Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended |
Sep. 30, 2015 | Sep. 30, 2014 |
Document Fiscal Year Focus | 2,015 | |
Cash flows from investing activities: | | |
Payments for Deposits on Real Estate Acquisitions | $ (2,300) | |
Cash flows from financing activities: | | |
Net proceeds from common stock issuance | 1,173 | $ 49,995 |
Parent Company [Member] | | |
Proceeds from Issuance of Unsecured Debt | 248,160 | 248,705 |
Cash flows from operating activities: | | |
Net income | 129,004 | 109,659 |
Adjustments to reconcile net income to net cash provided by operating activities: | | |
Depreciation and amortization | 109,249 | 110,355 |
Amortization of deferred loan cost and debt premium | 7,404 | 8,095 |
Amortization and (accretion) of above and below market lease intangibles, net | (1,250) | (2,315) |
Stock-based compensation, net of capitalization | 8,379 | 6,885 |
Equity in income of investments in real estate partnerships | (17,991) | (22,353) |
Gain on sale of real estate | (34,215) | (29,598) |
Provision for impairment | 0 | (225) |
Early extinguishment of debt | 61 | 0 |
Distribution of earnings from operations of investments in real estate partnerships | (34,527) | (30,008) |
Loss on settlement of derivative instruments | 7,267 | (4,648) |
Gain on derivative instruments | 0 | (13) |
Deferred compensation expense | (610) | 610 |
Realized and unrealized loss (gain) on investments | 189 | (612) |
Changes in assets and liabilities: | | |
Restricted cash | 1,534 | 497 |
Accounts receivable | (4,408) | (2,801) |
Straight-line rent receivables, net | (6,274) | (4,724) |
Deferred leasing costs | (8,268) | (6,416) |
Other assets | (2,257) | 131 |
Accounts payable and other liabilities | 10,230 | 15,018 |
Tenants’ security, escrow deposits and prepaid rent | (1,152) | 511 |
Net cash provided by operating activities | 216,763 | 217,810 |
Cash flows from investing activities: | | |
Acquisition of operating real estate | (42,983) | (98,018) |
Payments for Deposits on Real Estate Acquisitions | (2,250) | 0 |
Real estate development and capital improvements | (150,967) | (160,552) |
Proceeds from sale of real estate investments | 93,727 | 62,788 |
Collection of notes receivable | 1,000 | 0 |
Investments in real estate partnerships | (18,644) | (6,012) |
Distributions received from investments in real estate partnerships | 15,014 | 29,916 |
Dividends on investments | 128 | 100 |
Acquisition of securities | (25,675) | (19,866) |
Proceeds from sale of securities | 22,296 | 5,344 |
Net cash used in investing activities | (108,354) | (186,300) |
Cash flows from financing activities: | | |
Net proceeds from common stock issuance | 946 | 49,300 |
Proceeds from sale of treasury stock | 51 | 0 |
Redemption of preferred stock and partnership units | 0 | (300) |
Distributions to limited partners in consolidated partnerships, net | (2,352) | (4,619) |
Distributions to exchangeable operating partnership unit holders | (223) | (228) |
Dividends paid to common stockholders | (136,008) | (129,044) |
Dividends paid to preferred stockholders | (15,797) | (15,797) |
Proceeds from unsecured credit facilities | 445,000 | 255,000 |
Repayment of unsecured credit facilities | (305,000) | (255,000) |
Proceeds from notes payable | 3,325 | 12,025 |
Repayments of Notes Payable | 76,027 | 13,487 |
Scheduled principal payments | (4,384) | (5,068) |
Payment of loan costs | (5,996) | (2,973) |
Net cash used in financing activities | (198,305) | (11,486) |
Repayments of Unsecured Debt | 350,000 | 150,000 |
Net (decrease) increase in cash and cash equivalents | (89,896) | 20,024 |
Cash and cash equivalents at beginning of the period | 113,776 | 80,684 |
Cash and cash equivalents at end of the period | 23,880 | 100,708 |
Supplemental disclosure of cash flow information: | | |
Cash paid for interest (net of capitalized interest of $5,403 and $5,158 in 2015 and 2014, respectively) | 71,734 | 72,573 |
Income Taxes Paid | 871 | 94 |
Supplemental disclosure of non-cash transactions: | | |
Mortgage loans assumed for the acquisition of real estate | 42,799 | 78,049 |
Change in fair value of derivative instruments | (10,845) | (28,144) |
Common stock issued for dividend reinvestment plan | 966 | 895 |
Stock-based compensation capitalized | 2,196 | 2,026 |
Contributions from limited partners in consolidated partnerships, net | 13 | 116 |
Non-controlling interest recorded, fair value | 0 | 15,385 |
Common stock issued for dividend reinvestment in trust | 631 | 581 |
