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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net income $ 29,624 $ 54,419
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 944,371 957,185
Amortization of deferred revenue and lease intangibles, net (41,194) (44,543)
Other non-cash amortization 22,347 15,499
Recovery of allowance on loans receivable and investments, net (166) (20,195)
Stock-based compensation 26,344 25,298
Straight-lining of rental income (6,469) (4,425)
Loss (gain) on extinguishment of debt, net 672 (6,189)
Gain on real estate dispositions (50,282) (22,317)
Income tax expense (benefit) 2,535 (19,230)
Loss (gain) from unconsolidated entities 5,406 (20,512)
Gain on foreclosure of real estate 0 (29,127)
Distributions from unconsolidated entities 13,639 12,953
Other 681 (15,777)
Changes in operating assets and liabilities:    
Increase in other assets (122,404) (55,339)
(Decrease) increase in accrued interest (3,415) 3,775
Increase in accounts payable and other liabilities 134,295 9,314
Net cash provided by operating activities 955,984 840,789
Cash flows from investing activities:    
Net investment in real estate property (519,048) (4,625)
Investment in loans receivable (120,695) (883)
Proceeds from real estate disposals 275,396 167,296
Proceeds from loans receivable 6,496 44,036
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 (239,564) (239,639)
Capital expenditures (194,035) (160,369)
Distributions from unconsolidated entities 2,555 74,670
Investment in unconsolidated entities (55,503) (97,989)
Insurance proceeds for property damage claims 3,523 14,446
Net cash used in investing activities (840,875) (141,388)
Cash flows from financing activities:    
Net change in borrowings under revolving credit facilities (6,151) 6,169
Net change in borrowings under commercial paper program 0 (402,354)
Proceeds from debt 1,805,446 2,404,069
Repayment of debt (1,539,869) (1,891,003)
Purchase of noncontrolling interests (11,064) (110)
Payment of deferred financing costs (34,684) (39,225)
Issuance of common stock, net 850,561 108,455
Cash distribution to common stockholders (551,369) (542,236)
Cash distribution to redeemable OP unitholders (4,545) (4,642)
Cash issued for redemption of OP Units (2,087) (845)
Contributions from noncontrolling interests 3,646 11,187
Distributions to noncontrolling interests (14,140) (20,867)
Proceeds from stock option exercises 10,483 1,736
Other (17,208) (8,628)
Net cash provided by (used in) financing activities 489,019 (378,294)
Net increase in cash, cash equivalents and restricted cash 604,128 321,107
Effect of foreign currency translation (1,893) (106)
Cash, cash equivalents and restricted cash at beginning of period 563,462 170,745
Cash, cash equivalents and restricted cash at end of period 1,165,697 491,746
Assets acquired and liabilities assumed from acquisitions and other:    
Real estate investments 10,463 0
Other assets 1,171 7,873
Other liabilities 4,647 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