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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 396,506 $ 437,478 $ 364,598
Adjustments to net income:      
Depreciation and amortization 677,038 593,961 539,780
Loss on extinguishment of debt 9,819 0 0
Amortization of share-based compensation 16,503 13,662 27,267
Non-cash revenue adjustments (3,562) (9,338) (7,835)
Amortization of deferred financing costs 11,003 9,795 9,021
Loss (gain) on interest rate swaps 4,353 2,752 (2,733)
Foreign currency and derivative gains, net (4,585) (2,255) 0
Gain on sales of real estate (76,232) (29,996) (24,643)
Provisions for impairment on real estate 147,232 40,186 26,269
Change in assets and liabilities      
Accounts receivable and other assets (79,240) (8,954) (6,901)
Accounts payable, accrued expenses and other liabilities 19,720 24,056 18,695
Net cash provided by operating activities 1,115,543 1,068,937 940,742
CASH FLOWS FROM INVESTING ACTIVITIES      
Investment in real estate (2,283,130) (3,572,581) (1,769,335)
Improvements to real estate, including leasing costs (8,708) (23,536) (25,350)
Proceeds from sales of real estate 259,459 108,911 142,286
Insurance and other proceeds received 0 0 7,648
Collection of loans receivable 0 0 5,267
Non-refundable escrow deposits 0 (14,603) (200)
Net cash used in investing activities (2,032,379) (3,501,809) (1,639,684)
CASH FLOWS FROM FINANCING ACTIVITIES      
Cash distributions to common stockholders (964,167) (852,134) (761,582)
Borrowings on line of credit and commercial paper program 3,528,042 2,816,632 1,774,000
Payments on line of credit and commercial paper program (4,246,755) (2,365,368) (1,632,000)
Principal payment on term loan (250,000) (70,000) (125,866)
Proceeds from notes and bonds payable issued 2,200,488 897,664 497,500
Principal payment on notes payable (250,000) 0 (350,000)
Proceeds from term loan 0 0 250,000
Payments upon extinguishment of debt (9,445) 0 0
Principal payments on mortgages payable (108,789) (20,723) (21,905)
Proceeds from common stock offerings, net 728,883 845,061 0
Proceeds from dividend reinvestment and stock purchase plan 9,109 8,437 9,114
Proceeds from At-the-Market (ATM) program 1,094,938 1,264,518 1,125,364
Redemption of common units 0 (21,123) (2,752)
Distributions to noncontrolling interests (1,596) (1,342) (1,930)
Net receipts on derivative settlements 4,106 4,881 0
Debt issuance costs (19,456) (9,129) (18,685)
Other items, including shares withheld upon vesting (23,279) (4,772) (33,387)
Net cash provided by financing activities 1,692,079 2,492,602 707,871
Effect of exchange rate changes on cash and cash equivalents 4,431 (9,796) 0
Net increase in cash, cash equivalents and restricted cash 779,674 49,934 8,929
Cash, cash equivalents and restricted cash, beginning of year 71,005 21,071 12,142
Cash, cash equivalents and restricted cash, end of year 850,679 71,005 21,071
Mortgages payable      
Adjustments to net income:      
Amortization of net premiums on mortgages and notes payable (1,258) (1,415) (1,520)
CASH FLOWS FROM FINANCING ACTIVITIES      
Principal payments on mortgages payable (108,800) (20,700)  
Notes payable      
Adjustments to net income:      
Amortization of net premiums on mortgages and notes payable $ (1,754) $ (995) $ (1,256)