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Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities      
Net income $ 224,270 $ 160,694 $ 200,860
Adjustments to reconcile net income to net cash from operating activities:      
Depreciation and amortization 336,274 300,946 263,974
Loss on early retirement of debt 11,995 0 323
Gain on sale of operating properties (49,901) 0 (43,231)
Distributions of income from joint ventures 14,843 7,736 6,851
Equity in income of joint ventures [1] (14,783) [2] (7,836) (6,822) [2]
Share-based compensation 15,235 16,749 17,547
Net change in operating accounts and other 38,094 9,553 (4,846)
Receipts for settlement of forward interest rate swaps (20,430) 15,905  
Net cash from operating activities 555,597 503,747 434,656
Cash flows from investing activities      
Development and capital improvements, including land (407,558) (359,230) (299,086)
Acquisition of operating property (436,305) (290,005) (58,267)
Proceeds from sales of operating properties, including land 67,572 11,296 76,902
Increase in non-real estate assets (17,197) (14,503) (5,128)
Decrease (increase) in notes receivable 1,394 9,475 (1,988)
Maturity of short-term investments 0 0 100,000
Other (351) 2,046 (2,187)
Net cash from investing activities (792,445) (640,921) (189,754)
Cash flows from financing activities      
Borrowings on unsecured credit facility and other short-term borrowings 1,217,000 342,000 465,000
Repayments on unsecured credit facility and other short-term borrowings (1,173,000) (342,000) (465,000)
Repayment of notes payable (746,730) (381,438) (278,999)
Proceeds from notes payable 889,979 495,545 0
Distributions to common shareholders and non-controlling interests (317,253) (298,005) (280,761)
Payment of deferred financing costs (5,965) (914) (978)
Proceeds from issuance of common shares 353,213 0 445,038
Repurchase of common shares and redemption of units 0 (14,668) 0
Other 3,500 2,452 2,777
Net cash from financing activities 220,744 (197,028) (112,923)
Net increase (decrease) in cash, cash equivalents, and restricted cash (16,104) (334,202) 131,979
Cash, cash equivalents, and restricted cash, beginning of year 43,603 377,805 245,826
Cash, cash equivalents, and restricted cash, end of year 27,499 43,603 377,805
Reconciliation of cash, cash equivalents, and restricted cash to the Consolidated Balance Sheets [Abstract]      
Total cash, cash equivalents, and restricted cash 27,499 377,805 377,805
Supplemental information      
Cash paid for interest, net of interest capitalized 71,248 81,299 88,654
Cash paid for income taxes 1,291 1,951 1,705
Supplemental schedule of noncash investing and financing activities      
Distributions declared but not paid 80,973 74,982 72,943
Value of shares issued under benefit plans, net of cancellations 18,249 17,253 18,061
Accrual associated with construction and capital expenditures 27,162 35,588 19,016
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability $ 15,017 $ 0 $ 0
[1]
Equity in income excludes our ownership interest of fee income from various services provided by us to the Funds.
[2]
Equity in income for the year ended December 31, 2019 includes our ownership interest of the gain on sale of the operating property of approximately $6.2 million. Equity in income for the year ended December 31, 2017 includes our ownership interest of the hurricane related insurance recoveries and expenses of approximately $0.4 million.