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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 FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 4,480,104 $ 908,018 $ 658,683
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 705,649 765,895 758,861
Amortization of deferred financing costs 12,633 10,801 11,088
Amortization of above/below market leases 3,426 3,382 3,222
Amortization of discounts and premiums on debt (17,378) (9,492) (13,520)
Amortization of deferred settlements on derivative instruments 41,680 18,075 16,334
Write-off of pursuit costs 4,092 3,208 3,607
(Income) loss from investments in unconsolidated entities (4,801) (15,025) 7,952
Distributions from unconsolidated entities – return on capital 2,863 4,741 5,570
Net (gain) on sales of investment securities and other investments (58,409) (526) (57)
Net (gain) on sales of real estate properties (4,044,055) (335,134) (212,685)
Net (gain) loss on sales of land parcels (15,731) 1 (5,277)
Net (gain) on sales of discontinued operations (43) 0 (179)
Realized/unrealized loss (gain) on derivative instruments 74 3,055 (60)
Compensation paid with Company Common Shares 30,530 34,607 27,543
Changes in assets and liabilities:      
Decrease (increase) in deposits – restricted 11,450 (1,794) (1,740)
(Increase) decrease in mortgage deposits (26) 258 1,452
Decrease (increase) in other assets 31,147 (41,803) 21,773
(Decrease) increase in accounts payable and accrued expenses (6,061) (1,667) 17,797
(Decrease) increase in accrued interest payable (24,275) (4,319) 11,231
(Decrease) increase in other liabilities (26,422) 12,269 8,437
(Decrease) increase in security deposits (14,958) 1,949 4,041
Net cash provided by operating activities 1,111,489 1,356,499 1,324,073
CASH FLOWS FROM INVESTING ACTIVITIES:      
Investment in real estate – acquisitions (205,880) (331,336) (469,989)
Investment in real estate – development/other (566,825) (653,897) (530,387)
Capital expenditures to real estate (172,177) (182,113) (185,957)
Non-real estate capital additions (5,731) (3,991) (5,286)
Interest capitalized for real estate and unconsolidated entities under development (51,451) (59,885) (52,782)
Proceeds from disposition of real estate, net 6,824,659 504,748 522,647
Investments in unconsolidated entities (5,266) (23,019) (15,768)
Distributions from unconsolidated entities – return of capital 13,798 51,144 103,793
Proceeds from sale of investment securities and other investments 72,815 2,535 57
(Increase) decrease in deposits on real estate acquisitions and investments, net (32,503) 17,874 33,004
Decrease (increase) in mortgage deposits 534 (531) 798
Consolidation of previously unconsolidated properties 0 0 (44,796)
Net cash provided by (used for) investing activities 5,871,973 (678,471) (644,666)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Debt financing costs (13,305) (6,425) (10,982)
Mortgage deposits (8,497) (8,588) (7,699)
Mortgage notes payable:      
Lump sum payoffs (583,122) (359,244) (88,788)
Scheduled principal repayments (8,544) (9,275) (11,869)
Notes, net:      
Proceeds 496,705 746,391 1,194,277
Lump sum payoffs (1,500,000) (300,000) (1,250,000)
Line of credit and commercial paper:      
Line of credit proceeds 426,000 3,770,000 7,167,000
Line of credit repayments (426,000) (4,103,000) (6,949,000)
Commercial paper proceeds 1,759,586 3,931,227 0
Commercial paper repayments (2,127,472) (3,545,028) 0
(Payments on) settlement of derivative instruments (4,662) (13,938) (758)
Proceeds from Employee Share Purchase Plan (ESPP) 3,686 4,404 3,392
Proceeds from exercise of options 35,833 59,508 82,573
Common Shares repurchased and retired 0 0 (1,777)
Redemption of Preferred Shares 0 (12,720) 0
Premium on redemption of Preferred Shares 0 (3,486) 0
Payment of offering costs (314) (79) (41)
Other financing activities, net (49) (49) (49)
