XML 27 R8.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
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 $ 243,258 $ 252,325 $ 178,980
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 374,283 359,688 334,201
Amortization of deferred loan costs and debt premiums 11,170 10,476 9,509
(Accretion) and amortization of above and below market lease intangibles, net (43,867) (33,330) (23,144)
Stock-based compensation, net of capitalization 14,339 13,635 20,549
Equity in income of investments in real estate partnerships (60,956) (42,974) (43,341)
Gain on sale of real estate, net of tax (24,242) (28,343) (27,432)
Provision for impairment, net of tax 54,174 38,437 0
Early extinguishment of debt 11,982 11,172 12,449
Deferred income tax benefit of taxable REIT subsidiary 0 0 (9,737)
Distribution of earnings from investments in real estate partnerships 56,297 54,266 53,502
Settlement of derivative instrument (6,870) 0 76
Deferred compensation expense 5,169 (1,085) 3,844
Realized and unrealized gain on investments (5,433) 1,177 (3,837)
Deferred income tax benefit of taxable REIT subsidiary (331) (5,145) (10,815)
Changes in assets and liabilities:      
Tenant and other receivables (4,690) (26,374) (26,081)
Deferred leasing costs (6,777) (8,366) (14,448)
Other assets (1,570) (1,410) 9,536
Accounts payable and other liabilities 4,175 (760) (2,114)
Tenants’ security, escrow deposits and prepaid rent 829 11,793 (2,728)
Net cash provided by operating activities 621,271 610,327 469,784
Cash flows from investing activities:      
Acquisition of operating real estate (222,444) (85,289) (124,727)
Advance deposits paid toward the acquisition of operating real estate (125) 0 (4,917)
Acquisition of Equity One, net of cash and restricted cash acquired of $74,507 0 0 (646,790)
Real estate development and capital improvements (200,012) (226,191) (346,857)
Proceeds from sale of real estate investments 137,572 250,445 110,015
Proceeds from property insurance casualty claims 9,350 0 0
(Issuance)/Collection of notes receivable (547) 15,648 (5,236)
Investments in real estate partnerships (66,921) (74,238) (23,529)
Return of capital from investments in real estate partnerships 63,693 14,647 36,603
Dividends on investment securities 660 531 365
Acquisition of investment securities (23,458) (23,164) (23,535)
Proceeds from sale of investment securities 19,539 21,587 21,378
Net cash used in investing activities (282,693) (106,024) (1,007,230)
Cash flows from financing activities:      
Net proceeds from common stock issuance 0 0 88,458
Repurchase of common shares/units in conjunction with tax withholdings on equity award plans (6,204) (6,772) (18,649)
Proceeds from sale of treasury stock 9 99 100
Common shares repurchased through share repurchase program (32,778) (213,851) 0
Redemption of preferred stock and partnership units 0 0 (325,000)
Distributions to limited partners in consolidated partnerships, net (3,367) (4,526) (8,139)
Distributions to exchangeable operating partnership unit holders (1,051) (777) (635)
Dividends paid to common stockholders/ Distributions to partners (390,598) (375,978) (322,650)
Dividends paid to preferred stockholders/ Distributions to preferred unit holders 0 0 (5,029)
Repayment of fixed rate unsecured notes (250,000) (150,000) 0
Proceeds from issuance of fixed rate unsecured notes, net 723,571 299,511 953,115
Proceeds from unsecured credit facilities 560,000 575,000 1,100,000
Repayment of unsecured credit facilities (785,000) (490,000) (755,000)
Proceeds from notes payable 0 1,740 131,069
Repayment of notes payable (55,680) (113,037) (232,839)
Scheduled principal payments (9,442) (9,964) (10,162)
Payment of loan costs (7,019) (9,448) (13,271)
Early redemption costs (10,647) (10,491) (12,420)
Net cash (used in) provided by financing activities (268,206) (508,494) 568,948
Net increase (decrease) in cash, cash equivalents, and restricted cash 70,372 (4,191) 31,502
Cash, cash equivalents, and restricted cash at beginning of the year 45,190 49,381 17,879
Cash, cash equivalents, and restricted cash at end of the year 115,562 45,190 49,381
Supplemental disclosure of cash flow information:      
Cash paid for interest (net of capitalized interest of $4,192, $7,020, and $7,946 in 2019, 2018, and 2017, respectively) 136,139 136,645 109,956
Cash paid (received) for income taxes, net of refunds 1,225 5,455 (269)
Supplemental disclosure of non-cash transactions:      
Exchangeable operating partnership units issued for acquisition of real estate 25,870   13,100
Mortgage loans for the acquisition of real estate 26,152 9,700 27,000
Change in fair value of securities 660 (206) (8)
Change in accrued capital expenditures 10,704    
Common stock issued under dividend reinvestment plan 1,429 1,333 1,210
Stock-based compensation capitalized 2,325 3,509 3,210
Contributions from limited partners in consolidated partnerships, net 66 13,000 186
Common stock issued for dividend reinvestment in trust 987 841 557
Contribution of stock awards into trust 2,582 1,314 1,372
Distribution of stock held in trust 197 524 677
Partnership Interest [Member]      
Cash flows from operating activities:      
Net income 243,258 252,325 178,980
