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Consolidated Statements of Cash Flows
$ in Thousands
12 Months Ended
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Cash flows from operating activities:      
Net income $ 366,618 $ 231,022 $ 340,536
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 497,790 490,995 494,540
(Gain) loss on sale of depreciable real estate assets (80,988) 39 (127,386)
Gain on sale of non-depreciable real estate assets (12,047) (4,532) (21)
Stock compensation expense 13,654 12,444 10,570
Amortization of debt issuance costs, discounts and premiums 5,778 (4,990) (9,810)
Net change in operating accounts and other operating activities (9,385) 9,314 (47,629)
Net cash provided by operating activities 781,420 734,292 660,800
Cash flows from investing activities:      
Purchases of real estate and other assets (105,106) (129,487) (136,065)
Capital improvements, development and other (303,097) (254,715) (343,890)
Distributions from real estate joint ventures 507 775  
Contributions to affiliates (5,391) (2,905) (1,500)
Proceeds from disposition of real estate assets 174,814 19,982 187,245
Net cash used in investing activities (238,273) (366,350) (294,210)
Cash flows from financing activities:      
Proceeds from lines of credit 565,000 1,540,000 805,000
Repayments of lines of credit (1,105,000) (1,490,000) (965,000)
Net proceeds from commercial paper 70,000    
Proceeds from notes payable 1,059,289 869,630 597,480
Principal payments on notes payable (657,619) (878,610) (413,557)
Payment of deferred financing costs (14,274) (6,060) (5,358)
Distributions to noncontrolling interests (15,939) (15,079) (14,654)
Distributions paid on common shares/units (437,743) (419,849) (395,294)
Distributions paid on preferred shares/units (3,688) (3,688) (3,688)
Net change in other financing activities 15,695 (1,480) (4,452)
Net cash used in financing activities (524,279) (405,136) (399,523)
Net increase (decrease) in cash, cash equivalents and restricted cash 18,868 (37,194) (32,933)
Cash, cash equivalents and restricted cash, beginning of period 51,673 88,867 121,800
Cash, cash equivalents and restricted cash, end of period 70,541 51,673 88,867
Reconciliation of cash, cash equivalents and restricted cash:      
Cash and cash equivalents 20,476 34,259 10,750
Restricted cash 50,065 17,414 78,117
Cash, cash equivalents and restricted cash, end of period 70,541 51,673 88,867
Supplemental disclosure of cash flow information:      
Interest paid 169,743 184,834 166,757
Income taxes paid 2,546 2,550 2,366
Supplemental disclosure of noncash investing and financing activities:      
Conversion of OP Units to shares of common stock 2,366 4,443 1,602
Accrued construction in progress 9,298 8,581 7,852
Interest capitalized 2,889 2,047 7,238
Mark-to-market adjustment on derivative instruments 19,578 (6,436) 17,806
Limited Partner [Member]      
Cash flows from operating activities:      
Net income 366,618 231,022 340,536
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 497,790 490,995 494,540
(Gain) loss on sale of depreciable real estate assets (80,988) 39 (127,386)
Gain on sale of non-depreciable real estate assets (12,047) (4,532) (21)
Stock compensation expense 13,654 12,444 10,570
Amortization of debt issuance costs, discounts and premiums 5,778 (4,990) (9,810)
Net change in operating accounts and other operating activities (9,385) 9,314 (47,629)
Net cash provided by operating activities 781,420 734,292 660,800
Cash flows from investing activities:      
Purchases of real estate and other assets (105,106) (129,487) (136,065)
Capital improvements, development and other (303,097) (254,715) (343,890)
Distributions from real estate joint ventures 507 775  
Contributions to affiliates (5,391) (2,905) (1,500)
Proceeds from disposition of real estate assets 174,814 19,982 187,245
Net cash used in investing activities (238,273) (366,350) (294,210)
Cash flows from financing activities:      
Proceeds from lines of credit 565,000 1,540,000 805,000
Repayments of lines of credit (1,105,000) (1,490,000) (965,000)
Net proceeds from commercial paper 70,000    
Proceeds from notes payable 1,059,289 869,630 597,480
Principal payments on notes payable (657,619) (878,610) (413,557)
Payment of deferred financing costs (14,274) (6,060) (5,358)
Distributions paid on common shares/units (453,682) (434,928) (409,948)
Distributions paid on preferred shares/units (3,688) (3,688) (3,688)
Net change in other financing activities 15,695 (1,480) (4,452)
Net cash used in financing activities (524,279) (405,136) (399,523)
Net increase (decrease) in cash, cash equivalents and restricted cash 18,868 (37,194) (32,933)
Cash, cash equivalents and restricted cash, beginning of period 51,673 88,867 121,800
Cash, cash equivalents and restricted cash, end of period 70,541 51,673 88,867
Reconciliation of cash, cash equivalents and restricted cash:      
Cash and cash equivalents 20,476 34,259 10,750
Restricted cash 50,065 17,414 78,117
Cash, cash equivalents and restricted cash, end of period 70,541 51,673 88,867
Supplemental disclosure of cash flow information:      
Interest paid 169,743 184,834 166,757
Income taxes paid 2,546 2,550 2,366
Supplemental disclosure of noncash investing and financing activities:      
Accrued construction in progress 9,298 8,581 7,852
Interest capitalized 2,889 2,047 7,238
Mark-to-market adjustment on derivative instruments $ 19,578 $ (6,436) $ 17,806