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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 199,971 $ 96,236
Adjustments to net income:    
Depreciation and amortization 403,762 177,985
Amortization of share-based compensation 5,002 3,697
Non-cash revenue adjustments (14,180) (1,163)
Loss on extinguishment of debt 0 46,473
Amortization of deferred financing costs 3,445 2,739
Loss on interest rate swaps 722 722
Foreign currency and derivative (gains) losses, net 590 (804)
Gain on sales of real estate (10,156) (8,401)
Income from unconsolidated entities (954) 0
Distributions from unconsolidated entities 729 0
Provisions for impairment on real estate 7,038 2,720
Change in assets and liabilities    
Accounts receivable and other assets (17,698) (21,367)
Accounts payable, accrued expenses and other liabilities (45,491) (32,019)
Net cash provided by operating activities 513,479 266,453
CASH FLOWS FROM INVESTING ACTIVITIES    
Investment in real estate (1,525,836) (1,026,690)
Improvements to real estate, including leasing costs (13,471) (1,741)
Proceeds from sales of real estate 122,235 34,705
Insurance proceeds received 15,892 0
Non-refundable escrow deposits (16,828) 0
Net cash used in investing activities (1,418,008) (993,726)
CASH FLOWS FROM FINANCING ACTIVITIES    
Cash distributions to common stockholders (438,280) (260,697)
Borrowings on line of credit and commercial paper program 2,311,812 1,413,694
Payments on line of credit and commercial paper program (2,328,990) (735,489)
Proceeds from notes and bonds payable issued 676,631 0
Principal payment on notes payable 0 (950,000)
Principal payments on mortgages payable (43,589) (18,110)
Payments upon extinguishment of debt 0 (47,235)
Proceeds from dividend reinvestment and stock purchase plan 2,799 2,654
Proceeds from common stock offerings, net 656,094 669,590
Distributions to noncontrolling interests (882) (402)
Net receipts on derivative settlements 903 845
Debt issuance costs (9,692) 0
Other items, including shares withheld upon vesting (5,733) (4,974)
Net cash provided by financing activities 821,073 69,876
Effect of exchange rate changes on cash and cash equivalents (6,063) 48
Net decrease in cash, cash equivalents and restricted cash (89,519) (657,349)
Cash, cash equivalents and restricted cash, beginning of period 332,369 850,679
Cash, cash equivalents and restricted cash, end of period 242,850 193,330
Mortgages payable    
Adjustments to net income:    
Amortization of net premiums (3,561) (280)
CASH FLOWS FROM FINANCING ACTIVITIES    
Principal payments on mortgages payable (43,600) (18,100)
Notes payable    
Adjustments to net income:    
Amortization of net premiums $ (15,740) $ (85)