XML 19 R8.htm IDEA: XBRL DOCUMENT v3.23.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net income (loss) $ 190,706 $ 147,636
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization of real estate, in-place lease, and other intangibles 376,798 358,222
Stock-based compensation amortization expense 7,532 10,021
Amortization of deferred financing costs 5,774 5,377
Straight-line rents (5,431) (23,872)
Amortization of nonrefundable entrance fees and above (below) market lease intangibles (54,910) (50,054)
Equity loss (income) from unconsolidated joint ventures (4,545) (2,530)
Distributions of earnings from unconsolidated joint ventures 352 476
Loss (gain) on sale of real estate under direct financing leases 0 (22,693)
Deferred income tax expense (benefit) (901) (1,038)
Impairments and loan loss reserves (recoveries), net 394 271
Loss (gain) on sales of real estate, net (86,463) (16,688)
Loss (gain) upon change of control, net (234) 0
Casualty-related loss (recoveries), net (266) 78
Other non-cash items 2,505 (1,187)
Changes in:    
Decrease (increase) in accounts receivable and other assets, net 9,656 10,714
Increase (decrease) in accounts payable, accrued liabilities, and deferred revenue 30,770 34,935
Net cash provided by (used in) operating activities 471,737 449,668
Cash flows from investing activities:    
Acquisitions of real estate (15,770) (159,206)
Development, redevelopment, and other major improvements of real estate (394,141) (366,404)
Leasing costs, tenant improvements, and recurring capital expenditures (42,233) (50,745)
Proceeds from sales of real estate, net 141,651 37,719
Investments in unconsolidated joint ventures (28,214) (1,971)
Distributions in excess of earnings from unconsolidated joint ventures 6,420 5,496
Proceeds from insurance recovery 14,265 0
Proceeds from sales/principal repayments on loans receivable, direct financing leases, and marketable debt securities 184,299 77,685
Investments in loans receivable and other (4,946) (3,710)
Net cash provided by (used in) investing activities (138,669) (461,136)
Cash flows from financing activities:    
Borrowings under bank line of credit and commercial paper 6,014,005 8,242,327
Repayments under bank line of credit and commercial paper (6,680,611) (7,959,733)
Issuances and borrowings of term loans, senior unsecured notes, and mortgage debt 743,778 0
Repayments and repurchases of term loans, senior unsecured notes, and mortgage debt (2,619) (2,507)
Payments for deferred financing costs (7,322) 0
Issuance of common stock and exercise of options, net of offering costs (298) (7)
Repurchase of common stock (6,474) (11,615)
Dividends paid on common stock (328,930) (325,276)
Distributions to and purchase of noncontrolling interests (31,126) (15,859)
Contributions from and issuance of noncontrolling interests 220 588
Net cash provided by (used in) financing activities (299,377) (72,082)
Net increase (decrease) in cash, cash equivalents, and restricted cash 33,691 (83,550)
Cash, cash equivalents, and restricted cash, beginning of period 126,834 219,448
Cash, cash equivalents, and restricted cash, end of period $ 160,525 $ 135,898