XML 24 R8.htm IDEA: XBRL DOCUMENT v3.3.1.900
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Cash flow from operating activities:      
Net income $ 900,143 $ 435,880 $ 241,353
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 344,527 273,093 257,855
Impairment charges 45,464 217,858 190,218
Equity award expense 18,465 17,879 18,897
Gain on sale of operating properties (132,907) (203,889) (51,529)
Gain on sale of marketable securities (39,852)   (12,135)
Gain on change in control of interests, net (149,234) (107,235) (21,711)
Equity in income of joint ventures, net (480,395) (159,560) (208,689)
Equity in income from other real estate investments, net (36,090) (38,042) (31,136)
Distributions from joint ventures and other real estate investments 126,263 255,532 258,050
Change in accounts and notes receivable (2,867) (8,060) 7,213
Change in accounts payable and accrued expenses 164 (1,095) 10,166
Change in other operating assets and liabilities (99,980) (53,018) (88,517)
Net cash flow provided by operating activities 493,701 629,343 570,035
Cash flow from investing activities:      
Acquisition of operating real estate and other related net assets (661,423) (384,828) (354,287)
Improvements to operating real estate (166,670) (131,795) (107,277)
Acquisition of real estate under development (16,355) (65,724)  
Improvements to real estate under development (16,861) (418) (591)
Investment in marketable securities (257) (11,445) (33,588)
Proceeds from sale/repayments of marketable securities 76,170 3,780 26,406
Investments and advances to real estate joint ventures (91,609) (93,845) (296,550)
Reimbursements of investments and advances to real estate joint ventures 94,053 222,590 440,161
Distributions from liquidation of real estate joint ventures 373,833    
Return of investment from liquidation of real estate joint ventures 88,672    
Investment in other real estate investments (641) (4,338) (23,566)
Reimbursements of investments and advances to other real estate investments 40,556 16,312 30,151
Investment in mortgage loans receivable   (50,000) (11,469)
Collection of mortgage loans receivable 55,145 8,302 29,192
Investment in other investments (190,278)   (21,366)
Reimbursements of other investments     9,175
Proceeds from sale of operating properties 437,030 612,748 385,844
Proceeds from sale of development properties   5,366  
Net cash flow provided by investing activities 21,365 126,705 72,235
Cash flow from financing activities:      
Principal payments on debt, excluding normal amortization and including debt defeasance of rental property debt (555,627) (327,963) (256,346)
Principal payments on rental property debt (28,632) (22,841) (23,804)
Proceeds from mortgage loan financings   15,700 35,974
Repayments under the unsecured revolving credit facility, net (100,000) (94,354) (57,775)
Proceeds from issuance of unsecured term loan/notes 1,500,030 500,000 621,562
Repayments under unsecured term loan/notes (750,000) (370,842) (546,717)
Financing origination costs (16,901) (11,911) (8,041)
Contribution of noncontrolling interests 106,154 1,917  
Conversion/redemption of noncontrolling interests (55,753) (3,201) (30,086)
Dividends paid (455,833) (427,873) (400,354)
Proceeds from issuance of stock 18,708 23,874 30,210
Redemption of preferred stock (175,000)    
Net cash flow used for financing activities (512,854) (717,494) (635,377)
Change in cash and cash equivalents 2,212 38,554 6,893
Cash and cash equivalents, beginning of year 187,322 148,768 141,875
Cash and cash equivalents, end of year 189,534 187,322 148,768
Interest paid during the year (net of capitalized interest of $5,618, $2,383, $1,263, respectively) 232,950 207,632 216,258
Income taxes paid during the year $ 100,366 $ 23,292 $ 33,838