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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 $ 8,628 $ 123,978
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 640,103 586,808
Amortization of deferred revenue and lease intangibles, net (27,412) (29,592)
Other non-cash amortization 14,852 8,969
Allowance on loans receivable and investments, net (110) (20,129)
Stock-based compensation 22,076 20,389
Straight-lining of rental income (5,350) (1,884)
Loss (gain) on extinguishment of debt, net 672 (6,801)
Gain on real estate dispositions (50,011) (11,606)
Income tax expense (benefit) 1,378 (15,813)
Loss (gain) from unconsolidated entities 10,035 (25,618)
Gain on foreclosure of real estate 0 (29,127)
Distributions from unconsolidated entities 10,063 9,682
Other 129 (14,279)
Changes in operating assets and liabilities:    
Increase in other assets (16,523) (17,341)
Increase (decrease) in accrued interest 5,281 (3,524)
Decrease in accounts payable and other liabilities (11,491) (19,468)
Net cash provided by operating activities 602,320 554,644
Cash flows from investing activities:    
Net investment in real estate property (325,244) (977)
Investment in loans receivable (11,847) (589)
Proceeds from real estate disposals 238,091 64,405
Proceeds from loans receivable 584 43,822
Proceeds from sale of interest in unconsolidated entities 0 50,054
Net cash assumed in foreclosure of real estate 0 11,615
Development project expenditures (164,828) (144,809)
Capital expenditures (121,908) (96,271)
Investment in unconsolidated entities (29,069) (64,247)
Insurance proceeds for property damage claims 2,834 9,390
Net cash used in investing activities (411,387) (127,607)
Cash flows from financing activities:    
Net change in borrowings under revolving credit facilities (10,770) 8,293
Net change in borrowings under commercial paper program 0 (267,414)
Proceeds from debt 1,216,336 1,748,532
Repayment of debt (1,405,872) (1,489,112)
Purchase of noncontrolling interests (11,000) (110)
Payment of deferred financing costs (29,147) (27,356)
Issuance of common stock, net 491,797 25,007
Cash distribution to common stockholders (365,163) (361,703)
Cash distribution to redeemable OP unitholders (3,060) (3,089)
Cash issued for redemption of OP Units (2,087) (655)
Contributions from noncontrolling interests 3,580 7,979
Distributions to noncontrolling interests (9,967) (17,388)
Proceeds from stock option exercises 0 1,736
Other (10,074) (12,805)
Net cash used in financing activities (135,427) (388,085)
Net increase in cash, cash equivalents and restricted cash 55,506 38,952
Effect of foreign currency translation (3,684) 650
Cash, cash equivalents and restricted cash at beginning of period 563,462 170,745
Cash, cash equivalents and restricted cash at end of period 615,284 210,347
Assets acquired and liabilities assumed from acquisitions and other:    
Real estate investments 10,530 0
Other assets 1,171 7,873
Other liabilities 4,713 9,000
Deferred income tax liability 6,988 12,382
Settlement of loan receivable 0 486,082
Real estate received in settlement of loan receivable 0 1,566,395
Assumption of debt related to real estate owned $ 0 $ 1,016,804