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Consolidated Statements of Cash Flows (USD $)
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Operating activities      
Net income $ 294,840,000 $ 212,716,000 $ 128,884,000
Adjustments to reconcile net income to net cash provided from (used in) operating activities:      
Depreciation and amortization expenses 533,585,000 423,605,000 202,543,000
Other amortization expenses 15,185,000 16,851,000 17,169,000
Provision for loan losses 27,008,000 2,010,000 29,684,000
Impairment of assets 29,287,000 12,194,000 947,000
Stock-based compensation expense 18,521,000 10,786,000 11,823,000
Loss on derivatives (1,825,000) 0 0
Loss (gain) on extinguishment of debt, net (775,000) (979,000) 34,171,000
Income from unconsolidated entities (2,482,000) (5,772,000) (6,673,000)
Rental income less than (in excess of) cash received (32,362,000) (31,578,000) (6,594,000)
Amortization related to above (below) market leases, net 165,000 (2,507,000) (2,856,000)
Gain (loss) on sales of properties, net (100,549,000) (61,160,000) (36,115,000)
Distributions by unconsolidated entities operating (17,607,000) (6,149,000) 0
Increase (decrease) in accrued expenses and other liabilities 38,213,000 10,653,000 12,293,000
Decrease (increase) in receivables and other assets (18,285,000) (4,744,000) (20,535,000)
Net cash provided from (used in) operating activities 818,133,000 588,224,000 364,741,000
Investing activities      
Investment in real property, net of cash acquired (3,345,111,000) (4,905,122,000) (2,074,176,000)
Capitalized interest (9,777,000) (13,164,000) (20,792,000)
Investment in real estate loans receivable (665,094,000) (51,477,000) (97,265,000)
Other investments, net of payments 25,425,000 (22,986,000) (133,894,000)
Principal collected on real estate loans receivable 35,020,000 188,811,000 43,495,000
Contributions to unconsolidated entities (227,735,000) (2,784,000) (196,413,000)
Distributions by unconsolidated entities investing 13,136,000 9,135,000 103,000
Proceeds from (payments on) derivatives 6,652,000 0 0
Decrease (increase) in restricted cash (35,766,000) 30,248,000 (52,124,000)
Proceeds from sales of real property 610,271,000 247,210,000 219,027,000
Net cash provided from (used in) investing activities (3,592,979,000) (4,520,129,000) (2,312,039,000)
Financing activities      
Net increase (decrease) under unsecured lines of credit arrangements (610,000,000) 310,000,000 160,000,000
Proceeds from issuance of senior unsecured notes 2,025,708,000 1,381,086,000 1,821,683,000
Payments to extinguish senior unsecured notes (370,524,000) (3,000) (495,542,000)
Secured debt issued 157,418,000 119,030,000 154,306,000
Payments on secured debt (406,210,000) (83,998,000) (217,711,000)
Net proceeds from the issuance of common stock 3,581,292,000 2,137,594,000 995,438,000
Net proceeds from issuance of preferred stock 277,687,000 696,437,000 0
Redemption of preferred stock (275,000,000) 0 0
Decrease (increase) in deferred loan expenses (7,152,000) (28,867,000) (3,869,000)
Contributions by noncontrolling interests 24,115,000 [1] 8,604,000 [1] 2,611,000 [1]
Distributions to noncontrolling interests (29,353,000) [1] (30,705,000) [1] (3,301,000) [1]
Cash distributions to stockholders (722,450,000) (544,248,000) (370,223,000)
Other financing activities (403,000) (1,113,000) 0
Net cash provided from (used in) financing activities 3,645,128,000 3,963,817,000 2,043,392,000
Increase (decrease) in cash and cash equivalents 870,282,000 31,912,000 96,094,000
Cash and cash equivalents at beginning of period 163,482,000 131,570,000 35,476,000
Cash and cash equivalents at end of period 1,033,764,000 163,482,000 131,570,000
Supplemental cash flow information:      
Interest paid 369,511,000 285,884,000 156,207,000
Income taxes paid $ 3,071,189.98 $ 389,000 $ 319,000
[1]

Includes amounts attributable to redeemable noncontrolling interests.

See accompanying notes.