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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash Flows — Operating Activities    
Net income $ 159,086 $ 294,441
Adjustments to net income:    
Depreciation and amortization, including intangible assets and deferred financing costs 123,487 161,314
Straight-line rent adjustments (20,044) (15,948)
Gain on sale of real estate, net (15,445) (177,749)
Gain on repayment of secured loan receivable (10,650) 0
Stock-based compensation expense 8,856 7,766
Earnings from equity method investments (4,864) (5,236)
Amortization of rent-related intangibles and deferred rental revenue 4,142 10,765
Decrease in allowance for credit losses (4,003) (3,420)
Distributions of earnings from equity method investments 3,687 5,248
Deferred income tax (benefit) expense (1,373) 4,366
Net realized and unrealized losses (gains) on equity securities, extinguishment of debt, foreign currency exchange rate movements, and other 674 (4,755)
Proceeds from sales of net investments in sales-type leases 807,544 0
Net changes in other operating assets and liabilities (15,550) 5,935
Net Cash Provided by Operating Activities 1,035,547 282,727
Cash Flows — Investing Activities    
Purchases of real estate (193,744) (143,645)
Investments in loans receivable (83,731) 0
Proceeds from sales of real estate 60,868 41,025
Value added taxes paid in connection with acquisition of real estate (27,197) (2,622)
Proceeds from repayment of loans receivable 24,000 0
Funding for real estate construction, redevelopments, and other capital expenditures on real estate (19,557) (35,221)
Value added taxes refunded in connection with acquisition of real estate 4,504 3,332
Capital contributions to equity method investments (1,835) (13,716)
Other investing activities, net (693) 391
Return of capital from equity method investments 413 472
Investment deposit 0 (467,075)
Tenant-funded escrow for investing activities 0 29,787
Net Cash Used in Investing Activities (236,972) (587,272)
Cash Flows — Financing Activities    
Repayments of Unsecured Revolving Credit Facility (740,453) (635,648)
Proceeds from Unsecured Revolving Credit Facility 637,587 1,018,971
Dividends paid (190,331) (226,697)
Payments of mortgage principal (69,276) (90,263)
Other financing activities, net (9,653) 1,444
Payments for withholding taxes upon delivery of equity-based awards (6,862) (13,326)
Distributions to noncontrolling interests (50) (136)
Proceeds from shares issued under forward equity, net of selling costs 0 249,943
Contributions from noncontrolling interests 0 2,886
Net Cash (Used in) Provided by Financing Activities (379,038) 307,174
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 (7,485) 4,061
Net increase in cash and cash equivalents and restricted cash 412,052 6,690
Cash and cash equivalents and restricted cash, beginning of period 691,971 224,141
Cash and cash equivalents and restricted cash, end of period $ 1,104,023 $ 230,831