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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Operating Activities      
Net income $ 654,282 $ 827,171 $ 404,047
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 821,061 698,104 544,612
Impairment of real estate 52,675 48,078 12,334
Gain on sales of real estate (126,570) (154,089) (474)
Loss on early extinguishment of debt 67,253 60,668 47,570
Equity in earnings of unconsolidated real estate joint ventures (12,255) (8,148) (10,136)
Distributions of earnings from unconsolidated real estate joint ventures 20,350 5,908 2,796
Amortization of loan fees 11,441 10,494 9,105
Amortization of debt premiums (2,041) (3,555) (3,777)
Amortization of acquired above- and below-market leases (54,780) (57,244) (29,813)
Deferred rent (115,145) (96,676) (104,235)
Stock compensation expense 48,669 43,502 43,640
Investment income (259,477) (421,321) (194,647)
Changes in operating assets and liabilities:      
Tenant receivables (44) 2,804 (897)
Deferred leasing costs (131,560) (61,067) (54,455)
Other assets (24,591) (10,997) (20,825)
Accounts payable, accrued expenses, and other liabilities 60,929 (1,122) 39,012
Net cash provided by operating activities 1,010,197 882,510 683,857
Investing Activities      
Proceeds from sales of real estate 190,576 747,020 6,619
Additions to real estate (2,089,849) (1,445,171) (1,224,541)
Purchases of real estate (5,434,652) (2,570,693) (2,259,778)
Change in escrow deposits (161,696) 7,408 (18,107)
Sales of interest in unconsolidated real estate joint ventures 394,952 0 0
Acquisitions of interest in unconsolidated real estate joint venture (9,048) 0 0
Investments in unconsolidated real estate joint ventures (13,666) (3,444) (102,081)
Return of capital from unconsolidated real estate joint ventures 0 20,225 14
Additions to non-real estate investments (408,564) (174,655) (190,778)
Sales of and distributions from non-real estate investments 424,623 141,149 147,332
Net cash used in investing activities (7,107,324) (3,278,161) (3,641,320)
Financing Activities      
Borrowings from secured notes payable 10,005 0 0
Repayments of borrowings from secured notes payable (17,979) (84,104) (306,199)
Payment for the defeasance of secured note payable 0 (32,865) 0
Proceeds from issuance of unsecured senior notes payable 1,743,716 1,697,651 2,721,169
Repayments of unsecured senior notes payable (650,000) (500,000) (950,000)
Borrowings from unsecured senior line of credit 3,521,000 2,700,000 5,056,000
Repayments of borrowings from unsecured senior line of credit (3,521,000) (3,084,000) (4,880,000)
Proceeds from issuance under commercial paper program 30,951,300 23,539,400 2,233,000
Repayments of borrowings from commercial paper program (30,781,300) (23,439,400) (2,233,000)
Repayments of borrowings from unsecured senior bank term loan 0 0 (350,000)
Premium paid for early extinguishment of debt (66,829) (54,385) (41,351)
Payments of loan fees (18,938) (32,309) (27,182)
Taxes paid related to net settlement of equity awards (34,338) (21,322) (25,477)
Repurchase of 7.00% Series D cumulative convertible preferred stock 0 0 (9,240)
Proceeds from issuance of common stock 3,529,097 2,315,862 1,216,445
Dividends on common stock (655,968) (532,980) (447,029)
Dividends on preferred stock 0 0 (4,141)
Contributions from and sales of noncontrolling interests 2,026,486 367,613 1,022,712
Distributions to and purchases of noncontrolling interests (118,891) (88,805) (48,225)
Net cash provided by financing activities 5,916,361 2,750,356 2,927,482
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash (1,712) 311 540
Net (decrease) increase in cash, cash equivalents, and restricted cash (182,478) 355,016 (29,441)
Cash, cash equivalents, and restricted cash as of the beginning of period 597,705 242,689 272,130
Cash, cash equivalents, and restricted cash as of the end of period 415,227 597,705 242,689
Supplemental Disclosure and Non-Cash Investing and Financing Activities:      
Cash paid during the period for interest, net of interest capitalized 139,471 161,351 146,165
Accrued construction for current-period additions to real estate 474,751 275,454 220,773
Assumption of secured notes payable in connection with purchase of properties 0 0 (28,200)
Right-of-use asset 103,860 87,554 269,189
Lease liability (103,860) (87,554) (275,175)
Consolidation of real estate assets in connection with our acquisition of partner’s interest in unconsolidated real estate joint venture 19,613 0 0
Assumption of secured note payable in connection with acquisition of partner’s interest in unconsolidated real estate joint venture (14,558) 0 0
Deferred purchase price in connection with acquisitions of real estate (81,119) 0 0
Assignment of secured notes payable in connection with sale of real estate 28,200 0 0
Contribution of assets from real estate joint venture partner 118,750 350,000 115,167
Issuance of noncontrolling interest to joint venture partner (118,750) (292,930) 0
Issuance of common stock for conversion of 7.00% Series D preferred stock $ 0 $ 0 $ 57,461