XML 40 R8.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Cash flow from operating activities:    
Net income $ 70,508 $ 59,148
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 62,773 64,885
Impairment charges 3,229 9,563
Gain on sale of operating properties (3,577) (11,979)
Equity in income of joint ventures, net (24,111) (34,738)
Gains on change in control of interests (23,170) (2,008)
Equity in income from other real estate investments, net (11,163) (11,027)
Distributions from joint ventures and other real estate investments 43,321 60,453
Change in accounts and notes receivable 7,030 13,563
Change in accounts payable and accrued expenses 18,277 17,215
Change in other operating assets and liabilities 6,768 (8,201)
Net cash flow provided by operating activities 149,885 156,874
Cash flow from investing activities:    
Acquisition of and improvements to operating real estate (83,276) (142,187)
Acquisition of and improvements to real estate under development (110) (47)
Investment in marketable securities (33,588)  
Proceeds from sale/repayments of marketable securities 164 84
Investments and advances to real estate joint ventures (41,153) (40,090)
Reimbursements of investments and advances to real estate joint ventures 20,958 42,267
Investment in other real estate investments (22,818) (2,553)
Reimbursements of investments and advances to other real estate investments 1,050 6,024
Investment in mortgage loans receivable (5,057)  
Collection of mortgage loans receivable 6,022 1,635
Investment in other investments (21,366) (436)
Reimbursements of other investments 463 8,235
Proceeds from sale of operating properties 17,114 94,589
Net cash flow used for investing activities (161,597) (32,479)
Cash flow from financing activities:    
Principal payments on debt, excluding normal amortization of rental property debt (16,538) (81,048)
Principal payments on rental property debt (6,281) (6,312)
Proceeds from mortgage/construction loan financings 5,374 6,276
Borrowings/(repayments) under unsecured revolving credit facility, net 250,000 (185,570)
Borrowings under unsecured term loan 78,118  
Repayments under unsecured term loan/notes (178,309)  
Financing origination costs (1,159) (158)
Redemption of/distribution to noncontrolling interests (2,502) (1,912)
Dividends paid (97,744) (92,158)
Proceeds from issuance of stock 5,772 392,001
Repurchase of common stock   (26,096)
Net cash flow provided by financing activities 36,731 5,023
Change in cash and cash equivalents 25,019 129,418
Cash and cash equivalents, beginning of year 141,875 112,882
Cash and cash equivalents, end of year 166,894 242,300
Interest paid during the year (net of capitalized interest of $219 and $627, respectively) 37,425 36,611
Income taxes paid during the year $ 111 $ 626