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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Operating activities:      
Net income $ 1,330,410 $ 829,750 $ 540,613
Adjustments to reconcile net income to net cash provided from (used in) operating activities:      
Depreciation and amortization 1,027,073 950,459 921,720
Other amortization expenses 16,827 17,000 16,521
Provision for loan losses 18,690 0 62,966
Impairment of assets 28,133 115,579 124,483
Stock-based compensation expense 25,047 27,646 19,102
Loss (gain) on derivatives and financial instruments, net (4,399) (4,016) 2,284
Loss (gain) on extinguishment of debt, net 84,155 16,097 37,241
Loss (income) from unconsolidated entities (42,434) 641 83,125
Rental income in excess of cash received (106,331) (32,857) (80,398)
Amortization related to above (below) market leases, net (676) 2,608 357
Loss (gain) on real estate dispositions, net (748,041) (415,575) (344,250)
Distributions by unconsolidated entities 0 21 116
Increase (decrease) in accrued expenses and other liabilities (29,068) 70,762 26,811
Decrease (increase) in receivables and other assets (63,418) 5,829 23,486
Net cash provided from (used in) operating activities 1,535,968 1,583,944 1,434,177
Investing activities:      
Cash disbursed for acquisitions, net of cash acquired (3,959,683) (3,560,360) (805,264)
Cash disbursed for capital improvements to existing properties (328,824) (266,183) (250,276)
Cash disbursed for construction in progress (323,488) (160,706) (232,715)
Capitalized interest (15,272) (7,905) (13,489)
Investment in loans receivable (119,699) (112,048) (101,216)
Principal collected on loans receivable 127,706 203,935 214,980
Other investments, net of payments (8,282) (44,535) (44,094)
Contributions to unconsolidated entities (279,631) (136,854) (114,365)
Distributions by unconsolidated entities 216,231 90,916 70,287
Proceeds from (payments on) derivatives 8,499    
Proceeds from (payments on) derivatives   65,399 52,719
Proceeds from sales of real property 2,650,650 1,541,870 1,378,014
Net cash provided from (used in) investing activities (2,048,791) (2,386,471) 154,581
Financing activities:      
Net increase (decrease) under unsecured credit facility and commercial paper 440,597 428,000 74,000
Proceeds from issuance of senior unsecured notes 3,974,559 2,824,176 7,500
Payments to extinguish senior unsecured notes (3,335,290) (1,450,000) (5,000)
Net proceeds from the issuance of secured debt 343,696 45,447 241,772
Payments on secured debt (284,433) (362,841) (1,144,346)
Net proceeds from the issuance of common stock 1,056,125 789,575 621,987
Redemption of preferred stock 0 0 (287,500)
Payments for deferred financing costs and prepayment penalties (84,142) (29,691) (54,333)
Contributions by noncontrolling interests [1] 55,365 39,207 56,560
Distributions to noncontrolling interests [1] (172,940) (109,871) (87,711)
Cash distributions to stockholders (1,400,712) (1,348,863) (1,325,617)
Other financing activities (15,675) (6,771) (10,839)
Net cash provided from (used in) financing activities 577,150 818,368 (1,913,527)
Effect of foreign currency translation on cash and cash equivalents and restricted cash 5,310 (9,015) 26,852
Increase (decrease) in cash, cash equivalents and restricted cash 69,637 6,826 (297,917)
Cash, cash equivalents and restricted cash at beginning of period 316,129 309,303 607,220
Cash, cash equivalents and restricted cash at end of period 385,766 316,129 309,303
Supplemental cash flow information:      
Interest paid 574,536 501,404 488,265
Income taxes paid $ 14,338 $ 2,250 $ 10,410
[1] Includes amounts attributable to redeemable noncontrolling interests.