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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating activities:      
Net income   $ 131,634 $ 28,635
Adjustments to reconcile net income to net cash provided from (used in) operating activities:      
Depreciation and amortization   365,863 339,112
Other amortization expenses   13,105 9,792
Provision for loan losses, net 1,014 777
Impairment of assets   43,331 12,629
Stock-based compensation expense   12,048 9,456
Loss (gain) on derivatives and financial instruments, net   (3,054) 930
Loss (gain) on extinguishment of debt, net   6 5
Loss (income) from unconsolidated entities 7,783 7,071
Rental income less than (in excess of) cash received   (30,503) (36,827)
Amortization related to above (below) market leases, net   (5) (82)
Loss (gain) on real estate dispositions, net   (4,707) (747)
Proceeds from (payments on) interest rate swap settlements (59,555) 0
Distributions by unconsolidated entities 1,609 3,418
Increase (decrease) in accrued expenses and other liabilities   (29,420) (4,503)
Decrease (increase) in receivables and other assets   (42,343) 6,392
Net cash provided from (used in) operating activities   406,806 376,058
Investing activities:      
Cash disbursed for acquisitions, net of cash acquired (62,771) (402,719)
Cash disbursed for capital improvements to existing properties (132,509) (91,339)
Cash disbursed for construction in progress (231,763) (226,226)
Capitalized interest   (13,809) (10,335)
Investment in loans receivable (116,789) (54,831)
Principal collected on loans receivable   36,472 15,592
Other investments, net of payments   (11,723) (80,548)
Contributions to unconsolidated entities   (103,825) (112,822)
Distributions by unconsolidated entities   10,039 4,800
Net proceeds from net investment hedge settlements 913 3,933
Proceeds from sales of real property   44,834 21,658
Net cash provided from (used in) investing activities   (580,931) (932,837)
Financing activities:      
Net increase (decrease) under unsecured credit facility and commercial paper 0  
Net increase (decrease) under unsecured credit facility and commercial paper   0
Payments to extinguish senior unsecured notes   (1,350,000) 0
Net proceeds from the issuance of secured debt   1,379 362,900
Payments on secured debt   (132,833) (39,573)
Net proceeds from the issuance of common stock   2,416,484 411,032
Payments for deferred financing costs and prepayment penalties   (6) (6,444)
Contributions by noncontrolling interests [1] 23,797 83,480
Distributions to noncontrolling interests [1] (22,591) (35,664)
Cash distributions to stockholders   (352,184) (300,195)
Other financing activities (5,479) (5,066)
Net cash provided from (used in) financing activities   578,567 470,470
Effect of foreign currency translation on cash and cash equivalents and restricted cash (2,190) 2,813
Increase (decrease) in cash, cash equivalents and restricted cash   402,252 (83,496)
Cash, cash equivalents and restricted cash at beginning of period   2,076,083 722,292
Cash, cash equivalents and restricted cash at end of period   2,478,335 638,796
Supplemental cash flow information:    
Interest paid 149,007 148,399
Income taxes paid (received), net $ 3,259 $ 325
[1]
(1) Includes amounts attributable to redeemable noncontrolling interests.