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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 657,152 $ 644,080
Adjustments to net income:    
Depreciation and amortization 1,419,321 1,232,215
Amortization of share-based compensation 20,154 16,742
Non-cash revenue adjustments (51,272) (37,538)
Gain on extinguishment of debt 0 (367)
Amortization of deferred financing costs 19,498 11,116
(Loss) gain on interest rate swaps (5,390) 2,181
Foreign currency and unrealized derivative gain, net 10,188 16,003
Gain on sales of real estate (19,675) (93,611)
Equity in income and impairment of investment in unconsolidated entities (411) 6,335
Distributions from unconsolidated entities 0 1,605
Provisions for impairment on real estate 59,801 16,379
Change in assets and liabilities    
Accounts receivable and other assets (17,538) 207,838
Accounts payable, accrued expenses and other liabilities 161,527 (32,009)
Net cash provided by operating activities 2,198,111 1,933,366
CASH FLOWS FROM INVESTING ACTIVITIES    
Investment in real estate (6,702,140) (4,980,159)
Improvements to real estate, including leasing costs (47,107) (66,047)
Proceeds from sales of real estate 92,772 414,688
Return of investment from unconsolidated entities 3,927 1,401
Net proceeds from sale of unconsolidated entities 0 107,621
Proceeds from note receivable 0 5,867
Insurance proceeds received 15,177 16,046
Non-refundable escrow deposits (1,188) (28,556)
Net cash used in investing activities (6,638,559) (4,529,139)
CASH FLOWS FROM FINANCING ACTIVITIES    
Cash distributions to common stockholders (1,555,679) (1,342,695)
Borrowings on line of credit and commercial paper programs 33,021,401 19,644,724
Payments on line of credit and commercial paper programs (34,909,165) (19,147,386)
Proceeds from term loan 1,029,383 0
Proceeds from notes payable issued 3,263,294 1,405,570
Principal payments on mortgages payable (20,842) (311,083)
Proceeds from common stock offerings, net 3,849,963 2,404,092
Proceeds from dividend reinvestment and stock purchase plan 8,382 8,708
Distributions to noncontrolling interests (5,585) (2,658)
Net receipts on derivative settlements 2,191 7,474
Debt issuance costs (35,014) (27,732)
Other items, including shares withheld upon vesting (6,181) (4,685)
Net cash provided by financing activities 4,642,148 2,634,329
Effect of exchange rate changes on cash and cash equivalents 2,083 (82,012)
Net increase (decrease) in cash, cash equivalents and restricted cash 203,783 (43,456)
Cash, cash equivalents and restricted cash, beginning of period 226,881 332,369
Cash, cash equivalents and restricted cash, end of period 430,664 288,913
Mortgages payable    
Adjustments to net income:    
Amortization of net premiums (9,597) (10,418)
CASH FLOWS FROM FINANCING ACTIVITIES    
Principal payments on mortgages payable (20,800)  
Notes payable    
Adjustments to net income:    
Amortization of net premiums $ (45,647) $ (47,185)