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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash flow from operating activities:      
Net income $ 36,590 $ 101,825 $ 116,105
Adjustments to reconcile net income to net cash flow provided by operating activities:      
Depreciation and amortization 170,669 165,087 242,102
Stock-based compensation 8,800 9,890 7,468
Amortization and write-off of debt issuance costs and fair market value of debt adjustments 4,601 3,976 16,354
Loss on debt extinguishment 16,568 0 58,656
Equity in net income of joint ventures (1,516) (11,519) (9,365)
Reserve of preferred equity interests, net 19,393 15,544 11,422
Operating cash distributions from joint ventures 3,258 12,168 8,799
Gain on sale and change in control of interests, net (45,464) 0 0
Gain on disposition of real estate, net (1,069) (31,380) (225,406)
Impairment charges 5,200 3,370 69,324
Assumption of buildings due to ground lease terminations (3,025) 0 (2,150)
Cash paid for interest rate hedging activities 0 0 (4,538)
Change in notes receivable accrued interest 4,128 1,348 1,349
Net change in accounts receivable (11,654) 4,361 (3,687)
Transaction costs related to RVI spin-off 0 0 (27,203)
Net change in accounts payable and accrued expenses (7,749) (4,771) 11,388
Net change in other operating assets and liabilities (8,560) 255 (7,200)
Total adjustments 153,580 168,329 147,313
Net cash flow provided by operating activities 190,170 270,154 263,418
Cash flow from investing activities:      
Real estate acquired, net of liabilities and cash assumed 0 (75,623) (35,069)
Real estate developed and improvements to operating real estate (63,816) (109,364) (123,517)
Proceeds from disposition of real estate 1,553 109,509 938,051
Proceeds from sale of joint venture interests 140,441 0 0
Hurricane property insurance advance proceeds 0 0 20,193
Equity contributions to joint ventures (1,068) (64,237) (59,420)
Distributions from unconsolidated joint ventures 17,868 22,339 34,620
Repayment of joint venture advances, net 0 62,246 77,151
Repayment of notes receivable 7,500 11,139 0
Net transactions with RVI 0 33,596 (33,681)
Net cash flow provided by (used for) investing activities 102,478 (10,395) 818,328
Cash flow from financing activities:      
Proceeds from (repayment of) revolving credit facilities, net 130,000 (95,000) 100,000
Repayment of senior notes, including repayment costs (216,568) 0 (1,206,619)
Repayment of term loan and mortgage debt (41,881) (2,372) (1,006,065)
Payment of debt issuance costs 0 (4,998) (32,825)
Proceeds from mortgage payable and term loan 0 50,000 1,350,000
Redemption of preferred shares 0 (200,031) 0
Proceeds from issuance of common shares, net of offering expenses 0 194,598 0
(Repurchase) issuance of common shares in conjunction with equity award plans and dividend reinvestment plan (2,425) (718) 4,770
Repurchase of common shares (7,500) (14,069) (36,341)
Redemption of operating partnership units 0 0 (736)
Contribution of assets to RVI 0 0 (52,358)
Distributions to non-controlling interests and redeemable operating partnership units (641) (990) (1,310)
Dividends paid (98,348) (180,698) (281,332)
Net cash flow used for financing activities (237,363) (254,278) (1,162,816)
Effect of foreign exchange rate changes on cash and cash equivalents (4) 2 (4)
Net increase (decrease) in cash, cash equivalents and restricted cash 55,285 5,481 (81,070)
Cash, cash equivalents and restricted cash, beginning of year 19,133 13,650 94,724
Cash, cash equivalents and restricted cash, end of year $ 74,414 $ 19,133 $ 13,650