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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating activities:      
Net income   $ 257,266 $ 131,634
Adjustments to reconcile net income to net cash provided from (used in) operating activities:      
Depreciation and amortization   485,869 365,863
Other amortization expenses   14,154 13,105
Provision for loan losses, net (2,007) 1,014
Impairment of assets   52,402 43,331
Stock-based compensation expense   17,505 12,048
Loss (gain) on derivatives and financial instruments, net   (3,210) (3,054)
Loss (gain) on extinguishment of debt, net   6,156 6
Loss (income) from unconsolidated entities (1,263) 7,783
Rental income less than (in excess of) cash received   (43,893) (30,503)
Amortization related to above (below) market leases, net   (385) (5)
Loss (gain) on real estate dispositions and acquisitions of controlling interests, net   (51,777) (4,707)
Proceeds from (payments on) interest rate swap settlements 0 (59,555)
Distributions by unconsolidated entities 4,160 1,609
Increase (decrease) in accrued expenses and other liabilities   (105,111) (29,420)
Decrease (increase) in receivables and other assets   (30,908) (42,343)
Net cash provided from (used in) operating activities   598,958 406,806
Investing activities:      
Cash disbursed for acquisitions, net of cash acquired (1,988,958) (62,771)
Cash disbursed for capital improvements to existing properties (240,350) (132,509)
Cash disbursed for construction in progress (126,187) (231,763)
Capitalized interest   (11,520) (13,809)
Investment in loans receivable (19,672) (116,789)
Principal collected on loans receivable   100,372 36,472
Other investments, net of payments   (59,200) (11,723)
Contributions to unconsolidated entities   (50,513) (103,825)
Distributions by unconsolidated entities   12,395 10,039
Net proceeds from net investment hedge settlements 37,831 913
Proceeds from sales of real property   317,663 44,834
Net cash provided from (used in) investing activities   (2,028,139) (580,931)
Financing activities:      
Payments to extinguish senior unsecured notes   0 (1,350,000)
Net proceeds from the issuance of secured debt   0 1,379
Payments on secured debt   (134,277) (132,833)
Net proceeds from the issuance of common stock   1,992,403 2,416,484
Payments for deferred financing costs and prepayment penalties   (471) (6)
Contributions by noncontrolling interests [1] 3,586 23,797
Distributions to noncontrolling interests [1] (113,928) (22,591)
Cash distributions to stockholders   (432,366) (352,184)
Other financing activities (6,782) (5,479)
Net cash provided from (used in) financing activities   1,308,165 578,567
Effect of foreign currency translation on cash and cash equivalents and restricted cash 19,844 (2,190)
Increase (decrease) in cash, cash equivalents and restricted cash   (101,172) 402,252
Cash, cash equivalents and restricted cash at beginning of period   3,711,457 2,076,083
Cash, cash equivalents and restricted cash at end of period   3,610,285 2,478,335
Supplemental cash flow information:    
Interest paid 129,033 149,007
Income taxes paid (received), net $ 11,300 $ 3,259
[1]
(1) Includes amounts attributable to redeemable noncontrolling interests.