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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities:    
Net (loss) income $ (88,903) $ 101,300
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation and amortization 133,912 132,579
Non-cash rental and related revenues 10,113 1,340
Non-cash interest income (1,444) (1,743)
Non-cash interest expense 5,389 6,527
Stock-based compensation expense 6,987 5,651
Loss on extinguishment of debt (1,760) (531)
Provision for loan losses and other reserves 1,890 706
Net loss (gain) on sales of real estate 1,784 (2,828)
Impairment of real estate 495 3,154
Other-than-temporary impairment of unconsolidated joint venture 164,126 0
Loss from unconsolidated joint venture 14,691 13,037
Distributions of earnings from unconsolidated joint venture 0 11,318
Changes in operating assets and liabilities:    
Accounts receivable, prepaid expenses and other assets, net 13,062 (3,523)
Accounts payable and accrued liabilities (5,403) (2,594)
Net cash provided by operating activities 258,459 265,455
Cash flows from investing activities:    
Acquisition of real estate (62,116) (92,945)
Origination and fundings of loans receivable 0 (1,651)
Origination and fundings of preferred equity investments (4,153) (20,059)
Additions to real estate (29,278) (32,416)
Repayments of loans receivable 2,432 3,095
Repayments of preferred equity investments 683 3,399
Net proceeds from the sales of real estate 15,066 8,754
Distributions in excess of earnings from unconsolidated joint venture 0 1,305
Net cash used in investing activities (77,366) (130,518)
Cash flows from financing activities:    
Net borrowings from revolving credit facility 0 56,000
Proceeds from issuance of senior unsecured notes 791,520 0
Principal payments on term loans (455,000) 0
Principal payments on secured debt (2,185) (2,396)
Payments of deferred financing costs (7,444) (819)
Issuance of common stock, net 172,188 20,961
Dividends paid on common stock (194,311) (215,747)
Net cash provided by (used in) financing activities 304,768 (142,001)
Net increase (decrease) in cash, cash equivalents and restricted cash 485,861 (7,064)
Effect of foreign currency translation on cash, cash equivalents and restricted cash 34 (230)
Cash, cash equivalents and restricted cash, beginning of period 65,523 49,143
Cash, cash equivalents and restricted cash, end of period 551,418 41,849
Supplemental disclosure of cash flow information:    
Interest paid 66,051 67,995
Supplemental disclosure of non-cash investing activities:    
Decrease in loans receivable and other investments due to acquisition of real estate 0 20,731
Secured debt assumed by buyer in connection with sale of real estate $ 0 $ 31,830