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CONSOLIDATED STATEMENTS OF CASH FLOW
$ in Thousands
12 Months Ended
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Cash flow from operating activities:      
Net income (loss) $ 14,576 $ 31,665 $ (7,175)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 193,242 160,528 143,354
Amortization of above and below market leases 429 187 465
Amortization of deferred loan costs 4,053 3,877 3,856
Distributions from unconsolidated entity 2,345 3,280 0
Equity in net loss of unconsolidated entity 2,044 1,473 0
Equity-based compensation expense 26,980 16,412 14,972
Bad debt expense (recoveries) 5,036 2,406 (2,275)
(Gain) loss on sale of real estate, net 0 (14,769) 6,994
Loss on extinguishment of debt 14,252 0 0
Write off of deferred loan costs 3,784 1,532 605
Deferred tax expense (benefit) 58 (348) (2,970)
Integration, impairment & restructuring costs 1,484 11,462 19,575
Foreign currency remeasurement (income) loss (159) 50 0
Changes in operating assets and liabilities      
Rents and other receivables, net (31,108) (27,234) (6,495)
Prepaid expenses 358 (3,406) (3,063)
Due to/from affiliates, net 2,039 9,284 0
Other assets (371) 35 4,518
Accounts payable and accrued liabilities 12,324 2,973 8,573
Advance rents, security deposits and other liabilities 2,267 (5,845) 2,069
Deferred income 46,082 5,928 8,270
Net cash provided by operating activities 299,715 199,490 191,273
Cash flow from investing activities:      
Proceeds from sale of property, net 0 54,427 2,779
Acquisitions, net of cash acquired (43,933) (76,383) (117,029)
Investments in unconsolidated entity 0 (4,144) 0
Additions to property and equipment (773,812) (361,160) (484,303)
Net cash used in investing activities (817,745) (387,260) (598,553)
Cash flow from financing activities:      
Credit facility proceeds 827,582 399,028 483,000
Credit facility repayments (759,000) (334,000) (362,000)
4.75% Senior Notes repayment (400,000) 0 0
3.875% Senior Notes issuance 500,000 0 0
Term Loan D issuance 250,000 0 0
Payment of debt extinguishment costs (14,252) 0 0
Payment of deferred financing costs (9,559) (5,130) (3,964)
Payment of preferred stock dividends (28,180) (28,180) (10,728)
Payment of common stock dividends (111,311) (94,085) (82,579)
Distribution to noncontrolling interests (12,330) (11,533) (10,759)
Proceeds from exercise of stock options 2,524 3,857 246
Payment of tax withholdings related to equity-based awards (5,343) (3,900) (2,205)
Principal payments on finance lease obligations (2,579) (2,855) (7,626)
Mortgage principal debt repayments (1,736) (65) (66)
Preferred stock issuance proceeds, net of costs 0 0 407,477
Common stock issuance proceeds, net of costs 285,352 268,259 0
Net cash provided by financing activities 521,168 191,396 410,796
Effect of foreign currency exchange rates on cash and cash equivalents 3,984 268 0
Net change in cash and cash equivalents 7,122 3,894 3,516
Cash and cash equivalents, beginning of period 15,653 11,759 8,243
Cash and cash equivalents, end of period 22,775 15,653 11,759
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION      
Cash paid for interest 54,596 56,023 51,380
Noncash investing and financing activities:      
Accrued capital additions 121,194 92,206 76,890
Net increase (decrease) in other assets/liabilities related to change in fair value of derivative contracts (27,113) (28,952) 895
Equity received in unconsolidated entity in exchange for real estate assets 0 25,280 0
Increase in assets in exchange for finance lease obligation 0 45,024 0
Accrued equity issuance costs 0 30 115
Accrued preferred stock dividend 5,938 5,938 5,938
Accrued deferred financing costs 0 0 76
Acquisitions, net of cash acquired:      
Land 0 1,743 0
Buildings, improvements and equipment 0 8,640 445
Construction in progress 43,933 61,514 114,283
Rents and other receivables, net 0 1,239 0
Acquired intangibles, net 0 2,628 2,301
Deferred costs 0 906 0
Prepaid expenses 0 359 0
Other assets 0 128 0
Accounts payable and accrued liabilities 0 (52) 0
Advance rents, security deposits and other liabilities 0 (722) 0
Total acquisitions, net of cash acquired $ (43,933) $ (76,383) $ (117,029)