XML 26 R8.htm IDEA: XBRL DOCUMENT v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating activities      
Net income $ 850,356 $ 807,648 $ 755,370
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation, Depletion and Amortization 282,944 273,422 276,424
Amortization of items charged to interest expense 13,267 11,229 9,857
Accretion on investment in leases and adjustments to lease liabilities (27,925) (28,493) (22,587)
Accretion on held to maturity investment securities 10,837 (10,837) 0
Gains on dispositions of property (125) (3,790) (22)
Stock-based compensation 21,181 24,262 22,873
Straight line rent and deferred rent adjustments (22,468) (56,102) (39,881)
Losses on debt extinguishment 3,783 0 556
Provision for credit losses, net 8,664 37,254 6,461
Change in operating assets and liabilities      
Other assets (22,598) (10,198) (7,947)
Accounts payable, accrued expenses , accrued salary and wages 2,881 (1,391) 1,222
Accrued interest 501 22,640 815
Other liabilities 7,204 7,126 6,231
Net cash provided by operating activities 1,129,417 1,072,770 1,009,372
Investing activities      
Capital project and maintenance expenditures (304,443) (39,688) (47,437)
Return of contingent consideration from previous acquisition 0 1,798 0
Acquisition of real estate assets and deposit payments (285,000) (640,863) (463,186)
Fundings under the Tropicana Las Vegas Lease 0 (48,550) 0
Originations of real estate loans, net of origination discount (85,336) (125,160) (40,000)
Investment in leases, financing receivables (184,097) (203,486) (100,202)
Maturities of held to maturity investment securities 549,995 340,975 0
Acquisition of held to maturity investment securities 0 (890,970) 0
Net cash used in investing activities (308,756) (1,605,944) (650,825)
Financing activities      
Dividends paid (871,872) (830,716) (833,980)
Non-controlling interest distributions (25,834) (24,586) (24,107)
Taxes paid related to shares withheld for taxes on stock award vestings (14,821) (14,726) (13,442)
ATM Program offering costs 402,792 148,216 469,213
Proceeds from issuance of long-term debt 1,292,161 1,521,939 1,077,784
Financing costs and costs paid to redeem senior unsecured notes (15,388) (24,685) (3,966)
Repayments of long-term debt (1,826,017) (463,619) (585,149)
Net cash provided by (used in) financing activities (1,058,979) 311,823 86,353
Net increase in cash and cash equivalents (238,318) (221,351) 444,900
Cash and cash equivalents at beginning of period 462,632 683,983 239,083
Cash and cash equivalents at end of period 224,314 462,632 683,983
Amortization of Deferred Hedge Gains (52) 0 0
Proceeds From Hedge, Operating Activities 967 0 0
Return of contingent consideration from previous acquisition $ 125 $ 0 $ 0