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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Cash flow from operating activities:      
Net income (loss) $ 61,199 $ (70,310) $ 113,565
Adjustments to reconcile net income (loss) to net cash flow provided by operating activities:      
Depreciation and amortization 389,519 402,045 419,079
Stock-based compensation 7,765 7,895 9,962
Amortization and write-off of deferred finance charges and fair market value of debt adjustments 2,147 (5,315) (6,488)
Accretion of convertible debt discount 0 9,953 11,377
Equity in net (income) loss of joint ventures (15,699) 3,135 (10,989)
Impairment of joint venture investments 0 1,909 30,652
Net loss (gain) on sale and change in control of interests 1,087 (7,772) (87,996)
Operating cash distributions from joint ventures 8,210 8,382 10,749
Realized gain on sale of available-for-sale securities 0 0 (1,416)
Gain on disposition of real estate (73,386) (167,571) (99,069)
Impairment charges and loan loss reserve 110,906 279,021 38,552
Change in notes receivable accrued interest (9,487) (8,048) (8,259)
Change in restricted cash 2,241 1,111 7,060
Net change in accounts receivable 1,410 (3,107) (2,357)
Net change in accounts payable and accrued expenses (9,775) 174 14,630
Net change in other operating assets and liabilities (13,222) (16,915) (18,770)
Total adjustments 401,716 504,897 306,717
Net cash flow provided by operating activities 462,915 434,587 420,282
Cash flow from investing activities:      
Real estate acquired, net of liabilities and cash assumed (145,975) (176,020) (330,929)
Real estate developed and improvements to operating real estate (162,926) (305,725) (260,897)
Proceeds from disposition of real estate and joint venture interests 758,064 488,229 977,189
Equity contributions to joint ventures (6,849) (6,142) (21,754)
Issuance (repayment) of joint venture advances, net 10,000 (82,634) (258,248)
Distributions from unconsolidated joint ventures 26,793 18,123 25,693
Proceeds from sale of available-for-sale securities 0 0 3,216
Issuance of notes receivable (11,139) 0 0
Repayment of notes receivable 5,065 9,521 1,436
Change in restricted cash (943) 160 17,490
Net cash flow provided by (used for) investing activities 472,090 (54,488) 153,196
Cash flow from financing activities:      
(Repayment of) proceeds from revolving credit facilities, net (210,000) 182,371 2,110
Proceeds from issuance of senior notes, net of underwriting commissions and offering expenses 0 884,786 0
Repayment of senior notes (240,000) (502,996) 0
Proceeds from mortgages and other secured debt 0 400,000 151,302
Repayment of term loans and mortgage debt (195,495) (1,068,924) (497,238)
Payment of debt issuance costs (43) (4,605) (1,046)
Redemption of preferred shares 0 0 (55,000)
Proceeds from issuance of common shares, net of underwriting commissions and offering expenses 0 0 11,635
Issuance (repurchase) of common shares in conjunction with equity award plans and dividend reinvestment plan 13,536 2,325 (494)
Contributions from non-controlling interests 0 0 93
Distributions to non-controlling interests and redeemable operating partnership units (1,085) (6,452) (9,446)
Dividends paid (293,905) (265,277) (240,551)
Net cash flow used for financing activities (926,992) (378,772) (638,635)
Cash and cash equivalents:      
Increase (decrease) in cash and cash equivalents 8,013 1,327 (65,157)
Effect of exchange rate changes on cash and cash equivalents 1 152 (570)
Cash and cash equivalents, beginning of year 22,416 20,937 86,664
Cash and cash equivalents, end of year $ 30,430 $ 22,416 $ 20,937