Consolidated Statements of Cash Flows - USD ($)
$ in Thousands |
3 Months Ended |
Mar. 31, 2023 |
Mar. 31, 2022 |
| Operating activities |
|
|
| Net income (loss) |
$ 96,173
|
$ 56,056
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Depreciation and amortization |
78,213
|
69,108
|
| Impairments |
5,255
|
127
|
| Amortization of deferred financing costs |
1,754
|
922
|
| Amortization of debt discounts |
324
|
313
|
| Amortization of deferred losses on interest rate swaps |
702
|
702
|
| Stock-based compensation expense |
5,230
|
4,025
|
| Loss on debt extinguishment |
0
|
172
|
| Gain on dispositions of real estate and other assets |
(49,187)
|
(877)
|
| Non-cash revenue |
(10,269)
|
(9,222)
|
| Other |
16
|
|
| Changes in operating assets and liabilities: |
|
|
| Deferred costs and other assets, net |
2,003
|
(92)
|
| Accounts payable, accrued expenses and other liabilities |
(28,523)
|
(42,963)
|
| Net cash provided by operating activities |
101,691
|
78,271
|
| Investing activities |
|
|
| Acquisitions of real estate |
(184,659)
|
(474,404)
|
| Capitalized real estate expenditures |
(18,962)
|
(23,387)
|
| Investments in loans receivable |
(750)
|
(12,700)
|
| Proceeds from dispositions of real estate |
114,397
|
10,941
|
| Net cash used in investing activities |
(89,974)
|
(499,550)
|
| Financing activities |
|
|
| Borrowings under revolving credit facilities |
297,000
|
630,100
|
| Repayments under revolving credit facilities |
(254,500)
|
(399,000)
|
| Repayments under mortgages payable |
(136)
|
(128)
|
| Deferred financing costs |
|
(8,478)
|
| Proceeds from issuance of common stock, net of offering costs |
|
299,755
|
| Repurchase of shares of common stock, including tax withholdings related to net stock settlements |
(1,312)
|
(6,410)
|
| Common stock dividends paid |
(93,636)
|
(83,195)
|
| Preferred stock dividends paid |
(2,588)
|
(2,588)
|
| Net cash (used) provided by financing activities |
(55,172)
|
430,056
|
| Net (decrease) increase in cash, cash equivalents and restricted cash |
(43,455)
|
8,777
|
| Cash, cash equivalents and restricted cash, beginning of period |
61,953
|
17,799
|
| Cash, cash equivalents and restricted cash, end of period |
18,498
|
26,576
|
| Cash paid for interest, net of interest capitalized |
56,682
|
46,895
|
| Interest capitalized |
460
|
126
|
| Cash paid for income taxes |
127
|
67
|
| Supplemental Disclosures of Non-Cash Activities: |
|
|
| Dividends declared and unpaid |
93,675
|
85,688
|
| Accrued capitalized costs |
31,392
|
8,590
|
| Accrued market-based award dividend rights |
659
|
496
|
| Derivative changes in fair value |
11,288
|
|
| Financing provided in connection with disposition of assets |
$ 33,000
|
|
| Accrued deferred financing costs |
|
$ 165
|