| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | ||
|---|---|---|---|---|---|---|
Cash Flows from Operating Activities: | ||||||
Net income | ||||||
-29,603 | 18,993 | 107,176 | 2,069 | 21,143 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Depreciation and amortization | ||||||
248,347 | 258,225 | 266,037 | 269,450 | 294,624 | ||
Straight-lining of rental revenue | ||||||
43,679 | 59,061 | 54,453 | 82,568 | 69,522 | ||
Real estate impairment loss | ||||||
42,000 | 46,000 | - | - | - | ||
Amortization of stock-based compensation expense | ||||||
22,860 | 19,646 | 15,922 | 11,278 | 7,309 | ||
Amortization of above and below-market leases, net | ||||||
-10,991 | -16,059 | -19,523 | -9,536 | -9,917 | ||
Loss from unconsolidated joint ventures | ||||||
-4,706 | 3,468 | 20,185 | 7,413 | 6,850 | ||
Realized and unrealized gains on real estate fund investments | ||||||
- | - | - | - | 21,201 | ||
Distributions of earnings from unconsolidated joint ventures | ||||||
4,067 | 6,207 | 5,700 | 8,121 | 4,985 | ||
Amortization of deferred financing costs | ||||||
19,323 | 11,023 | 11,188 | 6,804 | 2,565 | ||
Realized and unrealized losses (gains) on marketable securities | ||||||
3,027 | -1,604 | 4,664 | 494 | -119 | ||
Gain on sale of real estate | ||||||
1,140 | 36,845 | 133,989 | - | - | ||
Loss on early extinguishment of debt | ||||||
-731 | - | -7,877 | -4,608 | - | ||
Income from unconsolidated real estate funds | ||||||
-343 | -269 | -6,143 | -498 | - | ||
Repayment of accrued interest on preferred equity investment | ||||||
2,339 | - | - | - | - | ||
Distributions of earnings from unconsolidated real estate funds | ||||||
1,553 | 330 | 342 | 392 | - | ||
Other non-cash adjustments | ||||||
961 | -288 | 470 | -966 | -5,824 | ||
Valuation allowance on preferred equity investment | ||||||
- | - | 19,588 | - | - | ||
Unrealized gain on interest rate swaps | ||||||
- | - | 1,802 | 39,814 | 75,760 | ||
Changes in operating assets and liabilities: | ||||||
Real estate fund investments | ||||||
- | - | - | - | 127,743 | ||
Accounts and other receivables | ||||||
-845 | 2,994 | 1,000 | 4,521 | 3,152 | ||
Deferred charges | ||||||
23,029 | 31,861 | 33,295 | 15,701 | 40,510 | ||
Other assets | ||||||
-57,318 | 57,216 | -10,243 | 12,037 | -6,465 | ||
Accounts payable and accrued expenses | ||||||
-8,949 | 4,200 | 6,305 | 11,479 | -6,152 | ||
Deferred income taxes | ||||||
- | - | - | - | 328 | ||
Other liabilities | ||||||
2,388 | -2,758 | 2,971 | 4,702 | 1,151 | ||
Net cash provided by operating activities | ||||||
285,441 | 156,523 | 190,111 | 148,283 | -16,950 | ||
Cash Flows from Investing Activities: | ||||||
Repayment of amounts due from affiliates | ||||||
181,000 | - | - | - | - | ||
Due from affiliates | ||||||
217,918 | - | - | - | - | ||
Proceeds from sale of real estate | ||||||
150,307 | 349,013 | 540,333 | - | - | ||
Additions to real estate | ||||||
103,916 | 137,915 | 86,434 | 132,686 | 107,859 | ||
Purchases of marketable securities | ||||||
15,232 | 20,019 | 29,248 | 2,722 | 8,553 | ||
Sales of marketable securities | ||||||
19,282 | 24,794 | 27,261 | 2,353 | 7,072 | ||
Contributions of capital to unconsolidated real estate funds | ||||||
3,937 | 3,779 | 790 | 1,780 | - | ||
Distributions of capital from unconsolidated real estate funds | ||||||
2,076 | 79 | 14,584 | - | - | ||
Investments in and contributions of capital to unconsolidated joint ventures | ||||||
368,852 | 29,883 | 28,791 | - | - | ||
Redemption of preferred equity investment | ||||||
33,750 | - | - | - | - | ||
Escrow deposits and loans receivable for Residential Development Fund | ||||||
- | 15,680 | - | - | - | ||
Real estate acquisition deposits | ||||||
- | 10,000 | - | - | - | ||
Acquisitions of real estate | ||||||
- | - | 161,184 | 517,823 | - | ||
Distributions of capital from unconsolidated joint ventures | ||||||
- | - | 20,000 | - | - | ||
