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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Operating activities        
Net income $ 38,468 $ 76,640 $ 188,822 $ 215,436
Adjustments to reconcile net income to net cash provided by operating activities:        
Depreciation and amortization 79,370 74,600 236,527 216,606
Impairments 19,258 1,571 36,052 11,096
Amortization of deferred financing costs 2,325 1,475 5,944 3,637
Amortization of debt discounts, net 330 318 982 947
Amortization of deferred losses on interest rate swaps 702 702 2,106 2,106
Stock-based compensation expense     15,106 12,805
Loss on debt extinguishment     0 172
Gain on dispositions of real estate and other assets (3,661) (23,302) (66,450) (63,107)
Non-cash revenue     (26,894) (30,165)
Other     32 10
Changes in operating assets and liabilities:        
Deferred costs and other assets, net     3,798 (1,683)
Accounts payable, accrued expenses and other liabilities     (22,477) (28,975)
Net cash provided by operating activities     373,548 338,885
Investing activities        
Acquisitions of real estate     (419,765) (1,118,290)
Capitalized real estate expenditures     (65,649) (55,318)
Investments in loans receivable     (13,672) (12,700)
Proceeds from dispositions of real estate and other assets     249,028 183,767
Net cash used in investing activities     (250,058) (1,002,541)
Financing activities        
Borrowings under revolving credit facilities     424,000 1,267,800
Repayments under revolving credit facilities     (479,500) (1,556,200)
Repayments under mortgages payable     (413) (391)
Borrowings under term loans     300,000 800,000
Deferred financing costs     (269) (17,028)
Proceeds from issuance of common stock, net of offering costs       531,565
Repurchase of shares of common stock, including tax withholdings related to net stock settlements     (1,457) (6,427)
Common stock dividends paid     (281,020) (255,870)
Preferred stock dividends paid     (7,763) (7,763)
Net cash (used) provided by financing activities     (46,422) 755,686
Net increase in cash, cash equivalents and restricted cash     77,068 92,030
Cash, cash equivalents and restricted cash, beginning of period     61,953 17,799
Cash, cash equivalents and restricted cash, end of period 139,021 109,829 139,021 109,829
Cash paid for interest, net of interest capitalized     133,071 99,575
Interest capitalized     1,005 741
Cash paid for income taxes     919 676
Supplemental Disclosures of Non-Cash Activities:        
Dividends declared and unpaid $ 94,635 $ 92,595 94,635 92,595
Accrued capitalized costs     39,552 18,103
Accrued market-based award dividend rights     2,429 998
Derivative changes in fair value     19,104 $ 39,502
Financing provided in connection with disposition of assets     33,000  
Right-of-use assets     22,635  
Right-of-use liabilities     $ 22,635