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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flow from operating activities    
Net income $ 59,629 $ 6,427
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 155,537 154,042
Amortization of deferred financing costs and debt discount 10,950 9,454
Loss on extinguishment of debt, net 0 31,187
Interest rate cap amortization 720 0
Deferred income taxes (8,652) (8,046)
Equity in earnings of unconsolidated entities 0 (1,320)
Distributions of cumulative earnings from unconsolidated entities 0 1,969
Cash paid for interest rate cap (2,200) 0
Straight-line revenues and amortization of below-market lease intangibles (17,038) (19,216)
Stock-based compensation 6,745 6,260
Loss (gain) on asset disposals 294 (172)
Gain on sale of real estate 18,999 0
Accretion of settlement obligation 3,660 5,776
Other (48) 0
Changes in assets and liabilities:    
Accounts receivable (10,296) (391)
Other assets 7,264 967
Accounts payable, accrued expenses and other liabilities (13,228) 12,894
Net cash provided by operating activities 174,338 199,831
Cash flow from investing activities    
Capital expenditures (262,758) (247,269)
Proceeds from sale of other equipment 435 1,169
Proceeds from sale of real estate 40,039 0
Proceeds from sale of unconsolidated entity 40,000 0
Net cash used in investing activities (182,284) (246,100)
Cash flow from financing activities    
Repayment of debt (122,942) (2,263,662)
Proceeds from issuance of notes 309,000 2,600,000
Dividends paid (108,445) (71,594)
Payments of settlement payable (49,011) (49,011)
Borrowings under revolving credit facility 125,000 245,000
Payments under revolving credit facility (333,000) (347,000)
Proceeds from ABS Loan Facility 275,000 0
Finance lease payments (1,265) (799)
Payments for financing costs (15,778) (26,955)
Payment for settlement of common stock warrant 0 (56)
Termination of bond hedge option 0 59
Costs related to the early repayment of debt 0 (44,303)
Distributions paid to noncontrolling interests (37) (32)
Payment for noncontrolling interest (92) 0
Employee stock purchase program 326 314
Payments related to tax withholding for stock-based compensation (1,583) (1,350)
Net cash provided by financing activities 77,173 40,611
Net increase (decrease) in cash, restricted cash and cash equivalents 69,227 (5,658)
Cash, restricted cash and cash equivalents at beginning of period 62,264 43,803
Cash, restricted cash and cash equivalents at end of period 131,491 38,145
Non-cash investing and financing activities:    
Property and equipment acquired but not yet paid 7,074 14,708
Tenant capital improvements $ 94,049 $ 78,473