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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Cash flows from operating activities:      
Net income $ 230,906 $ 86,629 $ 96,450
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 172,088 177,561 170,038
Gains on sales of properties (252,913) (63,428) (81,510)
Debt satisfaction (gains) charges, net 2,596 (6,196) 975
Impairment charges and loan losses 95,813 44,996 100,236
Straight-line rents (20,207) (19,568) (37,445)
Other non-cash (income) expense, net (3,060) 8,093 1,656
Equity in (earnings) losses of non-consolidated entities (1,708) 848 (7,590)
Distributions of accumulated earnings from non-consolidated entities 2,083 403 815
Unearned contingent acquisition consideration 0 (3,922) 0
Deferred taxes, net 0 0 59
Change in accounts payable and other liabilities (129) (1,141) (1,657)
Change in rent receivable and prepaid rent, net (3,942) 2,922 (1,825)
Change in accrued interest payable (891) 16 808
Other adjustments, net (2,825) 657 (1,200)
Net cash provided by operating activities: 217,811 227,870 239,810
Cash flows from investing activities:      
Investment in real estate, including intangible assets (315,959) (558,571) (167,797)
Investment in real estate under construction 0 (83,274) (132,192)
Capital expenditures (15,506) (15,184) (4,408)
Net proceeds from sale of properties 898,514 223,853 370,038
Net proceeds from sale of non-consolidated investment 0 6,127 0
Principal payments received on loans receivable 0 139,042 2,214
Investments in and advances to non-consolidated entities, net (10,206) (9,898) (37,240)
Distributions from non-consolidated entities in excess of accumulated earnings 3,330 531 8,175
Payments of deferred leasing costs (4,522) (6,526) (6,558)
Change in real estate deposits (760) 20,826 (20,848)
Net cash provided by (used in) investing activities 554,891 (283,074) 11,384
Cash flows from financing activities:      
Dividends to common and preferred shareholders (175,537) (172,101) (165,858)
Conversion of convertible notes 0 0 (672)
Principal amortization payments (29,666) (30,082) (26,796)
Principal payments on debt, excluding normal amortization (14,599) (50,797) (109,973)
Proceeds of mortgages and notes payable 26,350 45,400 254,650
Term loan payments (300,000) 0 0
Proceeds from term loans 0 95,000 0
Revolving credit facility borrowings 150,000 270,000 95,000
Revolving credit facility payments (310,000) (110,000) (272,000)
Payment of early extinguishment of debt charges (5) (1,326) (5,603)
Payment of developer liabilities 0 0 (4,016)
Payments of deferred financing costs (690) (2,124) (1,842)
Cash distributions to noncontrolling interests (3,429) (3,242) (3,404)
Redemption of a noncontrolling interest 0 (7,951) 0
Repurchase of common shares (47,217) 0 (8,973)
Issuance of common shares, net of costs and repurchases to settle tax obligations (2,818) 16,804 12,186
Net cash provided by (used in) financing activities (707,611) 49,581 (237,301)
Change in cash, cash equivalents and restricted cash 65,091 (5,623) 13,893
Cash, cash equivalents and restricted cash, at beginning of year 112,156 117,779 103,886
Cash, cash equivalents and restricted cash, at end of year $ 177,247 $ 112,156 $ 117,779