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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net income (loss) $ 80,537 $ (96,019)
Adjustments to reconcile net income to cash flows from operating activities:    
Depreciation and amortization 7,461 7,444
Stock-based compensation expense 10,125 20,127
Deferred operating lease income (23,088) (23,415)
Non-cash interest income from sales-type leases (67,659) (62,139)
Non-cash interest expense 9,996 10,216
Amortization of real estate-related intangibles, net 1,732 1,729
Impairment of goodwill   145,365
Provision for credit losses 8,447 2,625
Earnings from equity method investments (18,120) (16,520)
Distributions from operations of equity method investments 11,308 4,591
Amortization of premium, discount and deferred financing costs on debt obligations, net 5,474 5,454
Non-cash management fees   5,199
Other operating activities (5,798) 408
Changes in assets and liabilities:    
Changes in deferred expenses and other assets, net 4,594 (168)
Changes in accounts payable, accrued expenses and other liabilities 4,948 (12,568)
Cash flows provided by (used in) operating activities 29,957 (7,671)
Cash flows from investing activities:    
Acquisitions of real estate   (10,817)
Origination/acquisition of net investment in sales-type leases and Ground Lease receivables (258,042) (203,364)
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 (9,621) (33,560)
Distributions from equity method investments 52,425  
Funding reserves received from Ground Lease tenant net of disbursements   (218)
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 5,143 1,631
Return of deposits on Ground Lease investments 2,021 (112)
Proceeds received from derivative transaction 9,687  
Other investing activities 7,490 (3,588)
Cash flows provided by (used in) investing activities (190,897) (449,950)
Cash flows from financing activities:    
Proceeds from issuance of common stock   151,940
Proceeds from debt obligations 1,090,336 458,000
Repayments of debt obligations (850,000) (145,000)
Payments for deferred financing costs (20,394) (4,618)
Dividends paid to common shareholders (37,947) (33,459)
Payment of offering costs (51) (8,071)
Payments for withholding taxes upon vesting for stock-based compensation (5,063)  
Redemption of redeemable noncontrolling interests (18,435)  
Distributions to noncontrolling interests (762) (538)
Acquisition of noncontrolling interest (48,124)  
Contributions from noncontrolling interests 28,902 30,439
Other financing activities   (1)
Cash flows provided by (used in) financing activities 138,462 448,692
Changes in cash, cash equivalents and restricted cash (22,478) (8,929)
Cash, cash equivalents and restricted cash at beginning of period 46,740 48,390
Cash, cash equivalents and restricted cash at end of period $ 24,262 $ 39,461