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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net income (loss) $ 516,424 $ 525,930 $ 428,253
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 710,569 684,286 697,143
Stock-based compensation amortization expense 26,456 18,202 17,368
Amortization of deferred financing costs 10,881 9,216 10,157
Straight-line rents (49,183) (31,188) (24,532)
Amortization of nonrefundable entrance fees and above/below market lease intangibles (102,747) (94,362) (81,914)
Equity loss (income) from unconsolidated joint ventures (2,049) (11,235) 67,787
Distributions of earnings from unconsolidated joint ventures 943 4,976 12,294
Loss (gain) on sale of real estate under direct financing leases (22,693) 0 (41,670)
Deferred income tax expense (benefit) (6,001) (5,792) (14,573)
Impairments and loan loss reserves (recoveries), net 7,004 55,896 244,253
Loss (gain) on debt extinguishments 0 225,824 42,912
Loss (gain) on sales of real estate, net (10,422) (605,311) (550,494)
Loss (gain) upon change of control, net (311,438) (1,042) (159,973)
Casualty-related loss (recoveries), net 7,168 1,632 469
Other non-cash items 6,489 (8,178) 2,175
Changes in:      
Decrease (increase) in accounts receivable and other assets, net (17,433) 18,626 15,281
Increase (decrease) in accounts payable, accrued liabilities, and deferred revenue 136,293 7,768 93,495
Net cash provided by (used in) operating activities 900,261 795,248 758,431
Cash flows from investing activities:      
Acquisitions of real estate (178,133) (1,483,026) (1,170,651)
Development, redevelopment, and other major improvements of real estate (861,636) (610,555) (791,566)
Leasing costs, tenant improvements, and recurring capital expenditures (108,510) (111,480) (94,121)
Proceeds from sales of real estate, net 47,885 2,399,120 1,304,375
Proceeds from the South San Francisco JVs transaction, net 125,985 0 0
Acquisition of CCRC Portfolio 0 0 (394,177)
Contributions to unconsolidated joint ventures (21,143) (25,260) (39,118)
Distributions in excess of earnings from unconsolidated joint ventures 12,518 37,640 18,555
Proceeds from insurance recovery 1,450 0 1,802
Proceeds from sales/principal repayments on loans receivable and direct financing leases 115,988 342,420 202,763
Investments in loans receivable and other (10,747) (17,827) (45,562)
Net cash provided by (used in) investing activities (876,343) 531,032 (1,007,700)
Cash flows from financing activities:      
Borrowings under bank line of credit and commercial paper 15,882,153 16,821,450 4,742,600
Repayments under bank line of credit and commercial paper (16,052,522) (15,785,065) (4,706,010)
Issuances and borrowings of term loans, senior unsecured notes, and mortgage debt 500,000 1,088,537 594,750
Repayments and repurchases of term loans, senior unsecured notes, and mortgage debt (5,048) (2,425,936) (568,343)
Payments for debt extinguishment and deferred financing costs (4,171) (236,942) (47,210)
Issuance of common stock and exercise of options, net of offering costs 308,100 5,036 1,068,877
Repurchase of common stock (67,838) (12,841) (10,529)
Dividends paid on common stock (648,047) (650,082) (787,072)
Distributions to and purchase of noncontrolling interests (30,549) (93,314) (40,613)
Contributions from and issuance of noncontrolling interests 1,390 640 0
Net cash provided by (used in) financing activities (116,532) (1,288,517) 246,450
Effect of foreign exchanges on cash, cash equivalents and restricted cash 0 0 (153)
Net increase (decrease) in cash, cash equivalents and restricted cash (92,614) 37,763 (2,972)
Cash, cash equivalents and restricted cash, beginning of year 219,448 181,685 184,657
Cash, cash equivalents and restricted cash, end of year $ 126,834 $ 219,448 $ 181,685