Consolidated Statements of Cash Flows - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
| CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
| Net income |
$ 238,604
|
$ 183,808
|
$ 44,565
|
| Adjustments to reconcile net income to net cash provided by operating activities (including discontinued operations): |
|
|
|
| Depreciation and amortization of buildings and improvements and leasing costs |
201,482
|
202,108
|
199,558
|
| Increase (decrease) in provision for bad debts |
545
|
58
|
396
|
| Depreciation of furniture, fixtures and equipment |
2,812
|
2,370
|
1,929
|
| Noncash amortization of share-based compensation awards (Note 13) |
15,537
|
12,095
|
8,616
|
| Noncash amortization of deferred financing costs and debt discounts and premiums |
1,853
|
4,315
|
5,315
|
| Noncash amortization of net below market rents (Note 5) |
(8,449)
|
(8,328)
|
(7,777)
|
| Disposal Group Depreciable Operating Properties, Not Discontinued Operations, Gain (Loss) on Disposal (Note 4) |
(109,950)
|
0
|
0
|
| Net gain on dispositions of discontinued operations (Note 19) |
0
|
(121,922)
|
(12,252)
|
| Gain on sale of land (Note 4) |
17,116
|
3,490
|
0
|
| Noncash amortization of deferred revenue related to tenant-funded tenant improvements (Note 9) |
(13,338)
|
(10,979)
|
(10,713)
|
| Straight-line rents |
(44,383)
|
(31,782)
|
(24,135)
|
| Net change in other operating assets |
(8,085)
|
367
|
(4,615)
|
| Net change in other operating liabilities |
12,496
|
16,633
|
40,137
|
| Insurance proceeds received for property damage and other, net |
0
|
0
|
(448)
|
| Net cash provided by operating activities |
272,008
|
245,253
|
240,576
|
| CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
| Expenditures for acquisitions of operating properties, net of cash acquired (Note 3) |
0
|
204,546
|
202,682
|
| Expenditures for acquisitions of development and redevelopment properties (Note 3) |
(139,073)
|
(147,182)
|
(102,769)
|
| Payments for Capital Improvements |
99,557
|
132,080
|
129,873
|
| Payments to Develop Real Estate Assets |
407,969
|
417,784
|
320,141
|
| Net proceeds received from dispositions of operating properties and land (Notes 4 and 19) |
319,639
|
427,544
|
21,178
|
| Issuance of Note Receivable |
(3,000)
|
0
|
0
|
| Insurance proceeds received for property damage |
0
|
0
|
448
|
| (Increase) decrease in acquisition-related deposits |
1,998
|
(1,983)
|
(2,596)
|
| (Increase) decrease in restricted cash (Note 4) |
65,210
|
(25,405)
|
229,915
|
| Net cash used in investing activities |
(262,752)
|
(501,436)
|
(506,520)
|
| CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
| Net proceeds from issuance of common stock (Note 11) |
387,398
|
102,229
|
349,951
|
| Borrowings on unsecured line of credit |
250,000
|
505,000
|
55,000
|
| Repayments on unsecured line of credit |
(390,000)
|
(410,000)
|
(195,000)
|
| Proceeds from the issuance of unsecured debt (Note 8) |
397,776
|
395,528
|
299,901
|
| Repayments of exchangeable senior notes (Note 8) |
0
|
(172,500)
|
0
|
| Principal payments on secured debt (Note 8) |
(159,766)
|
(9,845)
|
(93,688)
|
| Borrowings on unsecured debt (Note 8) |
0
|
39,000
|
|
| Repayments of unsecured debt (Note 8) |
325,000
|
83,000
|
|
| Financing costs |
(4,814)
|
(8,648)
|
(4,384)
|
| Repurchase of common stock and restricted stock units |
(7,081)
|
(3,533)
|
(2,520)
|
| Proceeds from exercise of stock options |
14,573
|
21,092
|
128
|
| Contributions from noncontrolling interests in consolidated subsidiary (Note 2) |
474
|
977
