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10-K
MACERICH CO filed this Form 10-K on 02/23/2018
Entire Document
 

THE MACERICH COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
 
For the Years Ended December 31,
 
2017
 
2016
 
2015
Cash flows from operating activities:
 
 
 
 
 
Net income
$
161,673

 
$
554,839

 
$
522,912

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
 
Gain on extinguishment of debt, net

 
(1,709
)
 
(1,487
)
Gain on sale or write down of assets, net
(42,446
)
 
(415,348
)
 
(378,248
)
Gain on remeasurement of assets

 

 
(22,089
)
Depreciation and amortization
341,275

 
355,358

 
471,320

Amortization of net premium on mortgage notes payable
(3,277
)
 
(4,048
)
 
(20,232
)
Amortization of share and unit-based plans
30,799

 
33,288

 
28,367

Straight-line rent adjustment
(8,597
)
 
(5,237
)
 
(7,192
)
Amortization of above and below-market leases
(964
)
 
(12,815
)
 
(16,510
)
Provision for doubtful accounts
4,314

 
3,586

 
4,698

Income tax expense (benefit)
15,594

 
722

 
(3,223
)
Equity in income of unconsolidated joint ventures
(85,546
)
 
(56,941
)
 
(45,164
)
Co-venture expense
13,629

 
13,382

 
11,804

Distributions of income from unconsolidated joint ventures
463

 
7,248

 
4,541

Changes in assets and liabilities, net of acquisitions and dispositions:
 
 
 
 
 
Tenant and other receivables
(6,508
)
 
(7,585
)
 
1,908

Other assets
(4,414
)
 
(20,033
)
 
13,892

Due from affiliates
(13,982
)
 
15,983

 
(7,025
)
Accounts payable and accrued expenses
(5,822
)
 
(8,929
)
 
(4,014
)
Other accrued liabilities
(9,802
)
 
(22,227
)
 
698

Net cash provided by operating activities
386,389

 
429,534

 
554,956

Cash flows from investing activities:
 
 
 
 
 
Acquisition of properties

 

 
(26,250
)
Development, redevelopment, expansion and renovation of properties
(160,343
)
 
(211,616
)
 
(272,334
)
Property improvements
(41,807
)
 
(47,863
)
 
(53,335
)
Proceeds from repayment of notes receivable
7,073

 
3,677

 
1,833

Deposit on acquisition of property

 

 
(12,500
)
Deferred leasing costs
(31,655
)
 
(28,074
)
 
(33,902
)
Distributions from unconsolidated joint ventures
267,964

 
444,095

 
105,640

Contributions to unconsolidated joint ventures
(117,538
)
 
(430,428
)
 
(426,186
)
Proceeds from sale of assets
255,294

 
724,275

 
646,898

Restricted cash
(2,116
)
 
(10,953
)
 
(30,888
)
Net cash provided by (used in) investing activities
176,872

 
443,113

 
(101,024
)
The accompanying notes are an integral part of these consolidated financial statements.

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