Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended |
Mar. 31, 2018 | Mar. 31, 2017 |
Cash flows from operating activities: | | |
Net income | $ (53,465) | $ 20,715 |
Adjustments to reconcile net income to net cash provided by operating activities: | | |
Provision for impairment | 374 | 0 |
Cash flows from investing activities: | | |
Proceeds from sale of real estate investments | 3,227 | 1,749 |
Cash flows from financing activities: | | |
Repayment of unsecured credit facilities | (60,000) | |
Partnership Interest [Member] | | |
Cash flows from operating activities: | | |
Net income | (53,465) | 20,715 |
Adjustments to reconcile net income to net cash provided by operating activities: | | |
Depreciation and amortization | 88,525 | 60,053 |
Amortization of deferred loan cost and debt premium | 2,471 | 2,459 |
Amortization of above and below Market Leases | (8,181) | (3,484) |
Share-based Compensation | 3,397 | 12,131 |
Equity in income of investments in real estate partnerships | (10,349) | (9,342) |
Gain on sale of real estate, net of tax | (96) | (415) |
Provision for impairment | (16,054) | 0 |
Gain (Loss) on Extinguishment of Debt | (162) | 0 |
Distribution of earnings from operations of investments in real estate partnerships | (13,319) | (12,784) |
Deferred Income Tax Expense (Benefit) | 0 | (87) |
Gain (Loss) on Cash Flow Hedge Ineffectiveness, Net | 0 | 0 |
Deferred compensation expense | 40 | 1,062 |
Realized and unrealized gain on investments | (30) | (1,064) |
Changes in assets and liabilities: | | |
Accounts receivable, net | 8,955 | 8,974 |
Straight-line rent receivables, net | (4,659) | (3,439) |
Deferred leasing costs | (1,189) | (1,355) |
Other assets | (476) | (2,657) |
Accounts payable and other liabilities | (13,793) | (24,370) |
Tenants’ security, escrow deposits and prepaid rent | 2,253 | 2,121 |
Net cash provided by operating activities | 149,868 | 32,656 |
Cash flows from investing activities: | | |
Acquisition of operating real estate | (20,071) | 0 |
Payments for Merger Related Costs | 0 | (648,707) |
Real estate development and capital improvements | (51,968) | (63,257) |
Proceeds from sale of real estate investments | 3,227 | 1,683 |
Payments for (Proceeds from) Loans Receivable | 462 | 510 |
Investments in real estate partnerships | (39,330) | (1,688) |
Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital | 2,328 | 25,428 |
Dividends on investment securities | 71 | 55 |
Acquisition of securities | (7,543) | (3,334) |
Proceeds from sale of securities | 6,542 | 3,815 |
Net cash used in investing activities | (107,206) | (686,515) |
Cash flows from financing activities: | | |
Payments Related to Tax Withholding for Share-based Compensation | (6,755) | (18,275) |
Payments for Repurchase of Common Stock | (124,989) | 0 |
Proceeds from sale of treasury stock | 99 | 76 |
Payments for Repurchase of Preferred Units | 0 | 250,000 |
Distributions to limited partners in consolidated partnerships, net | (1,018) | (786) |
Dividends paid to common stockholders | (95,043) | (53,368) |
Dividends paid to preferred stockholders | 0 | (3,241) |
Proceeds from Issuance of Unsecured Debt | 299,511 | 646,424 |
Proceeds from unsecured credit facilities | 185,000 | 740,000 |
Repayment of unsecured credit facilities | (245,000) | (360,000) |
Proceeds from notes payable | 1,740 | 1,577 |
Repayments of Notes Payable | 0 | (11,422) |
Scheduled principal payments | (2,773) | (1,367) |
Payment of loan costs | (9,179) | (8,796) |
Net cash provided by financing activities | 1,593 | 680,822 |
Net increase in cash and cash equivalents and restricted cash | 44,255 | 26,963 |
Cash and cash equivalents and restricted cash, end of period | 93,636 | 44,842 |
Supplemental disclosure of cash flow information: | | |
Cash paid for interest (net of capitalized interest of $2,179 and $1,061 in 2018 and 2017, respectively) | 30,467 | 7,687 |
Proceeds from Income Tax Refunds | 407 | 0 |
Supplemental disclosure of non-cash transactions: | | |
Common stock issued under dividend reinvestment plan | 358 | 301 |
Stock-based compensation, net of capitalization | 837 | 778 |
Contributions from limited partners in consolidated partnerships, net | 0 | 100 |
Common stock issued for dividend reinvestment in trust | 205 | 177 |
Contribution of stock awards into trust | 637 | 929 |
Distribution of stock held in trust | 317 | 4,114 |
Unrealized Gain (Loss) on Securities | (128) | 32 |
Noncash or Part Noncash Acquisition, Debt Assumed | 9,700 | 0 |
Parent Company [Member] | | |