Contribution of stock awards into trust | 1,633 | 1,865 |
Distribution of stock held in trust | 1,898 | 4 |
Unrealized Gain (Loss) on Securities | (73) | 4,809 |
Partnership Interest [Member] | | |
Proceeds from Issuance of Unsecured Debt | 248,160 | 248,705 |
Cash flows from operating activities: | | |
Net income | 129,004 | 109,659 |
Adjustments to reconcile net income to net cash provided by operating activities: | | |
Depreciation and amortization | 109,249 | 110,355 |
Amortization of deferred loan cost and debt premium | 7,404 | 8,095 |
Amortization and (accretion) of above and below market lease intangibles, net | (1,250) | (2,315) |
Stock-based compensation, net of capitalization | 8,379 | 6,885 |
Equity in income of investments in real estate partnerships | (17,991) | (22,353) |
Gain on sale of real estate | (34,215) | (29,598) |
Provision for impairment | 0 | (225) |
Early extinguishment of debt | 61 | 0 |
Distribution of earnings from operations of investments in real estate partnerships | (34,527) | (30,008) |
Loss on settlement of derivative instruments | 7,267 | (4,648) |
Gain on derivative instruments | 0 | (13) |
Deferred compensation expense | (610) | 610 |
Realized and unrealized loss (gain) on investments | 189 | (612) |
Changes in assets and liabilities: | | |
Restricted cash | 1,534 | 497 |
Accounts receivable | (4,408) | (2,801) |
Straight-line rent receivables, net | (6,274) | (4,724) |
Deferred leasing costs | (8,268) | (6,416) |
Other assets | (2,257) | 131 |
Accounts payable and other liabilities | 10,230 | 15,018 |
Tenants’ security, escrow deposits and prepaid rent | (1,152) | 511 |
Net cash provided by operating activities | 216,763 | 217,810 |
Cash flows from investing activities: | | |
Acquisition of operating real estate | (42,983) | (98,018) |
Payments for Deposits on Real Estate Acquisitions | (2,250) | 0 |
Real estate development and capital improvements | (150,967) | (160,552) |
Proceeds from sale of real estate investments | 93,727 | 62,788 |
Collection of notes receivable | 1,000 | 0 |
Investments in real estate partnerships | (18,644) | (6,012) |
Distributions received from investments in real estate partnerships | 15,014 | 29,916 |
Dividends on investments | 128 | 100 |
Acquisition of securities | (25,675) | (19,866) |
Proceeds from sale of securities | 22,296 | 5,344 |
Net cash used in investing activities | (108,354) | (186,300) |
Cash flows from financing activities: | | |
Net proceeds from common units issued as a result of common stock issued by Parent Company | 946 | 49,300 |
Proceeds from sale of treasury stock | 51 | 0 |
Redemption of preferred stock and partnership units | 0 | (300) |
Distributions to limited partners in consolidated partnerships, net | (2,352) | (4,619) |
Dividends paid to common stockholders | (136,231) | (129,272) |
Dividends paid to preferred stockholders | (15,797) | (15,797) |
Proceeds from unsecured credit facilities | 445,000 | 255,000 |
Repayment of unsecured credit facilities | (305,000) | (255,000) |
Proceeds from notes payable | 3,325 | 12,025 |
Repayments of Notes Payable | 76,027 | 13,487 |
Scheduled principal payments | (4,384) | (5,068) |
Payment of loan costs | (5,996) | (2,973) |
Net cash used in financing activities | (198,305) | (11,486) |
Repayments of Unsecured Debt | 350,000 | 150,000 |
Net (decrease) increase in cash and cash equivalents | (89,896) | 20,024 |
Cash and cash equivalents at beginning of the period | 113,776 | 80,684 |
Cash and cash equivalents at end of the period | 23,880 | 100,708 |
Supplemental disclosure of cash flow information: | | |
Cash paid for interest (net of capitalized interest of $5,403 and $5,158 in 2015 and 2014, respectively) | 71,734 | 72,573 |
Income Taxes Paid | 871 | 94 |
Supplemental disclosure of non-cash transactions: | | |
Mortgage loans assumed for the acquisition of real estate | 42,799 | 78,049 |
Change in fair value of derivative instruments | (10,845) | (28,144) |
Common stock issued for dividend reinvestment plan | 966 | 895 |
Stock-based compensation capitalized | 2,196 | 2,026 |
Contributions from limited partners in consolidated partnerships, net | 13 | 116 |
Non-controlling interest recorded, fair value | 0 | 15,385 |
Common stock issued for dividend reinvestment in trust | 631 | 581 |
Contribution of stock awards into trust | 1,633 | 1,865 |
Distribution of stock held in trust | 1,898 | 4 |
Unrealized Gain (Loss) on Securities | $ (73) | $ 4,809 |