Consolidated Statements of Cash Flows - USD ($)
$ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
| Operating activities |
|
|
|
|
| Net income (loss) |
$ 82,740
|
$ 87,924
|
$ 138,796
|
$ 86,455
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
| Depreciation and amortization |
72,898
|
60,074
|
142,006
|
117,161
|
| Impairments |
9,398
|
7,800
|
9,525
|
14,530
|
| Amortization of deferred financing costs |
1,240
|
1,005
|
2,162
|
2,116
|
| Amortization of debt discounts |
316
|
637
|
629
|
1,523
|
| Amortization of deferred losses on interest rate swaps |
702
|
702
|
1,404
|
1,404
|
| Stock-based compensation expense |
|
|
8,412
|
6,992
|
| Loss on debt extinguishment |
|
10
|
172
|
29,187
|
| Gain on dispositions of real estate and other assets |
(38,928)
|
(37,507)
|
(39,805)
|
(39,343)
|
| Non-cash revenue |
|
|
(18,815)
|
(28,801)
|
| Other |
|
|
|
9
|
| Changes in operating assets and liabilities: |
|
|
|
|
| Deferred costs and other assets, net |
|
|
(2,627)
|
(1,091)
|
| Accounts payable, accrued expenses and other liabilities |
|
|
(17,517)
|
1,351
|
| Net cash provided by operating activities |
|
|
224,342
|
191,493
|
| Investing activities |
|
|
|
|
| Acquisitions of real estate |
|
|
(872,742)
|
(480,180)
|
| Capitalized real estate expenditures |
|
|
(37,319)
|
(2,627)
|
| Investments in loans receivable |
|
|
(12,700)
|
|
| Proceeds from dispositions of real estate and other assets, net |
|
|
111,244
|
87,439
|
| Net cash used in investing activities |
|
|
(811,517)
|
(395,368)
|
| Financing activities |
|
|
|
|
| Borrowings under revolving credit facilities |
|
|
991,600
|
457,700
|
| Repayments under revolving credit facilities |
|
|
(585,500)
|
(444,700)
|
| Repayments under mortgages payable |
|
|
(258)
|
(208,640)
|
| Repayments under term loans |
|
|
|
(178,000)
|
| Repayments under Convertible Notes |
|
|
|
(190,426)
|
| Borrowings under Senior Unsecured Notes |
|
|
|
794,842
|
| Debt extinguishment costs |
|
|
|
(26,686)
|
| Deferred financing costs |
|
|
(8,692)
|
(7,066)
|
| Proceeds from issuance of common stock, net of offering costs |
|
|
389,674
|
145,659
|
| Repurchase of shares of common stock, including tax withholdings related to net stock settlements |
|
|
(6,427)
|
(4,392)
|
| Common stock dividends paid |
|
|
(168,884)
|
(144,981)
|
| Preferred stock dividends paid |
|
|
(5,176)
|
(5,176)
|
| Net cash provided by financing activities |
|
|
606,337
|
188,134
|
| Net increase in cash, cash equivalents and restricted cash |
|
|
19,162
|
(15,741)
|
| Cash, cash equivalents and restricted cash, beginning of period |
|
|
17,799
|
83,298
|
| Cash, cash equivalents and restricted cash, end of period |
36,961
|
67,557
|
36,961
|
67,557
|
| Cash paid for interest, net of interest capitalized |
|
|
49,241
|
43,791
|
| Interest capitalized |
|
|
326
|
|
| Cash paid for income taxes |
|
|
527
|
493
|
| Supplemental Disclosures of Non-Cash Activities: |
|
|
|
|
| Dividends declared and unpaid |
86,987
|
74,440
|
86,987
|
74,440
|
| Accrued market-based award dividend rights |
|
|
994
|
750
|
| Accrued capitalized costs |
$ 14,749
|
1,703
|
$ 14,749
|
1,703
|
| Accrued deferred financing costs |
|
$ 5
|
|
$ 5
|