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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Cash flows from operating activities:      
Net income $ 419,222 $ 477,001 $ 454,669
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization (including amounts in discontinued operations) 973,663 828,467 769,881
Amortization of deferred revenue and lease intangibles, net (24,129) (18,871) (15,793)
Other non-cash amortization 5,448 (312) (16,745)
Stock-based compensation 19,537 20,994 20,653
Straight-lining of rental income, net (33,792) (38,687) (30,540)
Loss on extinguishment of debt, net 14,411 5,564 1,048
Gain on real estate dispositions (including amounts in discontinued operations) (18,811) (19,183) (3,617)
Gain on real estate loan investments 0 (1,455) (5,056)
Gain on sale of marketable securities (5,800) 0 (856)
Income tax benefit (including amounts in discontinued operations) (42,384) (9,431) (11,828)
Loss from unconsolidated entities 1,244 139 1,748
Loss (gain) on re-measurement of equity interest upon acquisition, net 176 0 (1,241)
Distributions from unconsolidated entities 23,462 6,508 6,641
Other 6,517 9,416 1,986
Changes in operating assets and liabilities:      
Decrease (increase) in other assets 42,316 5,317 (690)
Increase in accrued interest 19,995 7,958 6,806
(Decrease) increase in accounts payable and other liabilities (9,308) (18,580) 17,689
Net cash provided by operating activities 1,391,767 1,254,845 1,194,755
Cash flows from investing activities:      
Net investment in real estate property (2,650,788) (1,468,286) (1,437,002)
Investment in loans receivable and other (171,144) (498,992) (37,963)
Proceeds from real estate disposals 492,408 118,246 35,591
Proceeds from loans receivable 109,176 73,557 325,518
Purchase of marketable securities 0 (96,689) 0
Proceeds from sale or maturity of marketable securities 76,800 21,689 5,493
Funds held in escrow for future development expenditures 4,003 4,590 19,458
Development project expenditures (119,674) (106,988) (95,741)
Capital expenditures (107,487) (87,454) (81,614)
Investment in unconsolidated operating entity (26,282) 0 0
Contributions to unconsolidated entities (30,704) (5,598) (2,169)
Other 0 (9,115) (14,331)
Net cash used in investing activities (2,423,692) (2,055,040) (1,282,760)
Cash flows from financing activities:      
Net change in borrowings under credit facilities (723,457) 540,203 (164,029)
Net cash impact of CCP Spin-Off (128,749) 0 0
Proceeds from debt 2,512,747 2,007,707 2,767,546
Proceeds from debt related to CCP Spin-Off 1,400,000 0 0
Repayment of debt (1,435,596) (1,151,395) (1,792,492)
Distributions to noncontrolling interest (3,819) 0 0
Payment of deferred financing costs (24,665) (14,220) (31,277)
Issuance of common stock, net 491,023 242,107 141,343
Cash distribution to common stockholders (1,003,413) (875,614) (802,123)
Cash distribution to redeemable OP unitholders (15,095) (5,762) (5,040)
Purchases of redeemable OP units (33,188) (503) (659)
Contributions from noncontrolling interest 0 491 2,395
Distributions to noncontrolling interest (12,649) (9,559) (9,286)
Other 6,983 24,602 8,618
Net cash provided by financing activities 1,030,122 758,057 114,996
Net (decrease) increase in cash and cash equivalents (1,803) (42,138) 26,991
Effect of foreign currency translation on cash and cash equivalents (522) 2,670 (83)
Cash and cash equivalents at beginning of period 55,348 94,816 67,908
Cash and cash equivalents at end of period 53,023 55,348 94,816
Supplemental disclosure of cash flow information:      
Interest paid including swap payments and receipts 391,699 361,144 338,311
Assets and liabilities assumed from acquisitions:      
Real estate investments 2,565,960 370,741 223,955
Utilization of funds held for an Internal Revenue Code Section 1031 exchange (8,911) 0 0
Other assets acquired 20,090 15,280 6,635
Debt assumed 177,857 241,076 183,848
Other liabilities 54,459 24,039 29,868
Deferred income tax liability 52,153 110,728 5,181
Noncontrolling interests 88,085 0 11,693
Equity issued 2,204,585 10,178 0
Non-cash impact of CCP Spin-Off $ 1,256,404 $ 0 $ 0