XML 17 R9.htm IDEA: XBRL DOCUMENT v3.22.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities:    
Net income (loss) $ 795,800 $ 7,989
Adjustments to reconcile net income (loss) to cash flows from operating activities:    
Provision for (recovery of) loan losses 135 (3,794)
Provision for losses on net investment in leases 281 (1,601)
Impairment of assets 1,492 1,785
Depreciation and amortization 1,357 15,455
Non-cash interest income from sales-type leases (1,580) (9,388)
Stock-based compensation (income) expense (12,427) 5,508
Amortization of discounts/premiums and deferred financing costs on debt obligations, net 2,930 2,016
Amortization of discounts/premiums and deferred interest on loans, net (2,785) (3,379)
Deferred interest on loans received 0 23,703
Earnings from equity method investments (152,161) (12,769)
Distributions from operations of other investments 16,429 10,598
Deferred operating lease income (2,373) (2,684)
Income from sales of real estate (684,229) (612)
Land development revenue in excess of cost of sales (404) (2,926)
Loss on early extinguishment of debt, net 42,836 0
Other operating activities, net (9,940) (3,917)
Changes in assets and liabilities:    
Originations and fundings of loans receivable held for sale 0 (16,086)
Changes in accrued interest and operating lease income receivable 1,368 1,945
Changes in deferred expenses and other assets, net (1,735) 1,776
Changes in accounts payable, accrued expenses and other liabilities (25,618) (17,414)
Cash flows used in operating activities (30,624) (3,795)
Cash flows from investing activities:    
Originations and fundings of loans receivable, net (4,000) (50,670)
Capital expenditures on real estate assets (741) (648)
Capital expenditures on land and development assets (4,803) (4,134)
Acquisition of real estate, net investments in leases and land assets (28,309) 0
Repayments of and principal collections on loans receivable and other lending investments, net 4,612 109,926
Net proceeds from sales of loans receivable 96,202 79,560
Net proceeds from sales of real estate 1,981,599 2,967
Net proceeds from sales of net investment in leases 563,495 0
Net proceeds from net investment in leases 0 6,575
Net proceeds from sales of land and development assets 14,407 30,801
Distributions from other investments 46,073 20,032
Contributions to and acquisition of interest in other investments (255,182) (59,866)
Other investing activities, net 4,514 3,092
Cash flows provided by investing activities 2,417,867 137,635
Cash flows from financing activities:    
Borrowings from debt obligations 50,000 25,000
Repayments and repurchases of debt obligations (965,592) (32,308)
Purchase of marketable securities in connection with the defeasance of mortgage notes payable (252,571) 0
Preferred dividends paid (5,874) (5,874)
Common dividends paid (8,956) (8,216)
Repurchase of stock 0 (10,775)
Payments for debt prepayment or extinguishment costs (15,608) 0
Payments for deferred financing costs 0 (75)
Payments for withholding taxes upon vesting of stock-based compensation (3,808) (2,085)
Contributions from noncontrolling interests 7,893 64
Distributions to noncontrolling interests (35,476) (2,145)
Cash flows used in financing activities (1,229,992) (36,414)
Effect of exchange rate changes on cash 3 (111)
Changes in cash, cash equivalents and restricted cash 1,157,254 97,315
Cash, cash equivalents and restricted cash at beginning of period 393,996 150,566
Cash, cash equivalents and restricted cash at end of period $ 1,551,250 $ 247,881