Financial Information

As Reported Financials

Source Document Currency Code (in thousands) 2014 Y 12/31/2016 USD 2015 Y 12/31/2017 USD 2016 Y 12/31/2017 USD 2017 Y 12/31/2017 USD
Source Document Currency Code 2014 Y 12/31/2016 USD 2015 Y 12/31/2017 USD 2016 Y 12/31/2017 USD 2017 Y 12/31/2017 USD

Operating activities

Net income 48,139 83,770 123,325 162,038

Adjustments to net income

Depreciation and amortization 57,025 88,615 119,618 150,279
Amortization of deferred financing costs and other noncash interest expense 7,146 6,507 7,267 9,978
Amortization of equity-based compensation 2,294 4,735 7,022 7,931
Provisions for impairment 0 1,000 1,720 13,440
Gain on dispositions of real estate, net of tax (5,478) (1,322) (13,220) (39,604)
Noncash revenue and other (1,113) 135 54 3,733
Changes in operating assets and liabilities
Other assets (4,420) (3,803) (5,340) (4,126)
Accounts payable, accrued expenses and other liabilities (1,012) NA NA NA
Accrued expenses, deferred revenue and other liabilities NA 7,365 5,858 5,756
Net cash provided by operating activities 102,581 187,002 246,304 309,425

Investing activities

Acquisition of and additions to real estate (1,044,339) (1,114,641) (1,153,141) (1,335,305)
Investment in loans and direct financing receivables (52,636) (107,395) (44,297) (35,229)
Collections of principal on loans and direct financing receivables 6,206 5,356 5,680 29,770
Proceeds from dispositions of real estate 39,352 38,671 61,385 239,893
Net cash used in investing activities (1,051,417) (1,178,009) (1,130,373) (1,100,871)

Financing activities

Borrowings under credit facility 590,080 651,000 599,000 642,000
Repayments under credit facility (590,080) (651,000) (551,000) (400,000)
Borrowings under unsecured notes and term loans payable 0 175,000 300,000 100,000
Borrowings under non-recourse debt obligations of consolidated special purpose entities 286,089 385,965 264,894 134,961
Repayments under non-recourse debt obligations of consolidated special purpose entities (20,621) (39,147) (29,115) (237,998)
Financing costs paid (11,624) (12,608) (8,912) (2,764)
Proceeds from the issuance of common stock 875,476 542,142 478,704 754,357
Stock issuance costs paid (38,426) (20,721) (15,437) (11,834)
Shares repurchased under stock compensation plans 0 0 (1,719) (1,346)
Dividends paid (64,562) (107,912) (162,618) (209,918)
Redemption of preferred stock (125) NA NA NA
Net cash provided by financing activities 1,026,207 922,719 873,797 767,458
Net decrease in cash, cash equivalents and restricted cash 77,371 (68,288) (10,272) (23,988)
Cash, cash equivalents and restricted cash, beginning of period 74,355 151,726 83,438 73,166
Cash, cash equivalents and restricted cash, end of period 151,726 83,438 73,166 49,178

Reconciliation of cash, cash equivalents and restricted cash

Cash and cash equivalents 136,313 67,115 54,200 42,937
Restricted cash included in other assets 15,413 16,323 18,966 6,241
Total cash, cash equivalents and restricted cash 151,726 83,438 73,166 49,178

Supplemental disclosure of noncash investing and financing activities

Accrued tenant improvements included in real estate investments 12,081 15,924 23,911 25,884
Seller financing provided to purchasers of real estate sold 0 0 17,479 0
Acquisition of collateral property securing a mortgage note receivable 1,939 0 0 2,000
Non-recourse debt obligations assumed in conjunction with acquisition of property 27,457 NA NA NA
Accrued financing costs 157 15 15 33
Accrued stock issuance costs 791 750 90 68

Supplemental disclosure of cash flow information

Cash paid during the period for interest, net of amounts capitalized 60,431 73,636 95,968 109,898
Cash paid during the period for income and franchise taxes 674 1,005 1,194 1,666
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