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Consolidated Statements of Cash Flows (Unaudited) (USD $)
9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Operating activities  
Net income$ 170,373,000$ 82,850,000
Adjustments to reconcile net income to net cash provided from (used in) operating activities:  
Depreciation and amortization301,461,000143,424,000
Other amortization expenses12,024,00013,178,000
Provision for loan losses547,00028,918,000
Impairment of assets202,000947,000
Stock-based compensation expense9,041,0009,757,000
Loss (gain) on extinguishment of debt034,171,000
Income from unconsolidated joint ventures(4,156,000)(4,496,000)
Rental income in excess of cash received(19,596,000)(6,200,000)
Amortization related to above (below) market leases, net(1,588,000)(2,112,000)
Loss (gain) on sales of properties(56,565,000)(20,559,000)
Increase (decrease) in accrued expenses and other liabilities20,781,00010,139,000
Decrease (increase) in receivables and other assets(14,891,000)(1,413,000)
Net cash provided from (used in) operating activities417,633,000288,604,000
Investing activities  
Investment in real property, net of cash acquired(4,030,444,000)(800,964,000)
Capitalized interest(10,090,000)(16,008,000)
Investment in real estate loans receivable(36,504,000)(52,499,000)
Other investments, net of payments(6,526,000)(75,349,000)
Principal collected on real estate loans receivable149,019,00018,819,000
Contributions to unconsolidated joint ventures(779,000)(174,692,000)
Distributions from unconsolidated joint ventures13,260,0000
Decrease (increase) in restricted cash27,844,000(34,279,000)
Proceeds from sales of real property221,585,000134,722,000
Net cash provided from (used in) investing activities(3,672,635,000)(1,000,250,000)
Financing activities  
Net increase (decrease) under unsecured lines of credit arrangements90,000,000(140,000,000)
Proceeds from issuance of senior unsecured notes1,381,086,0001,378,180,000
Payments to extinguish senior unsecured notes0(495,542,000)
Net proceeds from the issuance of secured debt60,470,00079,127,000
Payments on secured debt(21,398,000)(177,305,000)
Net proceeds from the issuance of common stock1,490,681,000486,565,000
Net proceeds from the issuance of preferred stock696,437,0000
Decrease (increase) in deferred loan expenses(25,994,000)(1,993,000)
Contributions by noncontrolling interests9,655,000[1]2,491,000[1]
Distributions to noncontrolling interests(21,910,000)[1](2,649,000)[1]
Cash distributions to stockholders(398,919,000)(271,557,000)
Net cash provided from (used in) financing activities3,260,108,000857,317,000
Increase (decrease) in cash and cash equivalents5,106,000145,671,000
Cash and cash equivalents at beginning of period131,570,000[2]35,476,000
Cash and cash equivalents at end of period136,676,000181,147,000
Supplemental cash flow information:  
Interest paid203,748,00092,106,000
Income taxes paid$ 320,000$ 220,000
[1]Includes amounts attributable to redeemable noncontrolling interests.
[2]NOTE: The consolidated balance sheet at December 31, 2010 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements.