| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash flows from operating activities: | ||||||||||||
Net income | ||||||||||||
786,103 | 974,175 | 876,660 | 1,033,708 | 741,733 | 697,327 | 352,771 | 423,562 | 441,370 | 174,079 | 154,274 | 410,746 | 359,745 |
Adjustments to reconcile net income to cash provided by operating activities: | ||||||||||||
Depreciation expense | ||||||||||||
661,578 | 631,196 | 584,150 | 531,434 | 477,923 | 442,682 | 560,215 | 243,680 | 226,728 | 220,563 | 204,481 | -183,266 | 157,895 |
Depreciation expense from discontinued operations | ||||||||||||
- | - | - | - | - | - | 13,500 | 16,414 | 23,541 | 12,379 | 13,805 | 16,186 | 23,830 |
Amortization of deferred financing costs | ||||||||||||
7,346 | 7,939 | 7,657 | 7,661 | 6,871 | 6,383 | 6,803 | 6,427 | - | - | - | - | - |
Amortization of debt discount | ||||||||||||
1,591 | 1,701 | -5,915 | -18,866 | -24,261 | -34,961 | -29,750 | 0 | - | - | - | - | - |
Loss on extinguishment of debt, net | ||||||||||||
-602 | -17,492 | -25,472 | -7,075 | 26,736 | -412 | -14,921 | -1,781 | -5,820 | - | -25,910 | -1,839 | 0 |
Amortization of deferred financing costs and debt (premium) discount | ||||||||||||
- | - | - | - | - | - | - | - | 5,834 | 7,723 | 8,139 | 5,892 | 4,934 |
Amortization of stock-based compensation | ||||||||||||
25,621 | 20,280 | 17,920 | 15,082 | 15,321 | 13,927 | 15,160 | 8,707 | 7,244 | 5,938 | 6,098 | 11,888 | 14,353 |
Equity in loss of, and return on, unconsolidated real estate entities and noncontrolling interests, net of eliminations | ||||||||||||
-12,278 | -6,583 | 19,798 | -8,870 | -12,225 | -4,906 | -33,125 | 12,103 | -2,246 | -1,852 | 810 | -3,436 | -58,122 |
Casualty and impairment gain, net | ||||||||||||
0 | 826 | 8,568 | -3,935 | -17,303 | 0 | 0 | 1,449 | 14,052 | - | 21,152 | -57,899 | 0 |
Abandonment of development pursuits | ||||||||||||
2,943 | 501 | 388 | 1,743 | 0 | 1,455 | 0 | 0 | - | - | 2,461 | 9,428 | 3,429 |
Cash flow hedge losses reclassified to earnings | ||||||||||||
6,571 | 6,143 | 7,070 | 6,433 | 5,774 | 6,237 | 59,376 | 1,889 | - | - | - | - | - |
Return on investment of unconsolidated entities | ||||||||||||
- | - | - | - | - | - | - | - | - | - | - | - | 130 |
Gain on sale of real estate assets | ||||||||||||
172,332 | 385,976 | 281,745 | 442,916 | 158,852 | 255,300 | 278,471 | 146,591 | 294,806 | 74,074 | 68,717 | -284,901 | -107,032 |
Gain on acquisition of unconsolidated entity | ||||||||||||
- | - | - | - | - | - | - | 14,194 | - | - | - | - | - |
Increase in cash in operating escrows | ||||||||||||
- | - | - | - | - | -55 | 28,960 | -6,543 | 7,702 | 4,996 | 2,434 | 3,054 | -7,403 |
Increase in resident security deposits, prepaid expenses and other assets | ||||||||||||
19,118 | -12,583 | -9,382 | 5,403 | -12,783 | 3,441 | 5,372 | -7,992 | 4,018 | 15,234 | -372 | -5,673 | 8,747 |
Increase in accrued expenses, other liabilities and accrued interest payable | ||||||||||||
8,621 | 7,668 | 26,448 | 19,386 | 29,189 | 6,959 | 10,997 | -4,737 | 9,045 | 3,876 | 11,850 | -16,426 | 54,368 |
Net cash provided by operating activities | ||||||||||||
1,321,804 | 1,301,111 | 1,256,257 | 1,160,272 | 1,074,667 | 886,641 | 724,315 | 540,819 | 429,354 | 332,106 | 376,581 | 386,084 | 454,874 |
Cash flows from investing activities: | ||||||||||||
