Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended |
Sep. 30, 2016 | Sep. 30, 2015 |
Cash flows from operating activities: | | |
Net income | $ 105,334 | $ 129,004 |
Adjustments to reconcile net income to net cash provided by operating activities: | | |
Provision for impairment | (1,666) | 0 |
Cash flows from investing activities: | | |
Proceeds from sale of real estate investments | 85,885 | 93,727 |
Parent Company [Member] | | |
Proceeds from Issuance of Unsecured Debt | 0 | 248,160 |
Cash flows from operating activities: | | |
Net income | 105,334 | 129,004 |
Adjustments to reconcile net income to net cash provided by operating activities: | | |
Depreciation and amortization | 119,721 | 109,249 |
Amortization of deferred loan cost and debt premium | 7,242 | 7,404 |
(Accretion) and amortization of above and below market lease intangibles, net | (2,296) | (1,250) |
Share-based Compensation | 7,554 | 8,379 |
Stock-based compensation, net of capitalization | 2,561 | 2,196 |
Equity in income of investments in real estate partnerships | (46,618) | (17,991) |
Gain on sale of real estate, net of tax | (22,997) | (34,215) |
Provision for impairment | (1,666) | 0 |
Early extinguishment of debt | (13,943) | 61 |
(Payments for) Proceeds from Settlement of Derivative Instrument | 0 | (7,267) |
Distribution of earnings from operations of investments in real estate partnerships | (39,765) | (34,527) |
Deferred compensation expense | 1,249 | (610) |
Realized and unrealized loss (gain) on investments | (1,268) | 189 |
Increase (Decrease) in Restricted Cash for Operating Activities | 84 | (1,534) |
Changes in assets and liabilities: | | |
Accounts receivable, net | (4,269) | (4,408) |
Straight-line rent receivables, net | (4,894) | (6,274) |
Deferred leasing costs | (7,841) | (8,268) |
Other assets | (59) | (2,257) |
Accounts payable and other liabilities | 12,607 | 10,230 |
Tenants’ security, escrow deposits and prepaid rent | (1,406) | (1,152) |
Net cash provided by operating activities | 217,349 | 216,763 |
Cash flows from investing activities: | | |
Acquisition of operating real estate | (333,220) | (42,983) |
Payments for Deposits on Real Estate Acquisitions | 1,250 | (2,250) |
Real estate development and capital improvements | (146,773) | (150,967) |
Proceeds from sale of real estate investments | 83,675 | 93,727 |
Payments for (Proceeds from) Loans Receivable | 0 | (1,000) |
Investments in real estate partnerships | (13,127) | (18,644) |
Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital | 52,536 | 15,014 |
Dividends on investment securities | 189 | 128 |
Acquisition of securities | (53,290) | (25,675) |
Proceeds from sale of securities | 54,176 | 22,296 |
Net cash used in investing activities | (354,584) | (108,354) |
Cash flows from financing activities: | | |
Net proceeds from common stock issuance | 549,545 | 946 |
Proceeds from sale of treasury stock | 957 | 51 |
Distributions to limited partners in consolidated partnerships, net | (3,126) | (2,352) |
Distributions to exchangeable operating partnership unit holders | (229) | (223) |
Dividends paid to common stockholders | (149,049) | (136,008) |
Dividends paid to preferred stockholders | (15,797) | (15,797) |
Proceeds from unsecured credit facilities | 395,000 | 445,000 |
Repayment of unsecured credit facilities | (295,000) | (305,000) |
Proceeds from notes payable | 20,223 | 3,325 |
Repayments of Notes Payable | (41,584) | (76,027) |
Scheduled principal payments | (4,462) | (4,384) |
Payment of loan costs | (1,954) | (5,996) |
Payments of Debt Extinguishment Costs | (13,214) | 0 |
Net cash provided by (used in) financing activities | 141,281 | (198,305) |
Repayments of Unsecured Debt | 300,000 | 350,000 |
Payments for Repurchase of Common Stock | 29 | 0 |
Cash and cash equivalents at beginning of the period | 36,856 | 113,776 |
Cash and cash equivalents at end of the period | 40,902 | 23,880 |
Net increase (decrease) in cash and cash equivalents | 4,046 | (89,896) |
Supplemental disclosure of cash flow information: | | |
Cash paid for interest (net of capitalized interest of $2,622 and $5,403 in 2016 and 2015, respectively) | 54,904 | 71,734 |
Income Taxes Paid | 0 | 871 |
Supplemental disclosure of non-cash transactions: | | |
Noncash or Part Noncash Acquisition, Debt Assumed | 0 | 42,799 |
Change in fair value of derivative instruments | (25,338) | (10,845) |
Common stock issued for dividend reinvestment plan | 804 | 966 |
Contributions from limited partners in consolidated partnerships, net | 8,674 | 13 |
Common stock issued for dividend reinvestment in trust | 556 | 631 |
Contribution of stock awards into trust | 1,513 | 1,633 |
Distribution of stock held in trust | 4,096 | 1,898 |
Unrealized Gain (Loss) on Securities | 90 | (73) |
Deconsolidation of previously consolidated partnership [Abstract] | | |
Deconsolidation of consolidated partnership, Real estate, net | 14,075 | 0 |
Deconsolidation of consolidated partnership, Return of capital | (3,355) | 0 |
