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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities:    
Net income $ 329,232 $ 426,404
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 847,797 696,710
Amortization of deferred revenue and lease intangibles, net (25,343) (6,484)
Other non-cash amortization 15,211 16,910
Allowance on loans receivable and investments 34,654 0
Stock-based compensation 17,322 26,670
Straight-lining of rental income 107,134 (25,680)
Loss on extinguishment of debt, net 7,386 41,861
Gain on real estate dispositions (240,101) (24,633)
Gain on real estate loan investments (167) 0
Income tax benefit (99,702) (60,249)
Loss from unconsolidated entities 15,869 2,621
Distributions from unconsolidated entities 2,960 1,400
Other 15,615 9,236
Changes in operating assets and liabilities:    
Increase in other assets (68,228) (59,366)
Decrease in accrued interest (12,975) (15,909)
Increase in accounts payable and other liabilities 207,749 54,057
Net cash provided by operating activities 1,154,413 1,083,548
Cash flows from investing activities:    
Net investment in real estate property (77,625) (939,805)
Investment in loans receivable (113,147) (1,257,577)
Proceeds from real estate disposals 682,604 77,555
Proceeds from loans receivable 106,966 1,008,683
Development project expenditures (309,967) (229,845)
Payments for Capital Improvements (94,407) (99,787)
Distributions from unconsolidated entities 0 151
Investment in unconsolidated entities (7,832) (1,711)
Insurance proceeds for property damage claims 33 20,457
Net cash provided by (used in) investing activities 186,625 (1,421,879)
Cash flows from financing activities:    
Net change in borrowings under revolving credit facilities (74,144) 278,677
Net change in borrowings under commercial paper program (565,524) 304,508
Proceeds from debt 657,557 2,206,577
Repayment of debt (127,528) (2,456,135)
Payment of deferred financing costs (7,564) (17,867)
Issuance of common stock, net 36,395 942,250
Cash distribution to common stockholders (760,363) (861,789)
Cash distribution to redeemable OP unitholders (5,954) (6,882)
Cash issued for redemption of OP Units (575) (361)
Contributions from noncontrolling interests 1,138 4,959
Distributions to noncontrolling interests (9,666) (6,403)
Proceeds from stock option exercises 3,518 34,134
Other (4,989) (6,601)
Net cash (used in) provided by financing activities (857,699) 415,067
Net increase in cash, cash equivalents and restricted cash 483,339 76,736
Effect of foreign currency translation (951) 396
Cash, cash equivalents and restricted cash at beginning of period 146,102 131,464
Cash, cash equivalents and restricted cash at end of period 628,490 208,596
Assets and liabilities assumed from acquisitions and other:    
Real estate investments 169,484 1,056,481
Other assets 1,224 11,123
Debt 55,368 907,746
Other liabilities 2,707 46,336
Deferred income tax liability 337 0
Noncontrolling interests $ 20,259 $ 113,522