XML 142 R8.htm IDEA: XBRL DOCUMENT v3.19.3
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operating activities:    
Net income (loss) $ 370,347 $ 86,702
Adjustments to reconcile net income to cash flows from operating activities:    
Provision for loan losses (3,792) 18,237
Impairment of assets 4,953 11,177
Depreciation and amortization 43,586 41,857
Non-cash interest income from sales-type leases (2,228)  
Stock-based compensation expense 20,694 16,245
Amortization of discounts/premiums and deferred financing costs on debt obligations, net 10,573 11,715
Amortization of discounts/premiums and deferred interest on loans, net (33,136) (29,138)
Deferred interest on loans received 9,507 40,463
Gain from consolidation of equity method investment 0 (67,877)
Selling profit from sales-type leases (180,416)  
Earnings from equity method investments (16,566) 4,581
Distributions from operations of other investments 15,712 10,875
Deferred operating lease income (12,210) (8,119)
Income from sales of real estate (233,406) (79,353)
Land development revenue in excess of cost of sales (4,906) (50,784)
Loss on early extinguishment of debt, net 468 3,447
Other operating activities, net 12,827 1,775
Changes in assets and liabilities:    
Deposit on loan to be held for sale (21,226) 0
Changes in accrued interest and operating lease income receivable 2,010 2,574
Changes in deferred expenses and other assets, net (8,268) (3,767)
Changes in accounts payable, accrued expenses and other liabilities (50,319) (47,227)
Cash flows used in operating activities (75,796) (36,617)
Cash flows from investing activities:    
Originations and fundings of loans receivable, net (191,559) (421,518)
Capital expenditures on real estate assets (21,081) (44,211)
Capital expenditures on land and development assets (93,395) (98,489)
Acquisitions of real estate, net investments in leases and land assets (240,487) (3,390)
Repayments of and principal collections on loans receivable and other lending investments, net 380,071 714,898
Net proceeds from sales of loans receivable 5,898 0
Net proceeds from sales of real estate 307,493 271,358
Net proceeds from sales of land and development assets 73,733 183,520
Cash, cash equivalents and restricted cash acquired upon consolidation of equity method investment 0 13,608
Distributions from other investments 60,411 27,086
Contributions to and acquisition of interest in other investments (494,339) (68,666)
Other investing activities, net (28,002) 5,019
Cash flows provided by (used in) investing activities (241,257) 579,215
Cash flows from financing activities:    
Borrowings from debt obligations 834,980 349,988
Repayments and repurchases of debt obligations (389,571) (690,452)
Preferred dividends paid (24,372) (24,372)
Common dividends paid (18,764) (6,103)
Repurchase of stock (58,787) (8,304)
Payments for deferred financing costs (11,416) (6,276)
Payments for withholding taxes upon vesting of stock-based compensation (1,842) (4,187)
Contributions from noncontrolling interests 2,039 9
Distributions to noncontrolling interests (10,925) (46,000)
Other financing activities, net 0 7,694
Cash flows used in financing activities 321,342 (428,003)
Effect of exchange rate changes on cash (15) 30
Changes in cash, cash equivalents and restricted cash 4,274 114,625
Cash, cash equivalents and restricted cash at beginning of period 974,544 677,733
Cash, cash equivalents and restricted cash at end of period 978,818 792,358
Supplemental disclosure of non-cash investing and financing activity:    
Fundings and (repayments) of loan receivables and loan participations, net 10,547 (84,213)
Accounts payable for capital expenditures on real estate assets 0 2,184
Contributions of land and development assets to equity method investments, net 4,073 0
Sales-type lease origination 411,523  
Acquisition of land and development asset through joint venture consolidation 27,000 0
Accounts payable for capital expenditures on land and development assets 0 9,169
Assumption of mortgage by third party 228,000 0
Accounts payable for finance costs 1,878 0
Acquisitions of land and development assets through foreclosure 0 4,600
Financing provided on sales of land and development assets, net 0 142,639
Increase in net lease assets upon consolidation of equity method investment 0 844,550
Increase in debt obligations upon consolidation of equity method investment 0 464,706
Increase in noncontrolling interests upon consolidation of equity method investment $ 0 $ 200,093