| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|---|---|---|---|---|---|---|---|---|---|---|
OPERATING ACTIVITIES | |||||||||||
Net income | |||||||||||
360,542 | 249,026 | 297,870 | 258,883 | 218,424 | 172,289 | 167,608 | 156,232 | 149,612 | 128,237 | 103,872 | 135,153 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
239,758 | 244,245 | 216,050 | 193,585 | 174,796 | 170,814 | 161,099 | 142,039 | 126,568 | 119,817 | 115,093 | 111,069 |
Gain (Loss) on Sale of Properties, Net of Applicable Income Taxes | |||||||||||
116,393 | 11,915 | 77,922 | 32,458 | 28,330 | 4,401 | 28,855 | 11,860 | 15,075 | 1,410 | 1,298 | 12,572 |
Litigation provision | |||||||||||
- | - | - | - | - | - | - | - | - | -250 | 15,690 | - |
Gain on deconsolidation of VIE | |||||||||||
- | - | - | - | - | - | - | - | 2,026 | 0 | 0 | - |
Gain (Loss) on Extinguishment of Debt | |||||||||||
0 | 0 | -12,273 | 0 | -19,072 | -10,545 | -13,304 | 0 | 296 | -2,801 | -2,639 | - |
Loss from partnerships | |||||||||||
-2,012 | -3,398 | -417 | 50 | 1,416 | 1,243 | 1,498 | 1,757 | 1,808 | 1,060 | 1,322 | 1,612 |
Other, net | |||||||||||
-169 | -4,147 | 2,674 | -474 | 29 | -733 | -2,704 | -4,348 | -3,871 | -4,099 | -5,265 | 1,585 |
Changes in assets and liabilities, net of effects of acquisitions and dispositions: | |||||||||||
Proceeds from new market tax credit transaction, net of deferred costs | |||||||||||
0 | 12,353 | 0 | 0 | - | - | - | - | - | - | - | - |
Decrease (increase) in accounts receivable, net | |||||||||||
16,128 | -917 | -2,059 | -1,868 | 9,200 | 3,063 | 6,321 | -7,332 | -1,888 | -7,461 | -7,079 | 6,303 |
Decrease in prepaid expenses and other assets | |||||||||||
10,253 | 2,070 | 3,695 | -214 | 6,695 | 4,222 | -69 | 7,793 | -2,613 | 2,824 | 716 | -2,668 |
Decrease in accounts payable and accrued expenses | |||||||||||
2,327 | 2,650 | 14,242 | 7,159 | -1,305 | 4,253 | 5,325 | 3,259 | -14,994 | -879 | 9,753 | -4,329 |
Decrease in security deposits and other liabilities | |||||||||||
-115 | 13,937 | 208 | -2,003 | 3,729 | 425 | 1,063 | 4,833 | -5,642 | 743 | 710 | 2,626 |
Net cash provided by operating activities | |||||||||||
461,919 | 516,688 | 458,828 | 427,672 | 369,046 | 346,130 | 314,498 | 296,633 | 244,711 | 256,735 | 256,765 | 228,285 |
INVESTING ACTIVITIES | |||||||||||
Acquisition of real estate | |||||||||||
204,516 | 13,503 | 437,772 | 142,958 | 154,313 | 9,154 | 87,276 | 80,865 | 103,557 | 57,133 | 10,531 | 99,625 |
Capital expenditures - development and redevelopment | |||||||||||
327,074 | 302,120 | 441,984 | 379,720 | 236,437 | 314,654 | 243,073 | 129,346 | 91,922 | 50,414 | 76,079 | 104,196 |
Capital Expenditures - Other | |||||||||||
82,836 | 66,138 | 76,952 | 57,560 | 46,096 | 46,304 | 47,069 | 51,325 | 50,540 | 38,681 | 26,000 | 33,790 |
Proceeds from sale of real estate | |||||||||||
321,997 | 177,775 | 136,055 | 0 | 97,422 | 10,406 | 42,866 | 0 | 23,695 | 0 | 2,122 | 44,890 |
Proceeds from partnership formation | |||||||||||
0 | -37,998 | 0 | 0 | - | - | - | 0 | -34,617 | 0 | 0 | - |
Investment in partnerships | |||||||||||