Development/redevelopment of real estate assets including land acquisitions and deferred development costs | ||||||||||||
1,052,011 | 1,139,954 | 979,947 | 1,201,026 | 1,569,326 | 1,241,832 | 1,285,715 | 755,363 | 640,778 | 429,853 | 560,155 | -881,503 | 1,112,590 |
Acquisition of real estate assets, including partnership interest | ||||||||||||
420,517 | 338,620 | 462,317 | 393,316 | 0 | 47,000 | 839,469 | 155,755 | 46,275 | - | - | - | 13,841 |
Capital expenditures - existing real estate assets | ||||||||||||
135,626 | 83,607 | 65,181 | 66,971 | 48,170 | 46,902 | 24,415 | 23,452 | 41,851 | 16,772 | 11,114 | -15,534 | 13,851 |
Capital expenditures - non-real estate assets | ||||||||||||
5,266 | 3,325 | 8,809 | 5,881 | 7,695 | 5,923 | 2,200 | 3,076 | 8,281 | 420 | 834 | -5,290 | 1,424 |
Mortgage note receivable repayment | ||||||||||||
- | - | - | - | - | - | - | 0 | - | - | - | - | - |
Mortgage note receivable payments | ||||||||||||
-4,848 | 11,606 | -15,621 | 2,196 | -3,230 | 7,400 | 34,779 | 16,832 | 2,342 | 15,190 | 14,740 | -27,018 | 32,348 |
Increase in payables for construction | ||||||||||||
422,041 | 883,313 | 503,039 | 532,717 | 282,163 | 297,466 | 919,682 | 274,018 | 310,228 | 194,009 | 189,417 | 529,777 | 261,089 |
Increase in cash in deposit escrows | ||||||||||||
- | - | - | - | - | 0 | - | - | - | - | - | - | - |
Insurance proceeds for property damage claims | ||||||||||||
0 | 0 | 16,233 | 17,196 | 44,142 | 0 | 0 | - | - | - | - | - | - |
Insurance proceeds for property damage claims | ||||||||||||
692 | 3,699 | 17,590 | 19,115 | 0 | 0 | - | - | - | - | - | - | - |
Mortgage note receivable lending | ||||||||||||
2,779 | 53,136 | 0 | 0 | - | 21,748 | 0 | - | - | - | - | - | - |
Decrease in cash in construction escrows | ||||||||||||
- | - | - | - | - | - | - | -16,824 | -14,109 | -42,329 | -77,754 | 126,611 | 54,149 |
Distributions from unconsolidated real estate entities | ||||||||||||
10,454 | 35,516 | 89,305 | 111,598 | 109,181 | 203,945 | 42,955 | 26,700 | - | - | - | - | - |
Acquisition of mortgage note | ||||||||||||
- | - | - | - | - | - | - | - | 1,701 | 24,000 | - | 0 | - |
Investments in unconsolidated real estate entities | ||||||||||||
10,183 | 11,017 | 24,493 | 9,750 | 6,582 | 5,662 | 26,791 | 20,114 | 30,934 | 49,039 | 13,887 | 6,648 | 15,127 |
Net cash used in investing activities | ||||||||||||
-1,193,869 | -596,651 | -965,381 | -1,032,352 | -1,199,517 | -816,760 | -1,181,174 | -623,386 | -443,141 | -298,936 | -333,559 | -266,309 | -809,247 |
Cash flows from financing activities: | ||||||||||||
Issuance of common stock, net | ||||||||||||
409,725 | 52,261 | 111,093 | 15,526 | 690,184 | 346,134 | 4,703 | 2,430,190 | 1,049,835 | 381,365 | 108,860 | 7,433 | 621,029 |
Dividends paid | ||||||||||||
839,646 | 805,239 | 772,657 | 726,749 | 655,248 | 593,643 | 526,050 | 365,572 | 318,231 | 298,090 | 283,710 | -278,795 | 268,966 |
Repurchase of common stock | ||||||||||||
- | - | - | - | - | - | - | - | - | - | - | -42,159 | 257,929 |
Redemption of preferred stock | ||||||||||||
- | - | - | - | - | - | - | - | - | - | - | -100,000 | 0 |
Finance Lease, Principal Payments | ||||||||||||
0 | 1,070 | 18,951 | 0 | 0 | - | - | - | - | - | - | - | - |
Net borrowings under unsecured credit facility | ||||||||||||
- | - | - | - | - | - | - | - | - | 250,000 | 500,000 | 330,000 | 0 |
