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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net income $ 101.9 $ 336.4 $ 107.8
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Gain on sale of real estate, net (103.7) (412.7) (338.0)
Depreciation and amortization 172.9 166.3 179.6
Above/below and straight-line rent amortization (8.0) 6.8 (10.2)
Uncollectible lease income 8.0 12.9 13.5
Provision for deferred income taxes 18.3 112.2 27.2
Amortization of loan fees 9.1 16.2 0.8
Amortization of discount and accretion of premium and transactional foreign exchange 2.6 2.4 8.5
Unrealized net gain on derivatives (45.9) (4.6) (5.4)
Gain on extinguishment of debt (27.5) 0.0 0.0
Income from unconsolidated investments (178.4) (389.0) (81.0)
Accretion of interest income on loans 0.0 (0.5) (0.9)
Share-based compensation expense 29.0 28.7 32.3
Deferred compensation 7.6 56.3 6.4
Operating distributions from unconsolidated investments 78.1 82.2 59.7
Operating distributions from loans 0.0 0.0 0.7
Change in assets and liabilities:      
Accounts receivable (13.4) (0.5) (9.0)
Other assets (9.7) (18.8) 0.0
Accrued expenses and other liabilities (8.0) (24.6) (4.6)
Net cash provided by (used in) operating activities 32.9 (30.3) (12.6)
Cash flows from investing activities:      
Issuance of loans (50.9) (83.4) (88.6)
Proceeds from collection of loans 34.5 58.1 34.1
Net proceeds from sale of consolidated real estate 325.9 486.4 827.8
Purchases of consolidated real estate (408.2) (1,131.8) (70.1)
Capital expenditures to real estate (160.9) (139.2) (194.1)
Investment in marketable securities 0.0 0.0 (12.1)
Proceeds from sale of marketable securities 0.0 0.0 10.2
Investing distributions from unconsolidated investments 157.1 82.8 177.5
Contributions to unconsolidated investments (361.3) (280.8) (111.6)
Proceeds from settlement of derivative contracts 112.6 0.0 32.5
Premiums from settlement of derivative contracts (10.4) (30.1) (17.0)
Proceeds from sale of development project asset 0.0 0.0 2.2
Net cash (used in) provided by investing activities (361.6) (1,038.0) 590.8
Cash flow from financing activities:      
Borrowings under senior notes payable 0.0 1,804.3 0.0
Repayment of senior notes payable 0.0 (1,150.0) 0.0
Borrowings under line of credit/term loan 528.4 314.3 200.0
Repayment of line of credit/term loan (325.0) (438.5) 0.0
Borrowings under mortgage debt 401.3 1,144.9 296.4
Repayment of mortgage debt (389.6) (268.2) (487.1)
Repayment of KWE Bonds (65.8) (504.4) 0.0
Payment of loan fees (5.0) (35.6) (5.6)
At-the-market equity offering program costs (0.7) 0.0 0.0
Repurchase of common stock (31.2) (83.2) (57.4)
Preferred stock issuance 297.3 0.0 0.0
Common stock dividends paid (134.6) (123.5) (126.1)
Preferred stock dividends paid (25.9) (17.2) (13.6)
Borrowings on shareholder loans to noncontrolling interests 0.0 0.0 1.2
Contributions from noncontrolling interests 25.8 7.8 4.5
Distributions to noncontrolling interests (10.8) (18.7) (18.9)
Net cash provided by (used in) financing activities 264.2 632.0 (206.6)
Effect of currency exchange rate changes on cash and cash equivalents (21.0) (4.0) 19.6
Net change in cash and cash equivalents (85.5) (440.3) 391.2
Cash and cash equivalents, beginning of year 524.8 965.1 573.9
Cash and cash equivalents, end of year 439.3 524.8 965.1
Cash paid for:      
Interest [1],[2] 214.4 183.7 209.7
Income taxes $ 19.9 $ 16.5 $ 12.6
[1] $4.0 million, $4.1 million, and $4.3 million attributable to non-controlling interests for the years ended December 31, 2022, 2021, and 2020, respectively.
[2] Excludes $3.3 million, $3.2 million, and $3.4 million of capitalized interest during the for the years ended December 31, 2022, 2021 and 2020, respectively.