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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities:    
Net income $ 593,900 $ 351,273
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 179,685 167,705
Amortization of deferred financing costs 6,656 7,356
Non-cash interest expense related to amortization of discount on equity component of exchangeable senior notes 0 3,675
Non-cash lease expense 1,396 799
Compensation expense related to stock-based awards 12,647 11,316
Accrual of interest income added to principal of debt securities and notes receivable (25,871) 0
Gain on real estate transactions (63,883) 0
Equity in earnings of unconsolidated real estate ventures - gain on sale of real estate assets and purchase of joint venture partner's interest (6,251) 0
Distributions from unconsolidated real estate ventures in excess of earnings 4,640 5,097
Changes in operating assets and liabilities:    
Other assets (10,612) (17,977)
Accounts payable and accrued expenses 33,907 41,780
Other liabilities 3,054 12,243
Net cash provided by operating activities 729,268 583,267
Cash flows from investing activities:    
Acquisition of real estate assets (589,382) (151,244)
Development and redevelopment of real estate assets (42,719) (46,112)
Proceeds from sale of real estate assets and investments in real estate ventures 196,241 234
Investment in unconsolidated real estate entities (20,834) (13,937)
Return of investment in unconsolidated real estate ventures 31,534 371
Issuance and purchase of notes receivable (143,270) (149,750)
Principal payments received from notes receivable 36,874 0
Proceeds from sale of notes receivable 116,822 0
Purchase of equipment and fixtures (3,058) (3,407)
Net cash used in investing activities (417,792) (363,845)
Cash flows from financing activities:    
Proceeds from the sale of common stock, net of offering costs 273,358 0
Proceeds from notes payable and revolving lines of credit 3,323,000 1,419,000
Principal payments on notes payable and revolving lines of credit (4,526,549) (1,192,750)
Proceeds from issuance of public bonds, net 1,040,349 0
Deferred financing costs (10,698) (3,161)
Net proceeds from exercise of stock options 4,572 2,870
Repurchase of common stock 0 (67,873)
Redemption of Operating Partnership units held by noncontrolling interests (472) (1,000)
Proceeds from principal payments on note receivable collateralized by OP Units 411 0
Proceeds from principal payments on note receivable collateralized by Preferred OP Units 0 8,226
Contributions from noncontrolling interests 0 68
Dividends paid on common stock (433,591) (349,700)
Distributions to noncontrolling interests (28,584) (25,261)
Net cash used in financing activities (358,204) (209,581)
Net increase (decrease) in cash, cash equivalents, and restricted cash (46,728) 9,841
Cash, cash equivalents, and restricted cash, beginning of the period 128,009 70,733
Cash, cash equivalents, and restricted cash, end of the period 81,281 80,574
Supplemental schedule of cash flow information    
Interest paid 116,937 119,977
Income taxes paid 21,365 5,181
Redemption of Operating Partnership units held by noncontrolling interests for common stock    
Noncontrolling interests in Operating Partnership (2,412) (4,005)
Common stock and paid-in capital 2,412 4,005
Establishment of operating lease right of use assets and lease liabilities    
Real estate assets - operating lease right-of-use assets 2,911 6,779
Operating lease liabilities (2,911) (6,779)
Acquisitions of real estate assets    
Real estate assets, net 2,228 (13,833)
Investment in unconsolidated real estate ventures (2,673) 0
Finance lease liability 445 13,833
Accrued construction costs and capital expenditures    
Acquisition of real estate assets 756 676
Accounts payable and accrued expenses (756) (676)
Redemption of Preferred Operating Partnership units for common stock    
Preferred Operating Partnership units (2,834) (2,724)
Additional paid-in capital 2,834 2,724
Establishment of finance lease assets and lease liabilities    
Real estate assets, net 41,438 8,605
Other liabilities (41,438) (8,605)
Investment in unconsolidated real estate ventures received on sale of stores to joint venture    
Investment in unconsolidated real estate ventures 33,878 0
Real estate assets $ (33,878) $ 0