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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Cash Flows — Operating Activities      
Net income $ 424,341 $ 285,083 $ 274,807
Adjustments to net income:      
Depreciation and amortization, including intangible assets and deferred financing costs 298,166 261,415 279,693
Gain on sale of real estate (118,605) (33,878) (71,318)
Distributions of earnings from equity method investments 62,015 66,259 64,650
Equity in earnings of equity method investments in the Managed Programs and real estate (61,514) (64,750) (64,719)
Amortization of rent-related intangibles and deferred rental revenue 51,132 55,051 3,322
Investment Management revenue received in shares of Managed REITs and other (49,110) (69,658) (31,786)
Gain on change in control of interests (47,814) 0 0
Straight-line rent adjustments (21,994) (16,980) (17,836)
Stock-based compensation expense 18,294 18,917 21,222
Realized and unrealized (gains) losses on foreign currency transactions, derivatives, and other (17,644) 16,879 4,458
Deferred income taxes (6,279) (20,013) (21,444)
Impairment charges 4,790 2,769 59,303
Allowance for credit losses 0 0 7,064
Changes in assets and liabilities:      
Net changes in other operating assets and liabilities (28,054) 9,390 27,637
Deferred structuring revenue received 9,456 16,705 20,695
Increase in deferred structuring revenue receivable (8,014) (6,530) (8,951)
Net Cash Provided by Operating Activities 509,166 520,659 546,797
Cash Flows — Investing Activities      
Purchases of real estate (719,548) (31,842) (531,694)
Proceeds from sales of real estate 431,626 159,933 542,422
Cash and restricted cash acquired in connection with the CPA:17 Merger 113,634 0 0
Funding for real estate construction, redevelopments, and other capital expenditures on real estate (107,684) (78,367) (64,441)
Proceeds from repayment of short-term loans to affiliates 37,000 277,894 37,053
Capital contributions to equity method investments (18,173) (1,291) (147)
Return of capital from equity method investments 16,382 10,085 6,498
Funding of short-term loans to affiliates (10,000) (123,492) (257,500)
Other investing activities, net (7,681) 1,318 (847)
Cash paid to stockholders of CPA:17 – Global in the CPA:17 Merger (1,688) 0 0
Deconsolidation of affiliate (Note 2) 0 0 (15,408)
Investment in assets of affiliate (Note 2) 0 0 (14,861)
Proceeds from limited partnership units issued by affiliate (Note 2) 0 0 14,184
Net Cash (Used in) Provided by Investing Activities (266,132) 214,238 (284,741)
Cash Flows — Financing Activities      
Repayments of Senior Unsecured Credit Facility (2,108,629) (1,680,198) (954,006)
Proceeds from Senior Unsecured Credit Facility 1,403,254 1,302,463 1,154,157
Proceeds from issuance of Senior Unsecured Notes 1,183,828 530,456 348,887
Dividends paid (440,431) (431,182) (416,655)
Proceeds from shares issued under “at-the-market” offering, net of selling costs 287,544 22,824 84,063
Prepayments of mortgage principal (207,450) (193,434) (327,477)
Scheduled payments of mortgage principal (100,433) (344,440) (170,979)
Distributions paid to noncontrolling interests (18,216) (20,643) (17,030)
Payments for withholding taxes upon delivery of equity-based awards and exercises of stock options (13,985) (11,969) (16,291)
Payment of financing costs (8,059) (12,675) (3,619)
Other financing activities, net (1,465) (1,301) 2,646
Repurchase of shares in connection with CPA:17 Merger (1,178) 0 0
Proceeds from mortgage financing 857 4,083 33,935
Contributions from noncontrolling interests 71 90,550 346
Net Cash Used in Financing Activities (24,292) (745,466) (282,023)
Change in Cash and Cash Equivalents and Restricted Cash During the Year      
Effect of exchange rate changes on cash and cash equivalents and restricted cash (4,355) 9,514 (7,336)
Net increase (decrease) in cash and cash equivalents and restricted cash 214,387 (1,055) (27,303)
Cash and cash equivalents and restricted cash, beginning of year 209,676 210,731 238,034
Cash and cash equivalents and restricted cash, end of year $ 424,063 $ 209,676 $ 210,731