| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|---|---|---|---|---|---|---|---|---|---|
Cash flows from operating activities: | ||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | ||||||||||
285,293 | 230,906 | 86,629 | 96,450 | 114,891 | 97,463 | 3,863 | 184,638 | -89,778 | -37,410 | -211,272 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||
Depreciation and amortization | ||||||||||
150,440 | 172,088 | 177,561 | 170,038 | 167,186 | 167,289 | 183,833 | 171,969 | 168,288 | 172,301 | 185,208 |
Gains on sales of properties | ||||||||||
250,889 | 252,913 | 63,428 | 81,510 | 24,884 | 57,507 | 24,472 | 13,291 | 6,557 | 14,613 | 9,134 |
Gain on acquisition | ||||||||||
- | - | - | - | - | - | - | 167,864 | 0 | 0 | - |
Gains on sales of financial assets, net | ||||||||||
- | - | - | - | - | 855 | 0 | 0 | - | - | - |
Debt satisfaction (gains) charges, net | ||||||||||
-4,517 | -2,596 | 6,196 | -975 | 25,240 | -2,859 | -3,989 | -8,062 | -311 | 3,590 | 29,872 |
Impairment charges and loan losses | ||||||||||
5,329 | 95,813 | 44,996 | 100,236 | 36,832 | 51,100 | 48,499 | 9,969 | -117,443 | -56,940 | -101,166 |
Straight-line rents | ||||||||||
14,264 | 20,207 | 19,568 | 37,445 | 46,432 | 46,254 | 23,538 | 7,372 | 1,763 | -862 | 240 |
Amortization of right of use assets | ||||||||||
3,645 | - | - | - | - | - | - | - | - | - | - |
Other non-cash (income) expense, net | ||||||||||
-6,060 | 3,060 | -8,093 | -1,656 | -3,695 | 390 | -5,248 | 1,139 | 6,364 | 7,912 | 7,192 |
Equity in (earnings) losses of non-consolidated entities | ||||||||||
2,890 | 1,708 | -848 | 7,590 | 1,752 | 626 | -157 | 21,531 | 30,334 | 21,741 | -123,176 |
Distributions of accumulated earnings from non-consolidated entities | ||||||||||
2,571 | 2,083 | 403 | 815 | 2,056 | 1,381 | 918 | 7,498 | 11,549 | 3,233 | 4,707 |
Unearned contingent acquisition consideration | ||||||||||
0 | 0 | 3,922 | 0 | 0 | - | - | - | - | - | - |
Deferred taxes, net | ||||||||||
- | - | - | -59 | 77 | -124 | -752 | 186 | 1,799 | -489 | -196 |
Change in accounts payable and other liabilities | ||||||||||
-270 | -129 | -1,141 | -1,657 | 4,314 | -3,716 | 6,223 | -598 | 1,589 | 5,186 | 1,175 |
Change in rent receivable and prepaid rent, net | ||||||||||
-3,770 | 3,942 | -2,922 | 1,825 | -1,967 | 617 | -4,420 | 1,325 | -19,929 | -12,272 | -2,519 |
Change in accrued interest payable | ||||||||||
3,368 | -891 | 16 | 808 | 2,438 | -963 | -1,058 | -2,473 | -970 | 2,921 | -4,605 |
Other adjustments, net | ||||||||||
-4,496 | -2,825 | 657 | -1,200 | 9,936 | 5,384 | -2,530 | -2,547 | -1,407 | -4,187 | 3,475 |
Net cash provided by operating activities | ||||||||||
192,184 | 217,811 | 227,870 | 239,810 | 244,930 | 214,672 | 206,304 | 163,810 | 180,137 | 164,751 | 159,307 |
Cash flows from investing activities: | ||||||||||
Acquisition of real estate, including intangible assets | ||||||||||
662,010 | 315,959 | 558,571 | - | - | - | - | - | - | - | - |
