XML 14 R5.htm IDEA: XBRL DOCUMENT v3.23.3
Condensed Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net income $ 102,662 $ 63,941
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 52,862 53,577
Amortization of debt issuance costs, debt discounts and prepaids 3,392 3,216
Amortization of commitment fees and note receivable discounts (323) (802)
Amortization of lease incentives 1,798 7,477
Straight-line rent adjustments (6,011) 11,360
Non-cash rental income (2,500) 0
Non-cash interest income on mortgage and other notes receivable (1,302) (3,256)
Non-cash lease deposit liability recognized as rental income 0 (8,838)
Gains on sales of real estate, net (13,500) (28,342)
Gain on note receivable payoff 0 (1,113)
Gains from equity method investment 0 (569)
Loss on operations transfer, net 0 710
Loss on early retirement of debt 73 151
Loan and realty losses 1,727 39,951
Payment of lease incentive (10,000) 0
Non-cash share-based compensation 3,740 7,576
Changes in operating assets and liabilities:    
Other assets (2,426) (4,213)
Accounts payable and accrued expenses 1,317 (2,555)
Deferred income (262) 712
Net cash provided by operating activities 131,247 138,983
Cash flows from investing activities:    
Investments in mortgage and other notes receivable (33,104) (30,820)
Collections of mortgage and other notes receivable 11,231 117,973
Acquisitions of real estate (38,081) (4,876)
Proceeds from sales of real estate 51,542 168,957
Investments in existing real estate (5,475) (4,132)
Investments in equipment (2,579) (528)
Distributions from equity method investment 2,500 569
Net cash (used in) provided by investing activities (13,966) 247,143
Cash flows from financing activities:    
Proceeds from revolving credit facility 283,000 165,000
Payments on revolving credit facility (120,000) (155,000)
Borrowings on term loan 200,000 0
Payments on term loans (365,304) (135,290)
Debt issuance costs (2,747) (4,607)
Equity issuance costs 0 (21)
Distributions to noncontrolling interests (1,004) (757)
Dividends paid to stockholders (117,169) (122,721)
Taxes remitted on employee stock awards 0 (288)
Proceeds from noncontrolling interest 2,922 11,738
Payments to repurchase shares of common stock 0 (151,951)
Net cash used in financing activities (120,302) (393,897)
Decrease in cash and cash equivalents and restricted cash (3,021) (7,771)
Cash and cash equivalents and restricted cash, beginning of period 21,516 39,485
Cash and cash equivalents and restricted cash, end of period 18,495 31,714
Supplemental disclosure of cash flow information:    
Interest paid, net of amounts capitalized 41,222 33,927
Supplemental disclosure of non-cash investing and financing activities:    
Real estate acquired in exchange for mortgage notes receivable 14,200 9,071
Increase in notes receivable from sales of real estate 699 0
Change in other assets related to sales of real estate 0 102
Change in accounts payable related to investments in real estate construction 80 0
Change in accounts payable related to renovations of existing real estate 0 208
Change in accounts payable related to distributions to noncontrolling interests (61) 6
Change in accounts payable related to equity issuance cost 0 64
Reclassification of prepaid equity issuance costs to capital in excess of par value 275 0
Operating equipment received in transfer of operations 0 1,287
Increase in accounts payable related to transfer of operations $ 0 $ 300