XML 22 R6.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 $ 118,959 $ 322,575 $ 345,343
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 149,930 135,674 161,838
Amortization of debt deferred costs and intangibles, net 2,752 3,194 3,146
Non-cash lease expense 1,242 1,241 0
Impairment loss 24,153 74 10,120
Equity in earnings of real estate joint ventures and partnerships, net (39,206) (20,769) (25,070)
Gain on sale of property (65,402) (189,914) (207,865)
Distributions of income from real estate joint ventures and partnerships 29,803 20,083 19,605
Changes in accrued rent, accrued contract receivables and accounts receivable, net 1,154 10,001 (2,807)
Changes in unamortized lease costs and other assets, net (8,024) (14,298) (8,632)
Changes in accounts payable, accrued expenses and other liabilities, net 5,744 (975) (2,315)
Other, net 3,122 3,164 (7,403)
Net cash provided by operating activities 224,227 270,050 285,960
Cash Flows from Investing Activities:      
Acquisition of real estate and land, net (42,209) (218,849) (1,265)
Development and capital improvements (137,059) (183,188) (155,528)
Proceeds from sale of property and real estate equity investments, net 119,442 445,319 607,486
Real estate joint ventures and partnerships - Investments (8,671) (74,602) (38,096)
Real estate joint ventures and partnerships - Distribution of capital 22,228 2,482 6,936
Proceeds from investments   10,375 1,500
Other, net (114) 2,437 11,921
Net cash (used in) provided by investing activities (46,383) (16,026) 432,954
Cash Flows from Financing Activities:      
Proceeds from issuance of debt     638
Principal payments of debt (22,977) (55,556) (257,028)
Changes in unsecured credit facilities 40,000 (5,000) 5,000
Proceeds from issuance of common shares of beneficial interest, net 212 1,098 6,760
Repurchase of common shares of beneficial interest, net (32,107)   (18,564)
Common share dividends paid (165,958) (203,297) (382,464)
Debt issuance and extinguishment costs paid (6) (3,271) (1,271)
Distributions to noncontrolling interests (4,076) (6,782) (19,155)
Contributions from noncontrolling interests 1,150 326 1,465
Other, net (1,617) (2,388) 508
Net cash used in financing activities (185,379) (274,870) (664,111)
Net (decrease) increase in cash, cash equivalents and restricted cash equivalents (7,535) (20,846) 54,803
Cash, cash equivalents and restricted cash equivalents at January 1 55,291 76,137 21,334
Cash, cash equivalents and restricted cash equivalents at December 31 47,756 55,291 76,137
Supplemental disclosure of cash flow information:      
Cash paid for interest (net of amount capitalized of $8,184, $13,586 and $7,938, respectively) 58,744 55,413 65,507
Cash paid for income taxes 793 1,526 1,545
Cash paid for amounts included in operating lease liabilities $ 2,678 $ 2,785 $ 0