XML 21 R8.htm IDEA: XBRL DOCUMENT v3.20.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities:    
Net income $ 64,840 $ 5,991
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 88,370 94,425
Non-cash rental and related revenues (6,567) (8,007)
Non-cash interest income (1,135) (1,125)
Non-cash interest expense 4,458 5,323
Stock-based compensation expense 4,735 5,570
Non-cash lease termination income 0 (9,725)
Loss on extinguishment of debt 392 10,119
Provision for loan losses and other reserves 796 1,400
Net gain on sales of real estate (113) (1,235)
Impairment of real estate 0 105,136
Loss from unconsolidated joint venture 15,803 5,030
Distributions of earnings from unconsolidated joint venture 7,083 6,884
Changes in operating assets and liabilities:    
Accounts receivable, prepaid expenses and other assets, net (1,377) (5,289)
Accounts payable and accrued liabilities (8,680) (22,619)
Net cash provided by operating activities 168,605 191,878
Cash flows from investing activities:    
Acquisition of real estate (92,945) 0
Origination and fundings of loans receivable (1,651) (8,823)
Additions to real estate (19,867) (8,596)
Repayments of loans receivable 1,610 10,102
Repayments of preferred equity investments 3,064 2,463
Net proceeds from the sales of real estate 9,516 322,736
Distributions in excess of earnings from unconsolidated joint venture 1,305 0
Net cash (used in) provided by investing activities (98,968) 317,882
Cash flows from financing activities:    
Net borrowings from (repayments of) revolving credit facility 73,000 (349,000)
Proceeds from issuance of senior unsecured notes 0 300,000
Principal payments on senior unsecured notes 0 (500,000)
Principal payments on secured debt (1,669) (1,703)
Payments of deferred financing costs (722) (4,413)
Payments related to extinguishment of debt 0 (6,895)
Distributions to noncontrolling interest 0 (73)
Issuance of common stock, net 1,860 211,575
Dividends paid on common stock (154,068) (161,735)
Net cash used in financing activities (81,599) (512,244)
Net decrease in cash, cash equivalents and restricted cash (11,962) (2,484)
Effect of foreign currency translation on cash, cash equivalents and restricted cash (376) 300
Cash, cash equivalents and restricted cash, beginning of period 49,143 59,658
Cash, cash equivalents and restricted cash, end of period 36,805 57,474
Supplemental disclosure of cash flow information:    
Interest paid 47,667 74,631
Supplemental disclosure of non-cash investing activities:    
Decrease in loans receivable and other investments due to acquisition of real estate 20,731 0
Secured debt assumed by buyer in connection with sale of real estate $ 14,219 $ 0