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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities:    
Net income $ 465,551 $ 394,080
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 136,973 118,169
Amortization of deferred financing costs 3,933 4,869
Non-cash lease expense 939 945
Compensation expense related to stock-based awards 9,787 8,635
Accrual of interest income added to principal of debt securities and notes receivable (19,235) (17,312)
Gain on real estate transactions (14,249) (63,883)
Equity in earnings of unconsolidated real estate ventures - gain on sale of real estate assets and purchase of joint venture partner's interest 0 (6,251)
Distributions from unconsolidated real estate ventures in excess of earnings 6,204 3,026
Changes in operating assets and liabilities:    
Other assets 15,789 5,519
Accounts payable and accrued expenses 28,646 19,063
Other liabilities 6,049 (3,172)
Net cash provided by operating activities 640,387 463,688
Cash flows from investing activities:    
Acquisition of real estate assets (438,287) (375,209)
Cash paid for business combination (157,301) 0
Development and redevelopment of real estate assets (29,256) (25,782)
Proceeds from sale of real estate assets and investments in real estate ventures 39,367 194,205
Investment in unconsolidated real estate entities (76,339) (7,174)
Return of investment in unconsolidated real estate ventures 342 31,534
Issuance and purchase of notes receivable (204,930) (68,523)
Principal payments received from notes receivable 223,773 20,426
Proceeds from sale of notes receivable 82,115 87,298
Purchase of equipment and fixtures (9,512) (2,077)
Net cash used in investing activities (570,028) (145,302)
Cash flows from financing activities:    
Proceeds from the sale of common stock, net of offering costs 0 273,509
Proceeds from notes payable and revolving lines of credit 1,948,657 2,372,000
Principal payments on notes payable and revolving lines of credit (1,915,531) (3,193,025)
Proceeds from issuance of public bonds, net 400,000 446,396
Deferred financing costs (6,713) (5,403)
Net proceeds from exercise of stock options 0 4,254
Repurchase of common stock (63,008) 0
Redemption of Operating Partnership units held by noncontrolling interests (3,504) (472)
Redemption of Preferred B Units for cash (4,500) 0
Proceeds from principal payments on note receivable collateralized by OP Units 0 411
Dividends paid on common stock (403,551) (266,317)
Distributions to noncontrolling interests (28,237) (17,999)
Net cash used in financing activities (76,387) (386,646)
Net decrease in cash, cash equivalents, and restricted cash (6,028) (68,260)
Cash, cash equivalents, and restricted cash, beginning of the period 76,194 128,009
Cash, cash equivalents, and restricted cash, end of the period 70,166 59,749
Supplemental schedule of cash flow information    
Interest paid 82,381 76,289
Income taxes paid 9,116 16,749
Redemption of Operating Partnership units held by noncontrolling interests for common stock    
Noncontrolling interests in Operating Partnership 0 (2,378)
Common stock and paid-in capital 0 2,378
Acquisition and establishment of operating lease right of use assets and lease liabilities    
Real estate assets - operating lease right-of-use assets 1,689 2,493
Operating lease liabilities (1,689) (2,493)
Acquisitions of real estate assets    
Real estate assets, net 48,535 43,666
Value of equity issued (40,965) 0
Investment in unconsolidated real estate ventures (747) (2,673)
Finance lease liability (6,823) (40,993)
Accrued construction costs and capital expenditures    
Acquisition of real estate assets 987 1,016
Accounts payable and accrued expenses (987) (1,016)
Investment in unconsolidated real estate ventures received on sale of stores to joint venture    
Investment in unconsolidated real estate ventures 0 33,878
Real estate assets 0 (33,878)
Preferred OP Units    
Issuance of OP and Preferred OP units in conjunction with business combinations    
Equity interests issued (6,000) 0
Common OP Units    
Issuance of OP and Preferred OP units in conjunction with business combinations    
Equity interests issued $ (16,000) $ 0