XML 18 R8.htm IDEA: XBRL DOCUMENT v3.23.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
OPERATING ACTIVITIES    
Net (loss) income $ (240,408) $ 76,973
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 550,661 267,889
Other amortization 33,822 11,875
Share-based compensation 11,470 16,772
Amortization of straight-line rent receivable (lessor) (29,320) (12,267)
Amortization of straight-line rent on operating leases (lessee) 4,600 2,016
Gain on sales of real estate properties (56,974) (197,188)
(Gain) loss on extinguishment of debt (62) 2,520
Impairment of real estate properties and credit loss reserves 143,510 (25)
Equity loss from unconsolidated joint ventures 1,253 776
Distributions from unconsolidated joint ventures 4,366 893
Non-cash interest from financing and notes receivable (1,067) (1,901)
Changes in operating assets and liabilities:    
Other assets, including right-of-use-assets (34,632) (19,230)
Accounts payable and accrued liabilities (32,060) 35,769
Other liabilities 17,345 (58,213)
Net cash provided by operating activities 372,504 126,659
INVESTING ACTIVITIES    
Acquisitions of real estate (48,106) (376,924)
Development of real estate (31,318) (17,572)
Additional long-lived assets (156,871) (97,797)
Funding of mortgages and notes receivable (14,597) (3,441)
Investments in unconsolidated joint ventures (3,824) (99,586)
Investment in financing receivable (310)  
Investment in financing receivable   167
Contributions from redeemable non-controlling interests 710 0
Proceeds from sales of real estate properties and additional long-lived assets 366,779 870,806
Proceeds from notes receivable repayments 0 500
Cash assumed in Merger, including restricted cash for special dividend payment 0 1,149,681
Net cash provided by investing activities 112,463 1,425,834
FINANCING ACTIVITIES    
Net repayments on unsecured credit facility (149,000) (154,400)
Borrowings on term loans 0 666,500
Repayment on term loan 0 (718,500)
Repayments of notes and bonds payable (11,988) (18,880)
Redemption of notes and bonds payable 0 (2,184)
Dividends paid (354,171) (165,735)
Special dividend paid in relation to the Merger 0 (1,123,648)
Net proceeds from issuance of common stock 110 22,851
Common stock redemptions (1,834) (894)
Distributions to non-controlling interest holders (3,836) (442)
Debt issuance and assumption costs (529) (12,753)
Payments made on finance leases (12) 0
Net cash used in financing activities (521,260) (1,508,085)
(Decrease) increase in cash and cash equivalents (36,293) 44,408
Cash and cash equivalents at beginning of period 60,961 13,175
Cash and cash equivalents at end of period 24,668 57,583
Supplemental Cash Flow Information    
Interest paid 185,402 83,382
Mortgage note receivable taken in connection with sale of real estate 45,000 0
Invoices accrued for construction, tenant improvements and other capitalized costs 32,590 52,840
Mortgage note payable assumed in connection with acquisition of real estate, net 5,284 0
Capitalized interest $ 2,077 $ 848