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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 394,867 $ 423,275
Adjustments to net income:    
Depreciation and amortization 1,186,634 923,755
Amortization of share-based compensation 41,270 13,923
Non-cash revenue adjustments (64,367) (33,420)
Amortization of deferred financing costs 11,693 12,568
Foreign currency and unrealized derivative gain, net (5,104) (6,289)
Non-cash interest expense (income) 7,409 (3,600)
Gain on sales of real estate (41,727) (12,103)
Equity in earnings of unconsolidated entities (353) (411)
Distributions on common equity from unconsolidated entities 10,551 0
Provisions for impairment 185,947 42,993
Change in assets and liabilities    
Accounts receivable and other assets 25,139 25,733
Accounts payable, accrued expenses and other liabilities 12,080 116,742
Net cash provided by operating activities 1,759,845 1,466,113
CASH FLOWS FROM INVESTING ACTIVITIES    
Investment in real estate (892,956) (4,686,800)
Improvements to real estate, including leasing costs (51,644) (29,458)
Investment in unconsolidated entities (51,856) 0
Investment in loans (377,490) 0
Proceeds from sales of real estate 201,904 60,460
Return of investment from unconsolidated entities 0 3,927
Proceeds from note receivable 42,574 0
Insurance proceeds received 1,865 7,198
Non-refundable escrow deposits 0 (1,935)
Net cash acquired in merger 93,683 0
Net cash used in investing activities (1,033,920) (4,646,608)
CASH FLOWS FROM FINANCING ACTIVITIES    
Cash distributions to common stockholders (1,312,714) (1,012,336)
Cash distributions to preferred stockholders (5,175) 0
Borrowings on line of credit and commercial paper programs 11,308,772 27,136,997
Payments on line of credit and commercial paper programs (10,919,709) (28,911,973)
Proceeds from term loan 0 1,029,383
Principal payment on term loan (250,000) 0
Proceeds from notes payable issued 1,250,000 2,074,883
Principal payment on notes payable (499,999) 0
Principal payments on mortgages payable (622,357) (8,070)
Proceeds from common stock offerings, net 543,283 2,976,683
Proceeds from dividend reinvestment and stock purchase plan 6,169 5,411
Distributions to noncontrolling interests (4,698) (3,038)
Net payments on derivative settlements 0 (9,285)
Debt issuance costs (28,603) (25,108)
Other items, including shares withheld upon vesting (8,529) (6,146)
Net cash (used in) provided by financing activities (543,560) 3,247,401
Effect of exchange rate changes on cash and cash equivalents (1,429) 21,075
Net increase in cash, cash equivalents and restricted cash 180,936 87,981
Cash, cash equivalents and restricted cash, beginning of period 292,175 226,881
Cash, cash equivalents and restricted cash, end of period 473,111 314,862
Mortgages    
Adjustments to net income:    
Amortization of net premiums (69) (6,396)
CASH FLOWS FROM FINANCING ACTIVITIES    
Principal payments on mortgages payable (622,400)  
Notes payable    
Adjustments to net income:    
Amortization of net premiums $ (4,125) $ (30,657)