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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 453,393 $ 452,974
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 8,105 13,531
Net amortization of debt discounts, premiums and deferred financing fees (116) 319
Straight line rental income 713 (848)
Amortization of acquired real estate leases 0 105
Other amortization 1,407 2,375
Amortization of right-of-use asset 379 364
Share-based compensation 6,571 7,648
Loss on early extinguishment of debt 0 6,374
Net gain on sale of properties (446,536) (420,203)
Change in assets and liabilities:    
Rents receivable and other assets 515 (8,036)
Accounts payable, accrued expenses and other (576) (11,179)
Rent collected in advance (606) (2,183)
Net cash provided by operating activities 23,249 41,241
CASH FLOWS FROM INVESTING ACTIVITIES:    
Real estate improvements (2,937) (18,073)
Proceeds from sale of properties, net 655,053 771,787
Proceeds from maturity of marketable securities 0 250,000
Net cash provided by investing activities 652,116 1,003,714
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repurchase and retirement of common shares (26,881) (5,487)
Payments on borrowings (294) (255,557)
Contributions from holders of noncontrolling interest 1 0
Distributions to common shareholders (1,936) (1,160)
Distributions to preferred shareholders (3,994) (3,994)
Distributions to holders of noncontrolling interest (997) 0
Redemption of noncontrolling interest (31) 0
Net cash used in financing activities (34,132) (266,198)
Increase in cash, cash equivalents, and restricted cash 641,233 778,757
Cash, cash equivalents, and restricted cash at beginning of period 2,800,645 2,404,101
Cash, cash equivalents, and restricted cash at end of period 3,441,878 3,182,858
SUPPLEMENTAL CASH FLOW INFORMATION:    
Interest paid 732 12,291
Taxes (refunded) paid, net (1,555) 2,873
NON-CASH INVESTING ACTIVITIES:    
Recognition of right-of-use asset and lease liability 0 1,503
Accrued capital expenditures 2,733 3,992
NON-CASH FINANCING ACTIVITIES:    
Total cash, cash equivalents, and restricted cash shown in the statements of cash flows $ 3,441,878 $ 3,182,858