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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
OPERATING ACTIVITIES      
Net income (loss) $ (663,904) $ (282,083) $ 40,693
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 675,152 730,709 453,082
Other amortization 47,165 45,181 24,695
Share-based compensation 31,824 14,288 20,346
Amortization of straight-line rent receivable (lessor) (29,996) (38,676) (23,498)
Amortization of straight-line rent on operating leases (lessee) 3,880 6,084 3,374
Gain on sales of real estate properties and other assets (109,753) (77,546) (270,271)
Loss (gain) on extinguishment of debt 237 (62) 2,401
Impairment of real estate properties and credit loss reserves 313,547 154,912 54,427
Impairment of goodwill 250,530 0 0
Equity loss from unconsolidated joint ventures 135 1,682 687
Distributions from unconsolidated joint ventures 10,498 17,880 1,881
Non-cash interest from financing and real estate notes receivable (1,833) (1,654) (2,257)
Changes in operating assets and liabilities:      
Other assets, including right-of-use-assets (34,547) (55,946) (26,098)
Accounts payable and accrued liabilities 5,199 (18,775) 24,191
Other liabilities 3,483 3,826 (30,906)
Net cash provided by operating activities 501,617 499,820 272,747
INVESTING ACTIVITIES      
Acquisitions of real estate 0 (49,171) (402,529)
Development of real estate (70,338) (41,058) (37,862)
Additional long-lived assets (248,981) (231,026) (163,544)
Funding of mortgages and notes receivable (5,505) (26,803) (23,325)
Investments in unconsolidated joint ventures 0 (3,824) (99,967)
Investment in financing receivable (511) (1,801) (1,002)
Proceeds from sales of real estate properties and additional long-lived assets 1,221,083 701,434 1,201,068
Contributions from redeemable non-controlling interests 13 1,389 0
Proceeds from notes receivable repayments 5,162 0 1,688
Cash assumed in Merger, including restricted cash for special dividend payment 0 0 1,159,837
Net cash provided by investing activities 900,923 349,140 1,634,364
FINANCING ACTIVITIES      
Net borrowings (repayments) on unsecured credit facility 0 (385,000) 40,000
Borrowings on term loans 0 0 666,500
Repayment on term loan (350,000) 0 (1,141,500)
Repayments of notes and bonds payable (25,473) (19,143) (20,042)
Redemption of notes and bonds payable 0 0 (2,184)
Dividends paid (457,853) (472,242) (283,713)
Special dividend paid in relation to the Merger 0 0 (1,123,648)
Net proceeds from issuance of common stock 104 130 22,902
Common stock redemptions (8,881) (2,298) (3,192)
Common stock repurchases (510,423) 0 0
Distributions to non-controlling interest holders (5,473) (5,123) (1,695)
Redemption of non-controlling interest (744) 0 0
Debt issuance and assumption costs (563) (529) (12,753)
Payments made on finance leases (17) (17) 0
Net cash used in financing activities (1,359,323) (884,222) (1,859,325)
Increase (decrease) in cash and cash equivalents 43,217 (35,262) 47,786
Cash and cash equivalents cash at beginning of period 25,699 60,961 13,175
Cash and cash equivalents at end of period 68,916 25,699 60,961
Supplemental Cash Flow Information      
Interest paid 202,503 216,033 112,692
Mortgage notes payable assumed in connection with acquisition of real estate, net 0 5,284 0
Invoices accrued for construction, tenant improvements and other capitalized costs 39,969 31,469 48,292
Capitalized interest 4,295 2,961 1,410
Mortgage notes receivable taken in connection with sale of real estate 9,630 51,000 0
Non-controlling interest in sale of real estate 11,185 0 0
Contribution of real estate properties into unconsolidated joint venture 172,666 0 0
Real estate notes receivable assumed in Merger (adjusted to fair value) 0 0 74,819
Unsecured credit facility and term loans assumed in Merger (adjusted to fair value) 0 0 1,758,650
Senior notes assumed in Merger (adjusted to fair value) 0 0 2,232,650
Consideration transferred in relation to the Merger $ 0 $ 0 $ 5,576,463