XML 23 R8.htm IDEA: XBRL DOCUMENT v3.22.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities:    
Net income $ 196,816 $ 81,625
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 77,842 77,259
Amortization of deferred loan costs and debt premiums 1,379 2,167
(Accretion) and amortization of above and below market lease intangibles, net (5,302) (5,576)
Stock-based compensation, net of capitalization 4,164 2,420
Equity in income of investments in real estate partnerships (12,804) (11,666)
Gain on sale of real estate, net of tax (101,948) (11,698)
Distribution of earnings from investments in real estate partnerships 16,736 16,491
Settlement of derivative instruments (2,472)
Deferred compensation expense (2,256) 1,139
Realized and unrealized (gain) loss on investments 2,533 (1,354)
Changes in assets and liabilities:    
Tenant and other receivables 3,396 15,760
Deferred leasing costs (2,014) (1,907)
Other assets (4,724) (9,801)
Accounts payable and other liabilities (29,387) (14,716)
Tenants’ security, escrow deposits and prepaid rent (1,539) 1,691
Net cash provided by operating activities 142,892 139,362
Cash flows from investing activities:    
Acquisition of operating real estate (30,166) 500
Real estate development and capital improvements (53,605) (31,378)
Proceeds from sale of real estate 124,924 53,859
Issuance of notes receivable (20)
Investments in real estate partnerships (7,173) (20,223)
Return of capital from investments in real estate partnerships 23,892 3,283
Dividends on investment securities 109 51
Acquisition of investment securities (5,554) (8,136)
Proceeds from sale of investment securities 5,927 8,834
Net provided by investing activities 58,354 6,770
Cash flows from financing activities:    
Repurchase of common shares in conjunction with equity award plans (6,246) (3,996)
Proceeds from sale of treasury stock 63 96
Distributions to limited partners in consolidated partnerships, net (1,070) (785)
Distributions to exchangeable operating partnership unit holders (475) (453)
Dividends paid to common stockholders (106,887) (100,580)
Proceeds from unsecured credit facilities 40,000
Repayment of unsecured credit facilities (40,000) (265,000)
Repayment of notes payable (3,962)
Scheduled principal payments (2,846) (3,114)
Payment of loan costs (82) (7,468)
Net cash used in financing activities (117,543) (385,262)
Net increase (decrease) in cash and cash equivalents and restricted cash 83,703 (239,130)
Cash and cash equivalents and restricted cash at beginning of the period 95,027 378,450
Cash and cash equivalents and restricted cash at end of the period 178,730 139,320
Supplemental disclosure of cash flow information:    
Cash paid for interest (net of capitalized interest of $796 and $849 in 2022 and 2021, respectively) 44,317 44,276
Cash paid (refunded) for income taxes 165 (101)
Supplemental disclosure of non-cash transactions:    
Common stock and exchangeable operating partnership dividends declared but not paid 107,445 101,500
Change in accrued capital expenditures 11,603 874
Common stock issued under dividend reinvestment plan 118 376
Stock-based compensation capitalized 199 196
Common stock issued for dividend reinvestment in trust 267 274
Contribution of stock awards into trust 1,177 571
Distribution of stock held in trust 329 415
Change in fair value of securities 754 361
Partnership Interest [Member]    
Cash flows from operating activities:    
Net income 196,816 81,625
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 77,842 77,259
Amortization of deferred loan costs and debt premiums 1,379 2,167
(Accretion) and amortization of above and below market lease intangibles, net (5,302) (5,576)
Stock-based compensation, net of capitalization 4,164 2,420
Equity in income of investments in real estate partnerships (12,804) (11,666)
Gain on sale of real estate, net of tax (101,948) (11,698)
Distribution of earnings from investments in real estate partnerships 16,736 16,491
Settlement of derivative instruments (2,472)
Deferred compensation expense (2,256) 1,139
Realized and unrealized (gain) loss on investments 2,533 (1,354)
Changes in assets and liabilities:    
Tenant and other receivables 3,396 15,760
Deferred leasing costs (2,014) (1,907)
Other assets (4,724) (9,801)
Accounts payable and other liabilities (29,387) (14,716)
Tenants’ security, escrow deposits and prepaid rent (1,539) 1,691
Net cash provided by operating activities 142,892 139,362
Cash flows from investing activities:    
Acquisition of operating real estate (30,166) 500
Real estate development and capital improvements (53,605) (31,378)
Proceeds from sale of real estate 124,924 53,859
Issuance of notes receivable (20)
Investments in real estate partnerships (7,173) (20,223)
Return of capital from investments in real estate partnerships 23,892 3,283
Dividends on investment securities 109 51
Acquisition of investment securities (5,554) (8,136)
Proceeds from sale of investment securities 5,927 8,834
Net provided by investing activities 58,354 6,770
Cash flows from financing activities:    
Repurchase of common shares in conjunction with equity award plans (6,246) (3,996)
Proceeds from sale of treasury stock 63 96
Distributions to limited partners in consolidated partnerships, net (1,070) (785)
Dividends paid to common stockholders (107,362) (101,033)
Proceeds from unsecured credit facilities 40,000
Repayment of unsecured credit facilities (40,000) (265,000)
Repayment of notes payable (3,962)
Scheduled principal payments (2,846) (3,114)
Payment of loan costs (82) (7,468)
Net cash used in financing activities (117,543) (385,262)
Net increase (decrease) in cash and cash equivalents and restricted cash 83,703 (239,130)
Cash and cash equivalents and restricted cash at beginning of the period 95,027 378,450
Cash and cash equivalents and restricted cash at end of the period 178,730 139,320
Supplemental disclosure of cash flow information:    
Cash paid for interest (net of capitalized interest of $796 and $849 in 2022 and 2021, respectively) 44,317 44,276
Cash paid (refunded) for income taxes 165 (101)
Supplemental disclosure of non-cash transactions:    
Common stock and exchangeable operating partnership dividends declared but not paid 107,445 101,500
Change in accrued capital expenditures 11,603 874
Common stock issued under dividend reinvestment plan 118 376
Stock-based compensation capitalized 199 196
Common stock issued for dividend reinvestment in trust 267 274
Contribution of stock awards into trust 1,177 571
Distribution of stock held in trust 329 415
Change in fair value of securities $ 754 $ 361