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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash flow from operating activities:      
Net income $ 1,002,877 $ 413,561 $ 498,463
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 288,955 277,879 310,380
Impairment charges 6,624 48,743 79,207
Early extinguishment of debt charges 7,538 0 12,762
Equity award expense 23,685 20,200 18,221
Gain on sale of operating properties/change in control of interests (6,484) (79,218) (229,840)
(Gain)/loss on marketable securities, net (594,753) (829) 3,487
Gain on sale of cost method investment (190,832) 0 0
Distributions from joint ventures and other real estate investments 149,022 93,877 104,626
Change in accounts and notes receivable (559) (34,160) 5,229
Change in accounts payable and accrued expenses 5,576 (3,611) (9,175)
Change in other operating assets and liabilities (25,755) (54,576) (54,707)
Net cash flow provided by operating activities 589,913 583,628 637,936
Cash flow from investing activities:      
Acquisition of operating real estate and other related net assets (12,644) (1,957) (5,407)
Improvements to operating real estate (221,278) (324,821) (290,874)
Acquisition of real estate under development 0 0 (4,592)
Improvements to real estate under development (22,358) (118,841) (235,988)
Investment in marketable securities 0 (244) (63)
Proceeds from sale/repayments of marketable securities 931 2,023 957
Proceeds from sale of cost method investment 227,270 0 0
Investments in and advances to real estate joint ventures (15,882) (27,665) (36,139)
Reimbursements of investments in and advances to real estate joint ventures 4,499 21,759 21,127
Investment in and advances to other real estate investments (14,918) (12,816) (524)
Reimbursements of investments in and advances to other real estate investments 13,435 5,960 12,878
Investment in other financing receivable (25,000) (48) (125)
Collection of mortgage loans receivable 177 10,449 22,299
Investment in other investments (500) (2,500) (857)
Proceeds from sale of properties 30,545 324,280 754,731
Proceeds from insurance casualty claims 2,450 4,000 16,222
Net cash flow (used for)/provided by investing activities (33,273) (120,421) 253,645
Cash flow from financing activities:      
Principal payments on debt, excluding normal amortization of rental property debt (158,556) (6,539) (204,746)
Principal payments on rental property debt (10,693) (12,212) (13,113)
Proceeds from mortgage and construction loan financings 0 16,028 50,972
(Repayments)/proceeds from the unsecured revolving credit facility, net (200,000) 100,000 92,254
Financing origination costs (18,040) (7,707) (1,221)
Payment of early extinguishment of debt charges (7,538) (1,531) (13,308)
Contributions from noncontrolling interests 149 0 109
Redemption/distribution of noncontrolling interests (23,345) (15,134) (6,660)
Dividends paid (379,874) (531,565) (529,756)
Proceeds from issuance of stock, net 981 204,012 33,705
Redemption of preferred stock 0 (575,000) 0
Repurchase of common stock 0 0 (75,126)
Change in other financing liabilities (5,578) (3,193) (4,528)
Net cash flow used for financing activities (387,399) (482,841) (986,513)
Net change in cash and cash equivalents 169,241 (19,634) (94,932)
Cash and cash equivalents, beginning of year 123,947 143,581 238,513
Cash and cash equivalents, end of year 293,188 123,947 143,581
Interest paid during the year including payment of early extinguishment of debt charges of $7,538, $1,531 and $13,308, respectively (net of capitalized interest of $13,683, $15,690 and $17,549, respectively) 183,558 169,026 199,701
Income taxes paid/(received) during the year (net of refunds received of $47, $3,452 and $1,007, respectively) 747 (1,106) 514
Senior Unsecured Notes [Member]      
Cash flow from financing activities:      
Proceeds from issuance of unsecured debt 900,000 350,000 0
Repayments of unsecured debt (484,905) 0 (315,095)
Term Loan [Member]      
Cash flow from financing activities:      
Proceeds from issuance of unsecured debt 590,000 0 0
Repayments of unsecured debt (590,000) 0 0
Joint Ventures [Member]      
Adjustments to reconcile net income to net cash provided by operating activities:      
Equity in income (47,353) (72,162) (71,617)
Other Real Estate Investments [Member]      
Adjustments to reconcile net income to net cash provided by operating activities:      
Equity in income $ (28,628) $ (26,076) $ (29,100)