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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 255,213 $ 206,650
Adjustments to net income:    
Depreciation and amortization 332,913 287,943
Amortization of share-based compensation 10,400 7,291
Non-cash revenue adjustments (1,507) (4,351)
Loss on extinguishment of debt 9,819 0
Amortization of net premiums on mortgages payable (710) (708)
Amortization of deferred financing costs 4,916 3,960
Loss on interest rate swaps 1,992 1,364
Foreign currency and derivative losses (gains), net 1,062 (136)
Gain on sales of real estate (39,829) (14,154)
Provisions for impairment on real estate 18,347 17,733
Change in assets and liabilities    
Accounts receivable and other assets (61,091) (11,250)
Accounts payable, accrued expenses and other liabilities (16,881) (4,679)
Net cash provided by operating activities 514,644 489,663
CASH FLOWS FROM INVESTING ACTIVITIES    
Investment in real estate (632,174) (1,604,575)
Improvements to real estate, including leasing costs (4,710) (11,767)
Proceeds from sales of real estate 133,643 51,052
Purchase of short-term investment (300,000) 0
Insurance and other proceeds received 108 0
Non-refundable escrow deposits 0 (9,619)
Net cash used in investing activities (803,133) (1,574,909)
CASH FLOWS FROM FINANCING ACTIVITIES    
Cash distributions to common stockholders (474,294) (413,410)
Borrowings on line of credit 2,324,409 1,404,000
Payments on line of credit (2,385,859) (1,648,000)
Principal payment on term loan (250,000) (70,000)
Proceeds from notes and bonds payable issued 593,922 895,774
Principal payment on notes payable (250,000) 0
Principal payments on mortgages payable (14,730) (2,492)
Payments upon extinguishment of debt (9,445) 0
Proceeds from common stock offerings, net 728,883 845,061
Proceeds from dividend reinvestment and stock purchase plan 4,815 4,098
Proceeds from At-the-Market (ATM) program, net 94,076 122,155
Redemption of common units 0 (20,225)
Distributions to noncontrolling interests (794) (635)
Net receipts on derivative settlements 2,421 0
Debt issuance costs (5,526) (7,331)
Other items, including shares withheld upon vesting (7,901) (4,195)
Net cash provided by financing activities 349,977 1,104,800
Effect of exchange rate changes on cash and cash equivalents (2,175) (733)
Net increase in cash, cash equivalents and restricted cash 59,313 18,821
Cash, cash equivalents and restricted cash, beginning of period 71,005 21,071
Cash, cash equivalents and restricted cash, end of period $ 130,318 $ 39,892