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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:      
Net income (loss) $ 525,930 $ 428,253 $ 60,061
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation and amortization of real estate, in-place lease, and other intangibles 684,286 697,143 659,989
Amortization of stock-based compensation 18,202 17,368 18,162
Amortization of deferred financing costs 9,216 10,157 10,863
Straight-line rents (31,188) (24,532) (22,479)
Amortization of nonrefundable entrance fees and above/below market lease intangibles (94,362) (81,914) 0
Equity loss (income) from unconsolidated joint ventures (11,235) 67,787 8,625
Distributions of earnings from unconsolidated joint ventures 4,976 12,294 20,114
Loss (gain) on sale of real estate under direct financing leases 0 (41,670) 0
Deferred income tax expense (benefit) (5,792) (14,573) (18,253)
Impairments and loan loss reserves (recoveries), net 55,896 244,253 225,937
Loss (gain) on debt extinguishments 225,824 42,912 58,364
Loss (gain) on sales of real estate, net (605,311) (550,494) (22,900)
Loss (gain) upon change of control, net (1,042) (159,973) (168,023)
Casualty-related loss (recoveries), net 1,632 469 (3,706)
Other non-cash items (8,178) 2,175 (2,569)
Changes in:      
Decrease (increase) in accounts receivable and other assets, net 18,626 15,281 (49,771)
Increase (decrease) in accounts payable, accrued liabilities, and deferred revenue 7,768 93,495 71,659
Net cash provided by (used in) operating activities 795,248 758,431 846,073
Cash flows from investing activities:      
Acquisitions of real estate (1,483,026) (1,170,651) (1,604,285)
Development, redevelopment, and other major improvements of real estate (610,555) (791,566) (626,904)
Leasing costs, tenant improvements, and recurring capital expenditures (111,480) (94,121) (108,844)
Proceeds from sales of real estate, net 2,399,120 1,304,375 230,455
Acquisition of CCRC Portfolio 0 (394,177) 0
Contributions to unconsolidated joint ventures (25,260) (39,118) (14,956)
Distributions in excess of earnings from unconsolidated joint ventures 37,640 18,555 27,072
Proceeds from insurance recovery 0 1,802 9,359
Proceeds from the U.K. JV transaction, net 0 0 89,868
Proceeds from the Sovereign Wealth Fund Senior Housing JV transaction, net 0 0 354,774
Proceeds from sales/principal repayments on loans receivable and direct financing leases 342,420 202,763 274,150
Investments in loans receivable and other (17,827) (45,562) (79,467)
Net cash provided by (used in) investing activities 531,032 (1,007,700) (1,448,778)
Cash flows from financing activities:      
Borrowings under bank line of credit and commercial paper 16,821,450 4,742,600 7,607,788
Repayments under bank line of credit and commercial paper (15,785,065) (4,706,010) (7,597,047)
Issuance and borrowings of debt, excluding bank line of credit and commercial paper 1,088,537 594,750 2,047,069
Repayments and repurchase of debt, excluding bank line of credit and commercial paper (2,425,936) (568,343) (1,654,142)
Borrowings under term loan 0 0 250,000
Payments for debt extinguishment and deferred financing costs (236,942) (47,210) (80,616)
Issuance of common stock and exercise of options 5,036 1,068,877 795,586
Repurchase of common stock (12,841) (10,529) (5,043)
Dividends paid on common stock (650,082) (787,072) (720,123)
Contributions from and issuance of noncontrolling interests 640 0 33,318
Distributions to and purchase of noncontrolling interests (93,314) (40,613) (29,519)
Net cash provided by (used in) financing activities (1,288,517) 246,450 647,271
Effect of foreign exchanges on cash, cash equivalents and restricted cash 0 (153) 245
Net increase (decrease) in cash, cash equivalents and restricted cash 37,763 (2,972) 44,811
Cash, cash equivalents and restricted cash, beginning of year 181,685 184,657 139,846
Cash, cash equivalents and restricted cash, end of year $ 219,448 $ 181,685 $ 184,657