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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating activities:      
Net income   $ 849,104 $ 269,699
Adjustments to reconcile net income to net cash provided from (used in) operating activities:      
Depreciation and amortization   1,151,687 1,020,371
Other amortization expenses   43,165 31,002
Provision for loan losses, net 10,370 7,292
Impairment of assets   69,146 21,103
Stock-based compensation expense   62,308 28,781
Loss (gain) on derivatives and financial instruments, net   (18,785) 5,095
Loss (gain) on extinguishment of debt, net   2,130 7
Loss (income) from unconsolidated entities 6,925 51,434
Rental income less than (in excess of) cash received   (31,805) (96,345)
Amortization related to above (below) market leases, net   166 (436)
Loss (gain) on real estate dispositions and acquisitions of controlling interests, net   (443,416) (69,681)
Proceeds from (payments on) interest rate swap settlements (59,555) (65,485)
Distributions by unconsolidated entities 12,845 9,055
Increase (decrease) in accrued expenses and other liabilities   135,926 95,695
Decrease (increase) in receivables and other assets   (93,002) (76,228)
Net cash provided from (used in) operating activities   1,697,209 1,231,359
Investing activities:      
Cash disbursed for acquisitions, net of cash acquired (1,669,106) (1,073,627)
Cash disbursed for capital improvements to existing properties (538,752) (334,090)
Cash disbursed for construction in progress (632,511) (730,712)
Capitalized interest   (43,955) (36,152)
Investment in loans receivable (603,619) (328,554)
Principal collected on loans receivable   250,791 68,404
Other investments, net of payments   (49,271) (95,366)
Contributions to unconsolidated entities   (218,974) (267,359)
Distributions by unconsolidated entities   39,693 145,985
Net proceeds from net investment hedge settlements 10,712 3,933
Proceeds from sales of real property   145,774 83,984
Net cash provided from (used in) investing activities   (3,309,218) (2,563,554)
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 1,015,063 1,011,780
Payments to extinguish senior unsecured notes   (1,350,000) 0
Net proceeds from the issuance of secured debt   3,708 381,369
Payments on secured debt   (356,216) (439,027)
Net proceeds from the issuance of common stock   5,262,364 3,265,056
Payments for deferred financing costs and prepayment penalties   (23,460) (7,619)
Contributions by noncontrolling interests [1] 29,009 211,071
Distributions to noncontrolling interests [1] (104,268) (179,476)
Cash distributions to stockholders   (1,127,046) (922,288)
Other financing activities (33,867) (9,763)
Net cash provided from (used in) financing activities   3,315,287 3,311,103
Effect of foreign currency translation on cash and cash equivalents and restricted cash 5,047 (14,489)
Increase (decrease) in cash, cash equivalents and restricted cash   1,708,325 1,964,419
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   3,784,408 2,686,711
Supplemental cash flow information:    
Interest paid 390,649 422,327
Income taxes paid (received), net $ 8,383 $ 4,092
[1]
(1) Includes amounts attributable to redeemable noncontrolling interests.