XML 28 R8.htm IDEA: XBRL DOCUMENT v3.22.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 29,012,000 $ 16,430,000 $ 55,846,000
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 343,614,000 299,682,000 282,088,000
Non-cash portion of interest expense 10,463,000 6,885,000 5,514,000
Amortization of stock-based compensation 21,163,000 22,723,000 19,481,000
Income (loss) from unconsolidated real estate entities (1,822,000) (736,000) 747,000
Unrealized (gain) loss on non-real estate investment (16,571,000) 2,463,000 0
Straight-line rents (21,895,000) (30,357,000) (52,959,000)
Straight-line rent expenses 1,421,000 1,462,000 1,463,000
Amortization of above- and below-market leases, net (11,415,000) (9,635,000) (12,836,000)
Amortization of above- and below-market ground lease, net 2,367,000 2,352,000 2,460,000
Amortization of lease incentive costs 1,885,000 1,915,000 1,771,000
Distribution of income from unconsolidated entities 1,916,000 0 0
Impairment loss 2,762,000 0 52,201,000
Gains on sale of real estate 0 0 (47,100,000)
Loss on extinguishment of debt 6,259,000 2,654,000 744,000
Change in operating assets and liabilities:      
Accounts receivable 3,523,000 (9,098,000) 699,000
Deferred leasing costs and lease intangibles (19,831,000) (13,276,000) (46,645,000)
Prepaid expenses and other assets (32,669,000) (9,117,000) (11,165,000)
Accounts payable, accrued liabilities and other (38,000) 11,693,000 18,202,000
Security deposits and prepaid rent (5,281,000) 5,992,000 17,500,000
Net cash provided by operating activities 314,863,000 302,032,000 288,011,000
CASH FLOWS FROM INVESTING ACTIVITIES      
Additions to investment property (338,629,000) (402,283,000) (385,751,000)
Property acquisitions (118,907,000) (593,945,000) 0
Acquisitions of businesses (209,854,000) 0 0
Maturities of U.S. Government securities 5,778,000 5,656,000 6,226,000
Proceeds from sales of real estate 0 0 147,824,000
Contributions to non-real estate investments (12,397,000) (3,404,000) 0
Distributions from non-real estate investments 53,000 1,238,000 0
Proceeds from sale of non-real estate investment 0 1,042,000 0
Distributions from unconsolidated real estate entities 1,654,000 1,608,000 290,000
Contributions to unconsolidated real estate entities (75,585,000) (16,756,000) (64,498,000)
Additions to non-real estate property, plant and equipment (6,321,000) 0 0
Deposits for property acquisitions 0 0 (20,500,000)
Net cash used in investing activities (754,208,000) (1,006,844,000) (316,409,000)
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from unsecured and secured debt 1,450,500,000 1,736,914,000 1,215,647,000
Payments of unsecured and secured debt (1,117,903,000) (1,150,097,000) (1,010,569,000)
Payments of in-substance defeased debt (3,494,000) (3,323,000) (3,193,000)
Proceeds from sale of common stock 44,974,000 0 0
Proceeds from issuance of Series C cumulative redeemable preferred stock 413,007,000 0 0
Transaction costs (397,000) (16,047,000) 0
Repurchase of common stock (46,137,000) (80,213,000) 0
Repurchase of operating partnership units 0 0 (525,000)
Dividends paid to common stock and unitholders (154,560,000) (154,996,000) (157,825,000)
Dividends paid to Series A preferred unitholders (612,000) (612,000) (612,000)
Contributions from redeemable non-controlling members in consolidated real estate entities 4,493,000 7,201,000 14,128,000
Distributions to redeemable non-controlling members in consolidated real estate entities (16,000) (16,000) (15,000)
Contributions from non-controlling members in consolidated real estate entities 24,718,000 138,124,000 0
Distributions to non-controlling members in consolidated real estate entities (110,562,000) (26,595,000) (12,111,000)
Proceeds from sale of non-controlling interest 0 367,500,000 0
Payments to satisfy tax withholding obligations (2,206,000) (7,582,000) (7,684,000)
Payment of loan costs (15,124,000) (14,164,000) (18,776,000)
Net cash provided by financing activities 486,681,000 796,094,000 18,465,000
Net increase (decrease) in cash and cash equivalents and restricted cash 47,336,000 91,282,000 (9,933,000)
Cash and cash equivalents and restricted cash—beginning of period 149,540,000 58,258,000 68,191,000
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH—END OF PERIOD $ 196,876,000 $ 149,540,000 $ 58,258,000