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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 FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 962,501 $ 1,009,708 $ 685,192
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 820,832 831,083 785,725
Amortization of deferred financing costs 8,939 11,670 11,310
Amortization of above/below market lease intangibles (71) (71) 4,392
Amortization of discounts and premiums on debt 5,231 11,780 22,781
Amortization of deferred settlements on derivative instruments 35,075 21,176 18,440
Amortization of right-of-use assets 11,682 11,764  
Impairment     702
Write-off of pursuit costs 6,869 5,529 4,450
(Income) loss from investments in unconsolidated entities 3,284 (65,945) 3,667
Distributions from unconsolidated entities – return on capital 100 2,621 2,492
Net (gain) loss on sales of real estate properties (531,807) (447,637) (256,810)
Net (gain) loss on sales of land parcels (34,234) (2,044) (987)
Net (gain) loss on debt extinguishment 26,150 13,647 22,110
Realized/unrealized (gain) loss on derivative instruments 50   50
Compensation paid with Company Common Shares 23,174 24,449 27,132
Other operating activities, net 1,805 (287)  
Changes in assets and liabilities:      
(Increase) decrease in other assets (53,021) 6,278 4,097
Increase (decrease) in accounts payable and accrued expenses 470 5,116 (1,862)
Increase (decrease) in accrued interest payable (956) 4,230 4,587
Increase (decrease) in lease liabilities (2,204) (2,269)  
Increase (decrease) in other liabilities (8,751) 13,382 16,578
Increase (decrease) in security deposits (9,582) 2,804 2,249
Net cash provided by operating activities 1,265,536 1,456,984 1,356,295
CASH FLOWS FROM INVESTING ACTIVITIES:      
Investment in real estate – acquisitions (48,898) (1,518,878) (708,092)
Investment in real estate – development/other (230,332) (195,692) (154,431)
Capital expenditures to real estate (135,979) (178,423) (188,501)
Non-real estate capital additions (20,100) (4,955) (4,505)
Interest capitalized for real estate under development (10,165) (6,884) (6,260)
Proceeds from disposition of real estate, net 1,113,972 1,064,619 691,526
Investments in unconsolidated entities (5,775) (9,604) (6,571)
Distributions from unconsolidated entities – return of capital 1,636 78,262  
Purchase of investment securities and other investments (773) (269)  
Net cash provided by (used for) investing activities 663,586 (771,824) (376,834)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Debt financing costs (2,923) (19,812) (8,583)
Proceeds 519,204 295,771 96,935
Lump sum payoffs (160,522) (743,021) (1,347,939)
Scheduled principal repayments (7,759) (6,808) (6,629)
Proceeds   1,194,468 896,294
Lump sum payoffs (750,000) (1,050,000)  
Line of credit and commercial paper:      
Line of credit proceeds 1,870,000 6,010,000 3,805,000
Line of credit repayments (1,890,000) (5,990,000) (3,805,000)
Commercial paper proceeds 7,450,997 15,944,800 14,030,926
Commercial paper repayments (8,034,000) (15,446,150) (13,831,500)
Proceeds from (payments on) settlement of derivative instruments (1,240) (41,616) 18,118
Prepaid finance ground lease   (34,734)  
Proceeds from Employee Share Purchase Plan (ESPP) 4,508 3,116 3,879
Proceeds from exercise of options 12,275 77,785 30,655
Payment of offering costs   (991) (27)
Other financing activities, net (63) (80) (78)
Acquisition of Noncontrolling Interests – Partially Owned Properties     (13)
Contributions – Noncontrolling Interests – Partially Owned Properties 417 7,337 125
Contributions – Noncontrolling Interests – Operating Partnership 13 2 1
Distributions:      
Common Shares (883,938) (831,111) (782,122)
Preferred Shares (3,090) (3,090) (3,863)
Noncontrolling Interests – Operating Partnership (32,403) (29,615) (28,226)
Noncontrolling Interests – Partially Owned Properties (11,719) (7,078) (9,753)
Net cash provided by (used for) financing activities (1,946,393) (684,474) (963,910)
Net increase (decrease) in cash and cash equivalents and restricted deposits (17,271) 686 15,551
Cash and cash equivalents and restricted deposits, beginning of year 116,999 116,313 100,762
Cash and cash equivalents and restricted deposits, end of year 99,728 116,999 116,313
Cash and cash equivalents 42,591 45,753 47,442
Restricted deposits 57,137 71,246 68,871
SUPPLEMENTAL INFORMATION:      
Cash paid for interest, net of amounts capitalized 320,854 342,048 358,156
Net cash paid (received) for income and other taxes (1,038) (585) 853
Amortization of deferred financing costs:      
Investment in real estate, net (240) (120)  
Other assets 2,338 2,987 2,412
Mortgage notes payable, net 1,815 3,934 4,792
Notes, net 5,026 4,869 4,106
Amortization of discounts and premiums on debt:      
Mortgage notes payable, net 2,234 8,618 20,144
Notes, net 2,997 3,162 2,637
Amortization of deferred settlements on derivative instruments:      
Other liabilities (12) (12) (12)
Accumulated other comprehensive income 35,087 21,188 18,452
Write-off of pursuit costs:      
Investment in real estate, net 6,566 5,451 4,364
Other assets 271 62 53
Accounts payable and accrued expenses 32 16 33
(Income) loss from investments in unconsolidated entities:      
Investments in unconsolidated entities 1,995 (67,268) 2,304
Other liabilities 1,289 1,323 1,363
Realized/unrealized (gain) loss on derivative instruments:      
Other assets   2,002 (14,977)
Notes, net   2,277 (680)
Other liabilities 1,240 29,486 10,533
Accumulated other comprehensive income (1,190) (33,765) 5,174
Investments in unconsolidated entities:      
Investments in unconsolidated entities (4,275) (7,504) (4,891)
Other liabilities (1,500) (2,100) (1,680)
Debt financing costs:      
Other assets (231) (6,909) (145)
Mortgage notes payable, net (2,692) (2,354) (555)
Notes, net   (10,549) (7,883)
Right-of-use assets and lease liabilities initial measurement and reclassifications:      
Right-of-use assets   (489,517)  
Other assets   184,116  
Lease liabilities   333,603  
Other liabilities   (28,202)  
Proceeds from (payments on) settlement of derivative instruments:      
Other assets     18,118
Other liabilities (1,240) (41,616)  
Mortgage Notes Payable, Net [Member]      
CASH FLOWS FROM FINANCING ACTIVITIES:      
Net gain (loss) on debt extinguishment (327) (3,381) $ (22,110)
Notes, Net [Member]      
CASH FLOWS FROM FINANCING ACTIVITIES:      
Net gain (loss) on debt extinguishment $ (25,823) $ (10,266)