CONSOLIDATED STATEMENTS OF CASH FLOWS  (Dollars in thousands) For the Twelve Months Ended December 31, 2011 2010 2009 CASH FLOWS FROM OPERATING ACTIVITIES:  Consolidated Net Income  $ 1,245,900 $  753,514 $  387,262 Adjustments to reconcile consolidated net income to net cash provided by operating activities —  Depreciation and amortization   1,112,438 1,016,027 1,009,490 Loss on debt extinguishment  — 350,688 — Impairment charges 8,169 240,050 (Gain) loss upon acquisition of controlling interests, and on sale or disposal of assets and interests in unconsolidated entities, net  (216,629) (321,036)  30,108 Straight-line rent (30,308) (24,487)  (24,653) Equity in income of unconsolidated entities  (81,238) (75,921)  (40,220) Distributions of income from unconsolidated entities 112,977 109,050  105,318 Changes in assets and liabilities —  Tenant receivables and accrued revenue, net  (19,370) 2,144  37,465 Deferred costs and other assets  (58,924) (40,388)  (28,089) Accounts payable, accrued expenses, intangibles,  deferred revenues and other liabilities  (58,959) (22,550)  3,789 Net cash provided by operating activities 2,005,887 1,755,210  1,720,520 CASH FLOWS FROM INVESTING ACTIVITIES:  Acquisitions  (1,259,623) (976,276)  — Funding of loans to related parties  — (29,500)  (120,000) Repayments of loans to related parties  10,500 8,700 Capital expenditures, net  (445,495) (256,312)  (376,275) Cash from acquisitions and cash impact from the consolidation and deconsolidation of properties  19,302 27,015 — Net proceeds from sale of assets  136,013 301,425  33,106 Investments in unconsolidated entities  (20,807) (193,925)  (107,204) Purchase of marketable and non-marketable securities  (42,015) (16,157)  (132,984) Sale of marketable and non-marketable securities  6,866 26,175  74,116 Purchase of loans held for investment  — (433,033)  — Repayments of loans held for investment  235,124 37,574 Distributions of capital from unconsolidated entities and other  376,593 255,819 201,550 Net cash used in investing activities (994,042) (1,246,695)  (418,991) CASH FLOWS FROM FINANCING ACTIVITIES:  Proceeds from sales of common stock and other  5,313 4,166 1,642,228 Preferred stock redemptions  — (10,994)  (87,689) Distributions to noncontrolling interest holders in properties  (28,793) (24,615)  (30,706) Contributions from noncontrolling interest holders in properties  1,217 1,058 2,795 Preferred distributions of the Operating Partnership  (1,915) (2,315)  (11,885) Preferred dividends and distributions to stockholders  (1,030,744) (763,881)  (148,507) Distributions to limited partners  (211,497) (153,247)  (25,658) Loss on debt extinguishment  — (350,688)  — Mortgage and other indebtedness proceeds, net of transaction costs  1,655,203  3,858,815  3,220,706 Mortgage and other indebtedness principal payments  (1,398,697) (6,227,814)  (2,678,639) Net cash (used in) provided by financing activities  (1,009,913 ) (3,669,515)  1,882,645 INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS 1,932 (3,161,000)  3,184,174 CASH AND CASH EQUIVALENTS, beginning of year 796,718 3,957,718 773,544 CASH AND CASH EQUIVALENTS, end of year $ 798,650 $ 796,718  $ 3,957,718 The accompanying notes are an integral part of these statements. 2011 Annual Report 33