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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating activities:      
Net income $ 160,568 $ 374,479 $ 1,038,852
Adjustments to reconcile net income to net cash provided from (used in) operating activities:      
Depreciation and amortization 1,310,368 1,037,566 1,038,437
Other amortization expenses 28,234 19,148 13,213
Provision for loan losses, net 10,320 7,270 94,436
Impairment of assets 17,502 51,107 135,608
Stock-based compensation expense 26,149 17,812 28,318
Loss (gain) on derivatives and financial instruments, net 8,334 (7,333) 11,049
Loss (gain) on extinguishment of debt, net 680 49,874 47,049
Loss (income) from unconsolidated entities 21,290 22,933 8,083
Rental income less than (in excess of) cash received (108,883) (30,820) 60,254
Amortization related to above (below) market leases, net (1,693) (3,536) (1,870)
Loss (gain) on real estate dispositions, net (16,043) (235,375) (1,088,455)
Distributions by unconsolidated entities 12,462 16,763 11,601
Increase (decrease) in accrued expenses and other liabilities 50,857 77,554 22,764
Decrease (increase) in receivables and other assets (191,437) (122,117) (54,583)
Net cash provided from (used in) operating activities 1,328,708 1,275,325 1,364,756
Investing activities:      
Cash disbursed for acquisitions, net of cash acquired (2,306,020) (4,084,174) (903,756)
Cash disbursed for capital improvements to existing properties (476,016) (282,588) (244,989)
Cash disbursed for construction in progress (631,737) (417,963) (201,336)
Capitalized interest (30,491) (19,352) (17,472)
Investment in loans receivable (156,045) (997,449) (247,543)
Principal collected on loans receivable 196,310 343,260 31,548
Other investments, net of payments (98,459) (26,595) 7,726
Contributions to unconsolidated entities (502,171) (396,020) (411,154)
Distributions by unconsolidated entities 37,571 286,772 48,195
Proceeds from (payments on) derivatives 63,747 7,519 (13,319)
Proceeds from sales of real property 199,496 1,070,322 4,300,028
Net cash provided from (used in) investing activities (3,703,815) (4,516,268) 2,347,928
Financing activities:      
Net increase (decrease) under unsecured credit facility and commercial paper   324,935  
Net increase (decrease) under unsecured credit facility and commercial paper (324,935)   (1,587,597)
Proceeds from issuance of senior unsecured notes 1,040,232 1,703,626 1,588,549
Payments to extinguish senior unsecured notes 0 (1,533,752) (566,248)
Net proceeds from the issuance of secured debt 113,183 23,569 62,055
Payments on secured debt (457,180) (197,618) (694,995)
Net proceeds from the issuance of common stock 3,667,854 2,348,201 595,313
Repurchase of common stock 0 0 (7,656)
Payments for deferred financing costs and prepayment penalties (5,062) (73,735) (39,087)
Contributions by noncontrolling interests [1] 138,656 156,318 44,023
Distributions to noncontrolling interests [1] (272,414) (138,756) (333,489)
Cash distributions to stockholders (1,131,527) (1,035,906) (1,119,232)
Other financing activities (7,530) (9,218) (22,494)
Net cash provided from (used in) financing activities 2,761,277 1,567,664 (2,080,858)
Effect of foreign currency translation on cash and cash equivalents and restricted cash (10,633) (1,009) 3,451
Increase (decrease) in cash, cash equivalents and restricted cash 375,537 (1,674,288) 1,635,277
Cash, cash equivalents and restricted cash at beginning of period 346,755 2,021,043 385,766
Cash, cash equivalents and restricted cash at end of period 722,292 346,755 2,021,043
Supplemental cash flow information:      
Interest paid 531,672 492,742 508,454
Income taxes paid (received) $ 3,435 $ (4,812) $ 13,671
[1] Includes amounts attributable to redeemable noncontrolling interests.