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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 278,356 $ 307,925
Adjustments to net income:    
Depreciation and amortization 501,997 437,367
Amortization of share-based compensation 13,420 10,478
Non-cash revenue adjustments (5,544) (6,508)
Loss on extinguishment of debt 9,819 0
Amortization of net premiums on mortgages payable (1,020) (1,061)
Amortization of deferred financing costs 6,888 6,378
Loss on interest rate swaps 3,115 2,058
Foreign currency and derivative gains, net (1,274) (463)
Gain on sales of real estate (53,565) (15,828)
Provisions for impairment on real estate 123,442 31,236
Change in assets and liabilities    
Accounts receivable and other assets (59,747) (7,886)
Accounts payable, accrued expenses and other liabilities (6,082) 14,010
Net cash provided by operating activities 809,805 777,706
CASH FLOWS FROM INVESTING ACTIVITIES    
Investment in real estate (1,286,289) (2,019,666)
Improvements to real estate, including leasing costs (10,336) (15,834)
Proceeds from sales of real estate 181,925 72,601
Insurance and other proceeds received 2,874 0
Non-refundable escrow deposits 0 (7,173)
Net cash used in investing activities (1,111,826) (1,970,072)
CASH FLOWS FROM FINANCING ACTIVITIES    
Cash distributions to common stockholders (716,535) (629,658)
Borrowings on line of credit and commercial paper program 3,141,828 1,619,282
Payments on line of credit and commercial paper program (3,002,717) (1,871,282)
Principal payment on term loan (250,000) (70,000)
Proceeds from notes and bonds payable issued 972,766 895,774
Principal payment on notes payable (250,000) 0
Principal payments on mortgages payable (73,711) (19,495)
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 6,922 6,259
Proceeds from At-the-Market (ATM) program, net 442,157 689,641
Redemption of common units 0 (21,123)
Distributions to noncontrolling interests (1,195) (1,027)
Net receipts on derivative settlements 3,462 0
Debt issuance costs (8,870) (7,996)
Other items, including shares withheld upon vesting (14,783) (4,245)
Net cash provided by financing activities 968,762 1,431,191
Effect of exchange rate changes on cash and cash equivalents 1,265 (607)
Net increase in cash, cash equivalents and restricted cash 668,006 238,218
Cash, cash equivalents and restricted cash, beginning of period 71,005 21,071
Cash, cash equivalents and restricted cash, end of period $ 739,011 $ 259,289