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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 (loss) income $ (30,297) $ (40,931) $ 56,559
Adjustments to reconcile net (loss) income to net cash provided by operating activities:      
Depreciation and amortization 1,392,461 1,197,798 1,197,403
Amortization of deferred revenue and lease intangibles, net (59,604) (63,543) (88,795)
Other non-cash amortization 22,416 12,957 17,709
Allowance on loans receivable and investments (20,270) 19,757 (9,082)
Stock-based compensation 30,987 30,715 31,966
Straight-lining of rental income (7,597) (11,094) (14,468)
(Gain) loss on extinguishment of debt, net (6,104) 581 59,299
Gain on real estate dispositions (62,119) (7,780) (218,788)
Gain on real estate loan investments 0 0 (1,448)
Income tax benefit (15,269) (21,348) (1,224)
Gain and other from unconsolidated entities (13,626) (28,500) (4,973)
Gain on foreclosure of real estate (29,127) 0 0
Distributions from unconsolidated entities 16,123 19,847 19,326
Other (44,503) 52,489 26,404
Changes in operating assets and liabilities:      
Increase in other assets (48,445) (52,897) (54,571)
Increase (decrease) in accrued interest 1,252 4,915 (5,922)
(Decrease) increase in accounts payable and other liabilities (6,405) 7,197 16,721
Net cash provided by operating activities 1,119,873 1,120,163 1,026,116
Cash flows from investing activities:      
Net investment in real estate property (6,466) (446,628) (1,369,052)
Investment in loans receivable (2,750) (30,700) (489)
Proceeds from real estate disposals 399,534 112,926 840,438
Proceeds from loans receivable 44,630 890 348,091
Proceeds from sale of interest in unconsolidated entities 50,054 0 0
Net cash assumed in foreclosure of real estate 11,615 0 0
Development project expenditures (383,590) (231,939) (247,694)
Capital expenditures (259,415) (222,130) (185,275)
Distributions from unconsolidated entities 74,670 28,311 17,847
Investment in unconsolidated entities (130,522) (83,652) (129,291)
Insurance proceeds for property damage claims 17,576 13,704 1,285
Net cash used in investing activities (184,664) (859,218) (724,140)
Cash flows from financing activities:      
Net change in borrowings under revolving credit facilities (12,410) (27,179) (125,399)
Net change in borrowings under commercial paper program (402,354) 122,414 279,929
Proceeds from debt 2,527,482 957,781 1,534,298
Repayment of debt (1,973,132) (575,391) (2,109,617)
Purchase of noncontrolling interests (110) (170) (24,224)
Payment of deferred financing costs (41,837) (8,824) (27,166)
Issuance of common stock, net 108,455 0 617,438
Cash distribution to common stockholders (723,559) (720,319) (686,888)
Cash distribution to redeemable OP unitholders (6,191) (6,292) (6,761)
Cash issued for redemption of OP Units (1,132) (1,487) (96)
Contributions from noncontrolling interests 20,241 5,371 1,731
Distributions to noncontrolling interests (32,029) (32,325) (13,577)
Proceeds from stock option exercises 1,736 8,691 8,169
Other (8,909) (6,198) (6,303)
Net cash used in financing activities (543,749) (283,928) (558,466)
Net increase (decrease) in cash, cash equivalents and restricted cash 391,460 (22,983) (256,490)
Effect of foreign currency translation 1,257 (2,869) 1,447
Cash, cash equivalents and restricted cash at beginning of year 170,745 196,597 451,640
Cash, cash equivalents and restricted cash at end of year 563,462 170,745 196,597
Supplemental disclosure of cash flow information:      
Interest paid including payments and receipts for derivative instruments 548,108 467,556 402,025
Assets acquired and liabilities assumed from acquisitions and other:      
Real estate investments 0 16,540 1,319,988
Other assets 7,873 875 16,913
Debt 0 0 482,482
Other liabilities 9,000 7,747 102,256
Deferred income tax liability 12,382 960 446
Noncontrolling interests 0 3,351 468
Equity issued 0 0 751,248
Settlement of loan receivable 486,082 0 0
Real estate received in settlement of loan receivable 1,566,395 0 0
Loans Assumed 1,016,804    
Assumption of debt related to real estate owned   0 0
Equity issued for redemption of OP Units 0 0 76
Investment in unconsolidated entities $ 0 $ 8,100 $ 0