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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Cash flows from operating activities:      
Net income $ 279,115 $ 158,365 $ 70,205
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 191,379 113,882 68,472
Amortization of above and below market lease intangibles, net 7,701 (912) 0
Non-cash interest income adjustments (2,300) (769) 582
Non-cash interest expense 10,137 7,776 5,678
Stock-based compensation expense 7,648 8,359 7,496
Loss on extinguishment of debt 874 553 556
Straight-line rental income adjustments (44,144) (29,440) (21,984)
Provision for doubtful accounts, straight-line rental income and loan losses 39,075 17,113 5,543
Change in fair value of contingent consideration 0 (426) (1,526)
Net (gain) loss on sales of real estate (128,198) (52,029) 6,122
Impairment of real estate 1,413 1,326 29,811
Loss from unconsolidated joint venture 5,431 0 0
Distributions of earnings from unconsolidated joint venture 8,910 0 0
Changes in operating assets and liabilities:      
Accounts receivable, prepaid expenses and other assets, net (6,753) (16,811) (2,339)
Accounts payable and accrued liabilities (11,745) (71,198) 7,312
Net cash provided by operating activities 358,543 135,789 175,928
Cash flows from investing activities:      
Acquisition of real estate (261,511) (419,905) (153,579)
Cash received in CCP Merger 0 77,859 0
Origination and fundings of loans receivable (50,731) (17,239) (9,675)
Origination and fundings of preferred equity investments (5,313) (2,749) (7,348)
Additions to real estate (27,697) (6,954) (1,003)
Repayments of loans receivable 51,789 32,430 215,962
Repayments of preferred equity investments 6,870 3,755 0
Investment in unconsolidated joint venture (354,461) 0 0
Net proceeds from sales of real estate 382,560 150,243 98,006
Net cash (used in) provided by investing activities (258,494) (182,560) 142,363
Cash flows from financing activities:      
Net repayments of revolving credit facility (17,000)   (229,000)
Net borrowings from revolving credit facility   253,000  
Proceeds from term loans 0 181,000 69,360
Principal payments on secured debt (140,338) (4,145) (14,768)
Payments of deferred financing costs (352) (15,337) (5,937)
Payment of contingent consideration 0 (382) 0
Distributions to noncontrolling interests (142) (30) 0
Preferred stock redemption (143,750) 0 0
Issuance of common stock, net (499) 366,800 (1,289)
Dividends paid on common and preferred stock (325,220) (182,089) (119,264)
Net cash (used in) provided by financing activities (627,301) 598,817 (300,898)
Net (decrease) increase in cash, cash equivalents and restricted cash (527,252) 552,046 17,393
Effect of foreign currency translation on cash, cash equivalents and restricted cash (539) 738 25
Cash, cash equivalents and restricted cash, beginning of period 587,449 34,665 17,247
Cash, cash equivalents and restricted cash, end of period 59,658 587,449 34,665
Supplemental disclosure of cash flow information:      
Interest paid 137,668 69,686 59,234
Income taxes paid 1,800 714 854
Supplemental disclosure of non-cash investing and financing activities:      
Acquisition of business in CCP Merger (see Note 3) 0 3,726,092 0
Assumption of indebtedness in CCP Merger 0 (1,751,373) 0
Stock exchanged in CCP Merger 0 (2,052,578) 0
Real estate acquired through loan receivable foreclosure 0 19,096 10,100
Decrease in loans receivable and other investments due to acquisition of real estate $ 0 $ (6,913) $ 0