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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities:      
Net income $ 439,297 $ 415,981 $ 1,361,112
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 1,045,620 919,639 887,948
Amortization of deferred revenue and lease intangibles, net (7,967) (30,660) (20,537)
Other non-cash amortization 22,985 18,886 16,058
Stock-based compensation 33,923 29,963 26,543
Straight-lining of rental income (30,073) 13,396 (23,134)
Loss on extinguishment of debt, net 41,900 58,254 754
Gain on real estate dispositions (26,022) (46,247) (717,273)
Gain on real estate loan investments 0 (13,202) (124)
Income tax benefit (58,918) (43,026) (63,599)
Loss from unconsolidated entities 2,464 55,034 3,588
Gain on re-measurement of equity interest upon acquisition, net 0 0 (3,027)
Distributions from unconsolidated entities 1,600 2,934 4,676
Real estate impairments related to natural disasters 0 52,510 4,616
Other 13,264 3,720 4,624
Changes in operating assets and liabilities:      
Increase in other assets (76,693) (23,198) (29,282)
Increase in accrued interest 9,737 4,992 11,068
Increase (decrease) in accounts payable and other liabilities 26,666 (37,509) (35,259)
Net cash provided by operating activities 1,437,783 1,381,467 1,428,752
Cash flows from investing activities:      
Net investment in real estate property (958,125) (265,907) (664,684)
Investment in loans receivable (1,258,187) (229,534) (748,119)
Proceeds from real estate disposals 147,855 353,792 859,874
Proceeds from loans receivable 1,017,309 911,540 101,097
Development project expenditures (403,923) (330,876) (299,085)
Capital expenditures (156,724) (131,858) (132,558)
Distributions from unconsolidated entities 172 57,455 6,169
Investment in unconsolidated entities (3,855) (47,007) (61,220)
Insurance proceeds for property damage claims 30,179 6,891 1,419
Net cash provided by (used in) investing activities (1,585,299) 324,496 (937,107)
Cash flows from financing activities:      
Net change in borrowings under revolving credit facilities (569,891) 321,463 384,783
Net change in borrowings under commercial paper program 565,524 0 0
Proceeds from debt 3,013,191 2,549,473 1,111,649
Repayment of debt (2,623,916) (3,465,579) (1,369,084)
Purchase of noncontrolling interests 0 (4,724) (15,809)
Payment of deferred financing costs (21,403) (20,612) (27,297)
Issuance of common stock, net 942,085 0 73,596
Cash distribution to common stockholders (1,157,720) (1,127,143) (827,285)
Cash distribution to redeemable OP unitholders (9,218) (7,459) (5,677)
Cash issued for redemption of OP Units (2,203) (1,370) 0
Contributions from noncontrolling interests 6,282 1,883 4,402
Distributions to noncontrolling interests (9,717) (11,574) (11,187)
Proceeds from stock option exercises 36,179 8,762 16,287
Other (8,519) (5,057) (5,705)
Net cash provided by (used in) financing activities 160,674 (1,761,937) (671,327)
Net increase (decrease) in cash, cash equivalents and restricted cash 13,158 (55,974) (179,682)
Effect of foreign currency translation 1,480 (815) 581
Cash, cash equivalents and restricted cash at beginning of period 131,464 188,253 367,354
Cash, cash equivalents and restricted cash, end of period 146,102 131,464 188,253
Supplemental disclosure of cash flow information:      
Interest paid including swap payments and receipts 410,584 406,907 409,890
Assets acquired and liabilities assumed from acquisitions and other:      
Real estate investments 1,057,138 94,280 425,906
Other assets 11,140 5,398 (3,716)
Debt 907,746 30,508 75,231
Other liabilities 47,121 18,086 70,878
Deferred income tax liability 95 922 (14,869)
Noncontrolling interests 113,316 2,591 4,202
Equity issued 0 30,487 0
Equity issued for redemption of OP Units $ 127 $ 907 $ 24,002