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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 100,030 $ 123,995
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 31,527 27,561
Amortization of financing costs 1,192 1,546
Gain on disposition of properties (81,965) (88,984)
Impairment of asset 0 5,000
Stock compensation expense 4,150 3,746
Equity in earnings of unconsolidated affiliates (3,694) (9,999)
Gain on disposition of property of unconsolidated affiliates 0 (17,105)
Distributions of operating income from unconsolidated affiliates 2,974 10,035
Other, net (3,812) (2,645)
Changes in assets and liabilities    
Cash in escrow 5,139 (11,505)
Rents receivable, net (886) (2,401)
Prepaid expenses and other assets (4,546) 7,928
Accounts payable and accrued expenses 1,794 3,828
Other liabilities (9,144) 2,751
Net cash provided by operating activities 42,759 53,751
CASH FLOWS FROM INVESTING ACTIVITIES    
Acquisition of real estate (18,537) (273,071)
Deposits for properties under contract (17,500) 0
Redevelopment and property improvement costs (55,890) (105,245)
Deferred leasing costs (2,915) (4,274)
Investments in and advances to unconsolidated affiliates (63,034) (6,505)
Return of capital from unconsolidated affiliates 35,608 5,660
Proceeds from disposition of property of unconsolidated affiliates 0 25,604
Change in control of previously consolidated investment (2,578) 0
Proceeds from notes receivable 24,500 0
Issuance of notes receivable (136,803) (48,200)
Proceeds from sale of properties, net 150,379 197,882
Net cash used in investing activities (86,770) (208,149)
CASH FLOWS FROM FINANCING ACTIVITIES    
Principal payments on mortgage and other notes (275,620) (78,351)
Principal payments on unsecured debt (471,500) (109,815)
Proceeds received from mortgage and other notes 22,371 83,161
Proceeds received from unsecured debt 608,515 185,600
Loan proceeds held as restricted cash 0 30,324
Deferred financing and other costs (3,024) (2,746)
Capital contributions from noncontrolling interests 157,409 30,134
Distributions to noncontrolling interests (71,432) (64,648)
Dividends paid to Common Shareholders (52,980) (53,270)
Proceeds from issuance of Common Shares, net of issuance costs of $3,383 and $522, respectively 141,349 21,080
Net cash provided by financing activities 55,088 41,469
Increase (decrease) in cash and cash equivalents 11,077 (112,929)
Cash and cash equivalents, beginning of period 72,776 217,580
Cash and cash equivalents, end of period 83,853 104,651
Supplemental disclosure of cash flow information    
Cash paid during the period for interest, net of capitalized interest of $9,771 and $7,465, respectively 19,246 22,735
Cash paid for income taxes (1,267) 1,573
Supplemental disclosure of non-cash investing activities    
Acquisition of real estate through assumption of debt 1,463 90,765
Acquisition of capital lease obligation 76,461 0
Acquisition of real estate through issuance of OP Units 29,336 0
Acquisition of real estate through conversion of notes receivable 0 6,886
Acquisition of real estate through assumption of restricted cash 0 28,192
Disposition of air rights through issuance of notes receivable 0 (29,793)
Change in control of previously consolidated investment    
Real estate, net 90,559 0
Investment in unconsolidated affiliates (21,421) 0
Other assets and liabilities 3,997 0
Noncontrolling interest (75,713) 0
Change in control of previously consolidated investment $ (2,578) $ 0