|
|
| Dividends and distributions paid to common stockholders and common unitholders |
(126,839)
|
(118,463)
|
(111,517)
|
| Dividends and distributions paid to preferred stockholders and preferred unitholders |
(13,250)
|
(13,250)
|
(13,250)
|
| Net cash provided by financing activities |
23,471
|
244,587
|
284,621
|
| Net increase (decrease) in cash and cash equivalents |
32,727
|
(11,596)
|
18,677
|
| Cash and cash equivalents, beginning of period |
23,781
|
35,377
|
16,700
|
| Cash and cash equivalents, end of period |
56,508
|
23,781
|
35,377
|
| SUPPLEMENTAL CASH FLOWS INFORMATION: |
|
|
|
| Cash paid for interest, net of capitalized interest of $50,923, $44,385, and $32,742 as of December 31, 2015, 2014 and 2013, respectively |
54,747
|
58,944
|
65,157
|
| NONCASH INVESTING TRANSACTIONS: |
|
|
|
| Accrual for expenditures for operating properties and development and redevelopment properties |
109,715
|
77,091
|
73,482
|
| Tenant improvements funded directly by tenants to third parties |
13,837
|
42,906
|
7,633
|
| Assumption of secured debt with property acquisition (Note 8) |
0
|
0
|
95,496
|
| Assumption of other assets and liabilities in connection with operating and development property acquisitions, net (Note 3) |
6,254
|
14,917
|
1,811
|
| Release of Holdback Funds to Third Party |
9,279
|
0
|
0
|
| Contribution of land, net of related liabilities, by noncontrolling interest to consolidated subsidiary |
0
|
0
|
4,885
|
| NONCASH FINANCING TRANSACTIONS: |
|
|
|
| Accrual of dividends and distributions payable to common stockholders and common unitholders (Note 11) |
33,336
|
31,243
|
29,378
|
| Accrual of dividends and distributions payable to preferred stockholders and preferred unitholders (Note 11) |
1,656
|
1,656
|
1,694
|
| Exchange of common units of the Operating Partnership into shares of the Company’s common stock (Note 11) |
1,223
|
28
|
450
|
| Subsidiaries [Member] |
|
|
|
| CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
| Net income |
238,604
|
183,808
|
44,565
|
| Adjustments to reconcile net income to net cash provided by operating activities (including discontinued operations): |
|
|
|
| Depreciation and amortization of buildings and improvements and leasing costs |
201,482
|
202,108
|
199,558
|
| Increase (decrease) in provision for bad debts |
545
|
58
|
396
|
| Depreciation of furniture, fixtures and equipment |
2,812
|
2,370
|
1,929
|
| Noncash amortization of share-based compensation awards (Note 13) |
15,537
|
12,095
|
8,616
|
| Noncash amortization of deferred financing costs and debt discounts and premiums |
1,853
|
4,315
|
5,315
|
| Noncash amortization of net below market rents (Note 5) |
(8,449)
|
(8,328)
|
(7,777)
|
| Disposal Group Depreciable Operating Properties, Not Discontinued Operations, Gain (Loss) on Disposal (Note 4) |
(109,950)
|
0
|
0
|
| Net gain on dispositions of discontinued operations (Note 19) |
0
|
(121,922)
|
(12,252)
|
| Gain on sale of land (Note 4) |
17,116
|
3,490
|
0
|
| Noncash amortization of deferred revenue related to tenant-funded tenant improvements (Note 9) |
(13,338)
|
(10,979)
|
(10,713)
|
| Straight-line rents |
(44,383)
|
(31,782)
|
(24,135)
|
| Net change in other operating assets |
(8,085)
|
367
|
(4,615)
|
| Net change in other operating liabilities |
12,496
|
16,633
|
40,137
|
| Insurance proceeds received for property damage and other, net |
0
|
0
|
(448)
|
| Net cash provided by operating activities |
272,008
|
245,253
|
240,576
|
| CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
