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CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
12 Months Ended
Dec. 31, 2016
USD ($)
Dec. 31, 2015
USD ($)
Dec. 31, 2014
USD ($)
Cash flows from operating activities:      
Net income (loss) $ 639,926 $ (546,418) $ 936,591
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization of real estate, in-place lease and other intangibles continuing operations 568,108 504,905 455,016
Depreciation and amortization of real estate, in-place lease and other intangibles discontinued operations 4,890 5,880 4,979
Amortization of market lease intangibles, net (1,197) (1,295) (949)
Amortization of deferred compensation 22,884 26,127 21,885
Amortization of deferred financing costs 20,014 20,222 19,260
Straight-line rents (18,003) (28,859) (41,032)
Loan and direct financing lease non-cash interest 599 (5,648) 1,063
Loan and direct financing lease non-cash interest discontinued operations   (90,065) (79,349)
Deferred rental revenues (1,959) (2,813) (1,884)
Equity income from unconsolidated joint ventures (11,360) (57,313) (49,570)
Distributions of earnings from unconsolidated joint ventures 26,492 15,111 5,045
Lease termination income, net   (1,103) (38,001)
Gain on sales of real estate, net (164,698) (6,377) (31,298)
Deferred income tax expense 47,195    
Loss on debt extinguishment 46,020    
Foreign exchange and other (gains) losses, net 188 (7,178) (2,270)
Impairment, net   1,449,748 35,913
Changes in:      
Accounts receivable, net 3,813 (9,569) (8,845)
Other assets, net (10,805) (19,453) (6,287)
Accounts payable and other accrued liabilities 42,024 (23,757) 28,354
Net cash provided by operating activities 1,214,131 1,222,145 1,248,621
Cash flows from investing activities:      
Acquisition of RIDEA III, net   (770,325)  
Acquisition of the CCRC unconsolidated joint venture interest, net     (370,186)
Acquisitions of other real estate (467,162) (613,252) (503,470)
Development of real estate (421,322) (281,017) (178,513)
Leasing costs and tenant and capital improvements (91,442) (84,282) (71,734)
Proceeds from sales of real estate, net 647,754 58,623 104,557
Contributions to unconsolidated joint ventures (10,186) (69,936) (2,935)
Distributions in excess of earnings from unconsolidated joint ventures 28,366 30,989 2,657
Purchase of securities for debt defeasance (73,278)    
Proceeds from sales of marketable securities   2,348  
Principal repayments on loans receivable, direct financing leases and other 231,990 625,701 119,511
Investments in loans receivable, direct financing leases and other (273,693) (575,652) (600,019)
Decrease (increase) in restricted cash 18,356 4,798 (11,747)
Net cash used in investing activities (410,617) (1,672,005) (1,511,879)
Cash flows from financing activities:      
Net borrowings under bank line of credit 1,108,417 98,743 845,190
Repayments under bank line of credit (540,000) (511,521)  
Proceeds from debt related to QCP Spin-Off, net 1,691,268    
Cash impact of QCP Spin-Off (6,096)    
Borrowings under term loan   333,014  
Issuance of senior unsecured notes   1,936,017 1,150,000
Repayments of senior unsecured notes (2,000,000) (400,000) (487,000)
Issuance of mortgage and other debt     35,445
Loss on debt extinguishment (45,406)    
Repayments of mortgage and other debt (316,774) (57,845) (447,784)
Deferred financing costs (9,450) (19,995) (16,550)
Issuance of common stock and exercise of options 67,650 206,471 96,592
Repurchase of common stock (8,685) (8,738) (12,703)
Dividends paid on common stock (979,542) (1,046,638) (1,001,559)
Issuance of noncontrolling interests 11,834 110,775 4,674
Purchase of noncontrolling interests (1,300) (7,049) (5,897)
Distributions to noncontrolling interests (26,181) (19,147) (15,611)
Net cash (used in) provided by financing activities (1,054,265) 614,087 144,797
Effect of foreign exchange on cash and cash equivalents (1,019) (1,537) 1,715
Net (decrease) increase in cash and cash equivalents (251,770) 162,690 (116,746)
Cash and cash equivalents, beginning of year 346,500 183,810 300,556
Cash and cash equivalents, end of year 94,730 346,500 183,810
Less: cash and cash equivalents of discontinued operations   (6,058) (1,894)
Cash and cash equivalents of continuing operations, end of year $ 94,730 $ 340,442 $ 181,916