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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating activities:      
Net income   $ 392,304 $ 134,977
Adjustments to reconcile net income to net cash provided from (used in) operating activities:      
Depreciation and amortization   747,908 681,057
Other amortization expenses   28,106 20,086
Provision for loan losses, net 6,177 3,233
Impairment of assets   45,725 13,715
Stock-based compensation expense   22,398 19,960
Loss (gain) on derivatives and financial instruments, net   (8,879) 2,210
Loss (gain) on extinguishment of debt, net   1,711 6
Loss (income) from unconsolidated entities 2,887 47,403
Rental income less than (in excess of) cash received   13,696 (71,997)
Amortization related to above (below) market leases, net   14 (248)
Loss (gain) on real estate dispositions, net   (171,150) 1,421
Proceeds from (payments on) interest rate swap settlements (59,555) (65,485)
Distributions by unconsolidated entities 10,018 6,895
Increase (decrease) in accrued expenses and other liabilities   53,105 (9,380)
Decrease (increase) in receivables and other assets   (72,240) 8,450
Net cash provided from (used in) operating activities   1,012,225 792,303
Investing activities:      
Cash disbursed for acquisitions, net of cash acquired (607,527) (424,094)
Cash disbursed for capital improvements to existing properties (297,602) (204,978)
Cash disbursed for construction in progress (459,122) (474,115)
Capitalized interest   (28,287) (22,205)
Investment in loans receivable (580,145) (76,397)
Principal collected on loans receivable   138,059 46,493
Other investments, net of payments   (37,185) (95,819)
Contributions to unconsolidated entities   (146,196) (206,160)
Distributions by unconsolidated entities   21,859 125,176
Net proceeds from net investment hedge settlements 6,631 3,933
Proceeds from sales of real property   129,773 1,950
Net cash provided from (used in) investing activities   (1,859,742) (1,326,216)
Financing activities:      
Net increase (decrease) under unsecured credit facility and commercial paper 0  
Net increase (decrease) under unsecured credit facility and commercial paper   0
Net proceeds from issuance of senior unsecured notes 0 1,011,427
Payments to extinguish senior unsecured notes   (1,350,000) 0
Net proceeds from the issuance of secured debt   2,872 373,462
Payments on secured debt   (233,799) (101,277)
Net proceeds from the issuance of common stock   4,020,345 1,333,908
Payments for deferred financing costs and prepayment penalties   (6) (6,958)
Contributions by noncontrolling interests [1] 26,569 181,272
Distributions to noncontrolling interests [1] (85,803) (80,672)
Cash distributions to stockholders   (718,278) (603,597)
Other financing activities (24,215) (5,254)
Net cash provided from (used in) financing activities   1,637,685 2,102,311
Effect of foreign currency translation on cash and cash equivalents and restricted cash (2,653) 8,379
Increase (decrease) in cash, cash equivalents and restricted cash   787,515 1,576,777
Cash, cash equivalents and restricted cash at beginning of period   2,076,083 722,292
Cash, cash equivalents and restricted cash at end of period   2,863,598 2,299,069
Supplemental cash flow information:    
Interest paid 280,277 273,979
Income taxes paid (received), net $ 9,125 $ 1,157
[1]
(1) Includes amounts attributable to redeemable noncontrolling interests.