XML 60 R6.htm IDEA: XBRL DOCUMENT v3.23.3
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Operating Activities    
Net income $ 323,652 $ 575,433
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 808,227 737,666
Impairment of real estate 189,224 38,783
Gain on sales of real estate (214,810) (537,918)
Loss on early extinguishment of debt 0 3,317
Equity in earnings of unconsolidated real estate joint ventures (617) (473)
Distributions of earnings from unconsolidated real estate joint ventures 2,590 2,754
Amortization of loan fees 11,427 9,574
Amortization of debt discounts 898 112
Amortization of acquired above- and below-market leases (69,647) (54,221)
Deferred rent (92,331) (93,818)
Stock compensation expense 48,266 46,154
Investment loss 204,051 312,105
Changes in operating assets and liabilities:    
Tenant receivables 1,199 (422)
Deferred leasing costs (81,573) (149,234)
Other assets (20,907) (17,719)
Accounts payable, accrued expenses, and other liabilities 92,284 21,065
Net cash provided by operating activities 1,201,933 893,158
Investing Activities    
Proceeds from sales of real estate 761,321 994,331
Additions to real estate (2,600,999) (2,324,017)
Purchases of real estate (257,333) (2,499,772)
Change in escrow deposits (5,982) 146,640
Investments in unconsolidated real estate joint ventures (499) (1,245)
Return of capital from unconsolidated real estate joint ventures 0 471
Additions to non-real estate investments (156,363) (186,692)
Sales of and distributions from non-real estate investments 149,299 149,666
Net cash used in investing activities (2,110,556) (3,720,618)
Financing Activities    
Borrowings from secured notes payable 49,578 31,436
Repayments of borrowings from secured notes payable (30) (934)
Payment for the defeasance of secured note payable 0 (198,304)
Proceeds from issuance of unsecured senior notes payable 996,205 1,793,318
Borrowings from unsecured senior line of credit 375,000 1,180,000
Repayments of borrowings from unsecured senior line of credit (375,000) (1,180,000)
Proceeds from issuances under commercial paper program 1,705,000 11,661,500
Repayments of borrowings under commercial paper program (1,705,000) (11,544,685)
Payments of loan fees (16,047) (35,598)
Taxes paid related to net settlement of equity awards (20,203) (33,105)
Proceeds from issuance of common stock 0 845,746
Dividends on common stock (633,032) (564,118)
Proceeds from Noncontrolling Interests 436,207 1,463,454
Distributions to and purchases of noncontrolling interests (193,716) (139,685)
Net cash provided by financing activities 618,962 3,279,025
Effect of foreign exchange rate changes on cash and cash equivalents (603) (624)
Net (decrease) increase in cash, cash equivalents, and restricted cash (290,264) 450,941
Cash, cash equivalents, and restricted cash as of the beginning of period 857,975 415,227
Cash, cash equivalents, and restricted cash as of the end of period 567,711 866,168
Supplemental Disclosure and Non-Cash Investing and Financing Activities:    
Cash paid during the period for interest, net of interest capitalized 16,559 67,852
Accrued construction for current-period additions to real estate 641,705 553,928
Contribution of assets from real estate joint venture partner 33,250 19,146
Issuance of noncontrolling interest to joint venture partner (33,250) (19,146)
Right-of-use asset 0 21,776
Lease liability $ 0 $ (21,776)