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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Operating activities      
Net income (loss) $ 540,613 $ 1,082,070 $ 888,549
Adjustments to reconcile net income to net cash provided from (used in) operating activities:      
Depreciation and amortization expenses 921,720 901,242 826,240
Other amortization expenses 16,521 8,822 4,991
Provision for loan losses 62,966 10,215 0
Impairment of assets 124,483 37,207 2,220
Stock-based compensation expense 19,102 28,869 30,844
Loss on derivatives 2,284 (2,448) (58,427)
Loss (gain) on extinguishment of debt, net 37,241 17,214 34,677
Income from unconsolidated entities 83,125 10,357 21,504
Rental income less than (in excess of) cash received (80,398) (83,233) (115,756)
Amortization related to above (below) market leases, net 357 322 4,018
Loss (Gain) on sale of properties, net (344,250) (364,046) (280,387)
Other (income) expense 2 (4,853) 31,979
Distributions by unconsolidated entities operating 116 1,065 637
Increase (decrease) in accrued expenses and other liabilities 26,809 14,298 (8,968)
Decrease (increase) in receivables and other assets 23,486 (18,037) 478
Net cash provided from (used in) operating activities 1,434,177 1,639,064 1,382,599
Investing activities      
Cash disbursed for acquisitions (805,264) (2,145,374) (3,353,087)
Cash disbursed for capital improvements to existing properties (250,276) (219,146) (187,752)
Cash disbursed for construction in progress (232,715) (403,131) (244,561)
Capitalized interest (13,489) (16,943) (8,670)
Investment in real estate loans receivable (83,738) (129,884) (598,722)
Other investments, net of payments 57,385 4,760 (141,994)
Principal collected on real estate loans receivable 96,023 249,552 131,830
Contributions to unconsolidated entities (114,365) (101,415) (160,323)
Distributions by unconsolidated entities investing 70,287 119,723 130,880
Proceeds from (payments on) derivatives investing 52,719 108,347 106,360
Proceeds from sales of real property 1,378,014 2,350,068 823,964
Net cash provided from (used in) investing activities 154,581 (183,443) (3,502,075)
Financing activities      
Net increase (decrease) under unsecured lines of credit arrangements 74,000 (190,000) 835,000
Proceeds from issuance of senior unsecured notes 7,500 693,560 1,451,434
Payments to extinguish senior unsecured notes (5,000) (865,863) (558,830)
Net proceeds from the issuance of secured debt 241,772 460,015 228,685
Payments on secured debt (1,144,346) (563,759) (573,390)
Net proceeds from the issuance of common stock 621,987 534,194 1,755,722
Redemption of preferred stock (287,500) 0 0
Decrease (increase) in deferred loan expenses (54,333) (22,196) (11,513)
Contributions by noncontrolling interests [1] 56,560 148,666 173,018
Distributions to noncontrolling interests [1] (87,711) (134,578) (50,877)
Acquisitions of non controlling interests 0 0 (5,663)
Cash distributions to stockholders (1,325,617) (1,298,925) (1,210,133)
Other financing activities (10,839) (11,931) (36,135)
Net cash provided from (used in) financing activities (1,913,527) (1,250,817) 1,997,318
Effect of foreign currency translation on cash and cash equivalents 26,852 (20,274) (8,575)
Increase (decrease) in cash and cash equivalents (297,917) 184,530 (130,733)
Cash, cash equivalents and restricted cash at the beginning of period 607,220 422,690 553,423
Cash, cash equivalents and restricted cash at the end of period 309,303 607,220 422,690
Supplemental cash flow information:      
Interest paid 488,265 541,545 492,771
Income taxes paid $ 10,410 $ 8,011 $ 12,214
[1]
Includes amounts attributable to redeemable noncontrolling interests.