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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Operating activities:      
Net income $ 1,038,852 $ 1,330,410 $ 829,750
Adjustments to reconcile net income to net cash provided from (used in) operating activities:      
Depreciation and amortization 1,038,437 1,027,073 950,459
Other amortization expenses 13,213 16,827 17,000
Provision for loan losses 94,436 18,690 0
Impairment of assets 135,608 28,133 115,579
Stock-based compensation expense 28,318 25,047 27,646
Loss (gain) on derivatives and financial instruments, net 11,049 (4,399) (4,016)
Loss (gain) on extinguishment of debt, net 47,049 84,155 16,097
Loss (income) from unconsolidated entities 8,083 (42,434) 641
Rental income less than ( in excess of) cash received 60,254 (106,331) (32,857)
Amortization related to above (below) market leases, net (1,870) (676) 2,608
Loss (gain) on real estate dispositions, net (1,088,455) (748,041) (415,575)
Distributions by unconsolidated entities 11,601 0 21
Increase (decrease) in accrued expenses and other liabilities 22,764 (29,068) 70,762
Decrease (increase) in receivables and other assets (54,583) (63,418) 5,829
Net cash provided from (used in) operating activities 1,364,756 1,535,968 1,583,944
Investing activities:      
Cash disbursed for acquisitions, net of cash acquired (903,756) (3,959,683) (3,560,360)
Cash disbursed for capital improvements to existing properties (244,989) (328,824) (266,183)
Cash disbursed for construction in progress (201,336) (323,488) (160,706)
Capitalized interest (17,472) (15,272) (7,905)
Investment in loans receivable (247,543) (119,699) (112,048)
Principal collected on loans receivable 31,548 127,706 203,935
Other investments, net of payments 7,726 (8,282) (44,535)
Contributions to unconsolidated entities (411,154) (279,631) (136,854)
Distributions by unconsolidated entities 48,195 216,231 90,916
Proceeds from (payments on) derivatives     65,399
Proceeds from (payments on) derivatives (13,319) (8,499)  
Proceeds from sales of real property 4,300,028 2,650,650 1,541,870
Net cash provided from (used in) investing activities 2,347,928 (2,048,791) (2,386,471)
Financing activities:      
Net increase (decrease) under unsecured credit facility and commercial paper (1,587,597)    
Net increase (decrease) under unsecured credit facility and commercial paper   440,597 428,000
Proceeds from issuance of senior unsecured notes 1,588,549 3,974,559 2,824,176
Payments to extinguish senior unsecured notes (566,248) (3,335,290) (1,450,000)
Net proceeds from the issuance of secured debt 62,055 343,696 45,447
Payments on secured debt (694,995) (284,433) (362,841)
Net proceeds from the issuance of common stock 595,313 1,056,125 789,575
Repurchase of common stock (7,656) 0 0
Payments for deferred financing costs and prepayment penalties (39,087) (84,142) (29,691)
Contributions by noncontrolling interests [1] 44,023 55,365 39,207
Distributions to noncontrolling interests [1] (333,489) (172,940) (109,871)
Cash distributions to stockholders (1,119,232) (1,400,712) (1,348,863)
Other financing activities (22,494) (15,675) (6,771)
Net cash provided from (used in) financing activities (2,080,858) 577,150 818,368
Effect of foreign currency translation on cash and cash equivalents and restricted cash 3,451 5,310 (9,015)
Increase (decrease) in cash, cash equivalents and restricted cash 1,635,277 69,637 6,826
Cash, cash equivalents and restricted cash at beginning of period 385,766 316,129 309,303
Cash, cash equivalents and restricted cash at end of period 2,021,043 385,766 316,129
Supplemental cash flow information:      
Interest paid 508,454 574,536 501,404
Income taxes paid $ 13,671 $ 14,338 $ 2,250
[1] Includes amounts attributable to redeemable noncontrolling interests.