Net repayments under unsecured credit facility | ||||||||||||
- | - | - | - | - | - | - | - | - | - | 124,000 | -390,500 | -514,500 |
Issuance of mortgage notes payable | ||||||||||||
30,250 | 295,939 | 206,800 | 0 | 0 | 53,000 | 84,928 | 0 | - | - | 741,140 | - | - |
Repayments of mortgage notes payable, including prepayment penalties | ||||||||||||
227,570 | 255,452 | 1,313,025 | 168,076 | 853,604 | 32,859 | 2,110,347 | 110,013 | 200,166 | 69,327 | 65,229 | - | - |
Settlement of interest rate contract | ||||||||||||
- | - | - | - | - | - | 51,000 | 54,930 | - | - | - | - | - |
Issuance of unsecured notes | ||||||||||||
449,804 | 299,442 | 1,696,826 | 1,122,488 | 873,088 | 550,000 | 750,000 | 700,000 | - | - | - | - | - |
Repayments of Unsecured Debt | ||||||||||||
0 | 258,579 | 300,000 | 504,403 | 0 | 150,000 | 100,000 | 381,001 | 189,900 | 89,576 | 868,564 | -219,050 | 260,000 |
Payment of deferred financing costs | ||||||||||||
10,909 | 16,258 | 17,552 | 16,240 | 7,343 | 7,820 | 10,100 | 15,664 | 5,996 | 6,524 | 12,523 | -9,491 | 6,550 |
Payment for termination of forward interest rate swaps | ||||||||||||
12,309 | -12,598 | -391 | 14,847 | 0 | 0 | - | - | - | - | - | - | - |
Payments to Noncontrolling Interests | ||||||||||||
- | - | - | - | 1,088 | 0 | 1,965 | 0 | 25 | - | 202 | -1,756 | 6,851 |
Proceeds from Noncontrolling Interests | ||||||||||||
456 | - | - | - | - | - | - | - | - | - | - | - | - |
Payments related to tax withholding for share-based compensation | ||||||||||||
16,101 | 10,556 | 10,450 | 8,562 | 6,076 | - | - | - | - | - | - | - | - |
Acquisition of joint venture partner equity interest | ||||||||||||
- | - | - | - | - | - | - | 3,350 | 9,070 | - | - | - | - |
Issuance of mortgage notes payable and draws on construction loans | ||||||||||||
- | - | - | - | - | - | - | - | - | - | - | 697,046 | 59,126 |
Repayments of mortgage notes payable | ||||||||||||
- | - | - | - | - | - | - | - | - | - | - | -67,442 | 27,256 |
Contributions from minority and profit-sharing partners | ||||||||||||
- | - | - | - | - | - | - | - | - | - | - | - | 1,333 |
Distributions to DownREIT partnership unitholders | ||||||||||||
46 | 44 | 42 | 41 | 38 | 26 | 32 | 29 | 20 | 61 | 57 | -216 | 280 |
Distributions to joint venture and profit-sharing partners | ||||||||||||
439 | 424 | 418 | 407 | 372 | 262 | 317 | 299 | 194 | 222 | - | -181 | 1,796 |
Contributions from joint venture and profit-sharing partners | ||||||||||||
0 | 0 | 1,038 | 0 | 0 | - | - | - | - | - | - | - | - |
Preferred interest obligation redemption and dividends | ||||||||||||
1,400 | 1,120 | 2,000 | 1,960 | 14,410 | 6,300 | 35,224 | 0 | - | - | - | - | - |
Net cash provided by (used in) financing activities | ||||||||||||
-218,185 | -688,502 | -418,947 | -303,271 | 25,093 | 158,224 | -1,995,404 | 2,199,332 | 326,233 | 167,565 | -4,285 | -75,111 | 366,360 |
Net increase (decrease) in cash and cash equivalents | ||||||||||||
-90,250 | 15,958 | -128,071 | -175,351 | -99,757 | 228,105 | -2,452,263 | 2,116,765 | 312,446 | 200,735 | 38,737 | 44,664 | 11,987 |
Cash paid during the period for interest, net of amount capitalized | ||||||||||||
187,570 | 201,659 | 207,842 | 194,059 | 188,782 | 191,966 | 179,325 | 119,268 | 156,898 | 157,014 | 168,651 | 110,290 | 98,594 |