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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating Activities    
Net income $ 38,662 $ 219,176
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 342,062 287,554
Impairment of real estate 32,154 0
Gain on sales of real estate (13,165) (392)
Equity in losses (earnings) of unconsolidated real estate joint ventures 507 (155)
Distributions of earnings from unconsolidated real estate joint ventures 172 884
Amortization of loan fees 4,691 4,142
Amortization of debt discounts 349 318
Amortization of acquired above- and below-market leases (15,222) (30,340)
Deferred rent (22,023) (48,251)
Stock compensation expense 10,064 17,125
Investment loss (income) 49,992 (43,284)
Changes in operating assets and liabilities:    
Tenant receivables (467) 731
Deferred leasing costs (26,645) (23,970)
Other assets (37,034) (40,728)
Accounts payable, accrued expenses, and other liabilities (156,148) (1,653)
Net cash provided by operating activities 207,949 341,157
Investing Activities    
Proceeds from sales of real estate 68,182 16,670
Additions to real estate (645,841) (693,268)
Purchases of real estate 0 (194,002)
Change in escrow deposits (9,506) (1,008)
Investments in unconsolidated real estate joint ventures (10,994) (3,224)
Additions to non-real estate investments (69,311) (60,572)
Sales of and distributions from non-real estate investments 12,691 40,550
Net cash used in investing activities (654,779) (894,854)
Financing Activities    
Borrowings under secured notes payable 824 10,216
Proceeds from issuance of unsecured senior notes payable 548,532 998,806
Proceeds from issuances under commercial paper program 2,700,000 3,170,000
Repayments of borrowings under commercial paper program (2,400,000) (3,270,000)
Payments of loan fees (5,406) (10,118)
Taxes paid related to net settlement of equity awards (5,558) (23,964)
Repurchase of common stock (208,187) 0
Dividends on common stock (229,987) (221,824)
Contributions from and sales of noncontrolling interests 54,409 82,853
Distributions to and purchases of noncontrolling interests (83,852) (111,540)
Net cash provided by financing activities 370,775 624,429
Effect of foreign exchange rate changes on cash and cash equivalents (38) 192
Net (decrease) increase in cash, cash equivalents, and restricted cash (76,093) 70,924
Cash, cash equivalents, and restricted cash as of the beginning of period 559,847 660,771
Cash, cash equivalents, and restricted cash as of the end of period 483,754 731,695
Supplemental Disclosure and Non-Cash Investing and Financing Activities:    
Cash paid during the period for interest, net of interest capitalized 33,776 34,901
Accrued construction for current-period additions to real estate 147,045 318,041
Transfer of real estate assets and/or equipment from tenants 39,950 11,965
Notes receivable issued in connection with sales of real estate 91,000 0
Derecognition of net investment in real estate from sales-type lease 4,677 0
Contribution of assets from and issuance of noncontrolling interest to real estate joint venture partner 0 103,547
Reallocation of additional paid-in-capital to consolidated joint venture partner’s non-controlling interest $ 0 $ 30,185