XML 134 R10.htm IDEA: XBRL DOCUMENT v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net income (loss) $ 106,615 $ (54,565) $ 144,684
Adjustments to reconcile net income to cash flows from operating activities:      
Depreciation and amortization 9,947 9,936 9,613
Stock-based compensation expense 13,757 23,230 1,546
Deferred operating lease income (30,740) (31,163) (31,558)
Non-cash interest income from sales-type leases (91,855) (83,780) (73,991)
Non-cash interest expense 14,701 15,070 13,641
Amortization of real estate-related intangibles, net 2,310 2,306 2,305
Impairment of goodwill   145,365  
Provision for credit losses 9,489 2,704  
Earnings from equity method investments (22,977) (24,229) (9,055)
Distributions from operations of equity method investments 12,870 8,003 2,047
Gain on sale of Ground Leases   (447) (55,811)
Amortization of premium, discount and deferred financing costs on debt obligations, net 7,426 7,288 5,384
Non-cash management fees   5,199 20,252
Other income recognized from derivative transaction (refer to Note 11)   (15,191)  
Other operating activities (7,021) (1,448) 4,677
Changes in assets and liabilities:      
Changes in deferred expenses and other assets, net 5,263 13,080 11,044
Changes in accounts payable, accrued expenses and other liabilities 8,070 (5,967) 20,074
Cash flows provided by (used in) operating activities 37,855 15,391 64,852
Cash flows from investing activities:      
Acquisitions of real estate   (13,078)  
Origination/acquisition of net investment in sales-type leases and Ground Lease receivables (304,283) (316,755) (1,278,406)
Origination of loans receivable, net   (114,450)  
Payment for merger consideration   (88,685)  
Cash and cash equivalents acquired upon merger   3,213  
Contributions to equity method investments (10,049) (52,479) (7)
Distributions from equity method investments 52,425    
Funding reserves received from Ground Lease tenant net of disbursements   (297) 296
Net proceeds from sale of Ground Leases   4,200 135,529
Return of cash collateral for debt obligations 19,112    
Funding of cash collateral for debt obligations (19,112)    
Net proceeds received from sale of real estate available and held for sale 5,764 1,631  
Return of deposits on Ground Lease investments 2,049 1,171 (2,250)
Payments to acquire derivative transactions   (8,780)  
Proceeds received from derivative transactions 11,067 8,022  
Proceeds received from the settlement of derivative transactions 32,052    
Other investing activities (1,395) (285) (1,115)
Cash flows provided by (used in) investing activities (212,370) (576,572) (1,145,953)
Cash flows from financing activities:      
Proceeds from issuance of common stock 0 151,940 309,160
Proceeds from debt obligations 2,271,584 577,000 1,830,000
Repayments of debt obligations (2,008,000) (150,000) (1,005,000)
Payments for deferred financing costs (24,192) (4,615) (5,136)
Dividends paid to common shareholders (50,589) (46,039) (42,187)
Payment of offering costs (51) (8,099) (5,190)
Payments for withholding taxes upon vesting for stock-based compensation (5,102)   (970)
Redemption of redeemable noncontrolling interests (18,435)    
Distributions to noncontrolling interests (925) (651) (8,549)
Acquisition of noncontrolling interest (48,399)    
Contributions from noncontrolling interests 29,002 40,132 19,000
Other financing activities   (137) (153)
Cash flows provided by (used in) financing activities 144,893 559,531 1,090,975
Changes in cash, cash equivalents and restricted cash (29,622) (1,650) 9,874
Cash, cash equivalents and restricted cash at beginning of period 46,740 48,390 38,516
Cash, cash equivalents and restricted cash at end of period $ 17,118 $ 46,740 $ 48,390