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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash Flows from Operating Activities:    
Net Income $ 36,396 $ 108,667
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 42,449 37,879
Amortization of debt deferred costs and intangibles, net 768 699
Impairment loss 14,986 43
Equity in earnings of real estate joint ventures and partnerships, net (5,317) (4,093)
Gain on sale and acquisition of real estate joint venture and partnership interests 0 (37,392)
Gain on sale of property (15,763) (45,157)
Distributions of income from real estate joint ventures and partnerships 463 338
Changes in accrued rent and accounts receivable, net 2,812 8,086
Changes in unamortized lease costs and other assets, net (6,154) 168
Changes in accounts payable, accrued expenses and other liabilities, net (21,615) (15,228)
Other, net 2,215 1,270
Net cash provided by operating activities 51,240 55,280
Cash Flows from Investing Activities:    
Acquisition of real estate and land (570) (496)
Development and capital improvements (51,779) (25,505)
Proceeds from sale of property and real estate equity investments 52,600 106,053
Change in restricted deposits and mortgage escrows 21,877 (104,171)
Real estate joint ventures and partnerships - Investments (198) (42,025)
Real estate joint ventures and partnerships - Distribution of capital 4,686 24,609
Purchase of investments (2,491) (1,250)
Proceeds from investments 3,500 500
Other, net 511 2,481
Net cash provided by (used in) investing activities 28,136 (39,804)
Cash Flows from Financing Activities:    
Principal payments of debt (19,441) (3,623)
Changes in unsecured credit facilities (14,100) 30,500
Proceeds from issuance of common shares of beneficial interest, net 877 19,430
Common share dividends paid (49,404) (45,378)
Debt issuance and extinguishment costs paid (153) (4,452)
Distributions to noncontrolling interests (8,651) (2,139)
Other, net (1,146) (4,782)
Net cash used in financing activities (92,018) (10,444)
Net (decrease) increase in cash and cash equivalents (12,642) 5,032
Cash and cash equivalents at January 1 16,257 [1] 22,168
Cash and cash equivalents at March 31 3,615 [1] 27,200
Interest paid during the period (net of amount capitalized of $823 and $520, respectively) $ 24,138 $ 20,828
[1] Consolidated variable interest entities' assets held as collateral and debt included in the above balances at March 31, 2017 and December 31, 2016 are Property, net of $216,223 and $476,117; Accrued Rent and Accounts Receivable, net of $9,723 and $11,066; Cash and Cash Equivalents of $7,797 and $9,560; Debt, net of $46,902 and $47,112.