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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 307,925 $ 279,295
Adjustments to net income:    
Depreciation and amortization 437,367 402,069
Amortization of share-based compensation 10,478 12,527
Non-cash revenue adjustments (6,508) (5,781)
Amortization of net premiums on mortgages payable (1,061) (1,167)
Amortization of deferred financing costs 6,378 5,337
Loss (gain) on interest rate swaps 2,058 (3,064)
Foreign currency and derivative gains, net (463) 0
Gain on sales of real estate (15,828) (18,818)
Provisions for impairment on real estate 31,236 25,034
Change in assets and liabilities    
Accounts receivable and other assets (7,886) (1,540)
Accounts payable, accrued expenses and other liabilities 14,010 (4,050)
Net cash provided by operating activities 777,706 689,842
CASH FLOWS FROM INVESTING ACTIVITIES    
Investment in real estate (2,019,666) (1,437,377)
Improvements to real estate, including leasing costs (15,834) (22,432)
Proceeds from sales of real estate 72,601 83,024
Insurance proceeds received 0 7,121
Collection of loans receivable 0 5,267
Non-refundable escrow deposits (7,173) (3,275)
Net cash used in investing activities (1,970,072) (1,367,672)
CASH FLOWS FROM FINANCING ACTIVITIES    
Cash distributions to common stockholders (629,658) (564,747)
Borrowings on line of credit 1,619,282 1,670,000
Payments on line of credit (1,871,282) (1,006,000)
Principal payment on term loan (70,000) (125,866)
Proceeds from notes and bonds payable issued 895,774 497,500
Principal payment on notes payable 0 (350,000)
Principal payments on mortgages payable (19,495) (14,608)
Proceeds from common stock offerings, net 845,061 0
Proceeds from dividend reinvestment and stock purchase plan 6,259 6,966
Proceeds from At-the-Market (ATM) program, net 689,641 588,860
Redemption of common units (21,123) 0
Distributions to noncontrolling interests (1,027) (1,391)
Debt issuance costs (7,996) (4,436)
Other items, including shares withheld upon vesting (4,245) (14,862)
Net cash provided by financing activities 1,431,191 681,416
Effect of exchange rate changes on cash and cash equivalents (607) 0
Net increase in cash, cash equivalents and restricted cash 238,218 3,586
Cash, cash equivalents and restricted cash, beginning of period 21,071 12,142
Cash, cash equivalents and restricted cash, end of period $ 259,289 $ 15,728