XML 22 R7.htm IDEA: XBRL DOCUMENT v3.20.4
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 $ 186,391 $ 285,293 $ 230,906
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 164,260 150,440 172,088
Gains on sales of properties (139,039) (250,889) (252,913)
Debt satisfaction (gains) charges, net (21,452) 4,517 2,596
Impairment charges 14,460 5,329 95,813
Straight-line rents (13,602) (14,264) (20,207)
Amortization of right of use assets 3,763 3,645 0
Other non-cash (income) expense, net 6,210 6,060 (3,060)
Equity in (earnings) losses of non-consolidated entities 169 (2,890) (1,708)
Distributions of accumulated earnings from non-consolidated entities 0 2,571 2,083
Change in accounts payable and other liabilities 2,859 (270) (129)
Change in rent receivable and prepaid rent, net 80 3,770 (3,942)
Change in accrued interest payable 1,866 3,368 (891)
Other adjustments, net (4,130) (4,496) (2,825)
Net cash provided by operating activities 201,835 192,184 217,811
Cash flows from investing activities:      
Investment in real estate, including intangible assets (611,754) (662,010) (315,959)
Investment in real estate under construction (53,971) (11,332) 0
Capital expenditures (17,250) (17,829) (15,506)
Net proceeds from sale of properties 192,560 504,118 898,514
Investments in non-consolidated entities, net (7,528) (8,018) (10,206)
Distributions from non-consolidated entities in excess of accumulated earnings 8,055 17,119 3,330
Payments of deferred leasing costs (4,841) (8,196) (4,522)
Change in real estate deposits 379 (817) (760)
Net cash provided by (used in) investing activities (494,350) (186,965) 554,891
Cash flows from financing activities:      
Dividends to common and preferred shareholders (118,384) (122,843) (175,537)
Principal amortization payments (19,441) (24,259) (29,666)
Principal payments on debt, excluding normal amortization 0 (89,242) (14,599)
Proceeds of mortgages and notes payable 0 0 26,350
Term loan payments 0 0 (300,000)
Revolving credit facility borrowings 170,000 110,000 150,000
Revolving credit facility payments (170,000) (110,000) (310,000)
Proceeds from senior notes 396,932 0 0
Repurchase of senior notes (112,312) 0 0
Payment for early extinguishment of debt (11,094) (3,505) (5)
Payments of deferred financing costs (3,803) (5,456) (690)
Cash distributions to noncontrolling interests (1,905) (2,763) (3,429)
Cash contributions from noncontrolling interests 1,285 867 0
Repurchase of common shares (11,042) (3,598) (47,217)
Issuance of common shares, net of costs and repurchases to settle tax obligations 222,390 197,643 (2,818)
Net cash provided by (used in) financing activities 342,626 (53,156) (707,611)
Change in cash, cash equivalents and restricted cash 50,111 (47,937) 65,091
Cash, cash equivalents and restricted cash, at beginning of year 129,310 177,247 112,156
Cash, cash equivalents and restricted cash, at end of year $ 179,421 $ 129,310 $ 177,247