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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:      
Net income $ 441,185 $ 439,297 $ 415,981
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 1,109,763 1,045,620 919,639
Amortization of deferred revenue and lease intangibles, net (40,856) (7,967) (30,660)
Other non-cash amortization 20,719 22,985 18,886
Allowance on loans receivable and investments 24,238 0 0
Stock-based compensation 21,487 33,923 29,963
Straight-lining of rental income 103,082 (30,073) 13,396
Loss on extinguishment of debt, net 10,791 41,900 58,254
Gain on real estate dispositions (262,218) (26,022) (46,247)
Gain on real estate loan investments (167) 0 (13,202)
Income tax benefit (101,985) (58,918) (43,026)
(Income) loss from unconsolidated entities (1,832) 2,464 55,034
Distributions from unconsolidated entities 4,920 1,600 2,934
Real estate impairments related to natural disasters 0 0 52,510
Other (779) 13,264 3,720
Changes in operating assets and liabilities:      
Increase in other assets (68,233) (76,693) (23,198)
Increase in accrued interest 276 9,737 4,992
Increase (decrease) in accounts payable and other liabilities 189,785 26,666 (37,509)
Net cash provided by operating activities 1,450,176 1,437,783 1,381,467
Cash flows from investing activities:      
Net investment in real estate property (78,648) (958,125) (265,907)
Investment in loans receivable (115,163) (1,258,187) (229,534)
Proceeds from real estate disposals 1,044,357 147,855 353,792
Proceeds from loans receivable 119,011 1,017,309 911,540
Development project expenditures (380,413) (403,923) (330,876)
Capital expenditures (148,234) (156,724) (131,858)
Distributions from unconsolidated entities 0 172 57,455
Investment in unconsolidated entities (286,822) (3,855) (47,007)
Insurance proceeds for property damage claims 207 30,179 6,891
Net cash provided by (used in) investing activities 154,295 (1,585,299) 324,496
Cash flows from financing activities:      
Net change in borrowings under revolving credit facilities (88,868) (569,891) 321,463
Net change in borrowings under commercial paper program (565,524) 565,524 0
Proceeds from debt 733,298 3,013,191 2,549,473
Repayment of debt (479,539) (2,623,916) (3,465,579)
Purchase of noncontrolling interests (8,239) 0 (4,724)
Payment of deferred financing costs (8,379) (21,403) (20,612)
Issuance of common stock, net 55,362 942,085 0
Cash distribution to common stockholders (928,809) (1,157,720) (1,127,143)
Cash distribution to redeemable OP unitholders (7,283) (9,218) (7,459)
Cash issued for redemption of OP Units (575) (2,203) (1,370)
Contributions from noncontrolling interests 1,314 6,282 1,883
Distributions to noncontrolling interests (12,946) (9,717) (11,574)
Proceeds from stock option exercises 15,103 36,179 8,762
Other (4,936) (8,519) (5,057)
Net cash (used in) provided by financing activities (1,300,021) 160,674 (1,761,937)
Net increase (decrease) in cash, cash equivalents and restricted cash 304,450 13,158 (55,974)
Effect of foreign currency translation 1,088 1,480 (815)
Cash, cash equivalents and restricted cash at beginning of period 146,102 131,464 188,253
Cash, cash equivalents and restricted cash, end of period 451,640 146,102 131,464
Supplemental disclosure of cash flow information:      
Interest paid including payments and receipts for derivative instruments 429,636 410,854 406,907
Assets acquired and liabilities assumed from acquisitions and other:      
Real estate investments 170,484 1,057,138 94,280
Other assets 1,224 11,140 5,398
Debt 55,368 907,746 30,508
Other liabilities 2,707 47,121 18,086
Deferred income tax liability 337 95 922
Noncontrolling interests 20,259 113,316 2,591
Equity issued 0 0 30,487
Equity issued for redemption of OP Units $ 0 $ 127 $ 907