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 2018 Q3 YTD 9/30/2018 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 2018 Q3 YTD 9/30/2018 USD

Operating activities

Net income 48,139 83,770 123,325 162,038 160,386

Adjustments to net income

Depreciation and amortization 57,025 88,615 119,618 150,279 132,307
Amortization of deferred financing costs and other noncash interest expense 7,146 6,507 7,267 9,978 5,971
Amortization of equity-based compensation 2,294 4,735 7,022 7,931 5,949
Provisions for impairment 0 1,000 1,720 13,440 2,608
Gain on dispositions of real estate, net of tax (5,478) (1,322) (13,220) (39,604) (30,732)
Gain on extinguishment of debt NA NA NA NA (814)
Noncash revenue and other (1,113) 135 54 3,733 949
Payments received in settlement of cash flow hedges NA NA NA NA 4,288
Changes in operating assets and liabilities
Other assets (4,420) (3,803) (5,340) (4,126) (3,100)
Accrued expenses, deferred revenue and other liabilities (1,012) 7,365 5,858 5,756 5,261
Net cash provided by operating activities 102,581 187,002 246,304 309,425 283,073

Investing activities

Acquisition of and additions to real estate (1,044,339) (1,114,641) (1,153,141) (1,335,305) (1,053,730)
Investment in loans and direct financing receivables (52,636) (107,395) (44,297) (35,229) (87,109)
Collections of principal on loans and direct financing receivables 6,206 5,356 5,680 29,770 3,457
Proceeds from dispositions of real estate 39,352 38,671 61,385 239,893 167,533
Net cash used in investing activities (1,051,417) (1,178,009) (1,130,373) (1,100,871) (969,849)

Financing activities

Borrowings under credit facility 590,080 651,000 599,000 642,000 709,000
Repayments under credit facility (590,080) (651,000) (551,000) (400,000) (640,000)
Borrowings under unsecured notes and term loans payable 0 175,000 300,000 100,000 348,303
Borrowings under non-recourse debt obligations of consolidated special purpose entities 286,089 385,965 264,894 134,961 0
Repayments under non-recourse debt obligations of consolidated special purpose entities (20,621) (39,147) (29,115) (237,998) (25,974)
Financing costs paid (11,624) (12,608) (8,912) (2,764) (5,908)
Proceeds from the issuance of common stock 875,476 542,142 478,704 754,357 481,424
Stock issuance costs paid (38,426) (20,721) (15,437) (11,834) (7,795)
Shares repurchased under stock compensation plans 0 0 (1,719) (1,346) (2,835)
Dividends paid (64,562) (107,912) (162,618) (209,918) (185,660)
Redemption of preferred stock (125) NA NA NA NA
Net cash provided by financing activities 1,026,207 922,719 873,797 767,458 670,555
Net decrease in cash, cash equivalents and restricted cash 77,371 (68,288) (10,272) (23,988) (16,221)
Cash, cash equivalents and restricted cash, beginning of period 74,355 151,726 83,438 73,166 49,178
Cash, cash equivalents and restricted cash, end of period 151,726 83,438 73,166 49,178 32,957

Reconciliation of cash, cash equivalents and restricted cash

Cash and cash equivalents 136,313 67,115 54,200 42,937 25,598
Restricted cash included in other assets 15,413 16,323 18,966 6,241 7,359
Total cash, cash equivalents and restricted cash 151,726 83,438 73,166 49,178 32,957

Supplemental disclosure of noncash investing and financing activities

Accrued tenant improvements included in real estate investments 12,081 15,924 23,911 25,884 39,188
Seller financing provided to purchasers of real estate sold 0 0 17,479 0 NA
Net real estate assets surrendered to lender NA NA NA NA 12,573
Acquisition of collateral property securing a mortgage note receivable 1,939 0 0 2,000 0
Non-recourse debt obligations assumed in conjunction with acquisition of property 27,457 NA NA NA NA
Non-recourse debt obligation assumed by purchaser of real estate NA NA NA NA 20,845
Non-recourse debt forgiven by lender in exchange for collateral assets NA NA NA NA 12,874
Accrued financing costs 157 15 15 33 NA
Accrued financing and stock issuance costs 791 750 90 68 1,363

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 82,339
Cash paid during the period for income and franchise taxes 674 1,005 1,194 1,666 1,785
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