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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flow from operating activities:      
Net income (loss) $ 101,825 $ 116,105 $ (243,132)
Adjustments to reconcile net income (loss) to net cash flow provided by operating activities:      
Depreciation and amortization 165,087 242,102 346,204
Stock-based compensation 9,890 7,468 11,493
Amortization and write-off of debt issuance costs and fair market value of debt adjustments 3,976 16,354 7,472
Loss on debt extinguishment 0 58,656 63,204
Equity in net income of joint ventures (11,519) (9,365) (8,837)
Reserve of preferred equity interests, net 15,544 11,422 61,000
Net gain on sale and change in control of interests 0 0 (368)
Operating cash distributions from joint ventures 12,168 8,799 7,413
Gain on disposition of real estate, net (31,380) (225,406) (161,164)
Impairment charges 3,370 69,324 345,580
Valuation allowance of prepaid tax asset 0 0 10,794
Assumption of buildings due to ground lease terminations 0 (2,150) (8,585)
Cash paid for interest rate hedging activities 0 (4,538) 0
Change in notes receivable accrued interest 1,348 1,349 (2,705)
Net change in accounts receivable 4,361 (3,687) 2,470
Transaction costs related to RVI spin-off 0 (27,203) 0
Net change in accounts payable and accrued expenses (4,771) 11,388 (3,661)
Net change in other operating assets and liabilities 255 (7,200) (16,771)
Total adjustments 168,329 147,313 653,539
Net cash flow provided by operating activities 270,154 263,418 410,407
Cash flow from investing activities:      
Real estate acquired, net of liabilities and cash assumed (75,623) (35,069) (86,079)
Real estate developed and improvements to operating real estate (109,364) (123,517) (115,361)
Proceeds from disposition of real estate 109,509 938,051 624,250
Hurricane property insurance advance proceeds 0 20,193 10,000
Equity contributions to joint ventures (64,237) (59,420) (69,240)
Repayment of joint venture advances, net 62,246 77,151 56,085
Net transactions with RVI 33,596 (33,681) 0
Distributions from unconsolidated joint ventures 22,339 34,620 27,885
Repayment of notes receivable 11,139 0 31,068
Net cash flow (used for) provided by investing activities (10,395) 818,328 478,608
Cash flow from financing activities:      
(Repayment of) proceeds from revolving credit facilities, net (95,000) 100,000 0
Proceeds from issuance of senior notes, net of offering expenses 0 0 791,113
Repayment of senior notes, including repayment costs 0 (1,206,619) (958,509)
Repayment of term loans and mortgage debt, including repayment costs (2,372) (1,006,065) (542,486)
Payment of debt issuance costs (4,998) (32,825) (7,295)
Proceeds from mortgage payable and term loan 50,000 1,350,000 0
Proceeds from issuance of preferred shares, net of offering expenses 0 0 168,870
Redemption of preferred shares (200,031) 0 0
Proceeds from issuance of common shares, net of offering expenses 194,598 0 0
(Repurchase) issuance of common shares in conjunction with equity award plans and dividend reinvestment plan (718) 4,770 21,677
Repurchase of common shares (14,069) (36,341) 0
Redemption of operating partnership units 0 (736) (232)
Contribution of assets to RVI 0 (52,358) 0
Distributions to non-controlling interests and redeemable operating partnership units (990) (1,310) (835)
Dividends paid (180,698) (281,332) (305,819)
Net cash flow used for financing activities (254,278) (1,162,816) (833,516)
Effect of foreign exchange rate changes on cash and cash equivalents 2 (4) 0
Net increase (decrease) in cash, cash equivalents and restricted cash 5,481 (81,070) 55,499
Cash, cash equivalents and restricted cash, beginning of year 13,650 94,724 39,225
Cash, cash equivalents and restricted cash, end of year $ 19,133 $ 13,650 $ 94,724