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CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
12 Months Ended
Dec. 31, 2017
USD ($)
Dec. 31, 2016
USD ($)
Dec. 31, 2015
USD ($)
Cash flows from operating activities:      
Net income (loss) $ 422,634 $ 639,926 $ (546,418)
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 534,726 568,108 504,905
Depreciation and amortization of real estate, in-place lease and other intangibles: Discontinued operations 0 4,890 5,880
Amortization of deferred compensation 14,258 22,884 26,127
Amortization of deferred financing costs 14,569 20,014 20,222
Straight-line rents (23,933) (18,003) (28,859)
Loan and direct financing lease non-cash interest, net: continuing operations (613) 599 (5,648)
Loan and direct financing lease non-cash interest, net: discontinued operations 0 0 (90,065)
Equity loss (income) from unconsolidated joint ventures (10,901) (11,360) (57,313)
Distributions of earnings from unconsolidated joint ventures 44,142 26,492 15,111
Loss (gain) on sales of real estate, net (356,641) (164,698) (6,377)
Lease and management fee termination loss (income), net 54,641 0 (1,103)
Deferred income tax expense (benefit) (5,523) 47,195 0
Impairments (recoveries), net 166,384 0 1,449,748
Loss on extinguishment of debt 54,227 46,020 0
Casualty-related loss (recoveries), net 12,053 0 0
Loss (gain) on sale of marketable securities (50,895) 0 0
Other non-cash items (2,122) (2,968) (11,286)
Decrease (increase) in accounts receivable and other assets, net (24,782) (6,992) (29,022)
Increase (decrease) accounts payable and accrued liabilities 4,817 42,024 (23,757)
Net cash provided by (used in) operating activities 847,041 1,214,131 1,222,145
Cash flows from investing activities:      
Acquisition of RIDEA III, net 0 0 (768,413)
Acquisitions of other real estate (560,753) (467,162) (613,252)
Development and redevelopment of real estate (373,479) (421,322) (281,017)
Leasing costs, tenant improvements, and recurring capital expenditures (115,260) (91,442) (84,282)
Proceeds from sales of real estate, net 1,314,325 647,754 73,149
Contributions to unconsolidated joint ventures (46,334) (10,186) (69,936)
Distributions in excess of earnings from unconsolidated joint ventures 37,023 28,366 30,989
Proceeds from the RIDEA II transaction, net 462,242 0 0
Proceeds from sales/principal repayments on debt investments and direct financing leases 558,769 231,990 628,049
Investments in loans receivable, direct financing leases and other (30,276) (273,693) (575,652)
Purchase of securities for debt defeasance 0 (73,278) 0
Net cash provided by (used in) investing activities 1,246,257 (428,973) (1,660,365)
Cash flows from financing activities:      
Borrowings under bank line of credit, net 1,244,189 1,108,417 98,743
Repayments under bank line of credit (1,150,596) (540,000) (511,521)
Proceeds related to QCP Spin-Off, net 0 1,685,172 0
Issuance and borrowings of debt, excluding bank line of credit 5,395 0 2,269,031
Repayments and repurchase of debt, excluding bank line of credit (1,468,446) (2,316,774) (457,845)
Payments for debt extinguishment and deferred financing costs (51,415) (54,856) (19,995)
Issuance of common stock and exercise of options 28,121 67,650 206,471
Repurchase of common stock (4,785) (8,685) (8,738)
Dividends paid on common stock (694,955) (979,542) (1,046,638)
Issuance of noncontrolling interests 1,615 11,834 110,775
Distributions to and purchase of noncontrolling interests (57,584) (27,481) (26,196)
Net cash provided by (used in) financing activities (2,148,461) (1,054,265) 614,087
Effect of foreign exchanges on cash, cash equivalents and restricted cash 376 (1,019) (1,537)
Net increase (decrease) in cash, cash equivalents and restricted cash (54,787) (270,126) 174,330
Cash, cash equivalents and restricted cash, beginning of year 136,990 407,116 232,786
Cash, cash equivalents and restricted cash, end of year 82,203 136,990 407,116
Less: cash, cash equivalents and restricted cash of discontinued operations 0 0 (6,058)
Cash, cash equivalents and restricted cash of continuing operations, end of year $ 82,203 $ 136,990 $ 401,058