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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
1 Months Ended 12 Months Ended
Jan. 31, 2019
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:          
Net income   $ 877,758 $ 517,582 $ 451,123  
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation and amortization   241,879 224,444 219,857  
Amortization of deferred financing costs   10,587 9,386 11,989  
Non-cash interest expense related to amortization of discount on equity component of exchangeable senior notes   0 3,675 4,742  
Non-cash lease expense   1,869 1,173 1,064  
Compensation expense related to stock-based awards   17,303 16,281 13,051  
Accrual of interest income added to principal of debt securities and notes receivable   (34,550) (8,059) 0  
Gain on real estate transactions   (140,760) (18,075) (1,205)  
Equity in earnings of unconsolidated real estate ventures - gain on sale of real estate assets and purchase of joint venture partner's interest   (6,251) 0    
Distributions from unconsolidated real estate ventures in excess of earnings   7,035 6,893 6,358  
Changes in operating assets and liabilities:          
Other assets   (23,891) (19,674) (12,482)  
Accounts payable and accrued expenses   10,951 17,974 15,522  
Other liabilities   (9,494) 19,632 (2,333)  
Net cash provided by operating activities   952,436 771,232 707,686  
Cash flows from investing activities:          
Acquisition of real estate assets   (1,233,298) (320,148) (349,494)  
Development and redevelopment of real estate assets   (56,226) (67,300) (53,717)  
Proceeds from sale of real estate assets and investments in real estate ventures   572,728 44,024 11,254  
Investment in unconsolidated real estate entities   (54,602) (64,792) (197,759)  
Return of investment in unconsolidated real estate ventures   31,534 371 3,982  
Issuance and purchase of notes receivable   (317,482) (313,355) (185,993)  
Investment in debt securities   0 (300,000) 0  
Proceeds from sale of notes receivable   172,002 62,764 0  
Principal payments received from notes receivable   51,463 10,102 157,861  
Purchase of equipment and fixtures   (3,659) (7,093) (7,764)  
Net cash used in investing activities   (837,540) (955,427) (621,630)  
Cash flows from financing activities:          
Proceeds from the sale of common stock, net of offering costs   273,189 103,468 198,827  
Proceeds from notes payable and revolving lines of credit   4,666,632 3,281,000 2,214,000  
Principal payments on notes payable and revolving lines of credit   (5,500,290) (2,014,730) (1,977,805)  
Principal payments on notes payable to trusts $ (30,928) 0 0 (30,928) $ (88,662)
Proceeds from issuance of public bonds, net   1,040,349 0 0  
Deferred financing costs   (10,698) (4,052) (2,986)  
Repurchase of exchangeable senior notes   0 (575,000) 0  
Net proceeds from exercise of stock options   4,572 4,759 3,063  
Repurchase of common stock   0 (67,873) 0  
Proceeds from principal payments on notes receivable collateralized by OP Units and Preferred OP Units   411 16,213 0  
Redemption of Operating Partnership units held by noncontrolling interests   (788) (1,000) 0  
Contributions from noncontrolling interests   0 66 173  
Dividends paid on common stock   (600,994) (467,765) (458,114)  
Distributions to noncontrolling interests   (39,094) (33,615) (34,243)  
Net cash provided by (used in) financing activities   (166,711) 241,471 (88,013)  
Net increase (decrease) in cash, cash equivalents, and restricted cash   (51,815) 57,276 (1,957)  
Cash, cash equivalents, and restricted cash, beginning of the period $ 72,690 128,009 70,733 72,690  
Cash, cash equivalents, and restricted cash, end of the period   76,194 128,009 70,733 $ 72,690
Supplemental schedule of cash flow information          
Interest paid   152,170 159,597 174,155  
Income taxes paid   26,252 5,181 10,359  
Redemption of Operating Partnership units held by noncontrolling interests for common stock          
Noncontrolling interests in Operating Partnership   (6,373) (4,005) (13,057)  
Common stock and paid-in capital   6,373 4,005 13,057  
Contribution of Preferred OP Units to unconsolidated real estate venture          
Investments in unconsolidated real estate ventures   0 0 (28,022)  
Value of Preferred Operating Partnership units issued   0 0 28,022  
Redemption of Preferred Operating Partnership units for common stock          
Preferred Operating Partnership units   (2,834) (2,724) 0  
Additional paid-in capital   2,834 2,724 0  
Issuance of Preferred OP Units for additional investment in unconsolidated real estate venture          
Conversion of Preferred Operating Units to Common Units   0 0 4,374  
Acquisition and establishment of operating lease right of use assets and lease liabilities          
Real estate assets - operating lease right-of-use assets   6,655 8,014 277,557  
Operating lease liabilities   (6,655) (8,014) (286,914)  
Accounts payable and accrued expenses   0 0 9,357  
Acquisitions of real estate assets          
Real estate assets, net   318,036 41,491 21,066  
Value of Operating Partnership and Preferred Operating Partnership units issued   (276,393) 0 0  
Notes payable assumed   (20,028) 0 (17,157)  
Investment in unconsolidated real estate ventures   5,383 0 (2,780)  
Finance lease liability   (26,998) (41,491) 0  
Net liabilities assumed   0 0 (1,129)  
Accrued construction costs and capital expenditures          
Acquisition of real estate assets   1,323 656 2,203  
Development and redevelopment of real estate assets   0 0 1,601  
Accounts payable and accrued expenses   $ (1,323) $ (656) $ (3,804)