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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Cash flows from operating activities:      
Net income $ 114,891 $ 97,463 $ 3,863
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 167,186 167,289 183,833
Gains on sales of properties (24,884) (57,507) (24,472)
Gains on sales of financial assets, net 0 (855) 0
Debt satisfaction (gains) charges, net (25,240) 2,859 3,989
Impairment charges and loan losses 36,832 51,100 48,499
Straight-line rents (46,432) (46,254) (23,538)
Other non-cash (income) expense, net 3,695 (390) 5,248
Equity in (earnings) losses of non-consolidated entities (1,752) (626) 157
Distributions of accumulated earnings from non-consolidated entities, net 2,056 1,381 918
Deferred taxes, net (77) 124 752
Increase (decrease) in accounts payable and other liabilities 4,314 (3,716) 6,223
Change in rent receivable and prepaid rent, net 1,967 (617) 4,420
Increase (decrease) in accrued interest payable 2,438 (963) (1,058)
Other adjustments, net 9,936 5,384 (2,530)
Net cash provided by operating activities: 244,930 214,672 206,304
Cash flows from investing activities:      
Investment in real estate, including intangible assets (349,926) (122,395) (447,571)
Investment in real estate under construction (137,158) (131,153) (106,009)
Capital expenditures (29,110) (17,681) (48,822)
Net proceeds from sale of properties 156,461 237,866 75,519
Principal payments received on loans receivable 4,746 44,661 2,056
Investment in loans receivable (10,274) (43,555) (60,727)
Investments in and advances to non-consolidated entities, net (18,900) (2,948) (8,193)
Distributions from non-consolidated entities in excess of accumulated earnings 1,728 1,314 15,603
Increase in deferred leasing costs (6,681) (10,484) (12,060)
Proceeds from the sale of marketable equity securities 0 725 0
Investment in marketable equity securities 0 (689) 0
Change in escrow deposits and restricted cash 2,745 916 (7,141)
Change in real estate deposits (1,902) 355 (238)
Net cash used in investing activities (388,271) (43,068) (597,583)
Cash flows from financing activities:      
Dividends to common and preferred shareholders (164,737) (159,520) (135,539)
Proceeds from senior notes 0 249,708 247,565
Conversion of convertible notes (529) (233) (3,270)
Principal amortization payments (32,440) (35,206) (34,446)
Principal payments on debt, excluding normal amortization (106,956) (202,262) (347,122)
Change in revolving credit facility borrowing, net 177,000 (48,000) 48,000
Increase in deferred financing costs (9,336) (4,558) (12,307)
Proceeds of mortgages and notes payable 190,843 27,790 253,500
Proceeds from term loans 0 99,000 151,000
Change in restricted cash (1,573) 0 0
Cash distributions to noncontrolling interests (3,688) (4,008) (3,870)
Purchase of a noncontrolling interest (4,022) (2,100) (8,918)
Repurchase of common and preferred shares (18,431) 0 (155,004)
Redemption of noncontrolling interests 0 (1,962) 0
Issuance of common shares, net 19,382 23,563 434,927
Net cash provided by (used in) financing activities 45,513 (57,788) 434,516
Change in cash and cash equivalents (97,828) 113,816 43,237
Cash and cash equivalents, at beginning of year 191,077 77,261 34,024
Cash and cash equivalents, at end of year $ 93,249 $ 191,077 $ 77,261