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Consolidated Statements of Cash Flows
$ in Thousands
 9 Months Ended
Sep. 30, 2017
USD ($)
Sep. 30, 2016
USD ($)
Cash flows from operating activities    
Net income $ 57,981 $ 226,427
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 71,096 94,184
Amortization of above and below market leases, net (4,638) (2,791)
Amortization of debt premiums, discounts and financing costs 947 4,725
Straight-line rental income (1,418) 414
Provision for asset impairment 16,440 117,722
Gain on sale of investment properties, net (31,749) (341,778)
(Gain) loss on extinguishment of debt (838) 13,143
Equity in earnings of unconsolidated entities (1,895) (7,721)
Distributions from unconsolidated entities 351 3,951
Gain on sale of investment in unconsolidated entities 0 (1,434)
Marketable securities realized (gain) and impairment, net (30,940) 698
Non-cash stock-based compensation, net 4,007 2,558
Debt prepayment penalties and defeasance costs 0 (11,140)
Changes in assets and liabilities:    
Accounts and rents receivable 1,682 2,422
Deferred costs and other assets 6,326 7,888
Accounts payable and accrued expenses 3,988 (9,410)
Other liabilities 3,546 (3,172)
Net cash provided by operating activities 94,886 96,686
Cash flows from investing activities    
Purchase of investment properties (490,755) (360,770)
Acquired in-place and market lease intangibles, net (50,207) (21,144)
Capital expenditures and tenant improvements (20,278) (4,200)
Investment in development projects 0 (53,077)
Proceeds from sale of investment properties, net 162,512 1,533,492
Proceeds from sale of marketable securities, net 140,171 1,591
Proceeds and return of capital from the sale of unconsolidated entities 0 5,480
Contributions to unconsolidated entities (6,109) (5,850)
Distributions from unconsolidated entities 1,285 8,721
Lease commissions and other leasing costs (2,201) (2,306)
Change in restricted cash 13,894 900
Other assets 5,747 (8,911)
Net cash (used in) provided by investing activities (245,941) 1,093,926
Cash flows from financing activities    
Distributions (39,917) (84,056)
Refund of excess funds associated with 2016 tender offer 1,929 0
Proceeds from debt 0 299,735
Payoffs of debt (104,032) (999,094)
Principal payments of mortgage debt (1,022) (10,526)
Payment of loan fees and deposits (343) (31)
Cash contributed to Highlands REIT, Inc. 0 (21,195)
Net cash used in financing activities (143,385) (815,167)
Net (decrease) increase in cash and cash equivalents (294,440) 375,445
Cash and cash equivalents, at beginning of period 397,250 203,285
Cash and cash equivalents, at end of period 102,810 578,730
Supplemental disclosure of cash flow information    
Cash paid for interest, net of capitalized interest of $0 and $1,147 23,973 49,574
Cash paid for income taxes, net of refunds of $509 and $1,344 684 1,260
Supplemental schedule of non-cash investing and financing activities    
Assumption of mortgage debt upon acquisition of investment property 41,717 16,000
Accrued contingent consideration through acquisition of investment property 9,714  
Net assets transferred at sale of real estate investments 3,894 2,007
Net assets acquired at purchase of real estate investments 3,102 2,290
Property surrendered in extinguishment of debt 2,440 0
Assumption of lender held escrows through acquisition of investment property 586 0
Net equity distributed to Highlands REIT, Inc. (net of cash contributed) 0 129,910
Mortgage assumed by buyer through disposition of investment properties 0 131,189
Like-kind exchange of real estate:    
Restricted cash used in purchase of investment properties 39,800 0
Restricted cash proceeds from sale of investment properties $ 39,760 $ 0