Investment in real estate under construction | ||||||||||
11,332 | 0 | 83,274 | - | - | - | - | - | - | - | - |
Capital expenditures | ||||||||||
17,829 | 15,506 | 15,184 | 132,192 | 137,158 | 131,153 | 106,009 | 113,262 | 69,755 | 11,258 | - |
Capital expenditures | ||||||||||
- | - | - | 167,797 | 349,926 | 122,395 | 447,571 | 98,083 | 25,811 | 17,250 | 45,122 |
Capital expenditures | ||||||||||
- | - | - | 4,408 | 29,110 | 17,681 | 48,822 | 49,952 | 32,426 | 35,074 | - |
Net proceeds from sale of properties | ||||||||||
504,118 | 898,514 | 223,853 | 370,038 | 156,461 | 237,866 | 75,519 | 155,240 | 124,039 | 80,224 | 113,139 |
Net proceeds from sale of non-consolidated investment | ||||||||||
0 | 0 | 6,127 | 0 | 0 | - | - | 7,000 | 0 | - | - |
Principal payments received on loans receivable | ||||||||||
0 | 0 | 139,042 | 2,214 | 4,746 | 44,661 | 2,056 | 6,841 | 46,867 | 12,480 | 12,886 |
Investment in loans receivable | ||||||||||
- | - | - | - | 10,274 | 43,555 | 60,727 | 11,470 | 32,591 | 40,632 | 0 |
Investments in non-consolidated entities | ||||||||||
8,018 | 10,206 | 9,898 | 37,240 | 18,900 | 2,948 | 8,193 | 20,172 | 19,940 | 0 | -4,765 |
Distributions from non-consolidated entities in excess of accumulated earnings | ||||||||||
17,119 | 3,330 | 531 | 8,175 | 1,728 | 1,314 | 15,603 | 351 | 5,900 | 1,356 | 16,241 |
Sale of interest in non-consolidated entity | ||||||||||
- | - | - | - | - | - | - | - | - | 112 | 0 |
Payments of deferred leasing costs | ||||||||||
8,196 | 4,522 | 6,526 | 6,558 | 6,681 | 10,484 | 12,060 | 14,826 | 15,870 | 5,129 | 8,641 |
Proceeds from the sale of marketable equity securities | ||||||||||
- | - | - | - | - | 725 | 0 | 0 | - | - | 9,451 |
Investment in marketable equity securities | ||||||||||
- | - | - | - | - | 689 | 0 | 0 | - | - | - |
Change in escrow deposits and restricted cash | ||||||||||
- | - | - | - | -2,745 | -916 | 7,141 | -5,710 | 3,405 | 8,282 | -9,248 |
Change in real estate deposits, net | ||||||||||
817 | 760 | -20,826 | 20,848 | 1,902 | -355 | 238 | 149 | 1,821 | 1,330 | 0 |
Net cash provided by (used in) investing activities | ||||||||||
-186,965 | 554,891 | -283,074 | 11,384 | -388,271 | -43,068 | -597,583 | -134,103 | -24,813 | -24,783 | 111,967 |
Cash flows from financing activities: | ||||||||||
Dividends to common and preferred shareholders | ||||||||||
122,843 | 175,537 | 172,101 | 165,858 | 164,737 | 159,520 | 135,539 | 103,295 | 94,861 | 77,252 | 49,642 |
Repurchase of exchangeable notes | ||||||||||
- | - | - | - | - | - | - | 62,150 | 0 | 25,493 | 101,006 |
Proceeds from senior notes | ||||||||||
- | - | - | - | - | 249,708 | 247,565 | 0 | 0 | - | - |
Proceeds from convertible notes | ||||||||||
- | - | - | - | - | - | - | - | - | 115,000 | 0 |
Conversion of convertible notes | ||||||||||
- | - | - | 672 | 529 | 233 | 3,270 | 2,427 | 0 | 0 | - |
Principal amortization payments | ||||||||||
