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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash flows from operating activities:    
Net income $ 486,278 $ 424,587
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of real estate, in-place lease and other intangibles: Continuing operations 267,305 279,774
Depreciation and amortization of real estate, in-place lease and other intangibles: Discontinued operations 0 2,934
Amortization of deferred compensation 7,092 9,505
Amortization of deferred financing costs 7,702 10,561
Straight-line rents (8,176) (11,117)
Equity (income) loss from unconsolidated joint ventures (3,509) 1,975
Distributions of earnings from unconsolidated joint ventures 18,528 3,202
Gain on sales of real estate, net (317,670) (119,614)
Allowance for loan losses 56,682 0
Deferred income tax (benefit) expense (12,472) 49,156
Foreign exchange and other gains, net (845) (91)
Gain on sale of marketable securities (50,895) 0
Other non-cash items (1,478) (1,502)
Changes in:    
Accounts receivable, net (2,002) (2,871)
Other assets, net (6,775) (2,892)
Accounts payable and accrued liabilities (8,176) 23,305
Net cash provided by operating activities 431,589 666,912
Cash flows from investing activities:    
Acquisitions of real estate (26,446) (94,271)
Development of real estate (157,898) (204,624)
Leasing costs and tenant and capital improvements (48,575) (41,161)
Proceeds from sales of real estate, net 1,195,860 96,652
Contributions to unconsolidated joint ventures (21,302) (10,156)
Distributions in excess of earnings from unconsolidated joint ventures 1,609 6,421
Net proceeds from the RIDEA II transaction (Note 4) 480,614 0
Proceeds from the sales of Four Seasons investments 135,538 0
Principal repayments on direct financing leases, loans receivable and other 414,221 205,576
Investments in loans receivable and other (18,433) (122,113)
Decrease in restricted cash 2,398 10,058
Net cash provided by (used in) investing activities 1,957,586 (153,618)
Cash flows from financing activities:    
Net (repayments) borrowings under bank line of credit (441,581) 642,898
Repayments under bank line of credit (339,826) (135,000)
Repayment of term loans (234,459) 0
Repayments of senior unsecured notes (250,000) (500,000)
Issuance of mortgage and other debt 5,395 0
Repayments of mortgage and other debt (481,667) (246,387)
Issuance of common stock and exercise of options 13,887 45,924
Repurchase of common stock (4,361) (3,874)
Dividends paid on common stock (347,118) (537,061)
Issuance of noncontrolling interests 650 3,225
Distributions to noncontrolling interests (13,087) (12,473)
Net cash used in financing activities (2,092,167) (742,748)
Effect of foreign exchange on cash and cash equivalents 227 (596)
Net increase (decrease) in cash and cash equivalents 297,235 (230,050)
Cash and cash equivalents, beginning of period 94,730 346,500
Cash and cash equivalents, end of period $ 391,965 $ 116,450