Consolidated Statements of Cash Flows - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Operating activities |
|
|
|
|
| Net income |
$ 38,468
|
$ 76,640
|
$ 188,822
|
$ 215,436
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
| Depreciation and amortization |
79,370
|
74,600
|
236,527
|
216,606
|
| Impairments |
19,258
|
1,571
|
36,052
|
11,096
|
| Amortization of deferred financing costs |
2,325
|
1,475
|
5,944
|
3,637
|
| Amortization of debt discounts, net |
330
|
318
|
982
|
947
|
| Amortization of deferred losses on interest rate swaps |
702
|
702
|
2,106
|
2,106
|
| Stock-based compensation expense |
|
|
15,106
|
12,805
|
| Loss on debt extinguishment |
|
|
0
|
172
|
| Gain on dispositions of real estate and other assets |
(3,661)
|
(23,302)
|
(66,450)
|
(63,107)
|
| Non-cash revenue |
|
|
(26,894)
|
(30,165)
|
| Other |
|
|
32
|
10
|
| Changes in operating assets and liabilities: |
|
|
|
|
| Deferred costs and other assets, net |
|
|
3,798
|
(1,683)
|
| Accounts payable, accrued expenses and other liabilities |
|
|
(22,477)
|
(28,975)
|
| Net cash provided by operating activities |
|
|
373,548
|
338,885
|
| Investing activities |
|
|
|
|
| Acquisitions of real estate |
|
|
(419,765)
|
(1,118,290)
|
| Capitalized real estate expenditures |
|
|
(65,649)
|
(55,318)
|
| Investments in loans receivable |
|
|
(13,672)
|
(12,700)
|
| Proceeds from dispositions of real estate and other assets |
|
|
249,028
|
183,767
|
| Net cash used in investing activities |
|
|
(250,058)
|
(1,002,541)
|
| Financing activities |
|
|
|
|
| Borrowings under revolving credit facilities |
|
|
424,000
|
1,267,800
|
| Repayments under revolving credit facilities |
|
|
(479,500)
|
(1,556,200)
|
| Repayments under mortgages payable |
|
|
(413)
|
(391)
|
| Borrowings under term loans |
|
|
300,000
|
800,000
|
| Deferred financing costs |
|
|
(269)
|
(17,028)
|
| Proceeds from issuance of common stock, net of offering costs |
|
|
|
531,565
|
| Repurchase of shares of common stock, including tax withholdings related to net stock settlements |
|
|
(1,457)
|
(6,427)
|
| Common stock dividends paid |
|
|
(281,020)
|
(255,870)
|
| Preferred stock dividends paid |
|
|
(7,763)
|
(7,763)
|
| Net cash (used) provided by financing activities |
|
|
(46,422)
|
755,686
|
| Net increase in cash, cash equivalents and restricted cash |
|
|
77,068
|
92,030
|
| Cash, cash equivalents and restricted cash, beginning of period |
|
|
61,953
|
17,799
|
| Cash, cash equivalents and restricted cash, end of period |
139,021
|
109,829
|
139,021
|
109,829
|
| Cash paid for interest, net of interest capitalized |
|
|
133,071
|
99,575
|
| Interest capitalized |
|
|
1,005
|
741
|
| Cash paid for income taxes |
|
|
919
|
676
|
| Supplemental Disclosures of Non-Cash Activities: |
|
|
|
|
| Dividends declared and unpaid |
$ 94,635
|
$ 92,595
|
94,635
|
92,595
|
| Accrued capitalized costs |
|
|
39,552
|
18,103
|
| Accrued market-based award dividend rights |
|
|
2,429
|
998
|
| Derivative changes in fair value |
|
|
19,104
|
$ 39,502
|
| Financing provided in connection with disposition of assets |
|
|
33,000
|
|
| Right-of-use assets |
|
|
22,635
|
|
| Right-of-use liabilities |
|
|
$ 22,635
|
|