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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 226,122 $ 199,971
Adjustments to net income:    
Depreciation and amortization 451,477 403,762
Amortization of share-based compensation 6,300 5,002
Non-cash revenue adjustments (19,127) (14,180)
Amortization of deferred financing costs 6,474 3,445
(Loss) gain on interest rate swaps (1,801) 722
Foreign currency and unrealized derivative (gain) loss, net (8,942) 590
Gain on sales of real estate (4,279) (10,156)
Equity in income of unconsolidated entities 0 (954)
Distributions from unconsolidated entities 0 729
Provisions for impairment on real estate 13,178 7,038
Change in assets and liabilities    
Accounts receivable and other assets 42,081 (17,698)
Accounts payable, accrued expenses and other liabilities 38,483 (45,491)
Net cash provided by operating activities 731,234 513,479
CASH FLOWS FROM INVESTING ACTIVITIES    
Investment in real estate (1,675,136) (1,525,836)
Improvements to real estate, including leasing costs (13,860) (13,471)
Proceeds from sales of real estate 28,594 122,235
Insurance proceeds received 6,282 15,892
Non-refundable escrow deposits (23,599) (16,828)
Net cash used in investing activities (1,677,719) (1,418,008)
CASH FLOWS FROM FINANCING ACTIVITIES    
Cash distributions to common stockholders (497,245) (438,280)
Borrowings on line of credit and commercial paper programs 4,249,746 2,311,812
Payments on line of credit and commercial paper programs (5,690,060) (2,328,990)
Proceeds from term loan 1,029,383 0
Proceeds from notes payable issued 1,090,968 676,631
Principal payments on mortgages payable (1,233) (43,589)
Proceeds from common stock offerings, net 796,190 656,094
Proceeds from dividend reinvestment and stock purchase plan 2,711 2,799
Distributions to noncontrolling interests (1,479) (882)
Net (payments) receipts on derivative settlements (6,452) 903
Debt issuance costs (16,603) (9,692)
Other items, including shares withheld upon vesting (6,102) (5,733)
Net cash provided by financing activities 949,824 821,073
Effect of exchange rate changes on cash and cash equivalents 13,545 (6,063)
Net increase (decrease) in cash, cash equivalents and restricted cash 16,884 (89,519)
Cash, cash equivalents and restricted cash, beginning of period 226,881 332,369
Cash, cash equivalents and restricted cash, end of period 243,765 242,850
Mortgages payable    
Adjustments to net income:    
Amortization of net premiums (3,200) (3,561)
CASH FLOWS FROM FINANCING ACTIVITIES    
Principal payments on mortgages payable (1,200) (43,600)
Notes payable    
Adjustments to net income:    
Amortization of net premiums $ (15,532) $ (15,740)