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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash flows from operating activities:    
Net income $ 474,730 $ 127,588
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 248,837 235,920
Amortization of deferred revenue and lease intangibles, net (2,973) (2,846)
Other non-cash amortization 3,851 6,131
Stock-based compensation 10,514 8,405
Straight-lining of rental income (6,788) (8,489)
Loss on extinguishment of debt, net 0 405
Gain on real estate dispositions (226,225) (5,447)
Gain on real estate loan investments (167) 0
Income tax benefit (150,273) (1,715)
Loss from unconsolidated entities 10,876 946
Distributions from unconsolidated entities 1,600 1,200
Other 3,805 2,283
Changes in operating assets and liabilities:    
Increase in other assets (13,768) (13,704)
Decrease in accrued interest (23,032) (18,047)
(Decrease) increase in accounts payable and other liabilities (16,535) 3,490
Net cash provided by operating activities 314,452 336,120
Cash flows from investing activities:    
Net investment in real estate property (79,539) (13,097)
Investment in loans receivable (1,051) (4,257)
Proceeds from real estate disposals 625,439 17,551
Proceeds from loans receivable 99,117 1,275
Development project expenditures (94,229) (49,652)
Payments for Capital Improvements (26,789) (21,955)
Investment in unconsolidated entities (5,809) (687)
Insurance proceeds for property damage claims 42 2,998
Net cash provided by (used in) investing activities 517,181 (67,824)
Cash flows from financing activities:    
Net change in borrowings under revolving credit facilities 2,762,153 (700,775)
Net change in borrowings under commercial paper program (565,524) 194,498
Proceeds from debt 82,759 706,591
Repayment of debt (62,973) (262,570)
Payment of deferred financing costs (1,963) (6,837)
Issuance of common stock, net 0 98,378
Cash distribution to common stockholders (296,304) (282,874)
Cash distribution to redeemable OP unitholders (2,325) (2,216)
Cash issued for redemption of OP Units (570) 0
Contributions from noncontrolling interests 155 1,223
Distributions to noncontrolling interests (2,543) (2,623)
Proceeds from stock option exercises 3,389 4,316
Other (4,954) (6,874)
Net cash provided by (used in) financing activities 1,911,300 (259,763)
Net increase in cash, cash equivalents and restricted cash 2,742,933 8,533
Effect of foreign currency translation (2,776) 234
Cash, cash equivalents and restricted cash at beginning of period 146,102 131,464
Cash, cash equivalents and restricted cash at end of period 2,886,259 140,231
Assets and liabilities assumed from acquisitions and other:    
Real estate investments 533 0
Other assets 56 0
Other liabilities 398 0
Noncontrolling interests $ 191 $ 0