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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Property, buildings and equipment:    
Property, buildings and equipment gross value $ 6,762,810 $ 6,148,812
Accumulated depreciation (1,634,909) (1,382,298)
Property, buildings and equipment – net 5,127,901 4,766,514
Operating lease right-of-use assets 377,536 291,797
Accumulated depreciation – operating leases (57,483) (24,483)
Operating leases – net 320,053 267,314
Financing leases:    
Property, plant and equipment - gross 159,893 169,929
Accumulated depreciation – financing leases (58,165) (40,937)
Financing leases – net 101,728 128,992
Cash, cash equivalents and restricted cash 82,958 621,051
Accounts receivable – net of allowance of $18,755 and $12,286 at December 31, 2021 and 2020, respectively 380,014 324,221
Identifiable intangible assets – net 980,966 797,423
Goodwill 1,072,980 794,335
Investments in partially owned entities 37,458 44,907
Other assets 112,139 86,394
Total assets 8,216,197 7,831,151
Liabilities:    
Borrowings under revolving line of credit 399,314 0
Accounts payable and accrued expenses 559,412 552,547
Mortgage notes, senior unsecured notes and term loan – net of deferred financing costs of $11,050 and $15,952 in the aggregate, at December 31, 2021 and 2020, respectively 2,443,806 2,648,266
Sale-leaseback financing obligations 178,817 185,060
Present value of net minimum payments 97,633 125,926
Total future minimum lease payments less interest 301,765 269,147
Unearned revenue 26,143 19,209
Pension and postretirement benefits 2,843 9,145
Deferred tax liability – net 169,209 220,502
Multiemployer pension plan withdrawal liability 8,179 8,528
Total liabilities 4,187,121 4,038,330
Commitments and contingencies (see Commitments and Contingencies footnote 19 )
Shareholders’ equity:    
Common shares of beneficial interest, $0.01 par value – 500,000,000 and 325,000,000 authorized shares; 268,282,592 and 251,702,603 issued and outstanding at December 31, 2021 and 2020, respectively 2,683 2,517
Paid-in capital 5,171,690 4,687,823
Accumulated deficit and distributions in excess of net earnings (1,157,888) (895,521)
Accumulated other comprehensive income (loss) 4,522 (4,379)
Total shareholders’ equity 4,021,007 3,790,440
Noncontrolling interests:    
Noncontrolling interests in operating partnership 8,069 2,381
Total equity 4,029,076 3,792,821
Total liabilities and equity 8,216,197 7,831,151
Land    
Property, buildings and equipment:    
Property, buildings and equipment gross value 807,495 662,885
Buildings and improvements    
Property, buildings and equipment:    
Property, buildings and equipment gross value 4,152,763 4,004,824
Financing leases:    
Property, plant and equipment - gross 13,552 60,513
Machinery and equipment    
Property, buildings and equipment:    
Property, buildings and equipment gross value 1,352,399 1,177,572
Financing leases:    
Property, plant and equipment - gross 146,341 109,416
Assets under construction    
Property, buildings and equipment:    
Property, buildings and equipment gross value $ 450,153 $ 303,531