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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operating activities:    
Net income $ 426,404 $ 352,679
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 696,710 675,363
Amortization of deferred revenue and lease intangibles, net (6,484) (26,001)
Other non-cash amortization 16,910 13,527
Stock-based compensation 26,670 20,761
Straight-lining of rental income (25,680) 19,983
Loss on extinguishment of debt, net 41,861 50,411
Gain on real estate dispositions (24,633) (35,893)
Gain on real estate loan investments 0 (13,202)
Income tax benefit (60,249) (13,464)
Loss from unconsolidated entities 2,621 47,826
Distributions from unconsolidated entities 1,400 2,734
Other 9,236 390
Changes in operating assets and liabilities:    
Increase in other assets (59,366) (34,879)
Decrease in accrued interest (15,909) (17,508)
Increase (decrease) in accounts payable and other liabilities 54,057 (25,105)
Net cash provided by operating activities 1,083,548 1,017,622
Cash flows from investing activities:    
Net investment in real estate property (939,805) (35,800)
Investment in loans receivable (1,257,577) (212,089)
Proceeds from real estate disposals 77,555 331,243
Proceeds from loans receivable 1,008,683 866,313
Development project expenditures (229,845) (230,348)
Capital expenditures (99,787) (73,025)
Distributions from unconsolidated entities 151 57,430
Investment in unconsolidated entities (1,711) (45,106)
Insurance proceeds for property damage claims 20,457 6,327
Net cash (used in) provided by investing activities (1,421,879) 664,945
Cash flows from financing activities:    
Net change in borrowings under revolving credit facilities 278,677 41,292
Net change in borrowings under commercial paper program 304,508 0
Proceeds from debt 2,206,577 2,412,420
Repayment of debt (2,456,135) (3,294,104)
Purchase of noncontrolling interests 0 2,429
Payment of deferred financing costs (17,867) (16,583)
Issuance of common stock, net 942,250 0
Cash distribution to common stockholders (861,789) (845,248)
Cash distribution to redeemable OP unitholders (6,882) (5,594)
Cash issued for redemption of OP Units (361) (1,370)
Contributions from noncontrolling interests 4,959 500
Distributions to noncontrolling interests (6,403) (9,968)
Proceeds from stock option exercises 34,134 4,238
Other (6,601) (4,974)
Net cash provided by (used in) financing activities 415,067 (1,721,820)
Net increase (decrease) in cash, cash equivalents and restricted cash 76,736 (39,253)
Effect of foreign currency translation 396 (453)
Cash, cash equivalents and restricted cash at beginning of period 131,464 188,253
Cash, cash equivalents and restricted cash at end of period 208,596 148,547
Assets and liabilities assumed from acquisitions and other:    
Real estate investments 1,056,481 29,106
Other assets 11,123 4,112
Debt 907,746 0
Other liabilities 46,336 16,134
Noncontrolling interests 113,522 0
Equity issued for redemption of OP Units $ 0 $ 266