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 374,283 359,688 334,201
Amortization of deferred loan costs and debt premiums 11,170 10,476 9,509
(Accretion) and amortization of above and below market lease intangibles, net (43,867) (33,330) (23,144)
Stock-based compensation, net of capitalization 14,339 13,635 20,549
Equity in income of investments in real estate partnerships (60,956) (42,974) (43,341)
Gain on sale of real estate, net of tax (24,242) (28,343) (27,432)
Provision for impairment, net of tax 54,174 38,437 0
Early extinguishment of debt 11,982 11,172 12,449
Distribution of earnings from investments in real estate partnerships 56,297 54,266 53,502
Settlement of derivative instrument (6,870) 0 76
Deferred compensation expense 5,169 (1,085) 3,844
Realized and unrealized gain on investments (5,433) 1,177 (3,837)
Deferred income tax benefit of taxable REIT subsidiary 0 0 (9,737)
Changes in assets and liabilities:      
Tenant and other receivables (4,690) (26,374) (26,081)
Deferred leasing costs (6,777) (8,366) (14,448)
Other assets (1,570) (1,410) 9,536
Accounts payable and other liabilities 4,175 (760) (2,114)
Tenants’ security, escrow deposits and prepaid rent 829 11,793 (2,728)
Net cash provided by operating activities 621,271 610,327 469,784
Cash flows from investing activities:      
Acquisition of operating real estate (222,444) (85,289) (124,727)
Advance deposits paid toward the acquisition of operating real estate (125) 0 (4,917)
Acquisition of Equity One, net of cash and restricted cash acquired of $74,507 0 0 (646,790)
Real estate development and capital improvements (200,012) (226,191) (346,857)
Proceeds from sale of real estate investments 137,572 250,445 110,015
Proceeds from property insurance casualty claims 9,350 0 0
(Issuance)/Collection of notes receivable (547) 15,648 (5,236)
Investments in real estate partnerships (66,921) (74,238) (23,529)
Return of capital from investments in real estate partnerships 63,693 14,647 36,603
Dividends on investment securities 660 531 365
Acquisition of investment securities (23,458) (23,164) (23,535)
Proceeds from sale of investment securities 19,539 21,587 21,378
Net cash used in investing activities (282,693) (106,024) (1,007,230)
Cash flows from financing activities:      
Net proceeds from common units issued as a result of common stock issued by Parent Company 0 0 88,458
Repurchase of common shares/units in conjunction with tax withholdings on equity award plans (6,204) (6,772) (18,649)
Proceeds from sale of treasury stock 9 99 100
Common shares repurchased through share repurchase program (32,778) (213,851) 0
Redemption of preferred stock and partnership units 0 0 (325,000)
Distributions to limited partners in consolidated partnerships, net (3,367) (4,526) (8,139)
Dividends paid to common stockholders/ Distributions to partners (391,649) (376,755) (323,285)
Dividends paid to preferred stockholders/ Distributions to preferred unit holders 0 0 (5,029)
Repayment of fixed rate unsecured notes (250,000) (150,000) 0
Proceeds from issuance of fixed rate unsecured notes, net 723,571 299,511 953,115
Proceeds from unsecured credit facilities 560,000 575,000 1,100,000
Repayment of unsecured credit facilities (785,000) (490,000) (755,000)
Proceeds from notes payable 0 1,740 131,069
Repayment of notes payable (55,680) (113,037) (232,839)
Scheduled principal payments (9,442) (9,964) (10,162)
Payment of loan costs (7,019) (9,448) (13,271)
Early redemption costs (10,647) (10,491) (12,420)
Net cash (used in) provided by financing activities (268,206) (508,494) 568,948
Net increase (decrease) in cash, cash equivalents, and restricted cash 70,372 (4,191) 31,502
Cash, cash equivalents, and restricted cash at beginning of the year 45,190 49,381 17,879
Cash, cash equivalents, and restricted cash at end of the year 115,562 45,190 49,381
Supplemental disclosure of cash flow information:      
Cash paid for interest (net of capitalized interest of $4,192, $7,020, and $7,946 in 2019, 2018, and 2017, respectively) 136,139 136,645 109,956
Cash paid (received) for income taxes, net of refunds 1,225 5,455 (269)
Supplemental disclosure of non-cash transactions:      
Exchangeable operating partnership units issued for acquisition of real estate 25,870   13,100
Mortgage loans for the acquisition of real estate 26,152 9,700 27,000
Change in accrued capital expenditures 10,704    
Common stock issued under dividend reinvestment plan 1,429 1,333 1,210
Stock-based compensation capitalized 2,325 3,509 3,210
Contributions from limited partners in consolidated partnerships, net 66 13,000 186
Common stock issued for dividend reinvestment in trust 987 841 557
Contribution of stock awards into trust 2,582 1,314 1,372
Distribution of stock held in trust 197 524 677
Change in fair value of securities available-for-sale 660 (206) (8)
Equity One Inc. [Member]      
Adjustments to reconcile net income to net cash provided by operating activities:      
Stock-based compensation, net of capitalization $ 0 $ 0 7,931
Equity One Inc. [Member] | Partnership Interest [Member]      
Supplemental disclosure of non-cash transactions:      
Mortgage loans for the acquisition of real estate     757,399
Common stock exchanged for Equity One shares     $ 4,471,808