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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities:    
Net income $ 33,447 $ 35,217
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 44,375 44,168
Non-cash rental and related revenues (5,713) (365)
Non-cash interest income (412) (561)
Non-cash interest expense 1,896 2,233
Stock-based compensation expense 2,288 2,360
Loss on extinguishment of debt (793) 0
Provision for loan losses and other reserves 2,025 667
Net (gain) loss on sales of real estate (1,313) 217
Loss from unconsolidated joint venture 5,010 3,667
Distributions of earnings from unconsolidated joint venture 0 4,040
Changes in operating assets and liabilities:    
Accounts receivable, prepaid expenses and other assets, net (2,873) (6,895)
Accounts payable and accrued liabilities (10,992) (9,929)
Net cash provided by operating activities 68,531 74,819
Cash flows from investing activities:    
Acquisition of real estate (28,654) (67,274)
Origination and fundings of loans receivable 0 (936)
Additions to real estate (10,833) (11,956)
Repayments of loans receivable 628 1,011
Repayments of preferred equity investments 301 3,059
Net proceeds from the sales of real estate 3,202 6,272
Net cash used in investing activities (35,356) (69,824)
Cash flows from financing activities:    
Net borrowings from revolving credit facility 0 101,000
Principal payments on term loans (93,000) 0
Principal payments on secured debt (709) (877)
Payments of deferred financing costs 0 (715)
Issuance of common stock, net 87,654 1,930
Dividends paid on common stock (63,221) (92,390)
Net cash (used in) provided by financing activities (69,276) 8,948
Net (decrease) increase in cash, cash equivalents and restricted cash (36,101) 13,943
Effect of foreign currency translation on cash, cash equivalents and restricted cash 65 (660)
Cash, cash equivalents and restricted cash, beginning of period 65,523 49,143
Cash, cash equivalents and restricted cash, end of period 29,487 62,426
Supplemental disclosure of cash flow information:    
Interest paid 21,620 21,526
Supplemental disclosure of non-cash investing activities:    
Decrease in loans receivable and other investments due to acquisition of real estate $ 0 $ 16,092