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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 134,592 $ 149,970 $ 152,146
Adjustments to reconcile net income to net cash provided by operating activities:      
Gain on disposition of properties (81,965) (89,063) (14,360)
Depreciation and amortization 70,011 60,751 49,645
Distributions of operating income from unconsolidated affiliates 7,256 12,291 9,579
Equity in earnings and gains of unconsolidated affiliates (39,449) (37,330) (111,578)
Stock compensation expense 13,695 7,438 6,744
Amortization of financing costs 3,204 3,537 3,003
Impairment of asset 0 5,000 0
Other, net (8,095) (6,483) (3,812)
Changes in assets and liabilities:      
Other liabilities 26,532 5,354 3,099
Prepaid expenses and other assets (11,677) 12,690 852
Rents receivable, net (4,847) (5,673) (8,097)
Accounts payable and accrued expenses 1,912 (6,168) (686)
Cash in escrow 591 1,284 (4,016)
Net cash provided by operating activities 111,760 113,598 82,519
CASH FLOWS FROM INVESTING ACTIVITIES      
Acquisition of real estate (495,644) (338,700) (256,453)
Development and property improvement costs (149,434) (164,315) (140,118)
Issuance of notes receivable (157,352) (48,500) (31,169)
Proceeds from the disposition of properties 150,378 168,895 31,188
Investments in and advances to unconsolidated affiliates (72,098) (24,168) (156,972)
Return of capital from unconsolidated affiliates 54,444 11,892 74,371
Proceeds from notes receivable 42,819 15,984 18,095
Proceeds from disposition of properties of unconsolidated affiliates 24,586 38,392 190,356
Deferred leasing costs (7,515) (8,207) (3,914)
Change in control of previously consolidated affiliate (2,578) 0 0
Deposits for properties under contract 1,424 (5,776) 6,100
Net cash used in investing activities (610,970) (354,503) (268,516)
CASH FLOWS FROM FINANCING ACTIVITIES      
Principal payments on mortgage and other notes (936,654) (383,238) (176,323)
Proceeds received on mortgage and other notes 888,787 507,659 284,303
Proceeds from issuance of Common Shares, net of issuance costs of $9,238, $1,150 and $2,112 respectively 450,130 63,234 357,459
Capital contributions from noncontrolling interests 295,108 35,489 57,970
Distributions to noncontrolling interests (105,994) (84,610) (221,330)
Dividends paid to Common Shareholders (91,334) (86,353) (53,210)
Deferred financing and other costs (11,678) (4,376) (3,672)
Loan proceeds held as restricted cash 9,874 48,676 79,191
Purchase of convertible notes payable 0 (380) 0
Net cash provided by financing activities 498,239 96,101 324,388
(Decrease) increase in cash and cash equivalents (971) (144,804) 138,391
Cash and cash equivalents, beginning of year 72,776 217,580 79,189
Cash and cash equivalents, end of year 71,805 72,776 217,580
Supplemental disclosure of cash flow information      
Cash paid during the period for interest, net of capitalized interest of $21,109, $16,447 and $12,650, respectively 42,279 47,960 46,542
Cash paid for income taxes, net of refunds received of $0, $0 and $2,045, respectively 2,036 2,038 (1,772)
Supplemental disclosure of non-cash investing activities      
Acquisition of real estate through assumption of debt 120,672 91,885 29,794
Acquisition of real estate through issuance of OP Units 29,336 0 38,937
Acquisition of capital lease obligation 76,461 0 0
Mortgage debt financed at time of acquisition 63,900 0 0
Assumption of accounts payable and accrued expenses through acquisition of real estate 3,587 0 0
Assumption of prepaid expenses and other assets through acquisition of real estate 2,226 0 0
Disposition of air rights through issuance of notes receivable 0 (29,539) 0
Acquisition of real estate through assumption of restricted cash 0 (28,912) 0
Acquisition of real estate through conversion of notes receivable 0 13,386 38,000
Disposition of real estate through forgiveness of debt 0 0 (22,865)
Investments in and advances to unconsolidated affiliates through issuance of OP Units 0 0 5,114
Change in control of previously consolidated investment      
Real estate, net 90,559 0 0
Investments in and advances to unconsolidated affiliates (21,421) 0 0
Other assets and liabilities 3,997 0 0
Noncontrolling interest (75,713) 0 0
Cash removed in de-consolidation of previously consolidated investment $ (2,578) $ 0 $ 0