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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 133,899 $ 226,122
Adjustments to net income:    
Depreciation and amortization 581,064 451,477
Amortization of share-based compensation 34,003 6,300
Non-cash revenue adjustments (30,586) (19,127)
Amortization of deferred financing costs 5,819 6,474
Gain on interest rate swaps (1,800) (1,801)
Foreign currency and unrealized derivative gain, net (12,570) (8,942)
Gain on sales of real estate (16,574) (4,279)
Equity in losses of unconsolidated entities 1,676 0
Distributions on common equity from unconsolidated entities 5,249 0
Provisions for impairment 89,489 13,178
Change in assets and liabilities    
Accounts receivable and other assets (32,682) 42,081
Accounts payable, accrued expenses and other liabilities 25,958 38,483
Net cash provided by operating activities 778,673 731,234
CASH FLOWS FROM INVESTING ACTIVITIES    
Investment in real estate (535,903) (1,675,136)
Improvements to real estate, including leasing costs (9,628) (13,860)
Investment in unconsolidated entities (38,070) 0
Proceeds from sales of real estate 95,624 28,594
Proceeds from note receivable 5,468 0
Insurance proceeds received 16 6,282
Non-refundable escrow deposits 0 (23,599)
Net cash acquired in merger 93,683 0
Net cash used in investing activities (388,810) (1,677,719)
CASH FLOWS FROM FINANCING ACTIVITIES    
Cash distributions to common stockholders (636,499) (497,245)
Cash distributions to preferred stockholders (2,588) 0
Borrowings on line of credit and commercial paper programs 8,018,932 4,249,746
Payments on line of credit and commercial paper programs (7,748,935) (5,690,060)
Proceeds from term loan 0 1,029,383
Principal payment on term loan (250,000) 0
Proceeds from notes payable issued 1,250,000 1,090,968
Principal payment on notes payable (499,999) 0
Principal payments on mortgages payable (621,175) (1,233)
Proceeds from common stock offerings, net 543,538 796,190
Proceeds from dividend reinvestment and stock purchase plan 3,117 2,711
Distributions to noncontrolling interests (2,268) (1,479)
Net payments on derivative settlements 0 (6,452)
Debt issuance costs (28,603) (16,603)
Other items, including shares withheld upon vesting (8,493) (6,102)
Net cash provided by financing activities 17,027 949,824
Effect of exchange rate changes on cash and cash equivalents (2,279) 13,545
Net increase in cash, cash equivalents and restricted cash 404,611 16,884
Cash, cash equivalents and restricted cash, beginning of period 292,175 226,881
Cash, cash equivalents and restricted cash, end of period 696,786 243,765
Mortgages payable:    
Adjustments to net income:    
Amortization of net premiums (122) (3,200)
CASH FLOWS FROM FINANCING ACTIVITIES    
Principal payments on mortgages payable (621,200)  
Notes payable    
Adjustments to net income:    
Amortization of net premiums $ (4,150) $ (15,532)