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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 flow from operating activities:      
Net income $ 498,463 $ 439,671 $ 386,138
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 310,380 360,811 355,320
Impairment charges [1],[2] 79,207 67,331 93,266
Deferred taxes 807 55,068
Early extinguishment of debt charges 12,762 1,753 45,674
Equity award expense 18,221 21,563 19,071
Gain on sale of operating properties, net (229,840) (93,538) (92,823)
Gain on change in control of joint venture interests (71,160) (57,386)
Equity in income of joint ventures, net (71,617) (60,763) (218,714)
Equity in income from other real estate investments, net (29,100) (67,001) (27,773)
Distributions from joint ventures and other real estate investments 104,626 58,189 90,589
Change in accounts and notes receivable 5,229 (7,934) (6,571)
Change in accounts payable and accrued expenses (9,175) 4,417 (7,886)
Change in Canadian withholding tax receivable 12,996 23,571
Change in other operating assets and liabilities (51,220) (52,961) (65,448)
Net cash flow provided by operating activities 637,936 614,181 592,096
Cash flow from investing activities:      
Acquisition of operating real estate and other related net assets (5,407) (153,854) (203,190)
Improvements to operating real estate (290,874) (206,800) (143,489)
Acquisition of real estate under development (4,592) (10,010) (51,588)
Improvements to real estate under development (235,988) (160,257) (72,759)
Investment in marketable securities (63) (9,822) (2,466)
Proceeds from sale of marketable securities 957 3,146 1,937
Investments in and advances to real estate joint ventures (36,139) (35,291) (86,453)
Reimbursements of investments and advances to real estate joint ventures 21,127 55,839 71,656
Distributions from liquidation of real estate joint ventures 138,475
Return of investment from liquidation of real estate joint ventures 191,902
Investment in other real estate investments (524) (666) (233)
Reimbursements of investments and advances to other real estate investments 12,878 40,709 11,019
Investment in other financing receivable (125)
Collection of mortgage loans receivable 22,299 1,405 921
Investment in other investments (857)
Reimbursements of other investments 500
Proceeds from sale of operating properties 754,731 181,321 304,600
Proceeds from sale of development properties 4,551
Proceeds from insurance casualty claims 16,222
Net cash flow provided by/(used for) investing activities 253,645 (294,280) 165,383
Cash flow from financing activities:      
Principal payments on debt, excluding normal amortization of rental property debt (204,746) (687,117) (700,853)
Principal payments on rental property debt (13,113) (15,186) (19,039)
Proceeds from mortgage and construction loan financings 50,972 206,000
Proceeds/(repayments) under the unsecured revolving credit facility, net 92,254 (17,143) 26,445
Proceeds from issuance of unsecured notes 1,250,000 1,400,000
Repayments under unsecured notes/term loan (315,095) (550,000) (1,261,850)
Payment of early extinguishment of debt charges (13,308) (2,631) (45,674)
Change in other financing liablities (4,528) 911 1,367
Contributions from noncontrolling interests 109 1,422
Redemption/distribution of noncontrolling interests (6,660) (96,599) (12,594)
Dividends paid (529,756) (506,172) (474,045)
Proceeds from issuance of stock, net 33,705 440,946 307,395
Redemption of preferred stock (225,000)
Repurchase of common stock (75,126)
Financing origination costs (1,221) (23,305) (25,679)
Net cash flow used for financing activities (986,513) (223,874) (804,527)
Net change in cash and cash equivalents (94,932) 96,027 (47,048)
Cash and cash equivalents, beginning of year 238,513 142,486 189,534
Cash and cash equivalents, end of year 143,581 238,513 142,486
Interest paid during the year including payment of early extinguishment of debt charges of $13,308, $2,631 and $45,674, respectively (net of capitalized interest of $17,549, $14,480 and $5,618, respectively) 199,701 192,155 252,482
Income taxes paid/(received) during the year (net of refunds received of $1,007, $16,118 and $113,934, respectively) $ 514 $ (14,456) $ 6,090
[1] During 2016, the Company recognized aggregate impairment charges of $93.3 million, before an income tax benefit of $21.1 million and noncontrolling interests of $0.4 million, primarily related to sale of certain operating properties and certain properties maintained in the Company's TRS for which the hold period was re-evaluated in connection with the Merger (see Footnote 21 of the Notes to Consolidated Financial Statements for additional disclosure) and adjustments to property carrying values in connection with the Company's efforts to market certain properties and management's assessment as to the likelihood and timing of such potential transactions and the anticipated hold period for such properties.
[2] See Footnote 15 of the Notes to Consolidated Financial Statements for additional disclosure on fair value