| Expenditures for acquisitions of operating properties, net of cash acquired (Note 3) |
0
|
204,546
|
202,682
|
| Expenditures for acquisitions of development and redevelopment properties (Note 3) |
(139,073)
|
(147,182)
|
(102,769)
|
| Payments for Capital Improvements |
99,557
|
132,080
|
129,873
|
| Payments to Develop Real Estate Assets |
407,969
|
417,784
|
320,141
|
| Net proceeds received from dispositions of operating properties and land (Notes 4 and 19) |
319,639
|
427,544
|
21,178
|
| Issuance of Note Receivable |
(3,000)
|
0
|
0
|
| Insurance proceeds received for property damage |
0
|
0
|
448
|
| (Increase) decrease in acquisition-related deposits |
1,998
|
(1,983)
|
(2,596)
|
| (Increase) decrease in restricted cash (Note 4) |
65,210
|
(25,405)
|
229,915
|
| Net cash used in investing activities |
(262,752)
|
(501,436)
|
(506,520)
|
| CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
| Borrowings on unsecured line of credit |
250,000
|
505,000
|
55,000
|
| Repayments on unsecured line of credit |
(390,000)
|
(410,000)
|
(195,000)
|
| Proceeds from the issuance of unsecured debt (Note 8) |
397,776
|
395,528
|
299,901
|
| Repayments of exchangeable senior notes (Note 8) |
0
|
(172,500)
|
0
|
| Principal payments on secured debt (Note 8) |
(159,766)
|
(9,845)
|
(93,688)
|
| Borrowings on unsecured debt (Note 8) |
0
|
39,000
|
0
|
| Repayments of unsecured debt (Note 8) |
325,000
|
83,000
|
0
|
| Financing costs |
(4,814)
|
(8,648)
|
(4,384)
|
| Repurchase of common stock and restricted stock units |
(7,081)
|
(3,533)
|
(2,520)
|
| Proceeds from exercise of stock options |
14,573
|
21,092
|
128
|
| Contributions from noncontrolling interests in consolidated subsidiary (Note 2) |
474
|
977
|
0
|
| Dividends and distributions paid to common stockholders and common unitholders |
(126,839)
|
(118,463)
|
(111,517)
|
| Dividends and distributions paid to preferred stockholders and preferred unitholders |
(13,250)
|
(13,250)
|
(13,250)
|
| Net cash provided by financing activities |
23,471
|
244,587
|
284,621
|
| Net increase (decrease) in cash and cash equivalents |
32,727
|
(11,596)
|
18,677
|
| Cash and cash equivalents, beginning of period |
23,781
|
35,377
|
16,700
|
| Cash and cash equivalents, end of period |
56,508
|
23,781
|
35,377
|
| SUPPLEMENTAL CASH FLOWS INFORMATION: |
|
|
|
| Cash paid for interest, net of capitalized interest of $50,923, $44,385, and $32,742 as of December 31, 2015, 2014 and 2013, respectively |
54,747
|
58,944
|
65,157
|
| NONCASH INVESTING TRANSACTIONS: |
|
|
|
| Accrual for expenditures for operating properties and development and redevelopment properties |
109,715
|
77,091
|
73,482
|
| Tenant improvements funded directly by tenants to third parties |
13,837
|
42,906
|
7,633
|
| Assumption of secured debt with property acquisition (Note 8) |
0
|
0
|
95,496
|
| Assumption of other assets and liabilities in connection with operating and development property acquisitions, net (Note 3) |
6,254
|
14,917
|
1,811
|
| Release of Holdback Funds to Third Party |
9,279
|
0
|
0
|
| Contribution of land, net of related liabilities, by noncontrolling interest to consolidated subsidiary |
0
|
0
|
4,885
|
| NONCASH FINANCING TRANSACTIONS: |
|
|
|
| Accrual of dividends and distributions payable to common stockholders and common unitholders (Note 11) |
33,353
|
31,243
|
29,378
|
| Accrual of dividends and distributions payable to preferred stockholders and preferred unitholders (Note 11) |
$ 1,656
|
$ 1,656
|
$ 1,694
|