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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash Flows — Operating Activities    
Net income $ 66,702 $ 68,796
Adjustments to net income:    
Depreciation and amortization, including intangible assets and deferred financing costs 119,483 115,400
Equity in losses (earnings) of equity method investments in the Managed Programs and real estate 45,790 (5,491)
Deferred income tax benefit (41,487) (1,829)
Impairment charges 19,420 0
Amortization of rent-related intangibles and deferred rental revenue 12,794 15,925
Gain on sale of real estate, net (11,751) (933)
Straight-line rent adjustments (11,619) (11,192)
Realized and unrealized losses on foreign currency transactions, derivatives, and other 7,275 7,504
Asset management revenue received in shares of Managed REITs (7,056) (7,681)
Allowance for credit losses 5,499 0
Stock-based compensation expense 2,661 4,165
Distributions of earnings from equity method investments 2,656 7,080
Changes in assets and liabilities:    
Net changes in other operating assets and liabilities (32,119) (50,939)
Deferred structuring revenue received 1,537 2,581
Increase in deferred structuring revenue receivable (88) (540)
Net Cash Provided by Operating Activities 179,697 142,846
Cash Flows — Investing Activities    
Purchases of real estate (197,626) (164,929)
Proceeds from sales of real estate 105,154 4,851
Funding for real estate construction, redevelopments, and other capital expenditures on real estate (53,392) (27,076)
Proceeds from repayment of short-term loans to affiliates 20,973 0
Proceeds from repayment of loans receivable 11,000 161
Other investing activities, net 6,591 16,674
Funding of short-term loans to affiliates (5,433) 0
Return of capital from equity method investments 3,496 18,750
Capital contributions to equity method investments (595) (2,594)
Net Cash Used in Investing Activities (109,832) (154,163)
Cash Flows — Financing Activities    
Repayments of Unsecured Revolving Credit Facility (466,643) (128,452)
Proceeds from Unsecured Revolving Credit Facility 348,977 145,225
Proceeds from Unsecured Term Loans 298,974 0
Dividends paid (180,274) (171,408)
Scheduled payments of mortgage principal (21,117) (40,360)
Payment of financing costs (9,993) 0
Other financing activities, net 7,269 1,238
Payments for withholding taxes upon delivery of equity-based awards (5,011) (15,565)
Distributions paid to noncontrolling interests (4,725) (496)
Proceeds from shares issued under ATM Program, net of selling costs 0 303,831
Prepayments of mortgage principal 0 (199,579)
Contributions from noncontrolling interests 0 849
Net Cash Used in Financing Activities (32,543) (104,717)
Change in Cash and Cash Equivalents and Restricted Cash During the Period    
Effect of exchange rate changes on cash and cash equivalents and restricted cash (4,550) (2,350)
Net increase (decrease) in cash and cash equivalents and restricted cash 32,772 (118,384)
Cash and cash equivalents and restricted cash, beginning of period 251,518 424,063
Cash and cash equivalents and restricted cash, end of period $ 284,290 $ 305,679