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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 689,287 $ 970,050 $ 479,224
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 342,593 350,945 319,742
Loss on extinguishment of debt 2,008 23,636 156,707
Gain on dispositions of real estate, impairments of real estate, and derecognition of leased properties (677,740) (939,806) (594,861)
Income tax expense (benefit) 2,427 3,923 (5,246)
Share-based compensation expense 8,874 7,463 7,360
Other, net 29,231 3,195 7,230
Net changes in operating assets and operating liabilities:      
Accounts receivable and other assets, net 5,338 27,864 (19,646)
Accounts payable, accrued liabilities and other (31,618) (26,713) (17,554)
Total adjustments (318,887) (549,493) (146,268)
Net cash provided by operating activities 370,400 420,557 332,956
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchases of real estate and deposits related to purchases of real estate (346,626) (861,320) (364,055)
Capital expenditures (173,662) (192,404) (174,499)
Contributions to unconsolidated real estate partnerships (51,836) 0 0
Distributions from unconsolidated real estate partnerships 207,101 0 0
Proceeds from dispositions of real estate 52,066 1,209,241 915,926
Purchase of corporate assets (15,862) (13,940) (5,171)
Proceeds from repayment of note receivable 0 534,127 0
Proceeds from investments in debt securities 0 0 100,852
Other investing activities, net 15,757 (25,447) 5,229
Net cash (used in) provided by investing activities (313,062) 650,257 478,282
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from non-recourse property debt 1,005,920 54,156 0
Principal repayments on non-recourse property debt (119,508) (449,535) (1,492,446)
Proceeds from term loans 0 0 1,150,000
Repayment of term loans (325,000) (350,000) (350,000)
Net (repayments of) borrowings on revolving credit facility (347,000) 159,205 36,756
Payment of debt extinguishment costs (1,115) (22,680) (149,725)
Proceeds from the issuance of unsecured notes payable 0 400,000 0
Proceeds from the issuance of Common Stock 0 0 342,470
Payment of dividends to holders of Common Stock (266,140) (277,551) (269,601)
Repurchases of Common Stock (124,361) (316,710) 0
Payment of distributions to common noncontrolling interests (32,485) (35,472) (28,170)
Redemptions of noncontrolling interests in the AIR Operating Partnership 0 (13,394) (17,905)
Contributions from noncontrolling interests in consolidated real estate partnerships 5,691 9,206 7,458
Other financing activities, net (37,254) (19,395) (20,794)
Net cash used in financing activities (241,252) (862,170) (791,957)
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (183,914) 208,644 19,281
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD 301,405 92,761 73,480
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD 117,491 301,405 92,761
SUPPLEMENTAL CASH FLOW INFORMATION:      
Interest paid, net of amounts capitalized 128,431 114,340 130,202
Cash paid for income taxes 5,720 5,528 6,763
Non-cash transactions associated with the acquisition or disposition of real estate:      
Non-recourse property debt assumed in connection with the acquisition of real estate 101,215 0 259,248
Issuance of common OP Units in connection with acquisition of real estate 22,383 0 121,557
Proceeds from investment in unconsolidated real estate partnerships for contribution of real estate 270,730 0 0
Other non-cash transactions:      
Recognition of right-of-use lease assets 0 80,651 0
Recognition of lease liabilities 0 80,651 0
Accrued capital expenditures (at end of period) 5,287 10,701 9,732
Accrued share repurchases (at end of period) $ 24,595 $ 0 $ 0