Deconsolidation of consolidated partnership, Mortgage Notes Payable | (9,415) | 0 |
Deconsolidation of consolidated partnership, Other assets and liabilities | 640 | 0 |
Deconsolidation of consolidated partnership, Noncontrolling Interest | (2,099) | 0 |
Partnership Interest [Member] | | |
Proceeds from Issuance of Unsecured Debt | 0 | 248,160 |
Cash flows from operating activities: | | |
Net income | 105,334 | 129,004 |
Adjustments to reconcile net income to net cash provided by operating activities: | | |
Depreciation and amortization | 119,721 | 109,249 |
Amortization of deferred loan cost and debt premium | 7,242 | 7,404 |
(Accretion) and amortization of above and below market lease intangibles, net | (2,296) | (1,250) |
Share-based Compensation | 7,554 | 8,379 |
Stock-based compensation, net of capitalization | 2,561 | 2,196 |
Equity in income of investments in real estate partnerships | (46,618) | (17,991) |
Gain on sale of real estate, net of tax | (22,997) | (34,215) |
Provision for impairment | (1,666) | 0 |
Early extinguishment of debt | (13,943) | 61 |
(Payments for) Proceeds from Settlement of Derivative Instrument | 0 | (7,267) |
Distribution of earnings from operations of investments in real estate partnerships | (39,765) | (34,527) |
Deferred compensation expense | 1,249 | (610) |
Realized and unrealized loss (gain) on investments | (1,268) | 189 |
Increase (Decrease) in Restricted Cash for Operating Activities | 84 | (1,534) |
Changes in assets and liabilities: | | |
Accounts receivable, net | (4,269) | (4,408) |
Straight-line rent receivables, net | (4,894) | (6,274) |
Deferred leasing costs | (7,841) | (8,268) |
Other assets | (59) | (2,257) |
Accounts payable and other liabilities | 12,607 | 10,230 |
Tenants’ security, escrow deposits and prepaid rent | (1,406) | (1,152) |
Net cash provided by operating activities | 217,349 | 216,763 |
Cash flows from investing activities: | | |
Acquisition of operating real estate | (333,220) | (42,983) |
Payments for Deposits on Real Estate Acquisitions | 1,250 | (2,250) |
Real estate development and capital improvements | (146,773) | (150,967) |
Proceeds from sale of real estate investments | 83,675 | 93,727 |
Payments for (Proceeds from) Loans Receivable | 0 | (1,000) |
Investments in real estate partnerships | (13,127) | (18,644) |
Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital | 52,536 | 15,014 |
Dividends on investment securities | 189 | 128 |
Acquisition of securities | (53,290) | (25,675) |
Proceeds from sale of securities | 54,176 | 22,296 |
Net cash used in investing activities | (354,584) | (108,354) |
Cash flows from financing activities: | | |
Net proceeds from common units issued as a result of common stock issued by Parent Company | 549,545 | 946 |
Proceeds from sale of treasury stock | 957 | 51 |
Distributions to limited partners in consolidated partnerships, net | (3,126) | (2,352) |
Dividends paid to common stockholders | (149,278) | (136,231) |
Dividends paid to preferred stockholders | (15,797) | (15,797) |
Proceeds from unsecured credit facilities | 395,000 | 445,000 |
Repayment of unsecured credit facilities | (295,000) | (305,000) |
Proceeds from notes payable | 20,223 | 3,325 |
Repayments of Notes Payable | (41,584) | (76,027) |
Scheduled principal payments | (4,462) | (4,384) |
Payment of loan costs | (1,954) | (5,996) |
Payments of Debt Extinguishment Costs | (13,214) | 0 |
Net cash provided by (used in) financing activities | 141,281 | (198,305) |
Repayments of Unsecured Debt | 300,000 | 350,000 |
Payments for Repurchase of Common Stock | 29 | 0 |
Cash and cash equivalents at beginning of the period | 36,856 | 113,776 |
Cash and cash equivalents at end of the period | 40,902 | 23,880 |
Net increase (decrease) in cash and cash equivalents | 4,046 | (89,896) |
Supplemental disclosure of cash flow information: | | |
Cash paid for interest (net of capitalized interest of $2,622 and $5,403 in 2016 and 2015, respectively) | 54,904 | 71,734 |
Income Taxes Paid | 0 | 871 |
Supplemental disclosure of non-cash transactions: | | |
Change in fair value of derivative instruments | (25,338) | (10,845) |
Common stock issued for dividend reinvestment plan | 804 | 966 |
Contributions from limited partners in consolidated partnerships, net | 8,674 | 13 |
Non-controlling interest recorded, fair value | 0 | 0 |
Common stock issued for dividend reinvestment in trust | 556 | 631 |
Contribution of stock awards into trust | 1,513 | 1,633 |
Distribution of stock held in trust | 4,096 | 1,898 |
Unrealized Gain (Loss) on Securities | 90 | (73) |
Deconsolidation of previously consolidated partnership [Abstract] | | |
Deconsolidation of consolidated partnership, Real estate, net | 14,075 | 0 |
Deconsolidation of consolidated partnership, Return of capital | (3,355) | 0 |
Deconsolidation of consolidated partnership, Mortgage Notes Payable | (9,415) | 0 |
Deconsolidation of consolidated partnership, Other assets and liabilities | 640 | 0 |
Deconsolidation of consolidated partnership, Noncontrolling Interest | $ (2,099) | $ 0 |