XML 21 R9.htm IDEA: XBRL DOCUMENT v3.20.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:      
Net income (loss) $ (30,853) $ 334,325 $ (18,326)
Adjustments to reconcile net income (loss) to cash flows from operating activities:      
Provision for loan losses 9,052 6,482 16,937
Provision for losses on net investment in leases 1,760 0 0
Impairment of assets 7,827 13,419 147,108
Depreciation and amortization 58,092 58,259 58,699
Non-cash interest income from sales-type leases (24,969) (3,781) 0
Stock-based compensation expense 39,354 30,436 17,563
Amortization of discounts/premiums and deferred financing costs on debt obligations, net 13,328 13,847 15,422
Amortization of discounts/premiums and deferred interest on loans, net (30,738) (42,342) (41,168)
Deferred interest on loans received 20,661 10,397 40,463
Gain from consolidation of equity method investment 0 0 (67,877)
Selling profit from sales-type leases 0 (180,416) 0
Losses (earnings) from equity method investments (42,126) (41,849) 5,007
Distributions from operations of other investments 24,826 30,058 18,133
Deferred operating lease income (14,052) (16,185) (14,989)
Income from sales of real estate (6,318) (236,623) (126,004)
Land development revenue in excess of cost of sales 13,025 (9,932) (59,529)
Loss on early extinguishment of debt, net 12,038 27,724 10,367
Other operating activities, net (19,496) 13,642 3,377
Changes in assets and liabilities:      
Changes in accrued interest and operating lease income receivable, net (2,311) 417 949
Changes in deferred expenses and other assets, net (5,351) (5,848) (1,925)
Changes in accounts payable, accrued expenses and other liabilities, net (1,863) (47,655) (28,335)
Cash flows provided by (used in) operating activities 21,886 (45,625) (24,128)
Cash flows from investing activities:      
Originations and fundings of loans receivable, net (119,368) (255,804) (482,143)
Capital expenditures on real estate assets (15,798) (39,946) (60,495)
Capital expenditures on land and development assets (40,954) (117,514) (128,543)
Acquisitions of real estate, net investments in leases and land assets 0 (240,487) (19,454)
Repayments of and principal collections on loans receivable and other lending investments, net 208,240 419,800 832,982
Net proceeds from sales of loans receivable 11,000 5,898 0
Net proceeds from sales of real estate 48,415 329,971 411,786
Net proceeds from sales of land and development assets 161,063 114,885 223,416
Cash, cash equivalents and restricted cash acquired upon consolidation of equity method investment 0 0 13,608
Distributions from other investments 39,871 62,911 40,804
Contributions to and acquisition of interest in other investments (260,121) (656,720) (94,578)
Other investing activities, net (1,169) (21,090) 41,476
Cash flows provided by investing activities 31,179 (398,096) 778,859
Cash flows from financing activities:      
Borrowings from debt obligations 802,913 1,486,980 704,360
Repayments and repurchases of debt obligations (913,501) (1,482,558) (944,800)
Purchase of marketable securities in connection with the defeasance of mortgage notes payable 0 0 (110,939)
Preferred dividends paid (23,496) (32,495) (32,496)
Common dividends paid (32,664) (25,059) (12,227)
Repurchase of stock (54,565) (68,289) (8,304)
Payments for deferred financing costs (7,711) (19,928) (5,471)
Payments for withholding taxes upon vesting of stock-based compensation (2,716) (4,475) (4,807)
Contributions from noncontrolling interests 496 2,812 13,927
Distributions to and redemption of noncontrolling interests (15,167) (14,998) (60,743)
Payments for debt prepayment or extinguishment costs (8,567) (20,606) (4,132)
Other financing activities, net 0 (13) 7,693
Cash flows used in financing activities (254,978) (178,629) (457,939)
Effect of exchange rate changes on cash 273 12 19
Changes in cash, cash equivalents and restricted cash (201,640) (622,338) 296,811
Cash, cash equivalents and restricted cash at beginning of period 352,206 974,544 677,733
Cash, cash equivalents and restricted cash at end of period 150,566 352,206 974,544
Supplemental disclosure of cash flow information:      
Cash paid during the period for interest, net of amount capitalized 142,453 181,520 171,590
Supplemental disclosure of non-cash investing and financing activity:      
Fundings and repayments of loan receivables and loan participations, net 6,720 13,014 (80,095)
Sales-type lease origination 0 411,523 0
Acquisitions of real estate and land and development assets through deed-in-lieu 0 0 4,600
Contributions of real estate and land and development assets to equity method investments, net 0 4,073 0
Accounts payable for capital expenditures on land and development assets 0 0 16,052
Marketable securities transferred in connection with the defeasance of mortgage notes payable 0 0 110,939
Accounts payable for capital expenditures on real estate assets 7,604 0 0
Acquisition of land and development asset through joint venture consolidation 0 27,000 0
Conversion of Series J convertible preferred stock 0 193,510 0
Defeasance of mortgage notes payable 0 0 (105,785)
Accrued finance costs 115 2,362 0
Accrued stock repurchases 200 6,358 0
Assumption of mortgage by third party 0 228,000 0
Financing provided on sales of land and development assets, net 0 0 142,639
Increase in net lease assets upon consolidation of equity method investment 0 0 844,550
Increase in debt obligations upon consolidation of equity method investment 0 0 464,706
Increase in noncontrolling interests upon consolidation of equity method investment $ 0 $ 0 $ 200,093