Acquisition of Noncontrolling Interests – Partially Owned Properties 0 0 (5,501)
Contributions – Noncontrolling Interests – Partially Owned Properties 0 0 5,684
Contributions – Noncontrolling Interests – Operating Partnership 1 3 3
Distributions:      
Common Shares (4,771,725) (784,748) (776,659)
Preferred Shares (2,318) (3,357) (4,145)
Noncontrolling Interests – Operating Partnership (188,115) (30,869) (30,744)
Noncontrolling Interests – Partially Owned Properties (36,219) (6,559) (7,778)
Net cash (used for) financing activities (6,948,531) (675,832) (692,861)
Net increase (decrease) in cash and cash equivalents 34,931 2,196 (13,454)
Cash and cash equivalents, beginning of year 42,276 40,080 53,534
Cash and cash equivalents, end of year 77,207 42,276 40,080
SUPPLEMENTAL INFORMATION:      
Cash paid for interest, net of amounts capitalized 482,152 436,748 443,125
Net cash paid for income and other taxes 1,494 1,264 1,517
Real estate acquisitions/dispositions/other:      
Mortgage loans assumed 43,400 0 28,910
Amortization of deferred financing costs:      
Other assets 3,366 3,054 3,054
Mortgage notes payable, net 3,978 3,589 3,075
Notes, net 5,289 4,158 4,959
Amortization of discounts and premiums on debt:      
Mortgage notes payable (21,158) (13,126) (15,904)
Notes, net 3,172 2,557 2,384
Line of credit and commercial paper 608 1,077 0
Amortization of deferred settlements on derivative instruments:      
Other liabilities (78) (169) (534)
Accumulated other comprehensive income 41,758 18,244 16,868
Write-off of pursuit costs [Abstract]      
Investment in real estate, net 3,586 2,804 2,541
Deposits – restricted 0 330 0
Other assets 402 74 1,066
Accounts payable and accrued expenses 104 0 0
(Income) loss from investments in unconsolidated entities:      
Investments in unconsolidated entities (6,327) (17,340) 4,610
Other liabilities 1,526 2,315 3,342
Distributions from unconsolidated entities return on capital:      
Investments in unconsolidated entities 2,863 4,606 5,360
Other liabilities 0 135 210
Realized/unrealized loss (gain) on derivative instruments:      
Other assets 1,798 (3,573) 10,160
Notes, net (1,798) 2,058 1,597
Other liabilities 3,989 2,351 21,489
Accumulated other comprehensive income (3,915) 2,219 (33,306)
Interest capitalized for real estate and unconsolidated entities under development:      
Investment in real estate, net (51,451) (59,885) (52,717)
Investments in unconsolidated entities 0 0 (65)
Investments in unconsolidated entities:      
Investments in unconsolidated entities (2,326) (1,404) (6,318)
Other liabilities (2,940) (21,615) (9,450)
Distributions from unconsolidated entities - return of capital:      
Investments in unconsolidated entities 14,014 51,144 103,793
Other assets (216) 0 0
Consolidation of previously unconsolidated properties:      
Investment in real estate, net 205,880 331,336 469,989
Investments in unconsolidated entities (5,266) (23,019) (15,768)
Accounts payable and accrued expenses (6,061) (1,667) 17,797
Debt financing costs:      
Other assets (8,553) 0 0
Mortgage notes payable, net (507) (35) (448)
Notes, net (4,245) (6,390) (10,534)
(Payments on) settlement of derivative instruments:      
Other assets 0 1,848 6,623
Other liabilities (4,662) (15,786) (7,381)
Other:      
Foreign currency translation adjustments (264) 327 552
Partially Owned Properties – Unconsolidated      
Changes in assets and liabilities:      
(Decrease) increase in accounts payable and accrued expenses 0 0 1,987
CASH FLOWS FROM INVESTING ACTIVITIES:      
Investment in real estate – acquisitions 0 0 64,319
Investments in unconsolidated entities 0 0 (847)
Consolidation of previously unconsolidated properties:      
Investment in real estate, net 0 0 (64,319)
Investments in unconsolidated entities 0 0 (847)
Accounts payable and accrued expenses 0 0 1,987
Other Liabilities $ 0 $ 0 $ 18,383