Consolidated Statements of Cash Flows - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
| Cash Flow - Operating Activities |
|
|
|
| Net Income |
$ 229,208
|
$ 124,120
|
$ 106,993
|
| Adjustments to net income: |
|
|
|
| Gain on sale of real estate |
(132,858)
|
(2,197)
|
(13,338)
|
| Depreciation and amortization, including intangible assets and deferred financing costs |
129,712
|
112,722
|
104,894
|
| Gain on change in control of interests |
(49,922)
|
0
|
0
|
| Straight-line rent adjustment and amortization of rent-related intangibles |
(36,080)
|
(21,420)
|
(19,101)
|
| Impairment charges |
29,706
|
1,023
|
570
|
| Non-cash asset management fee expense and directors’ compensation |
14,953
|
14,696
|
26,387
|
| Equity in losses (earnings) of equity method investments in real estate in excess of distributions received |
11,745
|
2,501
|
(13,974)
|
| Realized and unrealized loss on foreign currency transactions and other |
8,746
|
7,696
|
5,408
|
| Deferred income tax expense |
4,683
|
4,150
|
7,599
|
| Accretion of commercial mortgage-backed securities and other |
(1,827)
|
(3,760)
|
(554)
|
| Loss on extinguishment of debt |
1,136
|
58
|
0
|
| Other non-cash adjustments |
90
|
928
|
0
|
| Settlement of derivative asset |
0
|
2,948
|
0
|
| Net changes in other operating assets and liabilities |
2,077
|
419
|
5,171
|
| Net Cash Provided by Operating Activities |
211,369
|
243,884
|
210,055
|
| Cash Flows — Investing Activities |
|
|
|
| Proceeds from sale of real estate |
258,293
|
0
|
68,789
|
| Acquisitions of real estate and direct financing leases |
(203,093)
|
(293,324)
|
(74,993)
|
| Return of capital from equity investments in real estate |
42,744
|
34,962
|
83,882
|
| Value added taxes refunded in connection with acquisition of real estate |
23,769
|
15,194
|
4,852
|
| Funding for build-to-suit projects |
(13,312)
|
(24,258)
|
(68,901)
|
| Proceeds from repayment of loan receivable |
12,600
|
40,000
|
0
|
| Capital contributions to equity investments in real estate |
(11,048)
|
(39,015)
|
(199,470)
|
| Capital expenditures on owned real estate |
(10,682)
|
(8,035)
|
(4,352)
|
| Value added taxes paid in connection with acquisition of real estate |
(5,712)
|
(37,540)
|
(5,499)
|
| Payment of deferred acquisition fees to an affiliate |
(2,631)
|
(6,382)
|
(6,755)
|
| Deposits for investments |
2,501
|
(1,000)
|
0
|
| Other investing activities, net |
2,407
|
0
|
0
|
| Changes in investing restricted cash |
1,870
|
6,300
|
(4,691)
|
| Proceeds from repayment of debenture |
610
|
7,633
|
0
|
| Funding of loans receivable |
0
|
(42,600)
|
0
|
| Investment in securities |
0
|
0
|
(7,789)
|
| Net Cash Provided by (Used in) Investing Activities |
98,316
|
(348,065)
|
(214,927)
|
| Cash Flows — Financing Activities |
|
|
|
| Repayments of Senior Credit Facility |
(289,558)
|
(120,400)
|
0
|
| Proceeds from mortgage financing |
266,970
|
170,233
|
92,791
|
| Proceeds from Senior Credit Facility |
225,693
|
235,367
|
0
|
| Distributions paid |
(220,991)
|
(215,914)
|
(209,054)
|
| Scheduled payments and prepayments of mortgage principal |
(177,469)
|
(121,267)
|
(51,309)
|
| Proceeds from issuance of shares, net of issuance costs |
103,618
|
103,657
|
101,983
|
| Repurchase of shares |
(49,959)
|
(37,091)
|
(25,375)
|
| Distributions to noncontrolling interests |
(38,228)
|
(35,716)
|
(30,776)
|
| Payment of financing costs and mortgage deposits, net of deposits refunded |
(2,284)
|
(3,408)
|
(878)
|
| Changes in financing restricted cash |
(462)
|
(1,098)
|
(3,564)
|
| Contributions from noncontrolling interests |
147
|
15,928
|
0
|
| Proceeds from notes payable to affiliate |
0
|
25,000
|
0
|
| Repayment of notes payable to affiliate |
0
|
(25,000)
|
0
|
| Net Cash Used in Financing Activities |
(182,523)
|
(9,709)
|
(126,182)
|
| Change in Cash and Cash Equivalents During the Year |
|
|
|
| Effect of exchange rate changes on cash |
(6,416)
|
(8,940)
|
(11,335)
|
| Net increase (decrease) in cash and cash equivalents |
120,746
|
(122,830)
|
(142,389)
|
| Cash and cash equivalents, beginning of year |
152,889
|
275,719
|
418,108
|
| Cash and cash equivalents, end of year |
$ 273,635
|
$ 152,889
|
$ 275,719
|