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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Cash flows from operating activities:      
Net income $ 415,981 $ 1,361,112 $ 651,490
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 919,639 887,948 898,924
Amortization of deferred revenue and lease intangibles, net (30,660) (20,537) (20,336)
Other non-cash amortization 18,886 16,058 10,357
Stock-based compensation 29,963 26,543 20,958
Straight-lining of rental income, net 13,396 (23,134) (27,988)
Loss on extinguishment of debt, net 58,254 754 2,779
Gain on real estate dispositions (46,247) (717,273) (98,203)
Gain on real estate loan investments (13,202) (124) (2,271)
Income tax benefit (43,026) (63,599) (34,227)
Loss (income) from unconsolidated entities 55,034 3,588 (4,358)
Gain on re-measurement of equity interest upon acquisition, net 0 (3,027) 0
Distributions from unconsolidated entities 2,934 4,676 7,598
Real estate impairments related to natural disasters 52,510 4,616 0
Other 3,720 4,624 (1,847)
Changes in operating assets and liabilities:      
Increase in other assets (23,198) (29,282) (12,079)
Increase in accrued interest 4,992 11,068 2,604
Decrease in accounts payable and other liabilities (37,509) (35,259) (38,699)
Net cash provided by operating activities 1,381,467 1,428,752 1,354,702
Cash flows from investing activities:      
Net investment in real estate property (265,907) (664,684) (1,413,595)
Investment in loans receivable (229,534) (748,119) (158,635)
Proceeds from real estate disposals 353,792 859,874 300,561
Proceeds from loans receivable 911,540 101,097 320,082
Development project expenditures (330,876) (299,085) (143,647)
Capital expenditures (131,858) (132,558) (117,456)
Distributions from unconsolidated entities 57,455 6,169 0
Investment in unconsolidated entities (47,007) (61,220) (6,436)
Insurance proceeds for property damage claims 6,891 1,419 4,846
Net cash provided by (used in) investing activities 324,496 (937,107) (1,214,280)
Cash flows from financing activities:      
Net change in borrowings under revolving credit facilities 321,463 384,783 (35,637)
Proceeds from debt 2,549,473 1,111,649 893,218
Repayment of debt (3,465,579) (1,369,084) (1,022,113)
Purchase of noncontrolling interests (4,724) (15,809) (2,846)
Payment of deferred financing costs (20,612) (27,297) (6,555)
Issuance of common stock, net 0 73,596 1,286,680
Cash distribution to common stockholders (1,127,143) (827,285) (1,024,968)
Cash distribution to redeemable OP Unitholders (7,459) (5,677) (8,640)
Cash issued for redemption of OP and Class C Units (1,370) 0 0
Contributions from noncontrolling interests 1,883 4,402 7,326
Distributions to noncontrolling interests (11,574) (11,187) (6,879)
Other 3,705 10,582 17,252
Net cash (used in) provided by financing activities (1,761,937) (671,327) 96,838
Net (decrease) increase in cash, cash equivalents and restricted cash (55,974) (179,682) 237,260
Effect of foreign currency translation (815) 581 (825)
Cash, cash equivalents and restricted cash at beginning of period 188,253 367,354 130,919
Cash, cash equivalents and restricted cash, end of period 131,464 188,253 367,354
Supplemental disclosure of cash flow information:      
Interest paid including swap payments and receipts 406,907 409,890 395,138
Assets acquired and liabilities assumed from acquisitions and other:      
Real estate investments 94,280 425,906 69,092
Other assets 5,398 (3,716) 90,037
Debt 30,508 75,231 47,641
Other liabilities 18,086 70,878 72,636
Deferred income tax liability 922 (14,869) 9,381
Noncontrolling interests 2,591 4,202 22,517
Equity issued 30,487 0 0
Equity issued for redemption of OP and Class C Units $ 907 $ 24,002 $ 24,318