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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating activities:      
Net income $ 358,139 $ 160,568 $ 374,479
Adjustments to reconcile net income to net cash provided from (used in) operating activities:      
Depreciation and amortization 1,401,101 1,310,368 1,037,566
Other amortization expenses 42,645 28,234 19,148
Provision for loan losses 9,809 10,320 7,270
Impairment of assets 36,097 17,502 51,107
Stock-based compensation expense 37,199 26,149 17,812
Loss (gain) on derivatives and financial instruments, net (2,120) 8,334 (7,333)
Loss (gain) on extinguishment of debt, net 7 680 49,874
Loss (income) from unconsolidated entities 53,442 21,290 22,933
Rental income less than (in excess of) cash received (135,758) (108,883) (30,820)
Amortization related to above (below) market leases, net (529) (1,693) (3,536)
Loss (gain) on real estate dispositions, net (67,898) (16,043) (235,375)
Loss (gain) on loss of control of subsidiary (65,485) 0 0
Distributions by unconsolidated entities 11,623 12,462 16,763
Increase (decrease) in accrued expenses and other liabilities (79,801) 50,857 77,554
Decrease (increase) in receivables and other assets 3,390 (191,437) (122,117)
Net cash provided from (used in) operating activities 1,601,861 1,328,708 1,275,325
Investing activities:      
Cash disbursed for acquisitions, net of cash acquired (3,558,266) (2,306,020) (4,084,174)
Cash disbursed for capital improvements to existing properties (517,682) (476,016) (282,588)
Cash disbursed for construction in progress (1,014,935) (631,737) (417,963)
Capitalized interest (50,699) (30,491) (19,352)
Investment in loans receivable (490,736) (156,045) (997,449)
Principal collected on loans receivable 90,215 196,310 343,260
Other investments, net of payments (100,128) (98,459) (26,595)
Contributions to unconsolidated entities (343,498) (502,171) (396,020)
Distributions by unconsolidated entities 149,753 37,571 286,772
Proceeds from (payments on) derivatives 31,493 63,747 7,519
Proceeds from sales of real property 96,741 199,496 1,070,322
Net cash provided from (used in) investing activities (5,707,742) (3,703,815) (4,516,268)
Financing activities:      
Net increase (decrease) under unsecured credit facility and commercial paper 0   324,935
Net increase (decrease) under unsecured credit facility and commercial paper   (324,935)  
Proceeds from issuance of senior unsecured notes 1,011,780 1,040,232 1,703,626
Payments to extinguish senior unsecured notes 0 0 (1,533,752)
Net proceeds from the issuance of secured debt 385,115 113,183 23,569
Payments on secured debt (741,856) (457,180) (197,618)
Net proceeds from the issuance of common stock 6,010,129 3,667,854 2,348,201
Payments for deferred financing costs and prepayment penalties (7,220) (5,062) (73,735)
Contributions by noncontrolling interests [1] 280,678 138,656 156,318
Distributions to noncontrolling interests [1] (216,273) (272,414) (138,756)
Cash distributions to stockholders (1,260,578) (1,131,527) (1,035,906)
Other financing activities (13,128) (7,530) (9,218)
Net cash provided from (used in) financing activities 5,448,647 2,761,277 1,567,664
Effect of foreign currency translation on cash and cash equivalents and restricted cash 11,025 (10,633) (1,009)
Increase (decrease) in cash, cash equivalents and restricted cash 1,353,791 375,537 (1,674,288)
Cash, cash equivalents and restricted cash at beginning of period 722,292 346,755 2,021,043
Cash, cash equivalents and restricted cash at end of period 2,076,083 722,292 346,755
Supplemental cash flow information:      
Interest paid 628,582 531,672 492,742
Income taxes paid (received) $ 7,682 $ 3,435 $ (4,812)
[1] Includes amounts attributable to redeemable noncontrolling interests.