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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash Flows — Operating Activities    
Net income $ 564,020 $ 388,979
Adjustments to net income:    
Depreciation and amortization, including intangible assets and deferred financing costs 459,830 374,163
Gain on sale of real estate, net (181,958) (37,631)
Straight-line rent adjustments (55,671) (42,342)
Amortization of rent-related intangibles and deferred rental revenue 27,694 34,378
Stock-based compensation expense 25,811 23,102
Impairment charges — real estate 15,173 26,385
Distributions of earnings from equity method investments 15,107 26,276
Earnings from equity method investments (14,569) (23,477)
Decrease in allowance for credit losses (6,113) (27,777)
Deferred income tax benefit (2,706) (1,561)
Net realized and unrealized (gains) losses on equity securities, extinguishment of debt, foreign currency exchange rate movements, and other (1,837) 22,322
Gain on change in control of interests 0 (33,931)
Impairment charges — Investment Management goodwill 0 29,334
Asset management revenue received in shares of CPA:18 – Global 0 (1,024)
Net changes in other operating assets and liabilities (32,094) (54,668)
Net Cash Provided by Operating Activities 812,687 702,528
Cash Flows — Investing Activities    
Purchases of real estate (908,271) (1,013,950)
Proceeds from sales of real estate 187,678 170,341
Funding for real estate construction, redevelopments, and other capital expenditures on real estate (90,149) (83,721)
Capital contributions to equity method investments (36,595) (69,127)
Proceeds from repayment of loans receivable 28,000 34,000
Tenant-funded escrow for investing activities 21,717 0
Return of capital from equity method investments 10,081 7,447
Other investing activities, net (4,987) (16,945)
Cash paid to stockholders of CPA:18 – Global in the CPA:18 Merger 0 (423,435)
Cash and restricted cash acquired in connection with the CPA:18 Merger 0 331,063
Proceeds from redemption of WLT preferred stock (Note 9) 0 65,000
Funding of short-term loans to affiliates 0 (26,000)
Proceeds from repayment of short-term loans to affiliates 0 26,000
Investment in loan receivable 0 (20,098)
Net Cash Used in Investing Activities (792,526) (1,019,425)
Cash Flows — Financing Activities    
Proceeds from Unsecured Revolving Credit Facility 2,217,896 1,460,226
Repayments of Unsecured Revolving Credit Facility (1,977,451) (1,357,254)
Dividends paid (686,163) (613,302)
Proceeds from term loans 546,014 283,139
Scheduled payments of mortgage principal (251,028) (51,548)
Proceeds from shares issued under forward equity, net of selling costs 249,806 97,456
Prepayments of mortgage principal (99,388) (10,381)
Payment of financing costs (14,696) (2,128)
Payments for withholding taxes upon delivery of equity-based awards (13,679) (6,612)
Distributions to noncontrolling interests (3,059) (176)
Contributions from noncontrolling interests 2,886 0
Other financing activities, net (558) 11,781
Proceeds from issuance of Senior Unsecured Notes 0 334,775
Proceeds from shares issued under our prior ATM Program, net of selling costs 0 218,081
Net Cash (Used in) Provided by Financing Activities (29,420) 364,057
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 (958) (15,097)
Net (decrease) increase in cash and cash equivalents and restricted cash (10,217) 32,063
Cash and cash equivalents and restricted cash, beginning of period 224,141 217,950
Cash and cash equivalents and restricted cash, end of period $ 213,924 $ 250,013