XML 53 R7.htm IDEA: XBRL DOCUMENT v3.3.0.814
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Cash flows from operating activities:    
Net income $ 78,727 $ 76,373
Adjustments to reconcile net income to net cash provided by operating activities:    
(Gain) loss on extinguishment of debt, net (609) 405
Loss on sale or write down of assets, net 7,078 1,504
Gain on remeasurement of assets (22,089) 0
Depreciation and amortization 362,681 273,765
Amortization of net premium on mortgage notes payable (17,891) (4,056)
Amortization of share and unit-based plans 23,629 25,217
Straight-line rent adjustment (4,512) (4,440)
Amortization of above and below-market leases (13,905) (5,730)
Provision for doubtful accounts 3,766 3,452
Income tax benefit (2,077) (3,759)
Equity in income of unconsolidated joint ventures (28,185) (44,607)
Distributions of income from unconsolidated joint ventures 2,700 886
Co-venture expense 7,897 6,175
Changes in assets and liabilities, net of acquisitions and dispositions:    
Tenant and other receivables 7,379 (1,416)
Other assets 5,232 (7,011)
Due from affiliates 1,756 (1,290)
Accounts payable and accrued expenses 2,770 780
Other accrued liabilities (696) (19,342)
Net cash provided by operating activities 413,651 296,906
Cash flows from investing activities:    
Acquisitions of property (26,250) (15,233)
Development, redevelopment, expansion and renovation of properties (208,485) (129,750)
Property improvements (34,541) (32,375)
Proceeds from notes receivable 1,368 3,169
Deferred leasing costs (24,797) (19,402)
Distributions from unconsolidated joint ventures 66,643 55,688
Contributions to unconsolidated joint ventures (336,806) (257,963)
Loans to unconsolidated joint ventures, net 0 (605)
Proceeds from sale of assets 11,655 51,350
Restricted cash (546) 2,722
Net cash used in investing activities (551,759) (342,399)
Cash flows from financing activities:    
Proceeds from mortgages, bank and other notes payable 1,800,671 580,967
Payments on mortgages, bank and other notes payable (1,262,628) (229,099)
Deferred financing costs (5,160) (1,126)
Payment of finance deposits (38,567) 0
Proceeds from share and unit-based plans 745 645
Redemption of noncontrolling interests (221) (236)
Contribution from noncontrolling interests 23 0
Purchase of noncontrolling interest (1,593) 0
Payment of contingent consideration 0 (18,667)
Dividends and distributions (332,402) (286,206)
Distributions to co-venture partner (14,658) (12,021)
Net cash provided by financing activities 146,210 34,257
Net increase (decrease) in cash and cash equivalents 8,102 (11,236)
Cash and cash equivalents, beginning of period 84,907 69,715
Cash and cash equivalents, end of period 93,009 58,479
Supplemental cash flow information:    
Cash payments for interest, net of amounts capitalized 178,263 136,233
Non-cash investing and financing transactions:    
Accrued development costs included in accounts payable and accrued expenses and other accrued liabilities 39,717 50,817
Assumption of mortgage note payable from unconsolidated joint venture 50,000 0
Mortgage note payable settled by deed-in-lieu of foreclosure 34,149 0
Acquisition of property in exchange for investment in unconsolidated joint venture 76,250 15,767
Notes receivable issued in connection with sale of property 0 9,603
Conversion of Operating Partnership Units to common stock $ 1,559 $ 984