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Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities:    
Net income $ 1,337,620 $ 1,008,795
Adjustments to reconcile net income to net cash flows from operating activities:    
Gain on sale of real estate (13,683) (1,117)
Depreciation and amortization 508,139 411,851
Equity in earnings of unconsolidated real estate entities (81,382) (62,863)
Distributions from cumulative equity in earnings of unconsolidated real estate entities 59,251 52,499
Foreign currency exchange (gain) loss (73,584) 52,250
Share-based compensation expense 47,647 21,535
Other 30,712 47,390
Total adjustments 477,100 521,545
Net cash flows from operating activities 1,814,720 1,530,340
Cash flows from investing activities:    
Capital expenditures to maintain real estate facilities (169,103) (132,969)
Development and expansion of real estate facilities (201,527) (132,476)
Acquisition of real estate facilities and intangible assets (2,845,284) (282,417)
Distributions in excess of cumulative equity in earnings from unconsolidated real estate entities 8,765 10,803
Repayment of note receivable 0 7,509
Proceeds from sale of real estate investments 16,070 1,399
Net cash flows used in investing activities (3,191,079) (528,151)
Cash flows from financing activities:    
Repayments on notes payable (1,585) (1,505)
Issuance of notes payable, net of issuance costs 3,300,160 545,151
Issuance of preferred shares 725,311 773,741
Issuance of common shares 81,412 5,505
Redemption of preferred shares (825,000) (1,220,000)
Cash paid upon vesting of restricted share units (10,438) (9,704)
Acquisition of noncontrolling interests (33) (33)
Contributions by noncontrolling interests 2,359 2,291
Distributions paid to preferred shareholders, common shareholders and restricted share unitholders (1,189,876) (1,208,321)
Distributions paid to noncontrolling interests (4,513) (3,968)
Net cash flows provided by financing activities 2,077,797 (1,116,843)
Net cash flows from operating, investing, and financing activities 701,438 (114,654)
Net effect of foreign exchange impact on cash and equivalents, including restricted cash 313 (192)
Increase (decrease) in cash and equivalents, including restricted cash 701,751 (114,846)
Cash and equivalents, including restricted cash at beginning of the period:    
Cash and equivalents 257,560 409,743
Restricted cash included in other assets 25,040 23,811
Cash, equivalents, and restricted cash 282,600 433,554
Cash and equivalents, including restricted cash at end of the period:    
Cash and equivalents 958,247 293,955
Restricted cash included in other assets 26,104 24,753
Cash, equivalents, and restricted cash 984,351 318,708
Costs incurred during the period remaining unpaid at period end for:    
Capital expenditures to maintain real estate facilities (18,243) (9,434)
Construction or expansion of real estate facilities (39,305) (34,715)
Accrued and other liabilities $ 57,548 $ 44,149