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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net income $ 18.6 $ 39.1
Adjustments to reconcile net income to net cash used in operating activities:    
Gain on sale of real estate, net (108.2) (13.8)
Depreciation and amortization 79.5 86.6
Above/below market and straight-line rent amortization (3.3) (3.7)
Uncollectible lease income 3.0 4.3
Accretion of interest income on loans (0.2) 0.0
Benefit from deferred income taxes (0.3) (0.7)
Amortization of deferred loan costs 4.4 4.2
Amortization of discount and accretion of premium on issuance of the senior notes and mortgage debt 3.5 (0.7)
Unrealized net gain on derivatives (21.5) (13.2)
Income from unconsolidated investments (4.3) (136.1)
Operating distributions from unconsolidated investments 35.2 38.6
Deferred compensation 7.3 16.5
Share-based compensation 14.4 14.4
Change in assets and liabilities:    
Accounts receivable (2.5) (11.1)
Other assets (1.8) (17.9)
Accounts payable, accrued expenses and other liabilities (26.1) (28.0)
Net cash used in operating activities (2.3) (21.5)
Cash flows from investing activities:    
Proceeds from collection of loans 11.9 12.6
Issuance and acquisition of loans, net of discounts (106.3) (24.6)
Net proceeds from sale of consolidated real estate 174.1 122.5
Purchases of real estate 0.0 (355.0)
Capital expenditures to real estate (93.5) (59.7)
Proceeds from on settlement of derivative contracts 4.7 14.1
Purchases of derivative contracts (3.4) 0.0
Distributions from unconsolidated investments 46.5 78.7
Contributions to unconsolidated investments (93.8) (264.0)
Net cash used in investing activities (59.8) (475.4)
Cash flows from financing activities:    
Issuance of preferred stock, net of issuance costs 198.0 298.0
Borrowings under line of credit 50.0 425.0
Repayment of line of credit (185.0) (250.0)
Borrowings under mortgage debt 336.0 176.8
Repayment of mortgage debt (319.9) (78.7)
Payment of debt issuance costs (0.6) (2.1)
Repurchase and retirement of common stock (13.4) (31.1)
Proceeds from issuance of common stock, net of issuance costs 30.0  
Proceeds from issuance of common stock, net of issuance costs   (0.4)
Common dividends paid (69.1) (68.9)
Preferred dividends paid (15.7) (8.6)
Contributions from noncontrolling interests 0.9 1.4
Distributions to noncontrolling interests (6.1) (1.3)
Net cash provided by financing activities 5.1 460.1
Effect of currency exchange rate changes on cash and cash equivalents 4.7 (27.4)
Net change in cash and cash equivalents [1] (52.3) (64.2)
Cash and cash equivalents, beginning of period 439.3 524.8
Cash and cash equivalents, end of period 387.0 460.6
Supplemental cash flow information:    
Interest [2],[3] 112.0 96.4
Income taxes 11.4 7.4
Cash received from consolidated and unconsolidated asset sales and loan repayments, net 182.2 128.5
Supplemental disclosure of non-cash investing and financing activities:    
Accrued capital expenditures 6.3 7.8
Common dividends declared but not paid on common stock 33.5 33.4
Preferred dividends declared but not paid on preferred stock $ 7.2 $ 7.8
[1] See discussion of non-cash effects in the supplemental cash flow information.
[2] $1.3 million and $1.7 million attributable to noncontrolling interests for the six months ended June 30, 2023 and 2022, respectively.
[3] Excludes $2.4 million and $1.8 million of capitalized interest for the six months ended June 30, 2023 and 2022, respectively.