v3.24.2
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash Flows — Operating Activities    
Net income $ 301,940 $ 439,021
Adjustments to net income:    
Depreciation and amortization, including intangible assets and deferred financing costs 265,654 309,988
Gain on sale of real estate, net (54,808) (179,557)
Straight-line rent adjustments (35,893) (35,965)
Stock-based compensation expense 17,759 16,761
Impairment charges — real estate 15,752 0
Distributions of earnings from equity method investments 12,147 9,931
Earnings from equity method investments (11,500) (9,591)
Gain on repayment of secured loan receivable (10,650) 0
Amortization of rent-related intangibles and deferred rental revenue 9,697 19,793
Decrease in allowance for credit losses (5,097) (3,629)
Deferred income tax (benefit) expense (2,765) 1,643
Net realized and unrealized gains on equity securities, extinguishment of debt, foreign currency exchange rate movements, and other (633) (2,126)
Proceeds from sales of net investments in sales-type leases 807,080 0
Net changes in other operating assets and liabilities (52,088) (35,935)
Net Cash Provided by Operating Activities 1,256,595 530,334
Cash Flows — Investing Activities    
Purchases of real estate (448,088) (895,034)
Proceeds from sales of real estate 195,022 44,061
Investments in loans receivable (83,816) 0
Funding for real estate construction, redevelopments, and other capital expenditures on real estate (47,207) (62,135)
Value added taxes paid in connection with acquisition of real estate (29,097) (5,543)
Proceeds from repayment of loans receivable 24,000 0
Value added taxes refunded in connection with acquisition of real estate 8,728 6,767
Capital contributions to equity method investments (5,024) (23,677)
(Release) receipt of tenant-funded escrow for investing activities (4,959) 29,787
Other investing activities, net 2,474 (9,787)
Return of capital from equity method investments 803 9,943
Net Cash Used in Investing Activities (387,164) (905,618)
Cash Flows — Financing Activities    
Repayments of Unsecured Revolving Credit Facility (1,248,701) (1,577,153)
Proceeds from issuance of Senior Unsecured Notes 1,098,314 0
Proceeds from Unsecured Revolving Credit Facility 868,422 1,820,608
Repayment of Senior Unsecured Notes (500,000) 0
Dividends paid (380,810) (456,171)
Payments of mortgage principal (127,683) (138,764)
Other financing activities, net (12,351) 2,359
Payment of financing costs (8,853) (166)
Payments for withholding taxes upon delivery of equity-based awards (6,866) (13,618)
Contributions from noncontrolling interests 622 2,886
Distributions to noncontrolling interests (110) (280)
Proceeds from term loans 0 546,014
Proceeds from shares issued under forward equity, net of selling costs 0 249,806
Net Cash (Used in) Provided by Financing Activities (318,016) 435,521
Change in Cash and Cash Equivalents and Restricted Cash During the Period    
Effect of exchange rate changes on cash and cash equivalents and restricted cash (13,716) 1,909
Net increase in cash and cash equivalents and restricted cash 537,699 62,146
Cash and cash equivalents and restricted cash, beginning of period 691,971 224,141
Cash and cash equivalents and restricted cash, end of period $ 1,229,670 $ 286,287