XML 18 R6.htm IDEA: XBRL DOCUMENT v3.20.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash Flows from Operating Activities:    
Net Income $ 66,625 $ 136,774
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 74,283 68,939
Amortization of debt deferred costs and intangibles, net 1,392 1,627
Non-cash lease expense 641 602
Impairment loss 44 74
Equity in earnings of real estate joint ventures and partnerships, net (30,525) (12,082)
Gain on sale of property (21,474) (69,848)
Uncollectible revenue allowance 11,429  
Distributions of income from real estate joint ventures and partnerships 18,418 9,508
Changes in accrued rent, accrued contract receivables and accounts receivable, net (1,812) 20,361
Changes in unamortized lease costs and other assets, net (1,925) (11,791)
Changes in accounts payable, accrued expenses and other liabilities, net (10,076) (11,882)
Other, net 1,672 2,404
Net cash provided by operating activities 108,692 134,686
Cash Flows from Investing Activities:    
Acquisition of real estate and land, net (25,506) (52,659)
Development and capital improvements (78,258) (95,895)
Proceeds from sale of property and real estate equity investments, net 58,448 194,394
Real estate joint ventures and partnerships - Investments (4,391) (24,355)
Real estate joint ventures and partnerships - Distribution of capital 17,520 2,340
Proceeds from investments   9,125
Other, net (1,513) 3,019
Net cash (used in) provided by investing activities (33,700) 35,969
Cash Flows from Financing Activities:    
Principal payments of debt (20,123) (3,173)
Changes in unsecured credit facilities 12,000 (5,000)
Proceeds from issuance of common shares of beneficial interest, net 208 764
Repurchase of common shares of beneficial interest, net (18,219) 0
Common share dividends paid (73,994) (101,641)
Debt issuance and extinguishment costs paid (6) (310)
Distributions to noncontrolling interests (1,594) (3,161)
Contributions from noncontrolling interests 1,150 326
Other, net (1,439) (1,521)
Net cash used in financing activities (102,017) (113,716)
Net (decrease) increase in cash, cash equivalents and restricted cash equivalents (27,025) 56,939
Cash, cash equivalents and restricted cash equivalents at January 1 55,291 76,137
Cash, cash equivalents and restricted cash equivalents at June 30 28,266 133,076
Supplemental disclosure of cash flow information:    
Cash paid for interest (net of amount capitalized of $4,573 and $6,204, respectively) 29,094 28,995
Cash paid for income taxes 793 1,456
Cash paid for amounts included in operating lease liabilities $ 1,555 $ 1,565