1,052 | 1,037 | 696 | 7,220 | 2,802 | 6,731 | 0 | 0 | 6,947 | 16,930 | 7,020 | - |
Distribution from partnerships in excess of earnings | |||||||||||
2,765 | 275 | 1,729 | 3,910 | 512 | 565 | 790 | 1,116 | 1,070 | 237 | 594 | 363 |
Leasing costs | |||||||||||
25,459 | 25,430 | 16,656 | 18,299 | 22,382 | 35,286 | 12,393 | 14,233 | 12,415 | 10,272 | 8,924 | 9,921 |
(Issuance) repayment of mortgage and other notes receivable, net | |||||||||||
357 | 67 | 1,646 | -11,626 | -10,333 | -5,008 | -957 | -1,095 | -9,630 | 13,895 | 1,503 | 5,288 |
Net cash used in investing activities | |||||||||||
-316,532 | -192,247 | -837,922 | -590,221 | -353,763 | -396,150 | -345,198 | -273,558 | -196,369 | -187,088 | -127,341 | -207,567 |
FINANCING ACTIVITIES | |||||||||||
Net borrowings under revolving credit facility, including costs | |||||||||||
-4,012 | -41,000 | 41,000 | -56,916 | 53,500 | 0 | -1,929 | 0 | -81,159 | 76,550 | -123,500 | 123,500 |
Issuance of senior notes, net of costs | |||||||||||
399,913 | 0 | 572,134 | 241,795 | 456,151 | 244,579 | 564,389 | 244,807 | 0 | 148,457 | 147,534 | - |
Redemption and retirement of senior notes | |||||||||||
0 | 0 | 161,930 | 0 | 219,228 | 134,240 | 293,360 | 175,000 | 75,000 | 0 | 175,867 | 20,800 |
Issuance of mortgages, capital leases and notes payable, net of costs | |||||||||||
- | - | - | - | - | - | 860 | 5,399 | 272,193 | 9,950 | 526,617 | - |
Repayment of mortgages, finance leases and notes payable | |||||||||||
301,029 | 16,620 | 56,328 | 49,559 | 181,315 | 94,422 | 173,735 | 53,414 | 91,952 | 262,340 | 337,221 | 18,512 |
Extension fee on term loan | |||||||||||
- | - | - | - | - | - | - | - | - | - | - | 200 |
Issuance of common shares, net of costs | |||||||||||
143,027 | 130,918 | 118,583 | 329,103 | 110,855 | 216,155 | 186,548 | 112,270 | 154,921 | 6,610 | 115,502 | 11,585 |
Issuance of preferred shares, net of costs | |||||||||||
0 | 0 | 144,991 | 0 | 0 | - | - | - | - | - | - | - |
Dividends paid to common and preferred shareholders | |||||||||||
313,649 | 301,194 | 282,995 | 267,694 | 243,314 | 215,216 | 193,016 | 178,020 | 167,313 | 163,120 | 156,100 | 146,418 |
Shares withheld for employee taxes | |||||||||||
4,626 | 958 | 4,229 | 4,451 | 9,211 | - | - | - | - | - | - | - |
Contributions from noncontrolling interests | |||||||||||
404 | 2,838 | 13,449 | 662 | - | - | - | - | - | - | - | - |
Distributions to and redemptions of noncontrolling interests | |||||||||||
20,133 | 15,293 | 15,230 | 24,102 | 0 | 7,812 | 7,118 | 9,935 | -8,023 | -5,346 | 6,223 | 5,341 |
Distributions to and redemptions of noncontrolling interests | |||||||||||
- | - | - | - | 9,626 | 0 | - | - | - | - | - | - |
Net cash provided by (used in) financing activities | |||||||||||
-100,105 | -241,309 | 369,445 | 168,838 | -42,188 | 9,044 | 82,639 | -53,893 | 3,667 | -189,239 | -9,258 | -56,186 |
Increase (decrease) in cash, cash equivalents and restricted cash | |||||||||||
45,282 | 83,132 | -9,649 | 6,289 | -26,905 | -40,976 | 51,939 | -30,818 | 52,009 | -119,592 | 120,166 | -35,468 |