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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:      
Net income $ 1,959,639 $ 1,361,227 $ 1,525,651
Adjustments to reconcile net income to net cash flows from operating activities:      
Gain on sale of real estate (13,683) (1,493) (341)
Depreciation and amortization 713,428 553,257 512,918
Equity in earnings of unconsolidated real estate entities (232,093) (80,497) (69,547)
Distributions from cumulative equity in earnings of unconsolidated real estate entities 150,488 72,098 73,259
Foreign currency exchange (gain) loss (111,787) 97,953 (7,829)
Share-based compensation expense 59,815 33,363 25,833
Other 17,748 6,994 7,690
Total adjustments 583,916 681,675 541,983
Net cash flows from operating activities 2,543,555 2,042,902 2,067,634
Cash flows from investing activities:      
Capital expenditures to maintain real estate facilities (270,238) (169,998) (187,303)
Development and expansion of real estate facilities (281,981) (189,413) (284,682)
Acquisition of real estate facilities and intangible assets (5,047,106) (792,266) (437,758)
Distributions in excess of cumulative equity in earnings from unconsolidated real estate entities 19,518 24,658 11,630
Repayment of note receivable 0 7,509 0
Proceeds from sale of real estate investments 16,296 1,796 762
Net cash flows used in investing activities (5,563,511) (1,117,714) (897,351)
Cash flows from financing activities:      
Repayments on notes payable (2,218) (2,020) (1,920)
Issuance of notes payable, net of issuance costs 5,038,904 545,151 496,900
Issuance of preferred shares 1,147,455 1,208,206 1,059,156
Issuance of common shares in connection with share-based compensation 95,860 12,664 33,564
Redemption of preferred shares (1,175,000) (1,220,000) (1,050,000)
Cash paid upon vesting of restricted share units (13,069) (10,518) (12,162)
Acquisition of noncontrolling interests (692) (33) (35,000)
Contributions by noncontrolling interests 2,451 2,629 4,148
Distributions paid to preferred shareholders, common shareholders and restricted share unitholders (1,588,888) (1,606,429) (1,608,749)
Distributions paid to noncontrolling interests (6,662) (5,366) (6,672)
Net cash flows provided by (used in) financing activities 3,498,141 (1,075,716) (1,120,735)
Net cash flows from (used in) operating, investing, and financing activities 478,185 (150,528) 49,548
Net effect of foreign exchange impact on cash and equivalents, including restricted cash 505 (426) (13)
Increase (decrease) in cash and equivalents, including restricted cash 478,690 (150,954) 49,535
Cash and equivalents, including restricted cash at beginning of the period:      
Cash and equivalents 257,560 409,743 361,218
Restricted cash included in other assets 25,040 23,811 22,801
Cash, equivalents, and restricted cash 282,600 433,554 384,019
Cash and equivalents, including restricted cash at end of the period:      
Cash and equivalents 734,599 257,560 409,743
Restricted cash included in other assets 26,691 25,040 23,811
Cash, equivalents, and restricted cash 761,290 282,600 433,554
Costs incurred during the period remaining unpaid at period end for:      
Capital expenditures to maintain real estate facilities (23,398) (10,359) (16,558)
Construction or expansion of real estate facilities (50,051) (32,349) (32,356)
Real estate acquired in exchange for noncontrolling interests (68,170) 0 0
Real estate acquired in exchange for consideration payable 0 (3,799) (1,817)
Preferred shares called for redemption and reclassified to liabilities $ 0 $ 300,000 $ 0