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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Operating activities:      
Net income $ 374,479 $ 1,038,852 $ 1,330,410
Adjustments to reconcile net income to net cash provided from (used in) operating activities:      
Depreciation and amortization 1,037,566 1,038,437 1,027,073
Other amortization expenses 19,148 13,213 16,827
Provision for loan losses, net 7,270 94,436 18,690
Impairment of assets 51,107 135,608 28,133
Stock-based compensation expense 17,812 28,318 25,047
Loss (gain) on derivatives and financial instruments, net (7,333) 11,049 (4,399)
Loss (gain) on extinguishment of debt, net 49,874 47,049 84,155
Loss (income) from unconsolidated entities 22,933 8,083 (42,434)
Rental income less than (in excess of) cash received (30,820) 60,254 (106,331)
Amortization related to above (below) market leases, net (3,536) (1,870) (676)
Loss (gain) on real estate dispositions, net (235,375) (1,088,455) (748,041)
Distributions by unconsolidated entities 16,763 11,601 0
Increase (decrease) in accrued expenses and other liabilities 77,554 22,764 (29,068)
Decrease (increase) in receivables and other assets (122,117) (54,583) (63,418)
Net cash provided from (used in) operating activities 1,275,325 1,364,756 1,535,968
Investing activities:      
Cash disbursed for acquisitions, net of cash acquired (4,084,174) (903,756) (3,959,683)
Cash disbursed for capital improvements to existing properties (282,588) (244,989) (328,824)
Cash disbursed for construction in progress (417,963) (201,336) (323,488)
Capitalized interest (19,352) (17,472) (15,272)
Investment in loans receivable (997,449) (247,543) (119,699)
Principal collected on loans receivable 343,260 31,548 127,706
Other investments, net of payments (26,595) 7,726 (8,282)
Contributions to unconsolidated entities (396,020) (411,154) (279,631)
Distributions by unconsolidated entities 286,772 48,195 216,231
Proceeds from (payments on) derivatives 7,519    
Proceeds from (payments on) derivatives   (13,319) (8,499)
Proceeds from sales of real property 1,070,322 4,300,028 2,650,650
Net cash provided from (used in) investing activities (4,516,268) 2,347,928 (2,048,791)
Financing activities:      
Net increase (decrease) under unsecured credit facility and commercial paper 324,935   440,597
Net increase (decrease) under unsecured credit facility and commercial paper   (1,587,597)  
Proceeds from issuance of senior unsecured notes 1,703,626 1,588,549 3,974,559
Payments to extinguish senior unsecured notes (1,533,752) (566,248) (3,335,290)
Net proceeds from the issuance of secured debt 23,569 62,055 343,696
Payments on secured debt (197,618) (694,995) (284,433)
Net proceeds from the issuance of common stock 2,348,201 595,313 1,056,125
Repurchase of common stock 0 (7,656) 0
Payments for deferred financing costs and prepayment penalties (73,735) (39,087) (84,142)
Contributions by noncontrolling interests [1] 156,318 44,023 55,365
Distributions to noncontrolling interests [1] (138,756) (333,489) (172,940)
Cash distributions to stockholders (1,035,906) (1,119,232) (1,400,712)
Other financing activities (9,218) (22,494) (15,675)
Net cash provided from (used in) financing activities 1,567,664 (2,080,858) 577,150
Effect of foreign currency translation on cash and cash equivalents and restricted cash (1,009) 3,451 5,310
Increase (decrease) in cash, cash equivalents and restricted cash (1,674,288) 1,635,277 69,637
Cash, cash equivalents and restricted cash at beginning of period 2,021,043 385,766 316,129
Cash, cash equivalents and restricted cash at end of period 346,755 2,021,043 385,766
Supplemental cash flow information:      
Interest paid 492,742 508,454 574,536
Income taxes paid (received) $ (4,812) $ 13,671 $ 14,338
[1] Includes amounts attributable to redeemable noncontrolling interests.