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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities:      
Net income $ 321.1 $ 212.1 $ 138.0
Adjustments to reconcile net income to net cash provided by operating activities:      
Net gain from sale of real estate (434.3) (376.1) (258.0)
Gain on sale of a business 0.0 (40.4) 0.0
Depreciation and amortization 187.6 206.1 212.5
Above/below and straight-line rent amortization (4.6) (14.6) (10.2)
Provision for (benefit from) deferred income taxes 26.7 39.3 (24.5)
Amortization of loan fees 9.3 13.5 12.3
Amortization of discount and accretion of premium on senior notes payable 1.6 1.7 0.4
Unrealized net (gains) losses on derivatives (5.9) (11.7) 11.1
Income from unconsolidated investments (179.7) (78.7) (77.8)
Accretion of interest income on loans (0.1) (0.6) (12.1)
Stock compensation expense 30.2 37.1 38.2
Deferred compensation 3.8 0.0 0.0
Operating distributions from unconsolidated investments 74.1 61.4 85.7
Operating distributions from loans 0.0 0.6 6.4
Change in assets and liabilities:      
Accounts receivable 1.0 1.9 (13.9)
Other assets (25.8) (0.6) (6.1)
Accrued expenses and other liabilities (24.5) 42.1 (29.0)
Net cash (used in) provided by operating activities (19.5) 93.1 73.0
Cash flows from investing activities:      
Issuance of loans (2.7) (2.2)  
Proceeds from collection of loans 0.6 5.8 16.9
Net proceeds from sale of consolidated real estate 701.0 1,386.1 659.1
Net proceeds from sale of a business   43.4  
Purchases of consolidated real estate (210.9) (355.8) (567.6)
Capital expenditures to real estate (191.1) (216.0) (246.7)
Nonrefundable escrow deposits 0.0 (5.0) 0.0
Investment in marketable securities   (0.2) (0.8)
Proceeds from sale of marketable securities 0.0 7.4 1.1
Investing distributions from unconsolidated investments 115.0 63.7 133.4
Contributions to unconsolidated investments (266.0) (396.1) (79.9)
Proceeds from settlement of foreign currency derivative contracts 33.4 10.7 (2.8)
Purchases of foreign currency derivative contracts 0.0 (0.6) (0.4)
Additions to development project asset (1.2) (29.1) (19.4)
Proceeds from development project asset 4.2 81.0 36.9
Net cash provided by (used in) investing activities 182.3 593.1 (70.2)
Cash flow from financing activities:      
Borrowings under senior notes payable 0.0 246.6 0.0
Repayment of senior notes payable 0.0 0.0 (55.0)
Costs associated with KWE Transaction 0.0 0.0 (55.8)
Borrowings under line of credit/term loan 125.0 225.0 800.0
Repayment of line of credit/term loan (200.0) (450.0) (500.0)
Borrowings under mortgage debt 488.6 725.0 848.3
Repayment of mortgage debt (391.4) (866.8) (684.7)
Payment of loan fees (4.8) (9.5) (9.5)
Repurchase of common stock (20.7) (177.9) (67.7)
Issuance of preferred stock 295.2 0.0 0.0
Cash paid to acquire noncontrolling interest in KWE 0.0 0.0 (719.8)
Common stock dividends paid (114.9) (111.2) (59.2)
Preferred stock dividends paid (2.6) 0.0 0.0
KWE closing dividend 0.0 (17.2) 0.0
Repayment of shareholder loans to noncontrolling interests (11.2) 0.0 0.0
Acquisition of noncontrolling interests   0.0 (3.3)
Contributions from noncontrolling interests 15.0 23.2 47.4
Distributions to noncontrolling interests (264.0) (116.0) (106.0)
Net cash used in financing activities (85.8) (528.8) (565.3)
Effect of currency exchange rate changes on cash and cash equivalents 8.9 (20.7) 28.1
Net change in cash and cash equivalents 85.9 136.7 (534.4)
Cash and cash equivalents, beginning of year 488.0 351.3 885.7
Cash and cash equivalents, end of year 573.9 488.0 351.3
Cash paid for:      
Interest [1],[2] 211.1 225.3 206.7
Income taxes [3] $ 20.6 $ 6.6 $ 16.1
[1] Excludes $3.8 million and $3.9 million of capitalized interest for the years ended December 31, 2019 and 2018. None during the year ended December 31, 2017.
[2] $3.5 million, $6.9 million, and $38.5 million attributable to noncontrolling interests for the years ended December 31, 2019, 2018, and 2017.
[3] $12.0 million attributable to noncontrolling interests for the year ended December 31, 2017, none during the years ended December 31, 2019 and 2018.