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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 876,914 $ 872,416 $ 360,747
Adjustments to net income:      
Depreciation and amortization 1,895,177 1,670,389 897,835
Amortization of share-based compensation 26,227 21,617 41,773
Non-cash revenue adjustments (62,029) (57,009) (23,380)
(Gain) loss on extinguishment of debt 0 (367) 97,178
Amortization of deferred financing costs 26,670 15,613 12,333
(Gain) loss on interest rate swaps (7,189) 718 2,905
Foreign currency and unrealized derivative loss, net 37,776 220,948 27,223
Gain on sales of real estate (25,667) (102,957) (55,798)
Equity in income and impairment of investment in unconsolidated entities (2,546) 6,448 (1,106)
Distributions from unconsolidated entities 5,807 1,605 365
Provisions for impairment 87,082 25,860 38,967
Change in assets and liabilities      
Accounts receivable and other assets (111,286) (29,524) (38,292)
Accounts payable, accrued expenses and other liabilities 285,293 (5,290) (24,714)
Net cash provided by operating activities 2,958,769 2,563,856 1,322,189
CASH FLOWS FROM INVESTING ACTIVITIES      
Investment in real estate (8,053,595) (8,886,436) (6,313,076)
Improvements to real estate, including leasing costs (68,692) (95,514) (19,080)
Investment in unconsolidated entities (1,179,306) 0 0
Investment in loans (201,621) 0 0
Proceeds from sales of real estate 117,354 436,115 250,536
Return of investment from unconsolidated entities 3,927 1,401 38,345
Net proceeds from sale of unconsolidated entities 0 108,088 0
Proceeds from note receivable 0 5,867 0
Insurance proceeds received 27,279 49,070 0
Non-refundable escrow deposits (200) (5,667) (28,390)
Net cash paid in merger 0 0 (366,030)
Net cash used in investing activities (9,354,854) (8,387,076) (6,437,695)
CASH FLOWS FROM FINANCING ACTIVITIES      
Cash distributions to common stockholders (2,111,793) (1,813,431) (1,169,026)
Borrowings on line of credit and commercial paper programs 77,338,040 28,539,299 9,082,206
Payments on line of credit and commercial paper programs (79,398,193) (27,434,617) (7,508,332)
Proceeds from term loan 1,029,383 0 0
Proceeds from notes payable issued 4,239,745 2,154,662 1,033,387
Principal payment on notes payable 0 0 (1,700,000)
Principal payments on mortgages payable (22,015) (312,234) (66,575)
Payments upon extinguishment of debt 0 0 (96,583)
Proceeds from common stock offerings, net 5,439,462 4,556,028 4,442,725
Proceeds from dividend reinvestment and stock purchase plan 11,519 11,654 11,232
Distributions to noncontrolling interests (7,725) (3,935) (1,707)
Net receipts on derivative settlements 7,853 79,763 3,266
Debt issuance costs (81,898) (34,156) (13,405)
Net cash received from Orion Divestiture 0 0 593,484
Other items, including shares withheld upon vesting (7,022) (4,790) (33,552)
Net cash provided by financing activities 6,437,356 5,738,243 4,577,120
Effect of exchange rate changes on cash and cash equivalents 24,023 (20,511) 20,076
Net increase (decrease) in cash, cash equivalents and restricted cash 65,294 (105,488) (518,310)
Cash, cash equivalents and restricted cash, beginning of period 226,881 332,369 850,679
Cash, cash equivalents and restricted cash, end of period 292,175 226,881 332,369
Mortgages payable      
Adjustments to net income:      
Amortization of net premiums (12,803) (13,622) (3,498)
CASH FLOWS FROM FINANCING ACTIVITIES      
Principal payments on mortgages payable (22,000) (312,200)  
Notes payable      
Adjustments to net income:      
Amortization of net premiums $ (60,657) $ (62,989) $ (10,349)