated assets 79,527 30,977 39,665
Conversion of operating partnership units and Class B shares to Class A shares 29,863 27,495 70,779
Issuance of Series 2019 private perpetual preferred in exchange for common units 789 21,147 $ 0
Right of use assets 0 29,452  
Ground lease liabilities $ 0 $ 29,452