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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities:    
Net income $ 315,495 $ 339,486
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 598,431 462,107
Amortization of deferred revenue and lease intangibles, net (6,334) (6,145)
Other non-cash amortization 9,653 11,587
Allowance on loans receivable and investments 29,655 0
Stock-based compensation 11,557 18,475
Straight-lining of rental income 91,499 (17,000)
Loss on extinguishment of debt, net 0 4,427
Gain on real estate dispositions (227,479) (24,597)
Gain on real estate loan investments (167) 0
Income tax benefit (95,127) (61,195)
Income Loss From Equity Method Investments, Non-cash Portion (16,734) (3,475)
Distributions from unconsolidated entities 1,600 1,300
Other 12,756 5,091
Changes in operating assets and liabilities:    
Increase in other assets (12,463) (44,472)
Increase in accrued interest 7,094 11,398
(Decrease) increase in accounts payable and other liabilities (32,893) 25,282
Net cash provided by operating activities 720,011 729,219
Cash flows from investing activities:    
Net investment in real estate property (77,469) (208,039)
Investment in loans receivable (67,290) (507,148)
Proceeds from real estate disposals 627,804 74,405
Proceeds from loans receivable 106,775 289,657
Development project expenditures (180,398) (114,226)
Payments for Capital Improvements (53,519) (58,381)
Investment in unconsolidated entities (7,865) (934)
Insurance proceeds for property damage claims 42 16,939
Net cash provided by (used in) investing activities 348,080 (507,727)
Cash flows from financing activities:    
Net change in borrowings under revolving credit facilities 465,416 (506,551)
Net change in borrowings under commercial paper program (565,524) 269,810
Proceeds from debt 640,533 712,934
Repayment of debt (111,301) (997,061)
Payment of deferred financing costs (7,549) (6,837)
Issuance of common stock, net 0 866,033
Cash distribution to common stockholders (592,285) (567,142)
Cash distribution to redeemable OP unitholders (4,628) (4,551)
Cash issued for redemption of OP Units (570) 0
Contributions from noncontrolling interests 346 3,594
Distributions to noncontrolling interests (6,293) (4,103)
Proceeds from stock option exercises 3,518 25,738
Other (4,891) (6,732)
Net cash used in financing activities (183,228) (214,868)
Net increase in cash, cash equivalents and restricted cash 884,863 6,624
Effect of foreign currency translation (1,829) 208
Cash, cash equivalents and restricted cash at beginning of period 146,102 131,464
Cash, cash equivalents and restricted cash at end of period 1,029,136 138,296
Assets and liabilities assumed from acquisitions and other:    
Real estate investments 77,111 1,069
Other assets 614 183
Debt 55,368 0
Other liabilities 2,097 1,252
Noncontrolling interests $ 20,259 $ 0