| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|---|---|---|---|---|---|---|---|---|---|---|
Cash flows from operating activities | |||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | |||||||||||
383,550 | 25,630 | 19,612 | 119,288 | 89,187 | 111,601 | 37,346 | 23,708 | 105,378 | 37,559 | 40,948 | 27,293 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Real estate impairment | |||||||||||
8,374 | 1,886 | 33,152 | -676 | 5,909 | 0 | 0 | 2,097 | 15,125 | 0 | 0 | - |
Gain on sale of real estate | |||||||||||
398,985 | 2,495 | 24,915 | 101,704 | 91,107 | 106,555 | 22,144 | 5,124 | 97,491 | 21,599 | 13,348 | 15,275 |
Depreciation and amortization | |||||||||||
141,179 | 121,228 | 112,056 | 108,406 | 108,935 | 96,011 | 97,901 | 103,934 | 100,528 | 95,746 | 94,447 | 86,898 |
Credit losses on lease related receivables | |||||||||||
-10 | 2,136 | 882 | 1,706 | 1,368 | 1,402 | 3,772 | 3,847 | 4,005 | 4,150 | 6,889 | 4,346 |
Deferred tax benefit | |||||||||||
0 | 0 | -84 | -698 | 0 | 0 | - | - | - | - | - | - |
Share-based compensation expense | |||||||||||
7,743 | 6,746 | 4,771 | 3,491 | 5,112 | 4,995 | 6,246 | 5,856 | 5,597 | 5,852 | 3,085 | 3,228 |
Amortization of debt premiums, discounts and related financing costs | |||||||||||
3,195 | 2,101 | 1,897 | 3,187 | 3,486 | 3,588 | 4,158 | 3,867 | 3,194 | 5,532 | 6,957 | 7,669 |
Loss on extinguishment of debt | |||||||||||
-764 | 0 | 0 | - | - | - | - | - | - | - | - | - |
Gain (Loss) on Extinguishment of Debt | |||||||||||
0 | -1,178 | 0 | 0 | -119 | 0 | -2,737 | 0 | 0 | -9,176 | 5,336 | -5,583 |
Changes in operating other assets | |||||||||||
10,086 | 8,674 | 20,199 | 15,713 | 10,496 | 23,306 | 10,591 | 8,458 | 16,416 | 20,974 | 14,576 | 13,648 |
Changes in operating other liabilities | |||||||||||
-4,801 | -2,367 | 3,454 | -2,562 | -3,195 | -4,619 | -6,107 | 1,721 | -2,294 | -3,509 | -16,165 | -8,979 |
Net cash provided by operating activities | |||||||||||
130,923 | 147,369 | 130,626 | 114,725 | 109,318 | 83,117 | 113,318 | 131,448 | 117,626 | 111,933 | 102,901 | 97,115 |
Cash flows from investing activities | |||||||||||
Payments to Acquire Commercial Real Estate | |||||||||||
528,600 | 106,400 | 138,400 | - | - | - | - | - | - | - | - | - |
Capital improvements to real estate | |||||||||||
68,456 | 71,070 | 60,515 | 57,094 | 41,507 | 57,810 | 55,829 | 51,180 | 32,815 | 25,045 | 27,337 | 37,272 |
Development in progress | |||||||||||
47,492 | 34,806 | 18,150 | 22,572 | 31,203 | 43,264 | 15,826 | 6,494 | 25,929 | 1,337 | 2,135 | 15,509 |
Payments to Acquire Real Estate | |||||||||||
- | - | - | 227,413 | 151,917 | 194,536 | 48,200 | 52,142 | 281,701 | 155,881 | 19,828 | 168,230 |
Net cash received from sale of real estate | |||||||||||
706,064 | 174,297 | 30,798 | 243,624 | 136,930 | 190,864 | 313,765 | 21,825 | 402,164 | 71,505 | 36,842 | 40,231 |
Non-real estate capital improvements | |||||||||||
491 | 963 | 3,866 | 920 | 2,129 | 1,719 | 162 | 555 | 621 | 392 | 351 | 642 |
Real estate deposits, net | |||||||||||
0 | 0 | 6,300 | 0 | 0 | - | 3,900 | 250 | 0 | - | - | - |
Cash released from replacement reserve escrows, net | |||||||||||
- | - | - | - | - | 1,417 | 0 | 0 | - | - | - | - |
Insurance proceeds | |||||||||||
- | - | - | 883 | 0 | 0 | - | - | - | - | - | - |
Net cash used in investing activities | |||||||||||
