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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating activities    
Net income $ 80,405 $ 52,007
Adjustments to net income:    
Depreciation and amortization 296,218 293,107
Amortization of debt discounts, deferred financing costs and other noncash interest expense 37,291 39,626
Provisions for impairment 14,491 17,453
Net loss (gain) on dispositions of real estate 657 (35,113)
Noncash revenue and other (26,402) (10,377)
Payments made in settlement of cash flow hedges (1,183) 0
Changes in operating assets and liabilities:    
Other assets (1,394) (454)
Accrued expenses, deferred revenue and other liabilities (24,832) (467)
Net cash provided by operating activities 375,251 355,782
Investing activities    
Acquisition of and additions to real estate (334,355) (335,221)
Investment in loans and financing receivables (247,119) (270,104)
Collections of principal on loans and financing receivables 879 843
Proceeds from dispositions of real estate 198,781 206,867
Net cash used in investing activities (381,814) (397,615)
Financing activities    
Borrowings under credit facility 310,000 0
Repayments under credit facility (90,000) 0
Borrowings under unsecured notes and term loans payable 349,773 135,000
Borrowings under non-recourse debt obligations of consolidated special purpose entities 0 449,936
Repayments under non-recourse debt obligations of consolidated special purpose entities (269,066) (207,173)
Financing costs paid (3,498) (4,423)
Members' contributions 0 285,000
Members' distributions (396,015) (363,007)
Proceeds from issuance of preferred shares 125 0
Preferred shares issuance costs paid (105) 0
Distributions to noncontrolling interest (545) (358)
Contributions from noncontrolling interest 215 0
Net cash (used) in provided by financing activities (99,116) 294,975
Net change in cash, cash equivalents and restricted cash (105,679) 253,142
Cash, cash equivalents and restricted cash, beginning of period 172,123 250,227
Cash, cash equivalents and restricted cash, end of period 66,444 503,369
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 38,635 482,237
Restricted cash included in other assets 27,809 21,132
Total cash, cash equivalents and restricted cash 66,444 503,369
Supplemental disclosure of noncash investing and financing activities:    
Accrued tenant improvements included in real estate, loans and financing receivable investments 27,009 11,346
Tenant funded improvements to real estate investments 1,981 10,950
Acquisition cash holdback included in real estate investments 44,350 0
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest, net of amounts capitalized 140,941 137,949
Cash paid during the period for income and franchise taxes, net $ 2,414 $ 5,010