XML 28 R8.htm IDEA: XBRL DOCUMENT v3.7.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash flows from operating activities:    
Net income $ 199,148 $ 149,034
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 217,783 236,387
Amortization of deferred revenue and lease intangibles, net (5,015) (5,037)
Other non-cash amortization 2,460 2,446
Stock-based compensation 6,701 5,029
Straight-lining of rental income, net (5,377) (9,845)
Loss on extinguishment of debt, net 309 314
Gain on real estate dispositions (43,289) (26,184)
Gain on re-measurement of equity interest upon acquisition, net (3,027) 0
Income tax benefit (4,145) (9,156)
(Income) loss from unconsolidated entities (123) 198
Distributions from unconsolidated entities 2,380 1,989
Other 652 1,099
Changes in operating assets and liabilities:    
Increase in other assets (3,714) (4,835)
Decrease in accrued interest (4,741) (14,311)
Decrease in accounts payable and other liabilities (24,271) (49,979)
Net cash provided by operating activities 335,731 277,149
Cash flows from investing activities:    
Net investment in real estate property (198,843) (13,620)
Investment in loans receivable and other (701,358) (146,214)
Proceeds from real estate disposals 0 54,211
Proceeds from loans receivable 3,363 1,625
Development project expenditures (86,452) (34,767)
Capital expenditures (23,835) (23,721)
Investment in unconsolidated operating entity (14,850) 0
Other (12,090) (4,265)
Net cash used in investing activities (1,034,065) (166,751)
Cash flows from financing activities:    
Net change in borrowings under credit facility 22,822 137,440
Proceeds from debt 797,214 145
Repayment of debt (20,496) (151,309)
Purchase of noncontrolling interest (15,809) 0
Payment of deferred financing costs (6,384) (76)
Issuance of common stock, net 0 149,631
Cash distribution to common stockholders (275,368) (245,496)
Cash distribution to redeemable OP unitholders (1,893) (2,323)
Contributions from noncontrolling interests 2,102 0
Distributions to noncontrolling interests (2,410) (1,743)
Other 3,297 1,893
Net cash provided by (used in) financing activities 503,075 (111,838)
Net decrease in cash and cash equivalents (195,259) (1,440)
Effect of foreign currency translation on cash and cash equivalents (164) 118
Cash and cash equivalents at beginning of period 286,707 53,023
Cash and cash equivalents at end of period 91,284 51,701
Assets and liabilities assumed from acquisitions:    
Real estate investments 188,919 2,558
Utilization of funds held for an Internal Revenue Code Section 1031 exchange (84,995) 0
Other assets acquired (373) (66)
Debt assumed 52,462 0
Other liabilities 68,676 2,558
Deferred income tax liability (19,564) (66)
Noncontrolling interest 1,977 0
Equity issued for purchase of OP and Class C units $ 22,071 $ 19,348