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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Operating activities    
Net income $ 177,527 $ 117,391
Adjustments to net income:    
Depreciation and amortization 148,656 128,602
Amortization of deferred financing costs and other noncash interest expense 5,184 4,698
Amortization of equity-based compensation 6,477 17,694
Provisions for impairment 6,212 13,950
Net gain on dispositions of real estate (19,732) (21,550)
Loss from non-real estate, equity method investments 3,332 1,068
Distributions received from non-real estate, equity method investment 468  
Noncash revenue and other (2,460) (5,436)
Changes in operating assets and liabilities:    
Other assets 8,145 10,666
Accrued expenses, deferred revenue and other liabilities (5,944) (1,791)
Net cash provided by operating activities 327,865 265,292
Investing activities    
Acquisition of and additions to real estate (834,645) (570,156)
Investment in loans and financing receivables (62,369) (44,933)
Collections of principal on loans and financing receivables 49,968 6,691
Proceeds from dispositions of real estate 117,239 172,492
Contributions made to non-real estate, equity method investment (468)  
Net cash used in investing activities (730,275) (435,906)
Financing activities    
Borrowings under credit facility 343,000 279,000
Repayments under credit facility (428,000) (279,000)
Borrowings under unsecured notes and term loans payable 600,000  
Repayments under unsecured notes and term loans payable   100,000
Borrowings under non-recourse debt obligations of consolidated special purpose entities   514,785
Repayments under non-recourse debt obligations of consolidated special purpose entities (176,214) (116,447)
Financing costs paid (3,024) (10,755)
Proceeds from the issuance of common stock 252,873 172,372
Stock issuance costs paid (3,268) (2,931)
Shares repurchased under stock compensation plans (6,271) (9,345)
Dividends paid (214,331) (195,396)
Net cash provided by financing activities 364,765 252,283
Net (decrease) increase in cash, cash equivalents and restricted cash (37,645) 81,669
Cash, cash equivalents and restricted cash, beginning of period 70,049 176,576
Cash, cash equivalents and restricted cash, end of period 32,404 258,245
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 30,855 168,567
Restricted cash included in other assets 1,549 89,678
Total cash, cash equivalents and restricted cash 32,404 258,245
Supplemental disclosure of noncash investing and financing activities:    
Accrued tenant improvements included in real estate investments 17,593 15,484
Acquisition of real estate assets from borrowers under loans and financing receivables 8,945 35,384
Accrued financing and stock issuance costs 66 209
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest, net of amounts capitalized 83,631 79,088
Cash paid during the period for income and franchise taxes $ 2,183 $ 1,859