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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 147,143 $ 111,230
Adjustments to net income:    
Depreciation and amortization 164,585 137,517
Amortization of share-based compensation 5,518 2,764
Non-cash revenue adjustments (1,352) (2,116)
Loss on extinguishment of debt 9,819 0
Amortization of net premiums on mortgages payable (354) (354)
Amortization of deferred financing costs 2,581 1,957
Loss on interest rate swaps 686 678
Foreign currency and derivative losses, net 1,564 0
Gain on sales of real estate (38,506) (7,263)
Provisions for impairment on real estate 4,478 4,672
Change in assets and liabilities    
Accounts receivable and other assets 3,005 (6,185)
Accounts payable, accrued expenses and other liabilities (33,951) (30,873)
Net cash provided by operating activities 265,216 212,027
CASH FLOWS FROM INVESTING ACTIVITIES    
Investment in real estate (473,245) (517,975)
Improvements to real estate, including leasing costs (3,658) (2,995)
Proceeds from sales of real estate 126,233 22,456
Insurance and other proceeds received 539 0
Non-refundable escrow deposits (1,280) 0
Net cash used in investing activities (351,411) (498,514)
CASH FLOWS FROM FINANCING ACTIVITIES    
Cash distributions to common stockholders (233,824) (204,546)
Borrowings on line of credit 846,532 732,000
Payments on line of credit (921,859) (146,000)
Principal payment on term loan 0 (70,000)
Principal payment on notes payable (250,000) 0
Principal payments on mortgages payable (1,673) (1,235)
Payments upon extinguishment of debt (9,445) 0
Proceeds from common stock offerings, net 728,883 0
Proceeds from dividend reinvestment and stock purchase plan 2,366 2,164
Redemption of common units 0 (20,225)
Distributions to noncontrolling interests (394) (321)
Net receipts on derivative settlements 1,251 0
Other items, including shares withheld upon vesting (6,561) (4,087)
Net cash provided by financing activities 155,276 287,750
Effect of exchange rate changes on cash and cash equivalents (2,929) 0
Net increase in cash, cash equivalents and restricted cash 66,152 1,263
Cash, cash equivalents and restricted cash, beginning of period 71,005 21,071
Cash, cash equivalents and restricted cash, end of period $ 137,157 $ 22,334