XML 19 R8.htm IDEA: XBRL DOCUMENT v3.19.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash flows from operating activities:    
Net income $ 339,486 $ 249,398
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 462,107 456,784
Amortization of deferred revenue and lease intangibles, net (6,145) (23,837)
Other non-cash amortization 11,587 8,650
Stock-based compensation 18,475 14,273
Straight-lining of rental income (17,000) 28,085
Loss on extinguishment of debt, net 4,427 10,884
Gain on real estate dispositions (24,597) (35,875)
Gain on real estate loan investments 0 (13,202)
Income tax benefit (61,195) (5,317)
Loss from unconsolidated entities 3,475 47,110
Distributions from unconsolidated entities 1,300 2,634
Other 5,091 1,124
Changes in operating assets and liabilities:    
(Increase) decrease in other assets (44,472) 12,776
Increase (decrease) in accrued interest 11,398 (1,504)
Increase (decrease) in accounts payable and other liabilities 25,282 (41,647)
Net cash provided by operating activities 729,219 710,336
Cash flows from investing activities:    
Net investment in real estate property (208,039) (12,257)
Investment in loans receivable (507,148) (211,554)
Proceeds from real estate disposals 74,405 312,243
Proceeds from loans receivable 289,657 866,097
Development project expenditures (114,226) (155,682)
Capital expenditures (58,381) (42,029)
Distributions from unconsolidated entities 0 6,792
Investment in unconsolidated entities (934) (40,033)
Insurance proceeds for property damage claims 16,939 2,329
Net cash (used in) provided by investing activities (507,727) 725,906
Cash flows from financing activities:    
Net change in borrowings under revolving credit facilities (506,551) (197,726)
Net change in borrowings under commercial paper program 269,810 0
Proceeds from debt 712,934 750,316
Repayment of debt (997,061) (1,431,887)
Purchase of noncontrolling interests 0 (2,429)
Payment of deferred financing costs (6,837) (6,348)
Issuance of common stock, net 866,033 0
Cash distribution to common stockholders (567,142) (563,395)
Cash distribution to redeemable OP unitholders (4,551) (3,744)
Cash issued for redemption of OP Units 0 (975)
Contributions from noncontrolling interests 3,594 0
Distributions to noncontrolling interests (4,103) (7,808)
Proceeds from stock option exercises 25,738 2,325
Other (6,732) (4,320)
Net cash used in financing activities (214,868) (1,465,991)
Net increase (decrease) in cash, cash equivalents and restricted cash 6,624 (29,749)
Effect of foreign currency translation 208 (401)
Cash, cash equivalents and restricted cash at beginning of period 131,464 188,253
Cash, cash equivalents and restricted cash at end of period 138,296 158,103
Assets and liabilities assumed from acquisitions and other:    
Real estate investments 1,069 28,916
Other assets 183 4,112
Other liabilities 1,252 15,944
Equity issued for redemption of OP Units $ 0 $ 266