XML 22 R9.htm IDEA: XBRL DOCUMENT v3.22.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
OPERATING ACTIVITIES      
Net income $ 40,693 $ 66,659 $ 72,195
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 453,082 202,714 190,435
Other amortization 24,695 3,793 4,381
Share-based compensation 20,346 10,729 9,922
Amortization of straight-line rent receivable (lessor) (23,498) (5,801) (3,735)
Amortization of straight-line rent on operating leases (lessee) 3,374 1,498 1,490
Gain on sales of real estate properties (270,271) (55,940) (70,361)
Loss on extinguishment of debt 2,401 0 21,503
Impairment of real estate properties 54,427 17,101 0
Equity loss from unconsolidated joint ventures 687 795 463
Distributions from unconsolidated joint ventures 1,881 0 193
Proceeds from disposition of sales-type lease properties 0 0 244,454
Non-cash interest from financing and real estate notes receivable (2,257) (391) 0
Changes in operating assets and liabilities:      
Other assets, including right-of-use-assets (26,098) (11,436) (727)
Accounts payable and accrued liabilities 24,191 (839) 4,555
Other liabilities (30,906) 3,747 (4,679)
Net cash provided by operating activities 272,747 232,629 470,089
INVESTING ACTIVITIES      
Acquisitions of real estate (402,529) (365,943) (397,349)
Development of real estate (37,862) (4,029) (3,089)
Additional long-lived assets (163,544) (100,689) (93,963)
Funding of mortgages and notes receivable (23,325) 0 0
Investments in unconsolidated joint ventures (99,967) (89,600) (65,663)
Investment in financing receivable (1,002) (186,433) 0
Proceeds from sales of real estate properties and additional long-lived assets 1,201,068 184,221 4,898
Proceeds from notes receivable repayments 1,688 0 0
Cash assumed in Merger, including restricted cash for special dividend payment 1,159,837 0
Net cash provided by (used in) investing activities 1,634,364 (562,473) (555,166)
FINANCING ACTIVITIES      
Net borrowings/(repayments) on unsecured credit facility 40,000 210,000 (293,000)
Borrowings on term loans 666,500 0 150,000
Repayment on term loan (1,141,500) 0 0
Borrowings of notes and bonds payable 0 0 596,562
Repayments of notes and bonds payable (20,042) (24,557) (47,845)
Redemption of notes and bonds payable (2,184) 0 (270,386)
Dividends paid (283,713) (175,456) (162,557)
Special dividend paid in relation to the Merger (1,123,648) 0 0
Net proceeds from issuance of common stock 22,902 331,119 142,000
Common stock redemptions (3,192) (3,803) (1,436)
Distributions to non-controlling interest of limited partners (1,695) 0 0
Settlement of treasury rate locks 0 0 (4,267)
Debt issuance and assumption costs (12,753) (405) (5,931)
Payments made on finance leases 0 (9,182) (3,417)
Net cash (used in) provided by financing activities (1,859,325) 327,716 99,723
Increase (decrease) in cash and cash equivalents 47,786 (2,128) 14,646
Cash and cash equivalents cash at beginning of period 13,175 15,303 657
Cash and cash equivalents at end of period 60,961 13,175 15,303
Supplemental Cash Flow Information      
Interest paid 112,692 49,443 52,787
Mortgage notes payable assumed upon acquisition (adjusted to fair value) 0 11,790 36,536
Invoices accrued for construction, tenant improvements and other capitalized costs 48,292 17,655 14,935
Capitalized interest 1,410 221 1,142
Real estate notes receivable assumed in Merger (adjusted to fair value) 74,819 0 0
Unsecured credit facility and term loans assumed in Merger (adjusted to fair value) 1,758,650 0 0
Senior notes assumed in Merger (adjusted to fair value) 2,232,650 0 0
Consideration transferred in relation to the Merger $ 5,576,463 $ 0 $ 0