61,036 | -38,942 | -196,354 | -63,492 | -89,826 | -107,882 | 189,848 | -88,796 | 61,098 | -111,150 | -12,809 | -181,422 |
Cash flows from financing activities | |||||||||||
Line of credit (repayments) borrowings, net | |||||||||||
132,000 | 22,000 | 46,000 | - | - | - | - | - | - | - | - | - |
Line of credit borrowings, net | |||||||||||
- | - | - | 15,000 | 55,000 | 50,000 | 0 | -99,000 | -1,000 | -28,000 | 214,500 | 165,000 |
Line of credit repayments | |||||||||||
- | - | - | - | - | - | - | - | - | - | 153,500 | 290,500 |
Dividends paid | |||||||||||
96,361 | 95,059 | 91,666 | 85,648 | 61,510 | 80,277 | 80,104 | 97,734 | 115,045 | 108,949 | 100,221 | 85,564 |
Principal payments – mortgage notes payable | |||||||||||
12,724 | 170,081 | 52,571 | 270,061 | 4,512 | 3,954 | 58,679 | 85,667 | 32,331 | 25,985 | 54,030 | 3,488 |
Borrowing under construction loan | |||||||||||
- | - | - | - | 4,558 | 20,393 | 7,297 | 0 | 0 | - | 37,500 | 81,029 |
Repayments of unsecured term loan debt | |||||||||||
450,000 | 150,000 | 0 | 0 | 150,000 | 100,000 | 60,000 | 50,000 | 96,521 | 193,799 | 197,414 | 81,344 |
Proceeds from term loan | |||||||||||
450,000 | 250,000 | 50,000 | 100,000 | 150,000 | 0 | 0 | 298,314 | 0 | 247,998 | 0 | 100,000 |
Payment of financing costs | |||||||||||
1,303 | 5,650 | 319 | 1,590 | 5,095 | 742 | 843 | 4,678 | 3,905 | 2,450 | 847 | 1,924 |
Contributions from noncontrolling interests | |||||||||||
- | - | - | - | 5 | 9 | 401 | 298 | -2,488 | -163 | 190 | 192 |
Distributions to noncontrolling interests | |||||||||||
15 | 14 | 4,199 | 196 | 0 | 3,454 | 0 | 0 | - | - | - | - |
Proceeds from dividend reinvestment program | |||||||||||
4,755 | 1,973 | 2,576 | 700 | 0 | 0 | - | 1,316 | 5,043 | 5,286 | 2,479 | 4,103 |
Net proceeds from equity issuances | |||||||||||
54,916 | 35,472 | 113,200 | 172,936 | 5,215 | 30,690 | 0 | 0 | - | 168,880 | 160,915 | 184,933 |
Payment of tax withholdings for restricted share awards | |||||||||||
2,116 | 2,051 | 2,286 | 1,960 | 2,071 | 2,416 | - | - | - | - | - | - |
Net proceeds from exercise of share options | |||||||||||
- | - | - | - | - | - | - | 1,153 | 1,292 | 3,963 | 45 | 2,643 |
Net cash used in financing activities | |||||||||||
-184,848 | -113,410 | 60,729 | -70,819 | -8,410 | -89,751 | -191,928 | -35,998 | -244,955 | 66,781 | -90,763 | 74,696 |
Net increase in cash, cash equivalents and restricted cash | |||||||||||
7,111 | -4,983 | -4,999 | -19,586 | 11,082 | -114,516 | 111,238 | 6,654 | -66,231 | 67,564 | -671 | -9,611 |
Supplemental disclosure of cash flow information: | |||||||||||
Cash paid for interest, net of amounts capitalized | |||||||||||
50,999 | 49,058 | 45,730 | 51,054 | 57,179 | 58,023 | 62,744 | 58,282 | 63,916 | 60,622 | 69,292 | 68,616 |
Change in accrued capital improvements and development costs | |||||||||||
7,908 | -2,769 | 3,264 | 3,788 | 4,229 | 4,154 | 328 | 2,128 | -2,404 | - | - | - |
Cash paid for income taxes | |||||||||||
0 | 0 | 17 | 65 | 261 | 156 | 54 | 84 | 725 | 0 | - | - |
Operating partnership units issued with acquisition | |||||||||||
0 | 0 | 400 | 0 | - | - | - | - | - | - | - | - |
Reconciliation of cash, cash equivalents and restricted cash: | |||||||||||
Mortgage notes payable assumed in connection with the acquisition of real estate | |||||||||||
- | - | - | - | - | 100,861 | 0 | 0 | - | - | - | - |