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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 $ 360,747 $ 396,506 $ 437,478
Adjustments to net income:      
Depreciation and amortization 897,835 677,038 593,961
Loss on extinguishment of debt 97,178 9,819 0
Amortization of share-based compensation 41,773 16,503 13,662
Non-cash revenue and expense adjustments (23,380) (3,562) (9,338)
Amortization of deferred financing costs 12,333 11,003 9,795
Loss on interest rate swaps 2,905 4,353 2,752
Foreign currency and derivative gains, net (710) (4,585) (2,255)
Gain on sales of real estate (55,798) (76,232) (29,996)
Equity income of unconsolidated entities (1,106) 0 0
Distributions from unconsolidated entities 365 0 0
Provisions for impairment on real estate 38,967 147,232 40,186
Change in assets and liabilities      
Accounts receivable and other assets (38,292) (79,240) (8,954)
Accounts payable, accrued expenses and other liabilities 3,219 19,720 24,056
Net cash provided by operating activities 1,322,189 1,115,543 1,068,937
CASH FLOWS FROM INVESTING ACTIVITIES      
Investment in real estate (6,313,076) (2,283,130) (3,572,581)
Improvements to real estate, including leasing costs (19,080) (8,708) (23,536)
Proceeds from sales of real estate 250,536 259,459 108,911
Non-refundable escrow deposits (28,390) 0 (14,603)
Return of investment from unconsolidated entities 38,345 0 0
Net cash paid in merger (366,030) 0 0
Net cash used in investing activities (6,437,695) (2,032,379) (3,501,809)
CASH FLOWS FROM FINANCING ACTIVITIES      
Cash distributions to common stockholders (1,169,026) (964,167) (852,134)
Borrowings on line of credit and commercial paper program 9,082,206 3,528,042 2,816,632
Payments on line of credit and commercial paper program (7,508,332) (4,246,755) (2,365,368)
Principal payment on term loan 0 (250,000) (70,000)
Proceeds from notes and bonds payable issued 1,033,387 2,200,488 897,664
Principal payment on notes payable (1,700,000) (250,000) 0
Payments upon extinguishment of debt (96,583) (9,445) 0
Principal payments on mortgages payable (66,575) (108,789) (20,723)
Proceeds from common stock offerings, net 1,263,235 728,883 845,061
Proceeds from dividend reinvestment and stock purchase plan 11,232 9,109 8,437
Proceeds from At-the-Market (ATM) program 3,179,490 1,094,938 1,264,518
Net cash received from Orion Divestiture 593,484 0 0
Redemption of common units 0 0 (21,123)
Distributions to noncontrolling interests (1,707) (1,596) (1,342)
Net receipts on derivative settlements 3,266 4,106 4,881
Debt issuance costs (13,405) (19,456) (9,129)
Other items, including shares withheld upon vesting (33,552) (23,279) (4,772)
Net cash provided by financing activities 4,577,120 1,692,079 2,492,602
Effect of exchange rate changes on cash and cash equivalents 20,076 4,431 (9,796)
Net (decrease) increase in cash, cash equivalents and restricted cash (518,310) 779,674 49,934
Cash, cash equivalents and restricted cash, beginning of year 850,679 71,005 21,071
Cash, cash equivalents and restricted cash, end of year 332,369 850,679 71,005
Mortgages payable      
Adjustments to net income:      
Amortization of net premiums on mortgages and notes payable (3,498) (1,258) (1,415)
CASH FLOWS FROM FINANCING ACTIVITIES      
Principal payments on mortgages payable (66,600) (108,800)  
Notes payable      
Adjustments to net income:      
Amortization of net premiums on mortgages and notes payable $ (10,349) $ (1,754) $ (995)