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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Cash flows from operating activities:      
Net income $ 1,033,708 $ 741,733 $ 697,327
Adjustments to reconcile net income to cash provided by operating activities:      
Depreciation expense 531,434 477,923 442,682
Amortization of deferred financing costs 7,661 6,871 6,383
Amortization of debt premium (18,866) (24,261) (34,961)
Loss (gain) on extinguishment of debt, net 7,075 (26,736) 412
Amortization of stock-based compensation 15,082 15,321 13,927
Equity in and return on, unconsolidated real estate entities and noncontrolling interests, net of eliminations 8,870 12,225 4,906
Casualty and impairment (gain) loss, net (3,935) (17,303) 0
Abandonment of development pursuits 1,743 0 1,455
Cash flow hedge losses reclassified to earnings 6,433 5,774 6,237
Gain on sale of real estate assets (442,916) (158,852) (255,300)
(Increase) decrease in cash in operating escrows (8,226) (11,837) 55
(Increase) decrease in resident security deposits, prepaid expenses and other assets (5,403) 12,783 (3,441)
Increase in accrued expenses, other liabilities and accrued interest payable 10,824 23,113 6,959
Net cash provided by operating activities 1,143,484 1,056,754 886,641
Cash flows from investing activities:      
Development/redevelopment of real estate assets including land acquisitions and deferred development costs (1,201,026) (1,569,326) (1,241,832)
Acquisition of real estate assets, including partnership interest (393,316) 0 (47,000)
Capital expenditures - existing real estate assets (66,971) (48,170) (46,902)
Capital expenditures - non-real estate assets (5,881) (7,695) (5,923)
Proceeds from sale of real estate, net of selling costs 532,717 282,163 297,466
Increase in cash in deposit escrows (5,000) 0 0
Insurance proceeds for property damage claims 17,196 44,142 0
Mortgage note receivable lending (19,115) 0 0
Mortgage note receivable payment 0 0 21,748
Increase (decrease) in payables for construction 2,196 (3,230) 7,400
Distributions from unconsolidated real estate entities 111,598 109,181 203,945
Investments in unconsolidated real estate entities (9,750) (6,582) (5,662)
Net cash used in investing activities (1,037,352) (1,199,517) (816,760)
Cash flows from financing activities:      
Issuance of common stock, net 15,526 690,184 346,134
Dividends paid (726,749) (655,248) (593,643)
Issuance of mortgage notes payable 0 0 53,000
Repayments of mortgage notes payable, including prepayment penalties (165,012) (850,963) (32,859)
Issuance of unsecured notes 1,122,488 873,088 550,000
Repayment of unsecured notes, including prepayment penalties (504,403) 0 (150,000)
Payment of deferred financing costs (16,240) (7,343) (7,820)
Redemption of noncontrolling interest and units for cash by minority partners 0 (1,088) 0
Payment for termination of forward interest rate swaps (14,847) 0 0
Distributions to DownREIT partnership unitholders (41) (38) (26)
Distributions to joint venture and profit-sharing partners (407) (372) (262)
Preferred interest obligation redemption and dividends (1,960) (14,410) (6,300)
Net cash (used in) provided by financing activities (291,645) 33,810 158,224
Net (decrease) increase in cash and cash equivalents (185,513) (108,953) 228,105
Cash and cash equivalents, beginning of year 400,507 509,460 281,355
Cash and cash equivalents, end of year 214,994 400,507 509,460
Cash paid during the year for interest, net of amount capitalized $ 194,059 $ 188,782 $ 191,966