XML 70 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 174,519 $ 184,994 $ 98,170
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 268,634 276,370 291,772
Amortization of deferred finance costs and debt premiums (discounts) 7,896 10,239 7,414
Net amortization of intangible lease assets and liabilities (1,263) (906) (1,384)
Gains (Losses) on Sales of Other Real Estate 5,323 59,396 2,887
Realized foreign currency loss 0 0 169
(Gain) loss on discontinued operations (938) 1 (379)
Write-off of development projects (39) 94 392
Share-based compensation expense 3,740 1,783 2,313
Income tax effect of share-based compensation 0 0 (1,815)
Net realized (gain) loss on sale of available-for-sale securities (224) 22 114
Write-down of mortgage and other notes receivable 0 1,900 0
Gain on investments (45,072) 0 (888)
Loss on impairment of real estate 24,379 [1] 51,304 [1] 1,156 [1]
Loss on impairment of real estate from discontinued operations 26,461 7,425 39,084
Loss on extinguishment of debt (265) (32,463) 0
Equity in (earnings) losses of unconsolidated affiliates (8,313) (6,138) 188
Distributions of earnings from unconsolidated affiliates 17,074 9,586 4,959
Provision for doubtful accounts 1,523 1,743 2,891
Change in deferred tax accounts 3,095 (5,695) 2,031
Changes in:      
Tenant and other receivables (2,150) (5,986) (6,693)
Other assets 2,136 6,084 (1,215)
Accounts payable and accrued liabilities 15,645 875 (5,600)
Net cash provided by operating activities 481,515 441,836 429,792
CASH FLOWS FROM INVESTING ACTIVITIES:      
Additions to real estate assets (217,827) (205,379) (143,586)
Acquisitions of real estate assets (96,099) (11,500) 0
(Additions) reductions to restricted cash (1,063) (14,719) 20,987
(Additions) reductions to cash held in escrow (15,000) 0 0
Purchase of partner's interest in unconsolidated affiliate (14,280) 0 (15,773)
Proceeds from sales of real estate assets 76,950 244,647 138,614
Additions to mortgage notes receivable (3,584) (15,173) 0
Payments received on mortgage notes receivable 3,002 7,479 1,609
Net purchases of available-for-sale securities 0 0 (9,610)
Additional investments in and advances to unconsolidated affiliates 8,809 35,499 23,604
Distributions in excess of equity in earnings of unconsolidated affiliates 43,173 17,907 31,776
Changes in other assets (13,133) (15,408) (5,971)
Net cash used in investing activities (246,670) (27,645) (5,558)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from mortgage and other indebtedness 1,869,140 1,933,770 893,378
Principal payments on mortgage and other indebtedness (1,884,935) (2,086,461) (1,336,436)
Additions to deferred financing costs (7,384) (19,629) (4,855)
Proceeds from issuances of common stock 172 179 153
Proceeds from issuances of preferred stock 166,720 0 229,347
Purchase of minority interest in the Operating Partnership (9,863) (3,005) (3,139)
Proceeds from exercises of stock options 4,454 1,955 1,456
Repurchase of Series C preferred stock (115,000)    
Income tax effect of share-based compensation 0 0 1,815
Contributions from noncontrolling interests 7,120 2,079 5,234
Distributions to noncontrolling interests (65,635) (75,468) (86,093)
Dividends paid to holders of preferred stock (43,738) (42,376) (35,670)
Dividends paid to common shareholders (133,740) (123,044) (89,729)
Net cash used in financing activities (212,689) (408,995) (421,400)
NET CHANGE IN CASH AND CASH EQUIVALENTS 22,156 5,196 2,834
CASH AND CASH EQUIVALENTS, beginning of period 56,092 50,896 48,062
CASH AND CASH EQUIVALENTS, end of period $ 78,248 $ 56,092 $ 50,896
[1] The referenced amounts for the years ended December 31, 2011 and 2010 have been restated. See Note 2 for more information. Loss on impairment of real estate for the year ended December 31, 2012 consisted of $20,315 related to Malls, $3,000 related to Associated Centers and $1,064 related to All Other. Loss on impairment of real estate for the year ended December 31, 2011 consisted of $50,683 related to Malls and $621 related to All Other. Loss on impairment of real estate for the year ended December 31, 2010 consisted of $1,156 related to All Other.