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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Dec. 31, 2019
Cash flows from operating activities:          
Net income $ 36,460 $ 23,286 $ 101,300 $ 29,277  
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation and amortization 44,209 43,092 132,579 137,517  
Non-cash rental and related revenues     1,340 (12,965)  
Non-cash interest income     (1,743) (1,680)  
Non-cash interest expense 2,100 2,500 6,527 7,846  
Stock-based compensation expense     5,651 8,829  
Non-cash lease termination income     0 (9,725)  
Loss on extinguishment of debt 139 644 531 10,763  
Provision for loan losses and other reserves (90) 57 706 1,457  
Net gain on sales of real estate (2,715) 19 (2,828) (1,216)  
Impairment of real estate 3,154 13,966 3,154 119,102  
Loss from unconsolidated joint venture (2,766) 605 13,037 5,635  
Distributions of earnings from unconsolidated joint venture     11,318 10,162  
Changes in operating assets and liabilities:          
Accounts receivable, prepaid expenses and other assets, net     (3,523) (7,252)  
Accounts payable and accrued liabilities     (2,594) (20,769)  
Net cash provided by operating activities     265,455 276,981  
Cash flows from investing activities:          
Acquisition of real estate     (92,945) (14,977)  
Origination and fundings of loans receivable     (1,651) (9,441)  
Origination and fundings of preferred equity investments     (20,059) 0  
Additions to real estate     (32,416) (15,985)  
Repayments of loans receivable     3,095 13,761  
Repayments of preferred equity investments     3,399 3,672  
Net proceeds from the sales of real estate     8,754 321,715  
Distributions in excess of earnings from unconsolidated joint venture     1,305 0  
Buyout of noncontrolling interests     0 (200)  
Net cash (used in) provided by investing activities     (130,518) 298,545  
Cash flows from financing activities:          
Net borrowings from (repayments of) revolving credit facility     56,000 (424,000)  
Proceeds from issuance of senior unsecured notes     0 297,039  
Principal payments on senior unsecured notes     0 (500,000)  
Principal payments on secured debt     (2,396) (2,566)  
Payments of deferred financing costs     (819) (14,001)  
Payments related to extinguishment of debt     0 (6,897)  
Distributions to noncontrolling interest     0 (116)  
Issuance of common stock, net     20,961 302,030  
Dividends paid on common stock     (215,747) (247,222)  
Net cash used in financing activities     (142,001) (595,733)  
Net decrease in cash, cash equivalents and restricted cash     (7,064) (20,207)  
Effect of foreign currency translation on cash, cash equivalents and restricted cash     (230) 211  
Cash, cash equivalents and restricted cash, beginning of period     49,143 59,658 $ 59,658
Cash, cash equivalents and restricted cash, end of period $ 41,849 $ 39,662 41,849 39,662 $ 49,143
Supplemental disclosure of cash flow information:          
Interest paid     67,995 100,230  
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 buyers in connection with sales of real estate     $ 31,830 $ 0