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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities:      
Net income $ 69,018 $ 279,115 $ 158,365
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 181,549 191,379 113,882
Non-cash rental and related revenues (19,449) (36,443) (30,352)
Non-cash interest income (2,212) (2,300) (769)
Non-cash interest expense 10,080 10,137 7,776
Stock-based compensation expense 9,819 7,648 8,359
Non-cash lease termination income (10,579) 0 0
Loss on extinguishment of debt 16,340 2,917 553
Provision for doubtful accounts, straight-line rental income and loan losses 1,238 39,075 17,113
Change in fair value of contingent consideration 0 0 (426)
Net gain on sales of real estate (2,300) (128,198) (52,029)
Impairment of real estate 121,819 1,413 1,326
Loss from unconsolidated joint venture 6,796 5,431 0
Distributions of earnings from unconsolidated joint venture 13,865 8,910 0
Changes in operating assets and liabilities:      
Accounts receivable, prepaid expenses and other assets, net (9,639) (6,753) (16,811)
Accounts payable and accrued liabilities (13,870) (11,745) (71,198)
Net cash provided by operating activities 372,475 360,586 135,789
Cash flows from investing activities:      
Acquisition of real estate (51,136) (261,511) (419,905)
Cash received in CCP Merger 0 0 77,859
Origination and fundings of loans receivable (13,065) (50,731) (17,239)
Origination and fundings of preferred equity investments 0 (5,313) (2,749)
Additions to real estate (25,451) (27,697) (6,954)
Repayments of loans receivable 18,367 51,789 32,430
Repayments of preferred equity investments 5,079 6,870 3,755
Investment in unconsolidated joint venture 0 (354,461) 0
Net proceeds from sales of real estate 329,050 382,560 150,243
Net cash provided by (used in) investing activities 262,844 (258,494) (182,560)
Cash flows from financing activities:      
Net (repayments of) proceeds from revolving credit facility (624,000) (17,000) 253,000
Proceeds from issuance of senior unsecured notes 638,779 0 0
Principal payments on senior unsecured notes (700,000) 0 0
Proceeds from term loans 0 0 181,000
Principal payments on term loans (145,000) 0 0
Principal payments on secured debt (3,436) (140,338) (4,145)
Payments of deferred financing costs (15,598) (352) (15,337)
Payments related to extinguishment of debt (10,502) (2,043) 0
Payment of contingent consideration 0 0 (382)
Distributions to noncontrolling interests (316) (142) (30)
Preferred stock redemption 0 (143,750) 0
Issuance of common stock, net 549,328 (499) 366,800
Dividends paid on common and preferred stock (335,435) (325,220) (182,089)
Net cash (used in) provided by financing activities (646,180) (629,344) 598,817
Net (decrease) increase in cash, cash equivalents and restricted cash (10,861) (527,252) 552,046
Effect of foreign currency translation on cash, cash equivalents and restricted cash 346 (539) 738
Cash, cash equivalents and restricted cash, beginning of period 59,658 587,449 34,665
Cash, cash equivalents and restricted cash, end of period 49,143 59,658 587,449
Supplemental disclosure of cash flow information:      
Interest paid 123,854 137,668 69,686
Income taxes paid 3,911 1,800 714
Supplemental disclosure of non-cash investing and financing activities:      
Acquisition of business in CCP Merger 0 0 3,726,092
Assumption of indebtedness in CCP Merger 0 0 (1,751,373)
Stock exchanged in CCP Merger 0 0 (2,052,578)
Real estate acquired through loan receivable foreclosure 0 0 19,096
Decrease in loans receivable and other investments due to acquisition of real estate $ 0 $ 0 $ (6,913)