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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 644,080 $ 356,280
Adjustments to net income:    
Depreciation and amortization 1,232,215 564,606
Amortization of share-based compensation 16,742 12,484
Non-cash revenue adjustments (37,538) (12,722)
(Gain) loss on extinguishment of debt (367) 50,456
Amortization of deferred financing costs 11,116 8,649
Loss on interest rate swaps 2,181 2,179
Foreign currency and derivative loss, net 16,003 1,170
Gain on sales of real estate (93,611) (35,396)
Equity in income and impairment of investment in unconsolidated entities 6,335 0
Distributions from unconsolidated entities 1,605 0
Provisions for impairment on real estate 16,379 30,977
Change in assets and liabilities    
Accounts receivable and other assets 207,838 (46,670)
Accounts payable, accrued expenses and other liabilities (32,009) 39,248
Net cash provided by operating activities 1,933,366 970,066
CASH FLOWS FROM INVESTING ACTIVITIES    
Investment in real estate (4,980,159) (3,709,894)
Improvements to real estate, including leasing costs (66,047) (11,159)
Proceeds from sales of real estate 414,688 123,533
Return of investment from unconsolidated entities 1,401 0
Net proceeds from sale of unconsolidated entities 107,621 0
Proceeds from note receivable 5,867 0
Insurance proceeds received 16,046 0
Non-refundable escrow deposits (28,556) (5,432)
Net cash used in investing activities (4,529,139) (3,602,952)
CASH FLOWS FROM FINANCING ACTIVITIES    
Cash distributions to common stockholders (1,342,695) (797,847)
Borrowings on line of credit and commercial paper programs 19,644,724 6,277,918
Payments on line of credit and commercial paper programs (19,147,386) (5,853,423)
Proceeds from notes and bonds payable issued 1,405,570 1,033,387
Principal payment on notes payable 0 (950,000)
Principal payments on mortgages payable (311,083) (55,983)
Payments upon extinguishment of debt 0 (51,218)
Proceeds from common stock offerings, net 2,404,092 2,734,830
Proceeds from dividend reinvestment and stock purchase plan 8,708 8,208
Distributions to noncontrolling interests (2,658) (1,198)
Net receipts on derivative settlements 7,474 2,463
Debt issuance costs (27,732) (8,670)
Other items, including shares withheld upon vesting (4,685) (6,451)
Net cash provided by financing activities 2,634,329 2,332,016
Effect of exchange rate changes on cash and cash equivalents (82,012) (3,711)
Net decrease in cash, cash equivalents and restricted cash (43,456) (304,581)
Cash, cash equivalents and restricted cash, beginning of period 332,369 850,679
Cash, cash equivalents and restricted cash, end of period 288,913 546,098
Mortgages payable    
Adjustments to net income:    
Amortization of net premiums (10,418) (1,158)
CASH FLOWS FROM FINANCING ACTIVITIES    
Principal payments on mortgages payable (311,100) (56,000)
Notes payable    
Adjustments to net income:    
Amortization of net premiums $ (47,185) $ (37)