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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 356,280 $ 278,356
Adjustments to net income:    
Depreciation and amortization 564,606 501,997
Amortization of share-based compensation 12,484 13,420
Non-cash revenue adjustments (12,722) (5,544)
Loss on extinguishment of debt 50,456 9,819
Amortization of net premiums on mortgages payable (1,158) (1,020)
Amortization of deferred financing costs 8,612 6,888
Loss on interest rate swaps 2,179 3,115
Foreign currency and derivative (gains) losses, net 1,170 (1,274)
Gain on sales of real estate (35,396) (53,565)
Provisions for impairment on real estate 30,977 123,442
Change in assets and liabilities    
Accounts receivable and other assets (46,670) (59,747)
Accounts payable, accrued expenses and other liabilities 39,248 (6,082)
Net cash provided by operating activities 970,066 809,805
CASH FLOWS FROM INVESTING ACTIVITIES    
Investment in real estate (3,709,894) (1,286,289)
Improvements to real estate, including leasing costs (11,159) (10,336)
Proceeds from sales of real estate 123,533 181,925
Insurance and other proceeds received 0 2,874
Non-refundable escrow deposits (5,432) 0
Net cash used in investing activities (3,602,952) (1,111,826)
CASH FLOWS FROM FINANCING ACTIVITIES    
Cash distributions to common stockholders (797,847) (716,535)
Borrowings on line of credit and commercial paper program 6,277,918 3,141,828
Payments on line of credit and commercial paper program (5,853,423) (3,002,717)
Principal payment on term loan 0 (250,000)
Proceeds from notes and bonds payable issued 1,033,387 972,766
Principal payment on notes payable (950,000) (250,000)
Principal payments on mortgages payable (55,983) (73,711)
Payments upon extinguishment of debt (51,218) (9,445)
Proceeds from common stock offerings, net 1,263,235 728,883
Proceeds from dividend reinvestment and stock purchase plan 8,208 6,922
Proceeds from At-the-Market (ATM) program, net 1,471,595 442,157
Distributions to noncontrolling interests (1,198) (1,195)
Net receipts on derivative settlements 2,463 3,462
Debt issuance costs (8,670) (8,870)
Other items, including shares withheld upon vesting (6,451) (14,783)
Net cash provided by financing activities 2,332,016 968,762
Effect of exchange rate changes on cash and cash equivalents (3,711) 1,265
Net (decrease) increase in cash, cash equivalents and restricted cash (304,581) 668,006
Cash, cash equivalents and restricted cash, beginning of period 850,679 71,005
Cash, cash equivalents and restricted cash, end of period $ 546,098 $ 739,011