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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Operating Activities      
Net income (loss) $ 404,047 $ 402,793 $ 194,204
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 544,612 477,661 416,783
Loss on early extinguishment of debt 47,570 1,122 3,451
Impairment of real estate 12,334 6,311 203
Gain on sale of real estate - rental properties (474) (8,704) (270)
Gain on sales of real estate - land parcels 0 0 (111)
Equity in (earnings) losses of unconsolidated real estate joint ventures (10,136) (43,981) (15,426)
Distributions of earnings from unconsolidated real estate joint ventures 2,796 430 1,618
Amortization of loan fees 9,105 10,271 11,149
Amortization of debt discount (premiums) (3,777) (2,406) (2,512)
Amortization of acquired below-market leases (29,813) (21,938) (19,055)
Deferred rent (104,235) (93,883) (107,643)
Stock compensation expense 43,640 35,019 25,610
Investment income (194,647) (136,763) (1,329)
Changes in operating assets and liabilities:      
Tenant receivables (897) 435 (502)
Deferred leasing costs (54,455) (57,088) (62,639)
Other assets (20,825) (20,849) (18,222)
Accounts payable, accrued expenses, and tenant security deposits 39,012 21,909 25,573
Net cash provided by operating activities 683,857 570,339 450,882
Investing Activities      
Proceeds from sales of real estate 6,619 20,190 15,432
Additions to real estate (1,224,541) (927,168) (893,685)
Purchase of real estate (2,259,778) (1,037,180) (675,584)
Deposits for investing activities (18,107) (2,000) (2,300)
Acquisition of interest in unconsolidated real estate joint venture 0 (35,922) (60,291)
Investments in unconsolidated real estate joint venture (102,081) (116,008) (17,876)
Return of capital from unconsolidated real estate joint ventures 14 68,592 38,576
Additions to investments (190,778) (235,943) (171,881)
Proceeds from sales of investments 147,332 103,679 30,483
Net cash used in investing activities (3,641,320) (2,161,760) (1,737,126)
Financing Activities      
Borrowings from secured notes payable 0 17,784 153,405
Repayments of borrowings from secured notes payable (306,199) (156,888) (396,240)
Proceeds from issuance of unsecured senior notes payable 2,721,169 899,321 1,023,262
Repayments of unsecured senior notes payable (950,000) 0 0
Borrowings from unsecured senior line of credit 5,056,000 4,741,000 3,858,000
Repayments of borrowings from unsecured senior line of credit (4,880,000) (4,583,000) (3,836,000)
Proceeds from issuance of commercial paper program 2,233,000 0 0
Repayments of borrowings from commercial paper program (2,233,000) 0 0
Repayment of unsecured senior bank term loan (350,000) (200,000) (200,000)
Premium paid for early extinguishment of debt (41,351) 0  
Payment of loan fees (27,182) (19,292) (10,019)
Taxes paid related to net settlement of equity awards (25,477) 0 0
Repurchase of 7.00% Series D convertible preferred stock (9,240) (13,976) (17,934)
Redemption of 6.45% Series E redeemable preferred stock 0 0 (130,350)
Proceeds from the issuance of common stock 1,216,445 1,293,301 1,275,397
Dividends paid on common stock (447,029) (380,632) (312,131)
Dividends paid on preferred stock (4,141) (5,207) (9,619)
Contributions from and sales of noncontrolling interests 1,022,712 28,275 44,931
Distributions to and purchases of noncontrolling interests (48,225) (32,253) (22,361)
Net cash provided by financing activities 2,927,482 1,588,433 1,420,341
Effect of foreign exchange rate changes on cash and cash equivalents 540 (2,068) 1,723
Net increase (decrease) in cash, cash equivalents, and restricted cash (29,441) (5,056) 135,820
Cash, cash equivalents, and restricted cash as of the beginning of period 272,130 277,186 141,366
Cash, cash equivalents, and restricted cash as of the end of period 242,689 272,130 277,186
Supplemental Disclosure of Cash Flow Information      
Cash paid during the period for interest, net of interest capitalized 146,165 127,093 112,113
Supplemental Disclosure and Non-Cash Investing and Financing Activities:      
Change in accrued construction (24) 81,177 (11,034)
Accrued construction for current-period additions to real estate 220,773 244,147 179,154
Assumption of secured notes payable in connection with purchase of properties (28,200) 0 0
Right-of-use asset 269,189 0 0
Lease liability (275,175) 0 0
Payable for purchase of real estate 0 (65,000) 0
Contribution of real estate to an unconsolidated real estate joint venture 0 0 6,998
Contribution of real estate from noncontrolling interests 115,167 0 8,597
Issuance of common stock for conversion of 7.00% Series D preferred stock $ 57,461 $ 0 $ 0