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Consolidated Statements of Cash Flows
$ in Thousands
12 Months Ended
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Operating activities:      
Net income $ 24,555 $ 48,162 $ 47,985
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 215,891 163,348 117,653
Amortization of deferred financing costs and pension withdrawal liability 5,147 6,028 6,177
Amortization of above/below market leases 152 151 151
Loss on debt extinguishment and modification 1,995 0 28,446
Loss (gain) from foreign exchange 45,278 (10) (2,882)
Loss from investments in partially owned entities 250 111 1,069
Gain from sale of partially owned entities 0 (4,297) 0
Share-based compensation expense 17,897 12,822 8,639
Share-based compensation expense (modification of restricted stock units) 0 3,044 2,042
Deferred tax benefit (13,732) (10,701) (3,152)
(Gain) loss from sale of real estate (22,124) 34 (7,471)
Loss (gain) on other asset disposals 2,494 870 (152)
Impairment of long-lived assets 8,236 13,485 747
Provision for doubtful accounts receivable 5,356 1,218 2,324
Changes in operating assets and liabilities:      
Accounts receivable (12,897) (3,681) (1,940)
Accounts payable and accrued expenses 19,471 841 (5,219)
Other (4,289) 4,764 (6,246)
 Net cash provided by operating activities 293,680 236,189 188,171
Investing activities:      
Return of investment in joint venture 0 2,000 0
Proceeds from sale of investments in partially owned entities 154 14,250 0
Proceeds from sale of property, buildings and equipment 80,193 1,151 19,513
Business combinations, net of cash acquired (1,858,937) (1,319,905) 0
Acquisitions of property, buildings and equipment, net of cash acquired (25,538) (85,216) 0
Additions to property, buildings and equipment (376,817) (217,214) (145,216)
Cash paid for investment in joint venture (26,229) 0 0
Net cash used in investing activities  (2,249,125) (1,604,934) (125,703)
Financing activities:      
Distributions paid on common shares and noncontrolling interests in operating partnership (167,086) (135,443) (76,523)
Proceeds from revolving line of credit 636,753 100,000 0
Repayment of revolving line of credit (627,075) (100,000) 0
Proceeds from stock options exercised 6,748 10,204 14,842
Remittance of withholding taxes related to employee share-based transactions (6,953) (7,063) (12,680)
Payment of underwriters’ costs 0 0 (8,205)
Reimbursement of underwriters’ costs 0 0 8,952
Repayment of sale-leaseback financing obligations (3,774) (3,161) (2,595)
Repayment of financing lease obligations (19,970) (13,339)  
Repayment of financing lease obligations     (10,360)
Payment of debt issuance costs (10,076) (2,062) (16,563)
Repayment of term loans, mortgage notes, notes payable and construction loans (156,750) (10,392) (1,522,347)
Proceeds from senior unsecured notes 922,350 350,000 600,000
Proceeds from term loans 177,075 0 525,000
Proceeds from construction loans 0 0 1,097
Net proceeds from issuance of common shares 1,578,659 1,206,627 586,275
Net cash provided by financing activities 2,329,901 1,395,371 84,942
Net increase in cash, cash equivalents and restricted cash 374,456 26,626 147,410
Effect of foreign currency translation on cash, cash equivalents and restricted cash 5,982 (110) (3,276)
Cash, cash equivalents and restricted cash:      
Beginning of period 240,613 214,097 69,963
End of period 621,051 240,613 214,097
Supplemental disclosures of non-cash investing and financing activities:      
Common shares issued as consideration for Agro acquisition 512,125 0 0
Deferred cash consideration for foreign investment in real property tax 49,710 0 0
Addition of property, buildings and equipment on accrual 51,115 51,335 18,799
Addition of fixed assets under financing lease obligations 38,858 30,416 13,290
Addition of fixed assets under operating lease obligations 44,919 12,492 0
Supplemental disclosures of cash flows information:      
Interest paid – net of amounts capitalized 82,775 68,016 85,595
Income taxes paid – net of refunds 1,485 2,207 5,509
Allocation of purchase price of property, buildings and equipment to:      
Property, plant and equipment 2,062,780 1,287,491  
Identifiable intangible assets 528,657 269,164  
Allocation of purchase price to business combinations:      
Goodwill 794,335 318,483 186,095
Net Investment Hedging      
Investing activities:      
Proceeds from settlement of hedge 3,034 0 0
Cash Flow Hedging      
Investing activities:      
Proceeds from settlement of hedge 877,365 0 0
Payments for settlement of hedge (922,350) 0 0
Series A      
Financing activities:      
Distributions paid on beneficial interest shares – preferred – Series A 0 0 (134)
Series B      
Financing activities:      
Distributions paid on beneficial interest shares – preferred – Series B 0 0 $ (1,817)
Asset Acquisitions      
Allocation of purchase price of property, buildings and equipment to:      
Identifiable intangible assets 140 854  
Other assets and liabilities, net 303 1,577  
Cash paid for acquisition of property, buildings and equipment 25,638 86,810  
Business Acquisitions      
Allocation of purchase price to business combinations:      
Land 167,989 65,074  
Buildings and improvements 1,176,924 706,795  
Machinery and equipment 322,652 162,389  
Assets under construction 308 16,974  
Operating and finance lease right-of-use assets 268,633 1,336  
Cash and cash equivalents 57,456 4,977  
Restricted cash 0 526  
Accounts receivable 96,992 22,959  
Goodwill 470,987 132,527  
Investments in partially owned entities 21,638 0  
Other assets 20,405 7,127  
Accounts payable and accrued expenses (97,964) (45,000)  
Notes payable 0 (3,878)  
Sale-leaseback financing obligations (73,075) 0  
Operating and financing lease obligations (268,500) (1,336)  
Unearned revenue (1,068) (3,536)  
Deferred tax liability (213,666) (9,782)  
Total consideration, including common shares issued and deferred consideration 2,478,228 1,325,408  
Customer relationships      
Allocation of purchase price of property, buildings and equipment to:      
Identifiable intangible assets 528,518 266,633  
Customer relationships | Business Acquisitions      
Allocation of purchase price to business combinations:      
Acquired identifiable intangibles 528,517 266,633  
Trade names and trademarks      
Allocation of purchase price of property, buildings and equipment to:      
Identifiable intangible assets 0 1,623  
Trade names and trademarks | Business Acquisitions      
Allocation of purchase price to business combinations:      
Acquired identifiable intangibles 0 1,623  
Land | Asset Acquisitions      
Allocation of purchase price of property, buildings and equipment to:      
Property, plant and equipment 3,233 23,439  
Buildings and improvements | Asset Acquisitions      
Allocation of purchase price of property, buildings and equipment to:      
Property, plant and equipment 15,940 41,913  
Machinery and equipment | Asset Acquisitions      
Allocation of purchase price of property, buildings and equipment to:      
Property, plant and equipment $ 6,022 $ 19,027