XML 41 R8.htm IDEA: XBRL DOCUMENT v3.3.0.814
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Cash flows from operating activities:    
Net income $ 294,162 $ 369,404
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization (including amounts in discontinued operations) 736,870 587,176
Amortization of deferred revenue and lease intangibles, net (19,312) (14,775)
Other non-cash amortization 3,051 (616)
Stock-based compensation 16,061 16,792
Straight-lining of rental income, net (25,118) (29,644)
Loss on extinguishment of debt, net 14,897 5,079
Gain on real estate dispositions (including amounts in discontinued operations) (14,649) (17,726)
Gain on real estate loan investments 0 (249)
Gain on sale of marketable securities (5,800) 0
Income tax (benefit) expense (30,717) 4,420
Loss (income) from unconsolidated entities 1,197 (549)
Other 23,826 13,736
Changes in operating assets and liabilities:    
Decrease (increase) in other assets 11,164 (3,306)
Increase in accrued interest 6,338 14,835
Increase (decrease) in accounts payable and other liabilities 10,075 (24,605)
Net cash provided by operating activities 1,022,045 919,972
Cash flows from investing activities:    
Net investment in real estate property (2,556,988) (1,184,036)
Investment in loans receivable and other (74,386) (66,436)
Proceeds from real estate disposals 409,633 112,746
Proceeds from loans receivable 106,909 55,573
Purchase of marketable securities 0 (46,689)
Proceeds from sale or maturity of marketable securities 76,800 21,689
Funds held in escrow for future development expenditures 4,003 2,602
Development project expenditures (90,458) (71,375)
Capital expenditures (75,812) (56,235)
Investment in unconsolidated operating entity (26,282) 0
Other (27,984) (4,009)
Net cash used in investing activities (2,254,565) (1,236,170)
Cash flows from financing activities:    
Net change in borrowings under credit facility (790,406) (153,684)
Net cash impact of CCP Spin-Off (128,749) 0
Proceeds from debt 2,511,061 2,007,707
Proceeds from debt related to CCP Spin-Off 1,400,000 0
Repayment of debt (1,329,070) (905,117)
Purchase of noncontrolling interest (3,819) 0
Payment of deferred financing costs (23,893) (14,946)
Issuance of common stock, net 417,818 0
Cash distribution to common stockholders (759,575) (640,414)
Cash distribution to redeemable OP unitholders (12,776) (4,214)
Purchases of redeemable OP units (33,188) 0
Distributions to noncontrolling interest (11,250) (6,760)
Other 6,489 (551)
Net cash provided by financing activities 1,242,642 282,021
Net increase (decrease) in cash and cash equivalents 10,122 (34,177)
Effect of foreign currency translation on cash and cash equivalents (239) 3,956
Cash and cash equivalents at beginning of period 55,348 94,816
Cash and cash equivalents at end of period 65,231 64,595
Assets and liabilities assumed from acquisitions:    
Real estate investments 2,558,239 353,995
Other assets acquired 20,221 3,683
Debt assumed 177,857 228,150
Other liabilities 57,937 19,441
Deferred income tax liability 50,836 110,087
Redeemable OP unitholder interests assumed 87,245 0
Equity issued 2,204,585 0
Non-cash impact of CCP Spin-Off $ 1,256,404 $ 0