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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Cash flows from operating activities:      
Net income $ 651,490 $ 419,222 $ 477,001
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization (including amounts in discontinued operations) 898,924 973,663 828,467
Amortization of deferred revenue and lease intangibles, net (20,336) (24,129) (18,871)
Other non-cash amortization 10,357 5,448 (312)
Stock-based compensation 20,958 19,537 20,994
Straight-lining of rental income, net (27,988) (33,792) (38,687)
Loss on extinguishment of debt, net 2,779 14,411 5,564
Gain on real estate dispositions (including amounts in discontinued operations) (98,203) (18,811) (19,183)
Gain on real estate loan investments (2,271) 0 (1,455)
Gain on sale of marketable securities 0 (5,800) 0
Income tax benefit (34,227) (42,384) (9,431)
(Income) loss from unconsolidated entities (4,358) 1,244 139
Distributions from unconsolidated entities 7,598 23,462 6,508
Other (1,847) 6,693 9,416
Changes in operating assets and liabilities:      
Decrease in other assets 5,560 42,316 5,317
Increase in accrued interest 2,604 19,995 7,958
Decrease in accounts payable and other liabilities (43,583) (9,308) (18,580)
Net cash provided by operating activities 1,367,457 1,391,767 1,254,845
Cash flows from investing activities:      
Net investment in real estate property (1,429,112) (2,650,788) (1,468,286)
Investment in loans receivable and other (158,635) (171,144) (498,992)
Proceeds from real estate disposals 300,561 492,408 118,246
Proceeds from loans receivable 320,082 109,176 73,557
Purchase of marketable securities 0 0 (96,689)
Proceeds from sale or maturity of marketable securities 0 76,800 21,689
Funds held in escrow for future development expenditures 0 4,003 4,590
Development project expenditures (143,647) (119,674) (106,988)
Capital expenditures (117,456) (107,487) (87,454)
Investment in unconsolidated operating entity 0 (26,282) 0
Contributions to unconsolidated entities 0 (30,704) (5,598)
Other (6,436) 0 (9,115)
Net cash used in investing activities (1,234,643) (2,423,692) (2,055,040)
Cash flows from financing activities:      
Net change in borrowings under credit facilities (35,637) (723,457) 540,203
Net cash impact of CCP Spin-Off 0 (128,749) 0
Proceeds from debt 893,218 2,512,747 2,007,707
Proceeds from debt related to CCP Spin-Off 0 1,400,000 0
Repayment of debt (1,022,113) (1,435,596) (1,151,395)
Purchase of noncontrolling interest (2,846) (3,819) 0
Payment of deferred financing costs (6,555) (24,665) (14,220)
Issuance of common stock, net 1,286,680 491,023 242,107
Cash distribution to common stockholders (1,024,968) (1,003,413) (875,614)
Cash distribution to redeemable OP unitholders (8,640) (15,095) (5,762)
Purchases of redeemable OP units 0 (33,188) (503)
Contributions from noncontrolling interest 7,326 0 491
Distributions to noncontrolling interest (6,879) (12,649) (9,559)
Other 22,136 6,983 24,602
Net cash provided by financing activities 101,722 1,030,122 758,057
Net increase (decrease) in cash and cash equivalents 234,536 (1,803) (42,138)
Effect of foreign currency translation on cash and cash equivalents (852) (522) 2,670
Cash and cash equivalents at beginning of period 53,023 55,348 94,816
Cash and cash equivalents at end of period 286,707 53,023 55,348
Supplemental disclosure of cash flow information:      
Interest paid including swap payments and receipts 395,138 391,699 361,144
Assets and liabilities assumed from acquisitions:      
Real estate investments 69,092 2,565,960 370,741
Utilization of funds held for an Internal Revenue Code Section 1031 exchange (6,954) (8,911) 0
Other assets acquired 90,037 20,090 15,280
Debt assumed 47,641 177,857 241,076
Other liabilities 72,636 54,459 24,039
Deferred income tax liability 9,381 52,153 110,728
Noncontrolling interest 22,517 88,085 0
Equity issued 0 2,204,585 10,178
Non-cash impact of CCP Spin-Off 0 1,256,404 0
Equity issued for purchase of OP and Class C units $ 24,318 $ 0 $ 0