Net cash provided by (used in) investing activities | ||||||
-323,440 | 156,610 | 295,731 | -652,658 | -109,340 | ||
Cash Flows from Financing Activities: | ||||||
Repayments of notes and mortgages payable | ||||||
1,050,000 | - | 1,044,821 | 689,269 | 927,633 | ||
Borrowings under revolving credit facility | ||||||
231,918 | - | 60,000 | 340,000 | 20,000 | ||
Repayment of borrowings under revolving credit facility | ||||||
195,000 | - | 290,000 | 130,000 | - | ||
Repurchases of common shares | ||||||
97,137 | 102,863 | - | - | - | ||
Dividends paid to common stockholders | ||||||
93,038 | 94,991 | 89,276 | 82,105 | 68,723 | ||
Distributions paid to common unitholders | ||||||
- | - | - | 18,412 | 16,735 | ||
Debt issuance costs and other | ||||||
10,131 | 6,564 | 7,490 | 29,387 | - | ||
Distributions paid to common unitholders | ||||||
10,073 | 10,064 | 11,504 | 3,636 | 56,636 | ||
Distributions to noncontrolling interests | ||||||
45,239 | 18,184 | 119,251 | - | 261,464 | ||
Contributions from noncontrolling interests | ||||||
14,989 | 45,116 | 100,777 | 7,651 | 167,929 | ||
Proceeds from notes and mortgages payable | ||||||
1,259,843 | 16,700 | 991,556 | 1,362,414 | 1,013,544 | ||
Acquisition of noncontrolling interest in consolidated real estate fund | ||||||
1,000 | - | - | - | - | ||
Loss on early extinguishment of debt | ||||||
731 | - | 7,877 | 4,608 | - | ||
Repurchase of shares related to stock compensation agreements and related tax withholdings | ||||||
324 | - | - | - | - | ||
Repayment of loans to affiliates | ||||||
- | 27,299 | - | - | - | ||
Transfer tax refund in connection with the acquisition of noncontrolling interests | ||||||
- | - | 9,555 | - | - | ||
Settlement of interest rate swap liabilities | ||||||
- | - | 19,425 | 23,654 | 33,741 | ||
Debt issuance costs | ||||||
- | - | - | - | 18,871 | ||
Purchase of marketable securities in connection with the defeasance of notes and mortgages payable | ||||||
- | - | - | 210,000 | - | ||
Net cash provided by (used in) financing activities | ||||||
4,077 | -198,149 | -427,756 | 518,994 | -182,330 | ||
Net increase (decrease) in cash and cash equivalents and restricted cash | ||||||
-33,922 | 114,984 | 58,086 | 14,619 | -308,620 | ||
Decrease in cash due to deconsolidation of real estate fund investments | ||||||
- | - | - | 7,987 | - | ||
Supplemental Disclosure of Cash Flow Information: | ||||||
Cash payments for interest | ||||||
139,130 | 136,452 | 132,361 | 140,111 | 159,186 | ||
Cash payments for income taxes, net of refunds | ||||||
2,474 | 4,049 | 5,048 | 2,095 | 2,798 | ||
Non-Cash Transactions: | ||||||
Common shares issued upon redemption of common units | ||||||
24,030 | 3,461 | 172,728 | 312,257 | - | ||
Dividends and distributions declared but not yet paid | ||||||
25,255 | 25,902 | 25,211 | 25,151 | 25,067 | ||
Additions to real estate included in accounts payable and accrued expenses | ||||||
21,566 | 19,872 | 10,413 | 12,104 | 32,009 | ||
Transfer of real estate to assets held for sale | ||||||
- | - | - | 346,685 | - | ||
Marketable securities transferred in connection with the defeasance of notes and mortgages payable | ||||||
- | - | - | 214,608 | - | ||
Defeasance of notes and mortgages payable | ||||||
- | - | - | 210,000 | - | ||
Note payable issued in connection with the acquisition of noncontrolling interest in consolidated real estate fund | ||||||
8,771 | - | - | - | - | ||
Write-off of fully amortized and/or depreciated assets | ||||||
8,727 | 4,158 | 9,684 | 11,431 | 1,399 | ||
Change in value of interest rate swaps | ||||||
28,069 | -7,273 | -10,618 | -8,161 | 9,241 | ||
Basis adjustment to investment in unconsolidated joint ventures upon adoption of ASU 2017-05 | ||||||
- | 7,086 | - | - | - | ||
Consolidation of real estate and real estate fund investments | ||||||
- | - | 102,512 | -396,697 | - | ||
Assumption of notes and mortgages payable | ||||||
- | - | 228,000 | - | - | ||