Financial Information

As Reported Financials

Source Document Currency Code (in thousands) 2013 Y 12/31/2015 USD 2014 Y 12/31/2016 USD 2015 Y 12/31/2016 USD 2016 Y 12/31/2016 USD 2017 Q3 YTD 9/30/2017 USD
Source Document Currency Code 2013 Y 12/31/2015 USD 2014 Y 12/31/2016 USD 2015 Y 12/31/2016 USD 2016 Y 12/31/2016 USD 2017 Q3 YTD 9/30/2017 USD

Operating activities

Net income 26,313 48,139 83,770 123,325 121,030

Adjustments to net income

Depreciation and amortization 30,924 57,025 88,615 119,618 110,200
Amortization of deferred financing costs and other noncash interest expense 4,186 7,146 6,507 7,267 8,127
Amortization of equity-based compensation 1,228 2,294 4,735 7,022 5,880
Provision for impairment of real estate 0 0 1,000 1,720 11,940
Gain on dispositions of real estate, net of tax (3,147) (5,478) (1,322) (13,220) (35,778)
Noncash revenue and other (1,162) (1,113) 135 54 3,318
Changes in operating assets and liabilities
Other assets (15,646) (4,420) (3,803) (5,340) (3,884)
Accounts payable, accrued expenses and other liabilities 12,238 (1,012) 7,365 5,858 NA
Accrued expenses, deferred revenue and other liabilities NA NA NA NA 8,572
Net cash provided by operating activities 54,934 102,581 187,002 246,304 229,405

Investing activities

Acquisition of and additions to real estate (788,462) (1,044,339) (1,114,641) (1,153,141) (978,944)
Investment in loans and direct financing receivables (33,647) (52,636) (107,395) (44,297) (28,844)
Collections of principal on loans and direct financing receivables 238 6,206 5,356 5,680 23,099
Proceeds from dispositions of real estate 40,661 39,352 38,671 61,385 202,412
Transfers from (to) restricted deposits (5,305) NA NA NA NA
Net cash used in investing activities (786,515) (1,051,417) (1,178,009) (1,130,373) (782,277)

Financing activities

Borrowings under credit facility 359,500 590,080 651,000 599,000 401,000
Repayments under credit facility (520,162) (590,080) (651,000) (551,000) (367,000)
Borrowings under unsecured notes and term loans payable 0 0 175,000 300,000 100,000
Borrowings under non-recourse debt obligations of consolidated special purpose entities 679,848 286,089 385,965 264,894 134,961
Repayments under non-recourse debt obligations of consolidated special purpose entities (9,755) (20,621) (39,147) (29,115) (231,578)
Financing costs paid (22,942) (11,624) (12,608) (8,912) (2,748)
Proceeds from the issuance of common stock 293,751 875,476 542,142 478,704 658,110
Stock issuance costs paid 0 (38,426) (20,721) (15,437) (10,325)
Shares repurchased under stock compensation plans NA 0 0 (1,719) (1,346)
Dividends paid (51,597) (64,562) (107,912) (162,618) (151,014)
Redemption of preferred stock 0 (125) 0 0 NA
Net cash provided by financing activities 728,643 1,026,207 922,719 873,797 530,060
Net (decrease) increase in cash and cash equivalents (2,938) NA NA NA NA
Cash and cash equivalents, beginning of year 64,752 NA NA NA NA
Cash and cash equivalents, end of year 61,814 NA NA NA NA
Net decrease in cash, cash equivalents and restricted cash NA 77,371 (68,288) (10,272) (22,812)
Cash, cash equivalents and restricted cash, beginning of period NA 74,355 151,726 83,438 73,166
Cash, cash equivalents and restricted cash, end of period NA 151,726 83,438 73,166 50,354

Reconciliation of cash, cash equivalents and restricted cash

Cash and cash equivalents NA 136,313 67,115 54,200 34,986
Restricted cash included in other assets NA 15,413 16,323 18,966 15,368
Total cash, cash equivalents and restricted cash NA 151,726 83,438 73,166 50,354

Supplemental disclosure of noncash investing and financing activities

Accrued tenant improvements included in real estate investments 0 12,081 15,924 23,911 22,323
Seller financing provided to purchasers of real estate sold NA 0 0 17,479 0
Acquisition of collateral property securing a mortgage note receivable 7,875 1,939 0 0 2,000
Non-recourse debt obligations assumed in conjunction with acquisition of property 14,911 27,457 0 0 NA
Accrued financing costs 0 157 15 15 33
Accrued stock issuance costs 0 791 750 90 53

Supplemental disclosure of cash flow information

Cash paid during the period for interest, net of amounts capitalized 33,972 60,431 73,636 95,968 79,360
Cash paid during the period for income and franchise taxes 1,601 674 1,005 1,194 1,488
Data shown on this page is extracted directly from the company’s documents. S&P makes every effort to line up fields, captions and headers that represent the same data over time, despite variations in how the company may report these items in different documents. In certain instances the variation in the company’s presentation over time may be too significant, potentially resulting in repeating and/or disordered items. Despite possible issues with the presentation, S&P, as always, stands by its commitment to the quality of the data.