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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:      
Net income $ 56,559 $ 441,185 $ 439,297
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 1,197,403 1,109,763 1,045,620
Amortization of deferred revenue and lease intangibles, net (88,795) (40,856) (7,967)
Other non-cash amortization 17,709 20,719 22,985
Allowance on loans receivable and investments (9,082) 24,238 0
Stock-based compensation 31,966 21,487 33,923
Straight-lining of rental income (14,468) 103,082 (30,073)
Loss on extinguishment of debt, net 59,299 10,791 41,900
Gain on real estate dispositions (218,788) (262,218) (26,022)
Gain on real estate loan investments (1,448) (167) 0
Income tax benefit (1,224) (101,985) (58,918)
(Income) loss from unconsolidated entities (4,973) (1,832) 2,464
Distributions from unconsolidated entities 19,326 4,920 1,600
Other 26,404 (779) 13,264
Changes in operating assets and liabilities:      
Increase in other assets (54,571) (68,233) (76,693)
(Decrease) increase in accrued interest (5,922) 276 9,737
Increase in accounts payable and other liabilities 16,721 189,785 26,666
Net cash provided by operating activities 1,026,116 1,450,176 1,437,783
Cash flows from investing activities:      
Net investment in real estate property (1,369,052) (78,648) (958,125)
Investment in loans receivable (489) (115,163) (1,258,187)
Proceeds from real estate disposals 840,438 1,044,357 147,855
Proceeds from loans receivable 348,091 119,011 1,017,309
Development project expenditures (247,694) (380,413) (403,923)
Capital expenditures (185,275) (148,234) (156,724)
Distributions from unconsolidated entities 17,847 0 172
Investment in unconsolidated entities (129,291) (286,822) (3,855)
Insurance proceeds for property damage claims 1,285 207 30,179
Net cash (used in) provided by investing activities (724,140) 154,295 (1,585,299)
Cash flows from financing activities:      
Net change in borrowings under revolving credit facilities (125,399) (88,868) (569,891)
Net change in borrowings under commercial paper program 279,929 (565,524) 565,524
Proceeds from debt 1,534,298 733,298 3,013,191
Repayments of debt (2,109,617) (479,539) (2,623,916)
Purchase of noncontrolling interests (24,224) (8,239) 0
Payment of deferred financing costs (27,166) (8,379) (21,403)
Issuance of common stock, net 617,438 55,362 942,085
Cash distribution to common stockholders (686,888) (928,809) (1,157,720)
Cash distribution to redeemable OP unitholders (6,761) (7,283) (9,218)
Cash issued for redemption of OP Units (96) (575) (2,203)
Contributions from noncontrolling interests 1,731 1,314 6,282
Distributions to noncontrolling interests (13,577) (12,946) (9,717)
Proceeds from stock option exercises 8,169 15,103 36,179
Other (6,303) (4,936) (8,519)
Net cash (used in) provided by financing activities (558,466) (1,300,021) 160,674
Net (decrease) increase in cash, cash equivalents and restricted cash (256,490) 304,450 13,158
Effect of foreign currency translation 1,447 1,088 1,480
Cash, cash equivalents and restricted cash at beginning of year 451,640 146,102 131,464
Cash, cash equivalents and restricted cash at end of year 196,597 451,640 146,102
Supplemental disclosure of cash flow information:      
Interest paid including payments and receipts for derivative instruments 402,025 429,636 410,854
Assets acquired and liabilities assumed from acquisitions and other:      
Real estate investments 1,319,988 170,484 1,057,138
Other assets 16,913 1,224 11,140
Debt 482,482 55,368 907,746
Other liabilities 102,256 2,707 47,121
Deferred income tax liability 446 337 95
Noncontrolling interests 468 20,259 113,316
Equity issued 751,248 0 0
Equity issued for redemption of OP Units $ 76 $ 0 $ 127