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10-Q
MACERICH CO filed this Form 10-Q on 11/05/2018
Entire Document
 

THE MACERICH COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(Unaudited)
 
For the Nine Months Ended September 30,
 
2018
 
2017
Cash flows from operating activities:
 
 
 
Net income
$
55,726

 
$
123,089

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Loss (gain) on sale or write down of assets, net
514

 
(37,234
)
Depreciation and amortization
246,038

 
253,793

Amortization of premium on mortgage notes payable
(696
)
 
(2,799
)
Amortization of share and unit-based plans
22,644

 
25,159

Straight-line rent adjustment
(8,963
)
 
(7,502
)
Amortization of above and below-market leases
(2,461
)
 
(408
)
Provision for doubtful accounts
3,787

 
3,806

Income tax benefit
(1,799
)
 
(178
)
Equity in income of unconsolidated joint ventures
(51,330
)
 
(56,772
)
Distributions of income from unconsolidated joint ventures
1,664

 

Change in fair value of financing arrangement obligation
(9,279
)
 

Co-venture expense

 
11,150

Changes in assets and liabilities, net of dispositions:
 
 
 
Tenant and other receivables
2,579

 
838

Other assets
7,143

 
11,743

Due from affiliates
(5,508
)
 
(13,004
)
Accounts payable and accrued expenses
6,692

 
11,263

Other accrued liabilities
(19,590
)
 
(23,094
)
Net cash provided by operating activities
247,161

 
299,850

Cash flows from investing activities:
 
 
 
Development, redevelopment, expansion and renovation of properties
(133,325
)
 
(90,758
)
Property improvements
(32,858
)
 
(34,425
)
Proceeds from repayment of notes receivable
829

 
628

Deferred leasing costs
(23,792
)
 
(25,045
)
Distributions from unconsolidated joint ventures
541,336

 
226,152

Contributions to unconsolidated joint ventures
(179,060
)
 
(80,332
)
Proceeds from sale of assets
83,029

 
168,471

Net cash provided by investing activities
256,159

 
164,691

 
 
 
 

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