XML 98 R6.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 437,478 $ 364,598 $ 319,318
Adjustments to net income:      
Depreciation and amortization 593,961 539,780 498,788
Loss on extinguishment of debt 0 0 42,426
Amortization of share-based compensation 13,662 27,267 13,946
Non-cash revenue adjustments (9,338) (7,835) (3,927)
Amortization of net premiums on mortgages payable (1,415) (1,520) (466)
Amortization of net (premiums) discounts on notes payable (995) (1,256) 884
Amortization of deferred financing costs 9,795 9,021 8,274
Loss (gain) on interest rate swaps 2,752 (2,733) (3,250)
Foreign currency and derivative gains, net (2,255) 0 0
Gain on sales of real estate (29,996) (24,643) (40,898)
Provisions for impairment on real estate 40,186 26,269 14,751
Change in assets and liabilities      
Accounts receivable and other assets (8,954) (6,901) (92)
Accounts payable, accrued expenses and other liabilities 24,056 18,695 26,096
Net cash provided by operating activities 1,068,937 940,742 875,850
CASH FLOWS FROM INVESTING ACTIVITIES      
Investment in real estate (3,572,581) (1,769,335) (1,413,270)
Improvements to real estate, including leasing costs (23,536) (25,350) (15,247)
Proceeds from sales of real estate 108,911 142,286 166,976
Insurance and other proceeds received 0 7,648 14,411
Collection of loans receivable 0 5,267 123
Non-refundable escrow deposits (14,603) (200) (7,500)
Net cash used in investing activities (3,501,809) (1,639,684) (1,254,507)
CASH FLOWS FROM FINANCING ACTIVITIES      
Cash distributions to common stockholders (852,134) (761,582) (689,294)
Cash dividends to preferred stockholders 0 0 (6,168)
Borrowings on line of credit 2,816,632 1,774,000 1,465,000
Payments on line of credit (2,365,368) (1,632,000) (2,475,000)
Principal payment on term loan (70,000) (125,866) 0
Proceeds from notes and bonds payable issued 897,664 497,500 2,033,041
Principal payment on notes payable 0 (350,000) (725,000)
Proceeds from term loan 0 250,000 0
Payments upon extinguishment of debt 0 0 (41,643)
Principal payments on mortgages payable (20,723) (21,905) (139,725)
Redemption of preferred stock 0 0 (408,750)
Proceeds from common stock offerings, net 845,061 0 704,938
Proceeds from dividend reinvestment and stock purchase plan 8,437 9,114 69,931
Proceeds from At-the-Market (ATM) program 1,264,518 1,125,364 621,697
Redemption of common units (21,123) (2,752) 0
Distributions to noncontrolling interests (1,342) (1,930) (2,043)
Net receipts on derivative settlements 4,881 0 0
Debt issuance costs (9,129) (18,685) (17,510)
Other items, including shares withheld upon vesting (4,772) (33,387) (14,356)
Net cash provided by financing activities 2,492,602 707,871 375,118
Effect of exchange rate changes on cash and cash equivalents (9,796) 0 0
Net increase (decrease) in cash, cash equivalents and restricted cash 49,934 8,929 (3,539)
Cash, cash equivalents and restricted cash, beginning of period 21,071 12,142 15,681
Cash, cash equivalents and restricted cash, end of period $ 71,005 $ 21,071 $ 12,142