XML 58 R7.htm IDEA: XBRL DOCUMENT v3.3.0.814
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Cash flow from operating activities:    
Net (loss) income $ (164,044) $ 124,997
Adjustments to reconcile net (loss) income to net cash flow provided by operating activities:    
Depreciation and amortization 299,470 310,984
Stock-based compensation 6,415 6,706
Amortization and write-off of deferred finance charges and fair market value of debt adjustments (6,088) (3,051)
Accretion of convertible debt discount 8,938 8,476
Equity in net income of joint ventures (2,351) (10,241)
Impairment of joint venture investments 0 9,100
Net gain on sale and change in control of interests (7,772) (87,814)
Operating cash distributions from joint ventures 5,824 6,358
Realized gain on sale of available-for-sale securities 0 (840)
Gain on disposition of real estate (78,154) (76,932)
Impairment charges 279,021 26,996
Change in notes receivable accrued interest (6,035) (2,583)
Change in restricted cash 548 9,440
Net change in accounts receivable (1,689) 319
Net change in accounts payable and accrued expenses (2,603) 14,387
Net change in other operating assets and liabilities (30,579) (20,877)
Total adjustments 464,945 190,428
Net cash flow provided by operating activities 300,901 315,425
Cash flow from investing activities:    
Real estate acquired, net of liabilities and cash assumed (105,846) (315,329)
Real estate developed and improvements to operating real estate (231,963) (183,999)
Proceeds from disposition of real estate and joint venture interests 293,130 773,445
Equity contributions to joint ventures (277) (4,221)
Repayment of joint venture advances, net 0 2,946
Distributions from sale and refinancing of joint venture interests 5,582 9,600
Return of investments in joint ventures 6,533 7,649
Proceeds from sale of available-for-sale securities 0 1,740
Repayment of notes receivable 9,397 341
Change in restricted cash (31,093) 18,235
Net cash flow (used for) provided by investing activities (54,537) 310,407
Cash flow from financing activities:    
Proceeds from (repayments of) revolving credit facilities, net 367,371 (4,390)
Proceeds from issuance of senior notes, net of underwriting commissions and offering expenses 491,972 0
Repayment of senior notes (152,996) 0
Proceeds from mortgages and other debt 300,000 92,063
Repayment of term loans and mortgage debt (1,047,734) (434,074)
Payment of debt issuance costs (4,559) (699)
Redemption of preferred shares 0 (55,000)
Proceeds from issuance of common shares, net of underwriting commissions and offering expenses 0 11,698
Issuance (repurchase) of common shares in conjunction with equity award plans and dividend reinvestment plan 2,811 (4,161)
Contributions from non-controlling interests 0 93
Distributions to non-controlling interests and redeemable operating partnership units (6,065) (3,982)
Dividends paid (197,218) (179,229)
Net cash flow used for financing activities (246,418) (577,681)
Cash and cash equivalents:    
(Decrease) increase in cash and cash equivalents (54) 48,151
Effect of exchange rate changes on cash and cash equivalents 157 (495)
Cash and cash equivalents, beginning of year 20,937 86,664
Cash and cash equivalents, end of period $ 21,040 $ 134,320