XML 20 R7.htm IDEA: XBRL DOCUMENT v3.22.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flow from operating activities:      
Net income $ 125,416 $ 36,590 $ 101,825
Adjustments to reconcile net income to net cash flow provided by operating activities:      
Depreciation and amortization 185,768 170,669 165,087
Stock-based compensation 13,533 8,800 9,890
Amortization and write-off of debt issuance costs and fair market value of debt adjustments 4,312 4,601 3,976
Loss on debt extinguishment 0 16,568 0
Equity in net income of joint ventures (47,297) (1,516) (11,519)
Reserve of preferred equity interests, net 0 19,393 15,544
Operating cash distributions from joint ventures 5,103 3,258 12,168
Gain on sale and change in control of interests, net (19,185) (45,464) 0
Gain on disposition of real estate, net (6,065) (1,069) (31,380)
Impairment charges 7,270 5,200 3,370
Assumption of buildings due to ground lease terminations 0 (3,025) 0
Change in notes receivable accrued interest 0 4,128 1,348
Net change in accounts receivable 15,873 (11,654) 4,361
Net change in accounts payable and accrued expenses (2,986) (7,749) (4,771)
Net change in other operating assets and liabilities 773 (8,560) 255
Total adjustments 157,099 153,580 168,329
Net cash flow provided by operating activities 282,515 190,170 270,154
Cash flow from investing activities:      
Real estate acquired, net of liabilities and cash assumed (130,570) 0 (75,623)
Real estate developed and improvements to operating real estate (76,563) (63,816) (109,364)
Proceeds from disposition of real estate 29,696 1,553 109,509
Proceeds from sale of joint venture interests 0 140,441 0
Proceeds from distribution of preferred investment 190,000 0 0
Equity contributions to joint ventures (4,599) (1,068) (64,237)
Distributions from unconsolidated joint ventures 65,558 17,868 22,339
Repayment of joint venture advances, net 929 0 62,246
Repayment of notes receivable 0 7,500 11,139
Net transactions with RVI 0 0 33,596
Net cash flow provided by (used for) investing activities 74,451 102,478 (10,395)
Cash flow from financing activities:      
(Repayment of) proceeds from revolving credit facilities, net (135,000) 130,000 (95,000)
Repayment of senior notes, including repayment costs 0 (216,568) 0
Repayment of term loan and mortgage debt (215,285) (41,881) (2,372)
Payment of debt issuance costs 0 0 (4,998)
Proceeds from mortgage payable and term loan 0 0 50,000
Redemption of preferred shares (150,019) 0 (200,031)
Proceeds from issuance of common shares, net of offering expenses 224,974 0 194,598
Repurchase of common shares in conjunction with equity award plans and dividend reinvestment plan (6,056) (2,425) (718)
Repurchase of common shares 0 (7,500) (14,069)
Acquisition of non-controlling interest (7,144) 0 0
Distributions to non-controlling interests and redeemable operating partnership units (56) (641) (990)
Dividends paid (99,541) (98,348) (180,698)
Net cash flow used for financing activities (388,127) (237,363) (254,278)
Effect of foreign exchange rate changes on cash and cash equivalents (1) (4) 2
Net increase in cash, cash equivalents and restricted cash (31,161) 55,285 5,481
Cash, cash equivalents and restricted cash, beginning of year 74,414 19,133 13,650
Cash, cash equivalents and restricted cash, end of year $ 43,252 $ 74,414 $ 19,133