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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 835,736 $ 699,517
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 616,032 619,003
Amortization of deferred financing costs 6,172 6,253
Amortization of above/below market lease intangibles (154) (53)
Amortization of discounts and premiums on debt 3,934 3,834
Amortization of deferred settlements on derivative instruments 6,991 17,266
Amortization of right-of-use assets 10,286 8,785
Write-off of pursuit costs 3,557 4,864
(Income) loss from investments in unconsolidated entities 3,028 2,445
Distributions from unconsolidated entities – return on capital   100
Net (gain) loss on sales of real estate properties (587,623) (352,218)
Net (gain) loss on sales of land parcels (5)  
Realized/unrealized (gain) loss on derivative instruments   50
Realized (gain) loss on sale of investment securities (23,432)  
Compensation paid with Company Common Shares 21,919 18,275
Other operating activities, net   1,805
Changes in assets and liabilities:    
(Increase) decrease in other assets 16,269 (30,197)
Increase (decrease) in accounts payable and accrued expenses 69,170 54,418
Increase (decrease) in accrued interest payable (9,119) (1,183)
Increase (decrease) in lease liabilities (4,112) (1,650)
Increase (decrease) in other liabilities 5,427 (8,381)
Increase (decrease) in security deposits 4,137 (8,609)
Net cash provided by operating activities 978,213 1,034,324
CASH FLOWS FROM INVESTING ACTIVITIES:    
Investment in real estate – acquisitions (1,022,275) (48,898)
Investment in real estate – development/other (172,850) (157,778)
Capital expenditures to real estate (107,706) (92,123)
Non-real estate capital additions (1,251) (19,290)
Interest capitalized for real estate and unconsolidated entities under development (12,365) (6,880)
Proceeds from disposition of real estate, net 1,014,328 747,600
Investments in unconsolidated entities (31,081) (6,664)
Distributions from unconsolidated entities – return of capital 4 1,000
Purchase of investment securities and other investments (167,791) (509)
Proceeds from sale of investment securities 191,398  
Net cash provided by (used for) investing activities (309,589) 416,458
CASH FLOWS FROM FINANCING ACTIVITIES:    
Debt financing costs (6,447) (2,923)
Mortgage notes payable, net:    
Proceeds 51,298 505,375
Lump sum payoffs (59,880) (127,767)
Scheduled principal repayments (5,570) (5,821)
Proceeds 497,470  
Line of credit and commercial paper:    
Line of credit proceeds   1,870,000
Line of credit repayments   (1,890,000)
Commercial paper proceeds 4,305,170 6,726,167
Commercial paper repayments (4,690,000) (7,724,000)
Proceeds from (payments on) settlement of derivative instruments   (1,240)
Finance ground lease principal payments (349)  
Proceeds from Employee Share Purchase Plan (ESPP) 3,455 3,556
Proceeds from exercise of options 68,807 11,426
Payment of offering costs (267)  
Other financing activities, net (31) (31)
Contributions – Noncontrolling Interests – Partially Owned Properties   417
Contributions – Noncontrolling Interests – Operating Partnership   12
Distributions:    
Common Shares (674,531) (659,668)
Preferred Shares (2,318) (2,318)
Noncontrolling Interests – Operating Partnership (23,949) (24,440)
Noncontrolling Interests – Partially Owned Properties (4,461) (11,312)
Net cash provided by (used for) financing activities (541,603) (1,332,567)
Net increase (decrease) in cash and cash equivalents and restricted deposits 127,021 118,215
Cash and cash equivalents and restricted deposits, beginning of period 99,728 116,999
Cash and cash equivalents and restricted deposits, end of period 226,749 235,214
Cash and cash equivalents 39,707 178,333
Restricted deposits 187,042 56,881
SUPPLEMENTAL INFORMATION:    
Cash paid for interest, net of amounts capitalized 199,799 223,703
Net cash paid (received) for income and other taxes 1,040 (1,092)
Amortization of deferred financing costs:    
Investment in real estate, net (227) (180)
Other assets 1,754 1,755
Mortgage notes payable, net 1,702 1,337
Notes, net 2,943 3,341
Amortization of discounts and premiums on debt:    
Mortgage notes payable, net 2,069 1,791
Notes, net 1,865 2,043
Amortization of deferred settlements on derivative instruments:    
Other liabilities (9) (9)
Accumulated other comprehensive income 7,000 17,275
Write-off of pursuit costs:    
Investment in real estate, net 3,000 4,621
Other assets 533 219
Accounts payable and accrued expenses 24 24
(Income) loss from investments in unconsolidated entities:    
Investments in unconsolidated entities 2,062 1,474
Other liabilities 966 971
Realized/unrealized (gain) loss on derivative instruments:    
Other liabilities   1,240
Accumulated other comprehensive income   (1,190)
Interest capitalized for real estate and unconsolidated entities under development:    
Investment in real estate, net (12,260) (6,880)
Investments in unconsolidated entities (105)  
Investments in unconsolidated entities:    
Investment in real estate, net 967  
Investments in unconsolidated entities (30,038) (5,164)
Other liabilities (2,010) (1,500)
Debt financing costs:    
Other assets 228 (231)
Mortgage notes payable, net (2,344) $ (2,692)
Notes, net (4,331)  
Right-of-use assets and lease liabilities initial measurement and reclassifications:    
Right-of-use assets 11,308  
Lease liabilities (11,308)  
Non-cash share distribution from unconsolidated entities:    
Investments in unconsolidated entities 1,430  
Other assets $ (1,430)