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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 221,004 $ 255,213
Adjustments to net income:    
Depreciation and amortization 365,774 332,913
Amortization of share-based compensation 8,169 10,400
Non-cash revenue adjustments (8,233) (1,507)
Loss on extinguishment of debt 46,473 9,819
Amortization of net premiums on mortgages payable (485) (710)
Amortization of deferred financing costs 5,352 4,916
Loss on interest rate swaps 1,447 1,992
Foreign currency and derivative (gains) losses, net (1,204) 1,062
Gain on sales of real estate (23,302) (39,829)
Provisions for impairment on real estate 19,966 18,347
Change in assets and liabilities    
Accounts receivable and other assets (67,970) (61,091)
Accounts payable, accrued expenses and other liabilities 14,143 (16,881)
Net cash provided by operating activities 581,134 514,644
CASH FLOWS FROM INVESTING ACTIVITIES    
Investment in real estate (2,102,042) (632,174)
Improvements to real estate, including leasing costs (3,997) (4,710)
Proceeds from sales of real estate 91,616 133,643
Purchase of short-term investment 0 (300,000)
Insurance and other proceeds received 0 108
Non-refundable escrow deposits (11,153) 0
Net cash used in investing activities (2,025,576) (803,133)
CASH FLOWS FROM FINANCING ACTIVITIES    
Cash distributions to common stockholders (524,056) (474,294)
Borrowings on line of credit and commercial paper program 5,403,699 2,324,409
Payments on line of credit and commercial paper program (4,097,909) (2,385,859)
Principal payment on term loan 0 (250,000)
Proceeds from notes and bonds payable issued 0 593,922
Principal payment on notes payable (950,000) (250,000)
Principal payments on mortgages payable (42,590) (14,730)
Payments upon extinguishment of debt (47,235) (9,445)
Proceeds from common stock offerings, net 669,295 728,883
Proceeds from dividend reinvestment and stock purchase plan 5,322 4,815
Proceeds from At-the-Market (ATM) program, net 449,959 94,076
Distributions to noncontrolling interests (791) (794)
Net receipts on derivative settlements 1,650 2,421
Debt issuance costs 0 (5,526)
Other items, including shares withheld upon vesting (5,564) (7,901)
Net cash provided by financing activities 861,780 349,977
Effect of exchange rate changes on cash and cash equivalents (1,032) (2,175)
Net (decrease) increase in cash, cash equivalents and restricted cash (583,694) 59,313
Cash, cash equivalents and restricted cash, beginning of period 850,679 71,005
Cash, cash equivalents and restricted cash, end of period $ 266,985 $ 130,318