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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 96,236 $ 147,143
Adjustments to net income:    
Depreciation and amortization 177,985 164,585
Amortization of share-based compensation 3,697 5,518
Non-cash revenue adjustments (1,163) (1,352)
Loss on extinguishment of debt 46,473 9,819
Amortization of net premiums on mortgages payable (280) (354)
Amortization of deferred financing costs 2,654 2,581
Loss on interest rate swaps 722 686
Foreign currency and derivative gains (losses), net (804) 1,564
Gain on sales of real estate (8,401) (38,506)
Provisions for impairment on real estate 2,720 4,478
Change in assets and liabilities    
Accounts receivable and other assets (21,367) 3,005
Accounts payable, accrued expenses and other liabilities (32,019) (33,951)
Net cash provided by operating activities 266,453 265,216
CASH FLOWS FROM INVESTING ACTIVITIES    
Investment in real estate (1,026,690) (473,245)
Improvements to real estate, including leasing costs (1,741) (3,658)
Proceeds from sales of real estate 34,705 126,233
Insurance and other proceeds received 0 539
Non-refundable escrow deposits 0 (1,280)
Net cash used in investing activities (993,726) (351,411)
CASH FLOWS FROM FINANCING ACTIVITIES    
Cash distributions to common stockholders (260,697) (233,824)
Borrowings on line of credit and commercial paper program 1,413,694 846,532
Payments on line of credit and commercial paper program (735,489) (921,859)
Principal payment on notes payable (950,000) (250,000)
Principal payments on mortgages payable (18,110) (1,673)
Payments upon extinguishment of debt (47,235) (9,445)
Proceeds from common stock offerings, net 669,590 728,883
Proceeds from dividend reinvestment and stock purchase plan 2,654 2,366
Distributions to noncontrolling interests (402) (394)
Net receipts on derivative settlements 845 1,251
Other items, including shares withheld upon vesting (4,974) (6,561)
Net cash provided by financing activities 69,876 155,276
Effect of exchange rate changes on cash and cash equivalents 48 (2,929)
Net (decrease) increase in cash, cash equivalents and restricted cash (657,349) 66,152
Cash, cash equivalents and restricted cash, beginning of period 850,679 71,005
Cash, cash equivalents and restricted cash, end of period $ 193,330 $ 137,157