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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash Flows — Operating Activities    
Net income $ 331,340 $ 176,752
Adjustments to net income:    
Depreciation and amortization, including intangible assets and deferred financing costs 341,801 344,924
Deferred income tax benefit (47,414) (3,163)
Realized and unrealized (gains) losses on foreign currency transactions, derivatives, and other (46,035) 36,962
Amortization of rent-related intangibles and deferred rental revenue 40,291 62,537
Straight-line rent adjustments (39,365) (35,903)
Gain on sale of real estate, net (32,684) (642)
Impairment charges 19,420 25,781
Asset management revenue received in shares of Managed REITs (13,585) (23,051)
Allowance for credit losses 10,313 0
Stock-based compensation expense 10,143 13,848
Equity in losses (earnings) of equity method investments in the Managed Programs and real estate 10,087 (15,211)
Distributions of earnings from equity method investments 7,286 19,472
Loss on change in control of interests 0 8,416
Changes in assets and liabilities:    
Net changes in other operating assets and liabilities (37,717) (36,642)
Deferred structuring revenue received 2,791 4,004
Increase in deferred structuring revenue receivable (88) (599)
Net Cash Provided by Operating Activities 556,584 577,485
Cash Flows — Investing Activities    
Purchases of real estate (350,120) (351,582)
Funding for real estate construction, redevelopments, and other capital expenditures on real estate (169,503) (132,293)
Proceeds from sales of real estate 167,974 26,478
Proceeds from repayment of short-term loans to affiliates 51,702 11,637
Return of capital from equity method investments 12,522 30,654
Proceeds from repayment of loans receivable 11,000 9,707
Funding of short-term loans to affiliates (5,433) (29,450)
Other investing activities, net 4,602 16,186
Capital contributions to equity method investments (595) (2,595)
Net Cash Used in Investing Activities (277,851) (421,258)
Cash Flows — Financing Activities    
Repayments of Unsecured Revolving Credit Facility (790,760) (998,156)
Proceeds from Unsecured Revolving Credit Facility 777,867 932,320
Dividends paid (542,857) (524,994)
Proceeds from Unsecured Term Loans 298,974 0
Scheduled payments of mortgage principal (241,332) (93,872)
Proceeds from shares issued under forward sale agreements, net of selling costs 199,716 0
Payment of financing costs (9,998) (5,659)
Other financing activities, net 7,542 4,372
Distributions paid to noncontrolling interests (5,280) (1,191)
Payments for withholding taxes upon delivery of equity-based awards (5,272) (15,766)
Prepayments of mortgage principal 0 (872,799)
Proceeds from issuance of Senior Unsecured Notes 0 870,635
Proceeds from shares issued under ATM Program, net of selling costs 0 523,531
Contributions from noncontrolling interests 0 849
Net Cash Used in Financing Activities (311,400) (180,730)
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 3,918 (10,831)
Net decrease in cash and cash equivalents and restricted cash (28,749) (35,334)
Cash and cash equivalents and restricted cash, beginning of period 251,518 424,063
Cash and cash equivalents and restricted cash, end of period $ 222,769 $ 388,729