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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2021
Dec. 31, 2020
Property, buildings and equipment:    
Land and buildings and improvements, gross value $ 6,210,913 $ 6,148,812
Accumulated depreciation (1,504,758) (1,382,298)
Property, buildings and equipment – net 4,706,155 4,766,514
Operating lease right-of-use assets 352,880 291,797
Accumulated depreciation – operating leases (40,202) (24,483)
Operating leases – net 312,678 267,314
Financing leases:    
Financing leases - gross 173,169 169,929
Accumulated depreciation – financing leases (53,785) (40,937)
Financing leases – net 119,384 128,992
Cash, cash equivalents and restricted cash 316,077 621,051
Accounts receivable – net of allowance of $15,197 and $12,286 at June 30, 2021 and December 31, 2020, respectively 325,440 324,221
Identifiable intangible assets – net 875,038 797,423
Goodwill 1,018,288 794,335
Investments in partially owned entities 42,742 44,907
Other assets 107,518 86,394
Total assets 7,823,320 7,831,151
Liabilities:    
Borrowings under revolving line of credit 139,105 0
Accounts payable and accrued expenses 563,566 552,547
Mortgage notes, senior unsecured notes and term loans – net of unamortized deferred financing costs of $11,994 and $15,952, in the aggregate, at June 30, 2021 and December 31, 2020, respectively 2,427,164 2,648,266
Sale-leaseback financing obligations 184,515 185,060
Financing lease obligations 111,703 125,926
Operating lease obligations 285,715 269,147
Unearned revenue 20,344 19,209
Pension and postretirement benefits 7,880 9,145
Deferred tax liability – net 208,799 220,502
Multi-employer pension plan withdrawal liability 8,354 8,528
Total liabilities 3,957,145 4,038,330
Commitments and Contingencies
Shareholders’ equity:    
Common shares of beneficial interest, $0.01 par value – 500,000,000 and 325,000,000 authorized shares; 261,015,053 and 251,702,603 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively 2,610 2,517
Paid-in capital 4,900,398 4,687,823
Accumulated deficit and distributions in excess of net earnings (1,036,987) (895,521)
Accumulated other comprehensive loss (4,628) (4,379)
Total shareholders’ equity 3,861,393 3,790,440
Noncontrolling interests:    
Noncontrolling interests in operating partnership and consolidated joint venture 4,782 2,381
Total equity 3,866,175 3,792,821
Total liabilities and equity 7,823,320 7,831,151
Land    
Property, buildings and equipment:    
Land and buildings and improvements, gross value 705,862 662,885
Buildings and improvements    
Property, buildings and equipment:    
Land and buildings and improvements, gross value 3,847,631 4,004,824
Financing leases:    
Financing leases - gross 24,761 60,513
Machinery and equipment    
Property, buildings and equipment:    
Land and buildings and improvements, gross value 1,274,690 1,177,572
Financing leases:    
Financing leases - gross 148,408 109,416
Assets under construction    
Property, buildings and equipment:    
Land and buildings and improvements, gross value $ 382,730 $ 303,531