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CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Cash flows from operating activities:      
Net (loss) income $ (131,572) $ (211,910) $ 12,023
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Depreciation 176,209 121,313 96,188
Amortization of intangibles 173,734 100,958 57,838
Amortization of deferred financing costs 9,980 8,622 9,494
Amortization of discounts on mortgages and senior notes 68,591 18,916 939
Amortization of below-market lease liabilities (11,634) (5,865) (3,531)
Amortization of above-market lease assets 17,964 10,582 3,990
Amortization related to right-of-use assets 1,173 886 844
Amortization of lease incentives 1,243 861 1,362
Unbilled straight-line rent (19,150) (10,396) (9,608)
Termination fee - receipt 0 0 8,558
Equity-based compensation 8,931 17,297 12,072
Unrealized (gains) losses on foreign currency transactions, derivatives, and other (3,418) 7,286 (9,366)
Unrealized (gains) on undesignated foreign currency advances and other hedge ineffectiveness (3,249) 0 (2,439)
Loss on extinguishment and modification of debt 15,877 1,221 2,040
(Gain) loss on dispositions of real estate investments (57,015) 1,672 (325)
Lease incentive and commission payments (7,760) (2,777) (6,339)
Impairment charges 90,410 68,684 21,561
Settlement and consulting costs paid with common stock 0 21,889 0
Changes in operating assets and liabilities, net:      
Prepaid expenses and other assets 6,207 7,604 (3,684)
Deferred tax assets 428 (2,213) (2,214)
Accounts payable and accrued expenses (22,184) (9,636) (3,047)
Prepaid rent (15,536) (682) (4,300)
Deferred tax liability 241 (569) (236)
Net cash, cash equivalents and restricted cash provided by operating activities 299,470 143,743 181,820
Cash flows from investing activities:      
Investment in real estate and real estate related assets 0 (134,101) (33,894)
Cash used in business combination, net of cash acquired 0 (451,384) 0
Deposits for real estate investments 0 0 (7,379)
Capital expenditures (45,628) (47,296) (29,942)
Net proceeds from dispositions of real estate investments 803,412 80,882 54,678
Proceeds from insurance claims 2,117 0 0
Net cash, cash equivalents and restricted cash provided by (used in) investing activities 759,901 (551,899) (16,537)
Cash flows from financing activities:      
Borrowings under revolving credit facilities 486,262 1,054,945 180,170
Repayments on revolving credit facilities (808,620) 0 0
Proceeds from mortgage notes payable 317,527 0 0
Principal payments on mortgage notes payable (649,689) (340,444) (136,700)
Penalties and charges related to repayments and early repayments of debt (15,877) (986) (487)
Common shares repurchased upon vesting of restricted stock (1,038) (1,188) (686)
Payments of financing costs (7,605) (6,750) (10,116)
Dividends paid on Common Stock (272,435) (206,994) (166,837)
Distributions to non-controlling interest holders (137) (3,204) (400)
Net cash, cash equivalents and restricted cash (used in) provided by financing activities (995,356) 469,009 (149,742)
Net change in cash, cash equivalents and restricted cash 64,015 60,853 15,541
Effect of exchange rate changes on cash (2,206) (2,899) (4,407)
Cash, cash equivalents and restricted cash at beginning of period 162,399 104,445 93,311
Cash, cash equivalents and restricted cash at end of period 224,208 162,399 104,445
Cash and cash equivalents, end of period 159,698 121,566 103,335
Restricted cash, end of period 64,510 40,833 1,110
Cash, cash equivalents and restricted cash, end of period 224,208 162,399 104,445
Supplemental Disclosures:      
Cash paid for interest 249,055 136,510 87,362
Cash paid for income taxes 13,125 12,500 13,740
Non-Cash Activity:      
Equity issued in business combination 0 1,617,015 0
Term Loan converted to Revolving Credit Facility 0 0 268,511
Loss on extinguishment and modification of debt 0 235 1,553
Accrued capital expenditures 333 0 0
Mortgage Notes Payable      
Non-Cash Activity:      
Assumed in business combination 0 1,740,232 0
Discount on mortgages and senior notes assumed in business combination 0 (152,777) 0
Senior Notes      
Non-Cash Activity:      
Assumed in business combination 0 500,000 0
Discount on mortgages and senior notes assumed in business combination 0 (113,750) 0
Common Stock      
Cash flows from financing activities:      
Common Stock issuance (costs) proceeds, net 0   894
Common Stock issuance (costs) proceeds, net   (138)  
Series B Preferred Stock      
Cash flows from financing activities:      
Series B Preferred Stock issuance proceeds, net 0 0 4,723
Dividends paid on Preferred Stock (8,072) (8,072) (7,979)
Series A Preferred Stock      
Cash flows from financing activities:      
Dividends paid on Preferred Stock (12,324) (12,324) (12,324)
Series D Preferred Stock      
Cash flows from financing activities:      
Dividends paid on Preferred Stock (14,876) (3,718) 0
Series E Preferred Stock      
Cash flows from financing activities:      
Dividends paid on Preferred Stock $ (8,472) $ (2,118) $ 0