|
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
|
3 Months Ended |
|
Mar. 31, 2015
|
Mar. 31, 2014
|
| CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
| Net income |
$ 67,581 |
$ 57,993 |
| Adjustments to net income: |
|
|
| Depreciation and amortization |
98,037 |
89,970 |
| Income from discontinued operations |
|
(3,077) |
| Amortization of share-based compensation |
2,552 |
2,697 |
| Non-cash rental adjustments |
(2,449) |
(1,942) |
| Amortization of net premiums on mortgages payable |
(1,962) |
(2,385) |
| Amortization of deferred financing costs |
2,228 |
2,585 |
| Gain on sale of real estate |
(7,218) |
(1,271) |
| Provisions for impairment on real estate |
2,087 |
1,683 |
| Cash provided by discontinued operations |
|
1,290 |
| Change in assets and liabilities |
|
|
| Accounts receivable and other assets |
892 |
9,600 |
| Accounts payable, accrued expenses and other liabilities |
(43,896) |
(42,947) |
| Net cash provided by operating activities |
117,852 |
114,196 |
| CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
| Investment in real estate |
(202,781) |
(603,980) |
| Improvements to real estate, including leasing costs |
(1,345) |
(1,369) |
| Proceeds from sales of real estate: |
|
|
| Continuing operations |
22,274 |
5,772 |
| Discontinued operations |
|
6,918 |
| Restricted escrow deposits for Section 1031 tax-deferred exchanges and pending acquisitions |
18,083 |
(460) |
| Net cash used in investing activities |
(163,769) |
(593,119) |
| CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
| Cash distributions to common stockholders |
(126,682) |
(113,414) |
| Cash dividends to preferred stockholders |
(6,770) |
(10,482) |
| Borrowings on line of credit |
282,000 |
732,800 |
| Payments on line of credit |
(135,000) |
(120,700) |
| Principal payments on mortgages payable |
(51,296) |
(1,797) |
| Redemption of preferred units |
(6,750) |
|
| Distributions to noncontrolling interests |
(428) |
(466) |
| Proceeds from dividend reinvestment and stock purchase plan, net |
102,162 |
2,126 |
| Other items, including shares withheld upon vesting |
(2,981) |
(5,259) |
| Net cash provided by financing activities |
54,255 |
482,808 |
| Net increase in cash and cash equivalents |
8,338 |
3,885 |
| Cash and cash equivalents, beginning of period |
3,852 |
10,257 |
| Cash and cash equivalents, end of period |
$ 12,190 |
$ 14,142 |