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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:      
Net (loss) income $ (113,256) $ 138,417 $ 69,018
Adjustments to reconcile net (loss) income to net cash provided by operating activities:      
Depreciation and amortization 178,991 176,737 181,549
Non-cash rental and related revenues 25,823 (4,458) (19,449)
Non-cash interest income (1,988) (2,351) (2,212)
Non-cash interest expense 8,368 8,418 10,080
Stock-based compensation expense 7,914 7,907 9,819
Non-cash lease termination income 0 0 (10,579)
Loss on extinguishment of debt 34,622 531 16,340
Provision for loan losses and other reserves 3,935 1,855 1,238
Net gain on sales of real estate (12,301) (2,861) (2,300)
Impairment of real estate 9,499 4,003 121,819
Other-than-temporary impairment of unconsolidated joint venture 164,126 0 0
Loss from unconsolidated joint venture 27,955 16,599 6,796
Distributions of earnings from unconsolidated joint venture 0 12,795 13,865
Changes in operating assets and liabilities:      
Accounts receivable, prepaid expenses and other assets, net 8,223 (6,398) (9,639)
Accounts payable and accrued liabilities 14,479 3,658 (13,870)
Net cash provided by operating activities 356,390 354,852 372,475
Cash flows from investing activities:      
Acquisition of real estate (99,448) (92,945) (51,136)
Origination and fundings of loans receivable (290,000) (1,651) (13,065)
Origination and fundings of preferred equity investments (9,061) (20,069) 0
Additions to real estate (42,651) (47,354) (25,451)
Repayments of loans receivable 2,949 4,093 18,367
Repayments of preferred equity investments 1,292 3,419 5,079
Net proceeds from the sales of real estate 100,723 16,751 329,050
Distributions in excess of earnings from unconsolidated joint venture 0 1,305 0
Net cash (used in) provided by investing activities (336,196) (136,451) 262,844
Cash flows from financing activities:      
Net repayment of revolving credit facility 0 0 (624,000)
Proceeds from issuance of senior unsecured notes 791,520 0 638,779
Principal payments on senior unsecured notes (300,000) 0 (700,000)
Principal payments on term loans (455,000) 0 (145,000)
Principal payments on secured debt (12,661) (3,072) (3,436)
Payments of deferred financing costs (9,317) (830) (15,598)
Payments related to extinguishment of debt (30,196) 0 (10,502)
Distributions to noncontrolling interest 0 0 (316)
Issuance of common stock, net 308,713 80,092 549,328
Dividends paid on common stock (262,919) (278,299) (335,435)
Net cash provided by (used in) financing activities 30,140 (202,109) (646,180)
Net increase (decrease) in cash, cash equivalents and restricted cash 50,334 16,292 (10,861)
Effect of foreign currency translation on cash, cash equivalents and restricted cash 29 88 346
Cash, cash equivalents and restricted cash, beginning of period 65,523 49,143 59,658
Cash, cash equivalents and restricted cash, end of period 115,886 65,523 49,143
Supplemental disclosure of cash flow information:      
Interest paid 85,464 92,589 123,854
Income taxes paid 1,839 2,439 3,911
Supplemental disclosure of non-cash investing activities:      
Decrease in loans receivable and other investments due to acquisition of real estate 0 20,731 0
Secured debt assumed by buyer in connection with sale of real estate $ 0 $ 31,830 $ 0