24,259 | 29,666 | 30,082 | 26,796 | 32,440 | 35,206 | 34,446 | 31,252 | 31,068 | 33,781 | 39,052 |
Principal payments on debt, excluding normal amortization | ||||||||||
89,242 | 14,599 | 50,797 | 109,973 | 106,956 | 202,262 | 347,122 | 288,094 | 105,266 | 331,295 | 264,399 |
Proceeds of mortgages and notes payable | ||||||||||
0 | 26,350 | 45,400 | 254,650 | 190,843 | 27,790 | 253,500 | 121,000 | 15,000 | 59,769 | 11,540 |
Term loan payments | ||||||||||
0 | 300,000 | 0 | 0 | - | - | - | - | - | - | - |
Proceeds from term loans | ||||||||||
0 | 0 | 95,000 | 0 | 0 | 99,000 | 151,000 | 255,000 | 0 | 0 | 165,000 |
Revolving credit facility borrowings | ||||||||||
110,000 | 150,000 | 270,000 | -95,000 | -177,000 | 48,000 | -48,000 | 0 | 0 | 7,000 | 18,000 |
Payment of developer liabilities | ||||||||||
- | - | - | 4,016 | 0 | 0 | - | - | - | - | - |
Deferred financing costs | ||||||||||
5,456 | 690 | 2,124 | 1,842 | 9,336 | 4,558 | 12,307 | 6,431 | 4,214 | 5,760 | 5,317 |
Revolving credit facility payments | ||||||||||
110,000 | 310,000 | 110,000 | 272,000 | - | - | - | - | - | - | - |
Payment of early extinguishment of debt charges | ||||||||||
3,505 | 5 | 1,326 | 5,603 | - | - | - | - | - | - | - |
Cash contributions from noncontrolling interests | ||||||||||
867 | 0 | 0 | - | - | - | - | 889 | 2 | 4,854 | 1,756 |
OP unit redemptions | ||||||||||
- | - | - | - | - | 1,962 | 0 | 0 | - | - | - |
Cash distributions to noncontrolling interests | ||||||||||
2,763 | 3,429 | 3,242 | 3,404 | 3,688 | 4,008 | 3,870 | 35,381 | 5,811 | 8,356 | 3,485 |
Redemption of noncontrolling interests | ||||||||||
- | - | - | - | - | - | - | 1,331 | 0 | 0 | - |
Payments on forward equity commitment, net | ||||||||||
- | - | - | - | - | - | - | - | -2,313 | 1,473 | -2,262 |
Swap termination costs | ||||||||||
- | - | - | - | - | - | - | - | - | - | -366 |
Exercise of employee common share options | ||||||||||
- | - | - | - | - | - | - | - | - | - | 0 |
Issuance of common shares, net | ||||||||||
197,643 | -2,818 | 16,804 | 12,186 | 19,382 | 23,563 | 434,927 | 162,747 | 99,730 | 166,652 | 20,026 |
Redemption of a noncontrolling interest | ||||||||||
0 | 0 | 7,951 | 0 | 4,022 | 2,100 | 8,918 | 0 | 0 | - | - |
Repurchase of common shares | ||||||||||
3,598 | 47,217 | 0 | 8,973 | 18,431 | 0 | 155,004 | 70,000 | 15,456 | 0 | 0 |
Change in restricted cash | ||||||||||
- | - | - | - | -1,573 | 0 | 0 | - | - | - | - |
Net cash provided by (used in) financing activities | ||||||||||
-53,156 | -707,611 | 49,581 | -237,301 | 45,513 | -57,788 | 434,516 | -59,394 | -144,257 | -141,189 | -285,207 |
Change in cash, cash equivalents and restricted cash | ||||||||||
-47,937 | 65,091 | -5,623 | 13,893 | -97,828 | 113,816 | 43,237 | -29,687 | 11,067 | -1,221 | -13,933 |
Reconciliation of cash, cash equivalents and restricted cash: | ||||||||||
Cash acquired in acquisition of remaining interest in NLS | ||||||||||
- | - | - | - | - | - | - | - | - | 0 | - |