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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 872,416 $ 360,747 $ 396,506
Adjustments to net income:      
Depreciation and amortization 1,670,389 897,835 677,038
Amortization of share-based compensation 21,617 41,773 16,503
Non-cash revenue adjustments (57,009) (23,380) (3,562)
(Gain) loss on extinguishment of debt (367) 97,178 9,819
Amortization of deferred financing costs 15,613 12,333 11,003
Loss on interest rate swaps 718 2,905 4,353
Foreign currency and unrealized derivative loss (gain), net 220,948 27,223 (14,510)
Gain on sales of real estate (102,957) (55,798) (76,232)
Equity in income and impairment of investment in unconsolidated entities 6,448 (1,106) 0
Distributions from unconsolidated entities 1,605 365 0
Provisions for impairment on real estate 25,860 38,967 147,232
Change in assets and liabilities      
Accounts receivable and other assets (29,524) (38,292) (79,240)
Accounts payable, accrued expenses and other liabilities (5,290) (24,714) 29,645
Net cash provided by operating activities 2,563,856 1,322,189 1,115,543
CASH FLOWS FROM INVESTING ACTIVITIES      
Investment in real estate (8,886,436) (6,313,076) (2,283,130)
Improvements to real estate, including leasing costs (95,514) (19,080) (8,708)
Proceeds from sales of real estate 436,115 250,536 259,459
Return of investment from unconsolidated entities 1,401 38,345 0
Net proceeds from sale of unconsolidated entities 108,088 0 0
Proceeds from note receivable 5,867 0 0
Insurance proceeds received 49,070 0 0
Non-refundable escrow deposits (5,667) (28,390) 0
Net cash paid in merger 0 (366,030) 0
Net cash used in investing activities (8,387,076) (6,437,695) (2,032,379)
CASH FLOWS FROM FINANCING ACTIVITIES      
Cash distributions to common stockholders (1,813,431) (1,169,026) (964,167)
Borrowings on line of credit and commercial paper programs 28,539,299 9,082,206 3,528,042
Payments on line of credit and commercial paper programs (27,434,617) (7,508,332) (4,246,755)
Principal payment on term loan 0 0 (250,000)
Proceeds from notes payable issued 2,154,662 1,033,387 2,200,488
Principal payment on notes payable 0 (1,700,000) (250,000)
Principal payments on mortgages payable (312,234) (66,575) (108,789)
Payments upon extinguishment of debt 0 (96,583) (9,445)
Proceeds from common stock offerings, net 4,556,028 4,442,725 1,823,821
Proceeds from dividend reinvestment and stock purchase plan 11,654 11,232 9,109
Distributions to noncontrolling interests (3,935) (1,707) (1,596)
Net receipts on derivative settlements 79,763 3,266 4,106
Debt issuance costs (34,156) (13,405) (19,456)
Net cash received from Orion Divestiture 0 593,484 0
Other items, including shares withheld upon vesting (4,790) (33,552) (23,279)
Net cash provided by financing activities 5,738,243 4,577,120 1,692,079
Effect of exchange rate changes on cash and cash equivalents (20,511) 20,076 4,431
Net (decrease) increase in cash, cash equivalents and restricted cash (105,488) (518,310) 779,674
Cash, cash equivalents and restricted cash, beginning of period 332,369 850,679 71,005
Cash, cash equivalents and restricted cash, end of period 226,881 332,369 850,679
Mortgages payable      
Adjustments to net income:      
Amortization of net premiums (13,622) (3,498) (1,258)
CASH FLOWS FROM FINANCING ACTIVITIES      
Principal payments on mortgages payable (312,200) (66,600)  
Notes payable      
Adjustments to net income:      
Amortization of net premiums $ (62,989) $ (10,349) $ (1,754)