XML 85 R9.htm IDEA: XBRL DOCUMENT v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net income $ 155,510 $ 126,712 $ 13,756
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 186,996 169,623 183,087
Non-cash rental and related revenues (1,020) (3,856) (8,699)
Non-cash interest income 7 29 (372)
Non-cash interest expense 7,970 10,479 12,265
Stock-based compensation expense 11,360 8,987 7,917
Loss on extinguishment of debt 1,154 0 1,541
(Recovery of) provision for loan losses (1,047) (571) 191
Net loss (gain) on sales of real estate 3,519 (2,095) 76,625
Impairment of real estate 7,322 18,472 14,332
(Income) loss from unconsolidated joint ventures (3,928) 397 2,897
Distributions of earnings from unconsolidated joint ventures 7,813 5,447 3,469
Other non-cash items (17,190) (534) (3,704)
Changes in operating assets and liabilities:      
Accounts receivable, prepaid expenses and other assets, net (11,449) (15,462) (11,078)
Accounts payable and accrued liabilities 1,596 (7,087) 8,344
Net cash provided by operating activities 348,613 310,541 300,571
Cash flows from investing activities:      
Acquisition of real estate and lease intangibles (452,933) (136,430) (78,530)
Origination and fundings of loans receivable (6,910) (21,645) (11,418)
Origination and fundings of preferred equity investments (9) (2,832) (11,023)
Additions to real estate (41,521) (54,712) (84,855)
Repayments of loans receivable 20,671 3,551 9,274
Repayments of preferred equity investments 2,533 5,944 5,460
Investment in unconsolidated joint ventures (1,241) (1,258) (5,235)
Net proceeds from the sales of real estate 88,637 95,999 247,622
Net proceeds from sales-type lease 0 0 25,490
Proceeds from net investment hedges 4,462 0 0
Insurance proceeds 1,589 2,382 5,801
Distributions in excess of earnings from unconsolidated joint ventures 6,762 0 544
Net cash (used in) provided by investing activities (377,960) (109,001) 103,130
Cash flows from financing activities:      
Net borrowings from revolving credit facility 109,805 14,595 (104,338)
Principal payments on senior unsecured notes (500,000) 0 0
Proceeds from term loans 500,000 0 12,188
Principal payments on secured debt (2,089) (2,033) (1,979)
Payments of deferred financing costs (4,405) (94) (18,142)
Payments related to extinguishment of debt (2,884) 0 0
Contributions from noncontrolling interests 2,046 0 0
Payment of contingent consideration 0 0 (17,900)
Issuance of common stock, net 227,781 86,121 (2,682)
Dividends paid on common stock (289,497) (280,150) (277,447)
Net cash provided by (used in) financing activities 40,757 (181,561) (410,300)
Net increase (decrease) in cash, cash equivalents and restricted cash 11,410 19,979 (6,599)
Effect of foreign currency translation on cash, cash equivalents and restricted cash 391 (359) (614)
Cash, cash equivalents and restricted cash, beginning of period 66,339 46,719 53,932
Cash, cash equivalents and restricted cash, end of period 78,140 66,339 46,719
Supplemental disclosure of cash flow information:      
Interest paid 110,957 105,200 102,409
Income taxes paid 1,496 1,389 1,670
Supplemental disclosure of non-cash investing activities:      
Decrease in loans receivable and other investments due to acquisition of real estate $ 0 $ 0 $ 4,644