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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 loss $ (225,457) $ (131,572) $ (211,910)
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Depreciation 132,883 176,209 121,313
Amortization of intangibles 88,067 173,734 100,958
Amortization of deferred financing costs 9,627 9,980 8,622
Amortization of discounts on mortgages and senior notes 46,042 68,591 18,916
Amortization of below-market lease liabilities (6,121) (11,634) (5,865)
Amortization of above-market lease assets 8,438 17,964 10,582
Amortization related to right-of-use assets 1,310 1,173 886
Amortization of lease incentives 2,076 1,243 861
Unbilled straight-line rent (5,538) (19,150) (10,396)
Equity-based compensation 12,514 8,931 17,297
Unrealized losses (gains) losses on foreign currency transactions, derivatives, and other 6,268 (3,418) 7,286
Unrealized losses (gains) on undesignated foreign currency advances and other hedge ineffectiveness 12,644 (3,249) 0
Net loss on multi-tenant disposition receivable 17,473 0 0
Loss on extinguishment and modification of debt 26,320 15,877 1,221
(Gain) loss on dispositions of real estate investments (43,283) (57,015) 1,672
Lease incentive and commission payments (9,090) (7,760) (2,777)
Impairment charges 157,532 90,410 68,684
Goodwill impairment 7,134 0 0
Settlement and consulting costs paid with common stock 0 0 21,889
Changes in operating assets and liabilities, net:      
Prepaid expenses and other assets 4,224 6,207 7,604
Deferred tax assets (163) 428 (2,213)
Accounts payable and accrued expenses (30,366) (22,184) (9,636)
Prepaid rent (480) (15,536) (682)
Deferred tax liability 10,736 241 (569)
Net cash, cash equivalents and restricted cash provided by operating activities 222,790 299,470 143,743
Cash flows from investing activities:      
Investment in real estate and real estate related assets 0 0 (134,101)
Cash used in business combination, net of cash acquired 0 0 (451,384)
Capital expenditures (33,386) (45,628) (47,296)
Net proceeds from dispositions of real estate investments 1,757,068 803,412 80,882
Cash received from multi-tenant disposition receivable 81,196 0 0
Proceeds from insurance claims 0 2,117 0
Net cash, cash equivalents and restricted cash provided by (used in) investing activities 1,804,878 759,901 (551,899)
Cash flows from financing activities:      
Borrowings under revolving credit facilities 1,249,496 486,262 1,054,945
Repayments on revolving credit facilities (2,388,876) (808,620) 0
Proceeds from mortgage notes payable 0 317,527 0
Principal payments on mortgage notes payable (546,467) (649,689) (340,444)
Penalties and charges related to repayments and early repayments of debt (4,602) (15,877) (986)
Common shares repurchased upon vesting of restricted stock (1,805) (1,038) (1,188)
Repurchases of Common Stock, net (120,279) 0 0
Payments of financing costs (15,288) (7,605) (6,750)
Dividends paid on Common Stock (192,061) (272,435) (206,994)
Distributions to non-controlling interest holders 0 (137) (3,204)
Net cash, cash equivalents and restricted cash (used in) provided by financing activities (2,063,625) (995,356) 469,009
Net change in cash, cash equivalents and restricted cash (35,957) 64,015 60,853
Effect of exchange rate changes on cash 5,812 (2,206) (2,899)
Cash, cash equivalents and restricted cash at beginning of period 224,208 162,399 104,445
Cash, cash equivalents and restricted cash at end of period 194,063 224,208 162,399
Cash and cash equivalents, end of period 180,114 159,698 121,566
Restricted cash, end of period 13,949 64,510 40,833
Cash, cash equivalents and restricted cash, end of period 194,063 224,208 162,399
Supplemental Disclosures:      
Cash paid for interest 168,941 249,055 136,510
Cash paid for income taxes 10,498 13,125 12,500
Non-Cash Activity:      
Equity issued in business combination 0 0 1,617,015
Mortgages assumed by the buyer as part of consideration for dispositions of real estate 466,274 0 0
Loss on extinguishment and modification of debt 21,718 0 235
Accrued capital expenditures 0 333 0
Mortgage Notes Payable      
Non-Cash Activity:      
Assumed in business combination 0 0 1,740,232
Discount on mortgages and senior notes assumed in business combination 0 0 (152,777)
Senior Notes      
Non-Cash Activity:      
Assumed in business combination 0 0 500,000
Discount on mortgages and senior notes assumed in business combination 0 0 (113,750)
Common Stock      
Cash flows from financing activities:      
Common Stock issuance costs 0   (138)
Common Stock issuance costs   0  
Series A Preferred Stock      
Cash flows from financing activities:      
Dividends paid on Preferred Stock (12,324) (12,324) (12,324)
Series B Preferred Stock      
Cash flows from financing activities:      
Dividends paid on Preferred Stock (8,072) (8,072) (8,072)
Series D Preferred Stock      
Cash flows from financing activities:      
Dividends paid on Preferred Stock (14,876) (14,876) (3,718)
Series E Preferred Stock      
Cash flows from financing activities:      
Dividends paid on Preferred Stock $ (8,471) $ (8,472) $ (2,118)