XML 63 R6.htm IDEA: XBRL DOCUMENT v3.8.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Operating Activities    
Net income (loss) $ 148,597 $ (69,591)
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 309,069 218,168
Loss on early extinguishment of debt 670 3,230
Gain on sales of real estate – rental properties (270) 0
Impairment of real estate 203 193,237
Gain (loss) on sale of real estate - land parcels (111) (90)
Equity in (earnings) losses of unconsolidated real estate joint ventures (15,050) 270
Distributions of earnings from unconsolidated real estate joint ventures 249 286
Amortization of loan fees 8,578 8,792
Amortization of debt premiums/discounts (1,873) (117)
Amortization of acquired below-market leases (14,908) (2,905)
Deferred rent (74,362) (30,679)
Stock compensation expense 18,649 19,007
Investment gains (8,425) (28,721)
Investment losses 6,418 10,670
Changes in operating assets and liabilities:    
Restricted cash (912) (278)
Tenant receivables (224) 843
Deferred leasing costs (39,925) (21,621)
Other assets (10,662) (14,813)
Accounts payable, accrued expenses, and tenant security deposits 30,619 6,163
Net cash provided by operating activities 356,330 291,851
Investing Activities    
Proceeds from sale of properties 4,263 27,332
Additions to real estate (660,877) (638,568)
Purchases of real estate (590,884) (18,108)
Deposits for investing activities 4,700 (54,998)
Investments in unconsolidated real estate joint ventures (248) (6,924)
Return of capital from unconsolidated real estate joint ventures 38,576 0
Additions to investments (128,190) (68,384)
Sales of investments 18,896 35,295
Repayment of notes receivable 0 9,054
Net cash used in investing activities (1,313,764) (715,301)
Financing Activities    
Borrowings from secured notes payable 145,272 215,330
Repayments of borrowings from secured notes payable (2,882) (234,096)
Proceeds from issuance of unsecured senior notes payable 424,384 348,604
Borrowings from unsecured senior line of credit 2,634,000 2,349,000
Repayments of borrowings from unsecured senior line of credit (2,348,000) (2,084,000)
Repayments of borrowings from unsecured senior bank term loans (200,000) (200,000)
Change in restricted cash related to financing activities (10,467) 7,742
Payment of loan fees (4,343) (16,499)
Repurchase of Series D preferred stock (17,934) (98,633)
Redemption of Series E preferred stock (130,350) 0
Proceeds from the issuance of common stock 705,391 367,802
Dividends on common stock (229,814) (177,966)
Dividends on preferred stock (8,317) (17,487)
Financing costs paid for sale of noncontrolling interests 0 (8,093)
Contributions from and sale of noncontrolling interests 9,877 68,621
Distributions to and purchase of noncontrolling interests (17,432) (62,605)
Net cash provided by financing activities 949,385 457,720
Effect of foreign exchange rate changes on cash and cash equivalents 1,579 (1,440)
Net increase (decrease) in cash and cash equivalents (6,470) 32,830
Cash and cash equivalents at beginning of period 125,032 125,098
Cash and cash equivalents at end of period 118,562 157,928
Supplemental Disclosure of Cash Flow Information    
Cash paid during the period for interest, net of interest capitalized 86,232 58,820
Non-Cash Investing Activities    
Change in accrued construction (38,767) 23,023
Contribution of real estate to an unconsolidated real estate joint venture 6,998 0
Non-Cash Financing Activities    
Redemption of redeemable noncontrolling interests $ 0 $ (5,000)