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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash Flows — Operating Activities    
Net income $ 284,711 $ 171,924
Adjustments to net income:    
Depreciation and amortization, including intangible assets and deferred financing costs 237,672 232,111
Gain on sale of real estate, net (42,367) (29,212)
Straight-line rent adjustments (27,146) (21,986)
Impairment charges 26,385 0
Amortization of rent-related intangibles and deferred rental revenue 22,701 28,554
Stock-based compensation expense 17,591 14,429
Distributions of earnings from equity method investments 15,907 3,730
Net realized and unrealized (gains) losses on equity securities, extinguishment of debt, foreign currency exchange rate movements, and other (12,621) 39,781
(Earnings) losses from equity method investments (12,173) 9,889
Deferred income tax benefit (1,597) (2,351)
Asset management revenue received in shares of CPA:18 – Global (1,024) (6,292)
Change in allowance for credit losses (980) (6,249)
Net changes in other operating assets and liabilities (60,176) (35,581)
Net Cash Provided by Operating Activities 446,883 398,747
Cash Flows — Investing Activities    
Purchases of real estate (614,397) (837,003)
Proceeds from sales of real estate 115,133 98,433
Proceeds from redemption of securities 65,000 0
Funding for real estate construction, redevelopments, and other capital expenditures on real estate (56,741) (54,381)
Capital contributions to equity method investments (39,609) (88,692)
Funding of short-term loans to affiliates (26,000) (31,000)
Investment in loan receivable (19,293) 0
Proceeds from repayment of short-term loans to affiliates 10,000 37,048
Return of capital from equity method investments 8,105 11,627
Other investing activities, net (2,723) (21,913)
Net Cash Used in Investing Activities (560,525) (885,881)
Cash Flows — Financing Activities    
Proceeds from Unsecured Revolving Credit Facility 696,984 1,088,217
Repayments of Unsecured Revolving Credit Facility (657,866) (893,104)
Dividends paid (407,728) (372,585)
Proceeds from term loan 283,139 0
Proceeds from shares issued under ATM Program, net of selling costs 218,095 302,512
Scheduled payments of mortgage principal (14,705) (20,239)
Prepayments of mortgage principal (10,380) (426,907)
Payments for withholding taxes upon delivery of equity-based awards (6,599) (3,777)
Other financing activities, net 5,656 2,250
Distributions paid to noncontrolling interests (65) (56)
Proceeds from issuance of Senior Unsecured Notes 0 1,038,391
Redemption of Senior Unsecured Notes 0 (617,442)
Proceeds from shares issued under our Equity Forwards, net of selling costs 0 309,864
Payment of financing costs 0 (8,176)
Net Cash Provided by Financing Activities 106,531 398,948
Change in Cash and Cash Equivalents and Restricted Cash During the Period    
Effect of exchange rate changes on cash and cash equivalents and restricted cash (10,346) (5,390)
Net decrease in cash and cash equivalents and restricted cash (17,457) (93,576)
Cash and cash equivalents and restricted cash, beginning of period 217,950 311,779
Cash and cash equivalents and restricted cash, end of period $ 200,493 $ 218,203