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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating Activities    
Net income (loss) $ 121,693 $ (117,392)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 265,302 240,659
Equity in earnings of unconsolidated real estate joint ventures (194) (220)
Distributions of earnings from unconsolidated real estate joint ventures 285 975
Amortization of loan fees 3,639 3,103
Amortization of debt discounts (premiums) 288 (424)
Amortization of acquired above- and below-market leases (21,636) (13,915)
Deferred rent (33,191) (42,025)
Stock compensation expense 16,486 14,028
Investment loss 45,111 240,319
Changes in operating assets and liabilities:    
Tenant receivables (582) (191)
Deferred leasing costs (33,469) (75,162)
Other assets (25,422) (22,618)
Accounts payable, accrued expenses, and other liabilities (32,740) (36,051)
Net cash provided by operating activities 305,570 191,086
Investing Activities    
Additions to real estate (873,366) (666,364)
Purchases of real estate (177,543) (1,903,800)
Change in escrow deposits 9,366 100,635
Investments in unconsolidated real estate joint ventures (106) (335)
Return of capital from unconsolidated real estate joint ventures 0 471
Additions to non-real estate investments (47,401) (64,247)
Sales of and distributions from non-real estate investments 49,385 44,842
Net cash used in investing activities (1,039,665) (2,488,798)
Financing Activities    
Borrowings from secured notes payable 14,428 5,082
Repayments of borrowings from secured notes payable 0 (906)
Proceeds from issuance of unsecured senior notes payable 996,205 1,793,318
Borrowings from unsecured senior line of credit 375,000 1,180,000
Repayments of borrowings from unsecured senior line of credit (375,000) (1,180,000)
Proceeds from issuances under commercial paper program 775,000 6,120,000
Repayments of borrowings under commercial paper program (400,000) (6,390,000)
Payments of loan fees (9,989) (17,596)
Taxes paid related to net settlement of equity awards (7,854) (8,906)
Proceeds from issuance of common stock 0 646,316
Dividends on common stock (209,131) (183,847)
Contributions from and sales of noncontrolling interests 79,337 819,610
Distributions to and purchases of noncontrolling interests (63,186) (30,501)
Net cash provided by financing activities 1,174,810 2,752,570
Effect of foreign exchange rate changes on cash and cash equivalents (306) 81
Net increase in cash, cash equivalents, and restricted cash 440,409 454,939
Cash, cash equivalents, and restricted cash as of the beginning of period 857,975 415,227
Cash, cash equivalents, and restricted cash as of the end of period 1,298,384 870,166
Supplemental Disclosure and Non-Cash Investing and Financing Activities:    
Cash paid during the period for interest, net of interest capitalized 21,519 22,550
Accrued construction for current-period additions to real estate 419,029 300,713
Contribution of assets from real estate joint venture partner 33,250 0
Issuance of noncontrolling interest to joint venture partner (33,250) 0
Right-of-use asset 0 10,127
Lease liability $ 0 $ (10,127)