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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash Flows — Operating Activities    
Net income $ 181,906 $ 134,917
Adjustments to net income:    
Depreciation and amortization, including intangible assets and deferred financing costs 230,234 232,100
Deferred income tax benefit (44,529) (2,124)
Amortization of rent-related intangibles and deferred rental revenue 26,820 32,375
Straight-line rent adjustments (24,826) (24,294)
Impairment charges 19,420 0
Equity in losses (earnings) of equity method investments in the Managed Programs and real estate 11,807 (9,442)
Gain on sale of real estate, net (11,751) (571)
Asset management revenue received in shares of Managed REITs (10,607) (15,357)
Realized and unrealized losses on foreign currency transactions, derivatives, and other 8,221 15,972
Stock-based compensation expense 5,579 9,101
Distributions of earnings from equity method investments 3,121 12,889
Allowance for credit losses 1,906 0
Changes in assets and liabilities:    
Net changes in other operating assets and liabilities (59,120) (60,177)
Deferred structuring revenue received 1,958 3,344
Increase in deferred structuring revenue receivable (88) (573)
Net Cash Provided by Operating Activities 340,051 328,160
Cash Flows — Investing Activities    
Purchases of real estate (265,829) (289,766)
Funding for real estate construction, redevelopments, and other capital expenditures on real estate (117,420) (76,891)
Proceeds from sales of real estate 105,115 12,589
Proceeds from repayment of short-term loans to affiliates 51,702 0
Proceeds from repayment of loans receivable 11,000 9,574
Return of capital from equity method investments 10,463 27,186
Other investing activities, net 8,626 23,143
Funding of short-term loans to affiliates (5,433) (10,596)
Capital contributions to equity method investments (595) (2,594)
Net Cash Used in Investing Activities (202,371) (307,355)
Cash Flows — Financing Activities    
Repayments of Unsecured Revolving Credit Facility (692,477) (507,448)
Proceeds from Unsecured Revolving Credit Facility 519,849 526,821
Dividends paid (360,616) (347,449)
Proceeds from Unsecured Term Loans 298,974 0
Proceeds from shares issued under forward sale agreements, net of selling costs 99,887 0
Scheduled payments of mortgage principal (36,598) (57,358)
Payment of financing costs (9,993) (2,258)
Other financing activities, net 7,921 1,393
Payments for withholding taxes upon delivery of equity-based awards (5,272) (15,743)
Distributions paid to noncontrolling interests (5,231) (622)
Prepayments of mortgage principal 0 (493,317)
Proceeds from shares issued under ATM Program, net of selling costs 0 392,134
Proceeds from issuance of Senior Unsecured Notes 0 321,347
Contributions from noncontrolling interests 0 849
Net Cash Used in Financing Activities (183,556) (181,651)
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 (1,650) (1,606)
Net decrease in cash and cash equivalents and restricted cash (47,526) (162,452)
Cash and cash equivalents and restricted cash, beginning of period 251,518 424,063
Cash and cash equivalents and restricted cash, end of period $ 203,992 $ 261,611