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CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
12 Months Ended
Dec. 31, 2017
USD ($)
Dec. 31, 2016
USD ($)
Dec. 31, 2015
USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 628,381 $ 4,480,104 $ 908,018
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 743,749 705,649 765,895
Amortization of deferred financing costs 8,526 12,633 10,801
Amortization of above/below market lease intangibles 3,828 3,426 3,382
Amortization of discounts and premiums on debt 3,536 (17,986) (10,569)
Amortization of deferred settlements on derivative instruments 18,847 41,680 18,075
Impairment 1,693 0 0
Write-off of pursuit costs 3,106 4,092 2,878
(Income) loss from investments in unconsolidated entities 3,370 (4,801) (15,025)
Distributions from unconsolidated entities – return on capital 2,632 2,863 4,741
Net (gain) loss on sales of investment securities and other investments 0 (58,409) (526)
Net (gain) loss on sales of real estate properties (157,057) (4,044,055) (335,134)
Net (gain) loss on sales of land parcels (19,167) (15,731) 1
Net (gain) loss on sales of discontinued operations 0 (43) 0
Net (gain) loss on debt extinguishment 12,258 114,666 0
Realized/unrealized (gain) loss on derivative instruments 0 74 3,055
Compensation paid with Company Common Shares 24,997 30,530 34,607
Changes in assets and liabilities:      
(Increase) decrease in other assets (449) 31,147 (41,803)
Increase (decrease) in accounts payable and accrued expenses 11,532 (6,061) (1,667)
Increase (decrease) in accrued interest payable (2,911) (24,275) (4,319)
Increase (decrease) in other liabilities (23,468) (26,422) 12,269
Increase (decrease) in security deposits 2,385 (14,958) 1,949
Net cash provided by operating activities 1,265,788 1,214,123 1,356,628
CASH FLOWS FROM INVESTING ACTIVITIES:      
Investment in real estate – acquisitions (466,394) (205,880) (331,336)
Investment in real estate – development/other (276,382) (566,825) (653,897)
Capital expenditures to real estate (202,607) (172,177) (182,113)
Non-real estate capital additions (1,506) (5,731) (3,991)
Interest capitalized for real estate under development (26,290) (51,451) (59,885)
Proceeds from disposition of real estate, net 384,583 6,824,659 504,748
Investments in unconsolidated entities (6,034) (5,266) (23,019)
Distributions from unconsolidated entities – return of capital 334 13,798 51,144
Proceeds from sale of investment securities and other investments 0 72,815 2,535
Net cash provided by (used for) investing activities (594,296) 5,903,942 (695,814)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Debt financing costs (6,289) (13,305) (6,425)
Mortgage notes payable, net:      
Lump sum payoffs (493,420) (583,122) (359,244)
Scheduled principal repayments (10,704) (8,544) (9,275)
Notes, net:      
Proceeds 692,466 496,705 746,391
Lump sum payoffs (497,975) (1,500,000) (300,000)
Line of credit and commercial paper:      
Line of credit proceeds 1,845,000 426,000 3,770,000
Line of credit repayments (1,845,000) (426,000) (4,103,000)
Commercial paper proceeds 5,066,509 1,760,194 3,932,304
Commercial paper repayments (4,786,750) (2,127,472) (3,545,028)
Proceeds from (payments on) settlement of derivative instruments 1,295 (4,662) (13,938)
Proceeds from Employee Share Purchase Plan (ESPP) 3,744 3,686 4,404
Proceeds from exercise of options 31,596 35,833 59,508
Redemption of Preferred Shares 0 0 (12,720)
Premium on redemption of Preferred Shares 0 0 (3,486)
Payment of offering costs (51) (314) (79)
Other financing activities, net (63) (49) (49)
Contributions – Noncontrolling Interests – Partially Owned Properties 125 0 0
Contributions – Noncontrolling Interests – Operating Partnership 0 1 3
Distributions:      
Common Shares (739,375) (4,771,725) (784,748)
Preferred Shares (3,091) (2,318) (3,357)
Noncontrolling Interests – Operating Partnership (27,291) (188,115) (30,869)
Noncontrolling Interests – Partially Owned Properties (8,286) (36,219) (6,559)
Net cash provided by (used for) financing activities (789,818) (7,054,092) (666,167)
Net increase (decrease) in cash and cash equivalents and restricted deposits (118,326) 63,973 (5,353)
Cash and cash equivalents and restricted deposits, beginning of year 219,088 155,115 160,468
Cash and cash equivalents and restricted deposits, end of year 100,762 219,088 155,115
Cash and cash equivalents 50,647 77,207 42,276
Restricted deposits 50,115 141,881 112,839
SUPPLEMENTAL INFORMATION:      
Cash paid for interest, net of amounts capitalized 360,273 482,152 436,748
Net cash paid for income and other taxes 640 1,494 1,264
Real estate acquisitions/dispositions/other:      
Mortgage loans assumed 0 43,400 0
Amortization of deferred financing costs:      
Other assets 2,412 3,366 3,054
Mortgage notes payable, net 2,493 3,978 3,589
Notes, net 3,621 5,289 4,158
Amortization of discounts and premiums on debt:      
Mortgage notes payable, net 1,172 (21,158) (13,126)
Notes, net 2,364 3,172 2,557
Amortization of deferred settlements on derivative instruments:      
Other liabilities (11) (78) (169)
Accumulated other comprehensive income 18,858 41,758 18,244
Write-off of pursuit costs:      
Investment in real estate, net 2,965 3,586 2,804
Other assets 17 402 74
Accounts payable and accrued expenses 124 104 0
(Income) loss from investments in unconsolidated entities:      
Investments in unconsolidated entities 1,955 (6,327) (17,340)
Other liabilities 1,415 1,526 2,315
Distributions from unconsolidated entities – return on capital:      
Investments in unconsolidated entities 2,632 2,863 4,606
Other liabilities 0 0 135
Realized/unrealized (gain) loss on derivative instruments:      
Other assets (4,582) 1,798 (3,573)
Notes, net (3,454) (1,798) 2,058
Other liabilities 1,597 3,989 2,351
Accumulated other comprehensive income 6,439 (3,915) 2,219
Investments in unconsolidated entities:      
Investments in unconsolidated entities (3,034) (2,326) (1,404)
Other liabilities (3,000) (2,940) (21,615)
Distributions from unconsolidated entities - return of capital:      
Investments in unconsolidated entities 334 14,014 51,144
Other assets 0 (216) 0
Debt financing costs:      
Other assets 0 (8,553) 0
Mortgage notes payable, net 0 (507) (35)
Notes, net (6,289) (4,245) (6,390)
Proceeds from (payments on) settlement of derivative instruments:      
Other assets 1,295 0 1,848
Other liabilities 0 (4,662) (15,786)
Other:      
Foreign currency translation adjustments 0 (264) 327
Notes, Net [Member]      
CASH FLOWS FROM FINANCING ACTIVITIES:      
Net gain (loss) on debt extinguishment 0 (82,934) 0
Mortgage Notes Payable, Net [Member]      
CASH FLOWS FROM FINANCING ACTIVITIES:      
Net gain (loss) on debt extinguishment $ (12,258) $ (31,732) $ 0