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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Operating Activities    
Net income $ 554,486 $ 370,038
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 581,807 520,354
Impairment of real estate 52,675 22,901
Gain on sales of real estate (2,344) (1,586)
Loss on early extinguishment of debt 67,253 52,770
Equity in earnings of unconsolidated real estate joint ventures (9,237) (4,555)
Distributions of earnings from unconsolidated real estate joint ventures 15,579 3,720
Amortization of loan fees 8,530 7,589
Amortization of debt premiums (1,539) (2,686)
Amortization of acquired above- and below-market leases (39,043) (43,730)
Deferred rent (89,203) (72,786)
Stock compensation expense 34,416 32,108
Investment income (372,361) (166,184)
Changes in operating assets and liabilities:    
Tenant receivables (415) 2,486
Deferred leasing costs (74,974) (35,280)
Other assets (27,311) (6,094)
Accounts payable, accrued expenses, and other liabilities 62,318 29,876
Net cash provided by operating activities 760,637 708,941
Investing Activities    
Proceeds from sale of real estate 65,245 199,537
Additions to real estate (1,542,210) (1,072,102)
Purchases of real estate (3,758,704) (1,989,648)
Change in escrow deposits (147,414) (7,041)
Acquisition of interest in unconsolidated real estate joint venture (9,048) 0
Investments in unconsolidated real estate joint ventures (739) (3,291)
Return of capital from unconsolidated real estate joint ventures 0 20,225
Additions to non-real estate investments (319,077) (116,366)
Sales of and distributions from non-real estate investments 278,554 103,670
Net cash used in investing activities (5,433,393) (2,865,016)
Financing Activities    
Repayments of borrowings from secured notes payable (17,108) (4,741)
Proceeds from issuance of unsecured senior notes payable 1,743,716 1,697,651
Repayments of unsecured senior notes payable (650,000) (500,000)
Premium paid for early extinguishment of debt (66,829) (48,653)
Borrowings from unsecured senior line of credit 2,101,000 2,700,000
Repayments of borrowings from unsecured senior line of credit (2,101,000) (3,084,000)
Proceeds from issuances under commercial paper program 21,850,000 18,818,900
Repayments of borrowings under commercial paper program (21,200,000) (18,568,900)
Payments of loan fees (16,870) (16,990)
Taxes paid related to net settlement of equity awards (23,495) (16,231)
Proceeds from issuance of common stock 2,758,545 1,813,573
Dividends on common stock (482,408) (389,940)
Contributions from and sales of noncontrolling interests 629,138 64,207
Distributions to and redemption of noncontrolling interests (81,926) (66,095)
Net cash provided by financing activities 4,442,763 2,398,781
Effect of foreign exchange rate changes on cash and cash equivalents 342 (352)
Net (decrease) increase in cash, cash equivalents, and restricted cash (229,651) 242,354
Cash, cash equivalents, and restricted cash as of the beginning of period 597,705 242,689
Cash, cash equivalents, and restricted cash as of the end of period 368,054 485,043
Supplemental Disclosures and Non-Cash Investing and Financing Activities:    
Cash paid during the period for interest, net of interest capitalized 110,391 146,371
Accrued construction for current-period additions to real estate 377,193 205,771
Right-of-use asset 27,802 67,283
Lease liability (27,802) (67,283)
Consolidation of real estate assets in connection with our acquisition of partner’s interest in unconsolidated real estate joint venture 19,613 0
Assumption of secured note payable in connection with acquisition of partner’s interest in unconsolidated real estate joint venture (14,558) 0
Noncash, deferred purchase price in connection with acquisitions of real estate (185,179) 0
Noncash, assignment of secured note payable in connection with the disposition of real estate 28,200 0
Contribution of assets from real estate joint venture partner 118,750 350,000
Issuance of noncontrolling interest to joint venture partner $ (118,750) $ (292,930)