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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash Flows from Operating Activities      
Net income (loss) $ 45,165 $ (569,997) $ (816,911)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Amortization of discount and net origination fees on loans receivable and debt securities 0 0 0
Paid-in-kind interest added to loan principal (948) (7,144) 8,398
Straight-line rent income (10,286) (25,488) 2,778
Amortization of above- and below-market lease values, net 1,664 208 5,042
Amortization of deferred financing costs and debt discount and premium, net 21,119 106,410 65,129
Unrealized carried interest allocation (334,672) (253,447) (100,800)
Unrealized principal investment income (145,448) (56,731) (86,023)
Other equity method (earnings) losses 15,188 45,489 194,071
Distributions of income from equity method investments 3,776 2,992 3,054
Impairment of real estate and intangible assets 0 35,985 319,263
Allowance for doubtful accounts 0 0 3,294
Depreciation and amortization 485,551 579,250 636,555
Equity-based compensation 67,639 54,710 59,416
Gain on sales of real estate, net 0 0 (49,429)
Deferred income tax (benefit) expense (69) 11,572 (68,454)
(Gain) Loss on debt extinguishment 0 133,173 (29,099)
Other (gain) loss, net (101,209) 22,245 114,418
Other adjustments, net 162 (997) (7,484)
(Increase) decrease in other assets and due from affiliates (7,058) 35,372 (72,700)
Increase (decrease) in accrued and other liabilities and due to affiliates 193,063 148,980 67,719
Net cash provided by (used in) operating activities 233,637 262,582 248,237
Cash Flows from Investing Activities      
Contributions to and acquisition of equity investments (584,589) (570,035) (549,621)
Return of capital from equity method investments 79,229 59,248 90,205
Proceeds from sale of equity investments 695,683 522,337 564,025
Acquisition of loans receivable and debt securities 0 (164,815) (147,498)
Proceeds from paydown and maturity of debt securities 0 573 1,261
Net disbursements on originated loans 0 (215,918) (33,272)
Repayments of loans receivable 6,804 23,956 485,613
Proceeds from sales of loans receivable and debt securities 0 401,002 146,004
Acquisition of and additions to real estate, related intangibles and leasing commissions (653,470) (2,141,237) (828,361)
Proceeds from sales of real estate investment holding entities 0 162,268 408,391
Investment deposits (4,140) 630 (21,418)
Net receipt (payment) on settlement of derivatives 3,401 9,352 17,123
Acquisition of InfraBridge, net of cash acquired (Note 3) (314,266) 0 0
Proceeds from sale of fixed assets 0 0 14,946
Cash and restricted cash derecognized in deconsolidation of investment entities (229,183) 0 0
Proceeds from DataBank recapitalization, net of carried interest distribution 21,487 0 0
Other investing activities, net 0 (769) (833)
Net cash provided by (used in) investing activities (979,044) (1,913,408) 146,565
Cash Flows from Financing Activities      
Dividends paid to preferred stockholders (58,761) (62,395) (73,384)
Dividends paid to common stockholders (6,477) (1,636) 0
Repurchases of common stock 0 (55,006) 0
Borrowings on corporate debt 0 290,000 345,000
Repayments of corporate debt, including senior notes (200,000) (304,237) (76,502)
Borrowings from investment level debt 1,722,443 872,726 2,094,722
Repayments of investment level debt (1,199,865) (210,268) (1,643,900)
Payment of deferred financing costs and prepayment penalties on investment level debt (38,029) (18,688) (48,127)
Contributions from noncontrolling interests 116,081 2,625,612 232,144
Distributions to and redemptions of noncontrolling interests (163,802) (2,109,229) (249,083)
Payment of contingent consideration to Wafra (90,000) 0 0
Repurchases of preferred stock (4,758) (52,779) (150,250)
Shares canceled for tax withholdings on vested equity awards (18,680) (18,239) (19,360)
Acquisition of noncontrolling interest 0 (32,076) 0
Net cash provided by (used in) financing activities 58,152 923,785 411,260
Effect of exchange rates on cash, cash equivalents and restricted cash 766 (2,465) (2,825)
Net increase (decrease) in cash, cash equivalents and restricted cash (686,489) (729,506) 803,237
Cash, cash equivalents and restricted cash—beginning of period 1,036,739 1,766,245 963,008
Cash, cash equivalents and restricted cash—end of period 350,250 1,036,739 1,766,245
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Roll Forward]      
Cash and cash equivalents, beginning balance 855,564 1,226,897 703,544
Restricted cash, beginning balance 4,854 7,511 67,772
Cash and cash equivalents included in assets held for disposition, begining balance 62,690 375,205 0
Restricted cash included in assets held for disposition, beginning balance 113,631 156,632 191,692
Cash and cash equivalents, ending balance 345,335 855,564 1,226,897
Restricted cash, ending balance 4,915 4,854 7,511
Cash and cash equivalents included in assets held for disposition, ending balance 0 62,690 375,205
Restricted cash included in assets held for disposition, ending balance 0 113,631 156,632
Total cash, cash equivalents, and restricted cash 350,250 1,036,739 1,766,245
Supplemental Disclosure of Cash Flow Information      
Cash paid for interest, net of amounts capitalized of $5,433, $3,206 and $1,567 179,071 219,851 444,365
Cash received (paid) for income taxes 57 11,747 5,927
Operating lease payments for corporate offices 9,096 9,651 10,358
Operating lease payments for TowerCo 0 11,709 0
Supplemental Disclosure of Cash Flows from Discontinued Operations      
Net cash provided by (used in) operating activities of discontinued operations 233,903 300,482 375,250
Net cash provided by (used in) investing activities of discontinued operations (600,050) (1,377,005) 336,102
Supplemental Disclosure of Noncash Investing and Financing Activities      
Dividends and distributions payable 16,477 16,491 15,759
Receivables from asset sales 662 16,824 14,045
Contingent consideration for acquisition of InfraBridge 10,874 0 0
Redemption of OP Units for common stock 984 341 4,647
Redemption of redeemable noncontrolling interest for common stock 0 348,759 0
Exchange of notes into shares of Class A common stock 0 60,317 161,261
Debt assumed by buyer in sale of real estate 0 0 44,148
Seller note received in sale of NRF Holdco equity (Note 2) 0 154,992 0
Loan receivable relieved in exchange for equity investment acquired 0 20,676 0
Vantage SDC capacity funded through equity, net of liability settlement (Note 9) 109,562 0 0
Operating lease ROU assets and lease liabilities established for corporate offices 15,314 5,837 421
Assets of investment entities disposed of in sale of equity and/or deconsolidated [1] 8,659,140 4,689,188 5,614,465
Liabilities of investment entities disposed of in sale of equity and/or deconsolidated [1] 5,941,332 3,948,016 4,291,557
Assets of investment entities deconsolidated [1] 0 0 0
Liabilities of investment entities deconsolidated [1] 0 0 0
Noncontrolling interests of investment entities disposed of in sale of equity and/or deconsolidated [1] $ 2,398,693 $ 415,098 $ 1,080,134
[1] Represents deconsolidation of Vantage SDC and DataBank in 2023, sale of Wellness Infrastructure business in 2022, and sale of non-digital investment portfolio and hospitality business in 2021 (Notes 9 and 2)