Cash flows from operating activities: | | |
Net income | (53,465) | 20,715 |
Adjustments to reconcile net income to net cash provided by operating activities: | | |
Depreciation and amortization | 88,525 | 60,053 |
Amortization of deferred loan cost and debt premium | 2,471 | 2,459 |
Amortization of above and below Market Leases | (8,181) | (3,484) |
Share-based Compensation | 3,397 | 12,131 |
Equity in income of investments in real estate partnerships | (10,349) | (9,342) |
Gain on sale of real estate, net of tax | (96) | (415) |
Provision for impairment | (16,054) | 0 |
Gain (Loss) on Extinguishment of Debt | (162) | 0 |
Distribution of earnings from operations of investments in real estate partnerships | (13,319) | (12,784) |
Deferred Income Tax Expense (Benefit) | 0 | (87) |
Gain (Loss) on Cash Flow Hedge Ineffectiveness, Net | 0 | 0 |
Deferred compensation expense | 40 | 1,062 |
Realized and unrealized gain on investments | (30) | (1,064) |
Changes in assets and liabilities: | | |
Accounts receivable, net | 8,955 | 8,974 |
Straight-line rent receivables, net | (4,659) | (3,439) |
Deferred leasing costs | (1,189) | (1,355) |
Other assets | (476) | (2,657) |
Accounts payable and other liabilities | (13,793) | (24,370) |
Tenants’ security, escrow deposits and prepaid rent | 2,253 | 2,121 |
Net cash provided by operating activities | 149,868 | 32,656 |
Cash flows from investing activities: | | |
Acquisition of operating real estate | (20,071) | 0 |
Payments for Merger Related Costs | 0 | (648,707) |
Real estate development and capital improvements | (51,968) | (63,257) |
Proceeds from sale of real estate investments | 3,227 | 1,683 |
Payments for (Proceeds from) Loans Receivable | 462 | 510 |
Investments in real estate partnerships | (39,330) | (1,688) |
Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital | 2,328 | 25,428 |
Dividends on investment securities | 71 | 55 |
Acquisition of securities | (7,543) | (3,334) |
Proceeds from sale of securities | 6,542 | 3,815 |
Net cash used in investing activities | (107,206) | (686,515) |
Cash flows from financing activities: | | |
Payments Related to Tax Withholding for Share-based Compensation | (6,755) | (18,275) |
Payments for Repurchase of Common Stock | (124,989) | 0 |
Proceeds from sale of treasury stock | 99 | 76 |
Payments for Repurchase of Preferred Units | 0 | 250,000 |
Distributions to limited partners in consolidated partnerships, net | (1,018) | (786) |
Distributions to exchangeable operating partnership unit holders | (194) | (79) |
Dividends paid to common stockholders | (94,849) | (53,289) |
Dividends paid to preferred stockholders | 0 | (3,241) |
Proceeds from Issuance of Unsecured Debt | 299,511 | 646,424 |
Proceeds from unsecured credit facilities | 185,000 | 740,000 |
Repayment of unsecured credit facilities | (245,000) | (360,000) |
Proceeds from notes payable | 1,740 | 1,577 |
Repayments of Notes Payable | 0 | (11,422) |
Scheduled principal payments | (2,773) | (1,367) |
Payment of loan costs | (9,179) | (8,796) |
Net cash provided by financing activities | 1,593 | 680,822 |
Net increase in cash and cash equivalents and restricted cash | 44,255 | 26,963 |
Cash and cash equivalents and restricted cash, end of period | 93,636 | 44,842 |
Supplemental disclosure of cash flow information: | | |
Cash paid for interest (net of capitalized interest of $2,179 and $1,061 in 2018 and 2017, respectively) | 30,467 | 7,687 |
Proceeds from Income Tax Refunds | 407 | 0 |
Supplemental disclosure of non-cash transactions: | | |
Common stock issued under dividend reinvestment plan | 358 | 301 |
Stock-based compensation, net of capitalization | 837 | 778 |
Contributions from limited partners in consolidated partnerships, net | 0 | 100 |
Common stock issued for dividend reinvestment in trust | 205 | 177 |
Contribution of stock awards into trust | 637 | 929 |
Distribution of stock held in trust | 317 | 4,114 |
Unrealized Gain (Loss) on Securities | (128) | 32 |
Noncash or Part Noncash Acquisition, Debt Assumed | 9,700 | 0 |
Equity One Inc. [Member] | Partnership Interest [Member] | | |
Supplemental disclosure of non-cash transactions: | | |
Noncash or Part Noncash Acquisition, Debt Assumed | 0 | 757,399 |
Units Issued to Parent Company for common stock exchanged for Equity One shares | 0 | 4,471,808 |
Equity One Inc. [Member] | Parent Company [Member] | | |
Supplemental disclosure of non-cash transactions: | | |
Noncash or Part Noncash Acquisition, Debt Assumed | 0 | 757,399 |
Common stock exchanged for Equity One shares | $ 0 | $ 4,471,808 |