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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:      
Net income $ 385,091 $ 186,391 $ 285,293
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 179,523 164,260 150,440
Gains on sales of properties (367,274) (139,039) (250,889)
Debt satisfaction (gains) losses, net 13,894 (21,452) 4,517
Impairment charges 5,541 14,460 5,329
Straight-line rents (12,275) (13,602) (14,264)
Amortization of right of use assets 3,726 3,763 3,645
Other non-cash expense, net 6,734 6,210 6,060
Equity in (earnings) losses of non-consolidated entities 190 169 (2,890)
Distributions of accumulated earnings from non-consolidated entities 0 0 2,571
Change in accounts payable and other liabilities 7,996 2,859 (270)
Change in rent receivable and prepaid rent, net 1,058 80 3,770
Change in accrued interest payable 2,138 1,866 3,368
Other adjustments, net (5,996) (4,130) (4,496)
Net cash provided by operating activities 220,346 201,835 192,184
Cash flows from investing activities:      
Acquisition of real estate, including intangible assets (758,371) (611,754) (662,010)
Investment in real estate under construction (288,519) (53,971) (11,332)
Capital expenditures (15,207) (17,250) (17,829)
Net proceeds from sale of properties 728,360 192,560 504,118
Investment in loans receivable (1,497) 0 0
Principal payments received on loans receivable 8 0 0
Investments in non-consolidated entities, net (4,533) (7,528) (8,018)
Distributions from non-consolidated entities in excess of accumulated earnings 8,347 8,055 17,119
Payments of deferred leasing costs (7,297) (4,841) (8,196)
Change in real estate deposits, net 947 379 (817)
Net cash used in investing activities (337,762) (494,350) (186,965)
Cash flows from financing activities:      
Dividends to common and preferred shareholders (128,334) (118,384) (122,843)
Principal amortization payments (13,552) (19,441) (24,259)
Principal payments on debt, excluding normal amortization (14,581) 0 (89,242)
Proceeds of mortgages and notes payable 11,610 0 0
Revolving credit facility borrowings 555,000 170,000 110,000
Revolving credit facility payments (555,000) (170,000) (110,000)
Proceeds from issuance of senior notes 399,032 396,932 0
Repurchase of senior notes (188,756) (112,312) 0
Payment for early extinguishment of debt (12,664) (11,094) (3,505)
Deferred financing costs (3,977) (3,803) (5,456)
Cash distributions to noncontrolling interests (1,662) (1,905) (2,763)
Cash contributions from noncontrolling interests 21,411 1,285 867
Repurchase of common shares 0 (11,042) (3,598)
Issuance of common shares, net of costs and repurchases to settle tax obligations 60,575 222,390 197,643
Net cash provided by (used in) financing activities 129,102 342,626 (53,156)
Change in cash, cash equivalents and restricted cash 11,686 50,111 (47,937)
Less restricted cash classified as held for sale (80) 0 0
Cash, cash equivalents and restricted cash, at beginning of year 179,421 129,310 177,247
Cash, cash equivalents and restricted cash, at end of year $ 191,027 $ 179,421 $ 129,310