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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 73,875 $ 38,537
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 16,849 13,658
Amortization of financing costs 625 768
Gain on disposition of properties (65,393) (27,143)
Stock compensation expense 4,019 1,889
Equity in earnings of unconsolidated affiliates (1,954) (6,593)
Distributions of operating income from unconsolidated affiliates 1,082 5,889
Other, net (2,031) (1,346)
Changes in assets and liabilities    
Cash in escrow 3,259 (6,232)
Rents receivable, net (3,596) (1,354)
Prepaid expenses and other assets 881 8,015
Accounts payable and accrued expenses (792) 2,437
Other liabilities (8,849) (1,908)
Net cash provided by operating activities 17,975 26,617
CASH FLOWS FROM INVESTING ACTIVITIES    
Acquisition of real estate (12,287) (220,271)
Cash in escrow for property acquisitions 0 (33,000)
Redevelopment and property improvement costs (37,463) (40,494)
Deferred leasing costs (847) (2,805)
Investments in and advances to unconsolidated affiliates (8,034) (3,151)
Return of capital from unconsolidated affiliates 34,235 1,946
Proceeds from notes receivable 20,500 0
Issuance of notes receivable (27,800) (550)
Proceeds from sale of properties, net 104,458 63,224
Net cash provided by (used in) investing activities 72,762 (235,101)
CASH FLOWS FROM FINANCING ACTIVITIES    
Principal payments on mortgage and other notes (99,501) (30,390)
Principal payments on unsecured debt (101,500) 0
Proceeds received from mortgage and other notes 1,945 42,120
Proceeds received from unsecured debt 134,616 127,600
Loan proceeds held as restricted cash 0 25,203
Deferred financing and other costs (475) (1,232)
Capital contributions from noncontrolling interests 46,343 50
Distributions to noncontrolling interests (56,995) (34,718)
Dividends paid to Common Shareholders (35,112) (36,779)
Proceeds from issuance of Common Shares, net of issuance costs of $1,654 and $440, respectively 32,026 18,605
Net cash (used in) provided by financing activities (78,653) 110,459
Increase (decrease) in cash and cash equivalents 12,084 (98,025)
Cash and cash equivalents, beginning of period 72,776 217,580
Cash and cash equivalents, end of period 84,860 119,555
Supplemental disclosure of cash flow information    
Cash paid during the period for interest, net of capitalized interest of $5,115 and $3,673, respectively 8,437 13,344
Cash paid for income taxes (256) 902
Supplemental disclosure of non-cash investing activities    
Acquisition of real estate through assumption of debt 1,463 9,765
Acquisition of capital lease obligation 76,461 0
Acquisition of real estate through issuance of OP Units $ 29,336 $ 0