Financial Information

As Reported Financials

Source Document Currency Code (in thousands) 2015 Y 12/31/2017 USD 2016 Y 12/31/2018 USD 2017 Y 12/31/2018 USD 2018 Y 12/31/2018 USD 2019 Q1 YTD 3/31/2019 USD
Source Document Currency Code 2015 Y 12/31/2017 USD 2016 Y 12/31/2018 USD 2017 Y 12/31/2018 USD 2018 Y 12/31/2018 USD 2019 Q1 YTD 3/31/2019 USD

Operating activities

Net income 83,770 123,325 162,038 216,970 45,556

Adjustments to net income

Depreciation and amortization 88,615 119,618 150,279 181,826 53,716
Amortization of deferred financing costs and other noncash interest expense 6,507 7,267 9,978 9,549 2,051
Amortization of equity-based compensation 4,735 7,022 7,931 8,608 1,686
Provisions for impairment 1,000 1,720 13,440 7,810 2,610
Loss (gain) on dispositions of real estate (1,322) (13,296) (39,609) (45,528) 1,928
Loss (gain) on defeasance/extinguishment of debt NA 0 0 (814) 735
Noncash revenue and other 135 54 3,733 2,291 (20)
Payments (made) received in settlement of cash flow hedges NA 0 0 4,288 (6,735)
Changes in operating assets and liabilities
Other assets (3,803) (5,340) (4,126) (4,926) (874)
Accrued expenses, deferred revenue and other liabilities 7,365 5,934 5,761 11,604 (5,806)
Net cash provided by operating activities 187,002 246,304 309,425 391,678 94,847

Investing activities

Acquisition of and additions to real estate (1,114,641) (1,153,141) (1,335,305) (1,514,718) (392,306)
Investment in loans and financing receivables (107,395) (44,297) (35,229) (88,088) (16,910)
Collections of principal on loans and financing receivables 5,356 5,680 29,770 5,205 462
Proceeds from dispositions of real estate 38,671 61,385 239,893 230,563 7,714
Net cash used in investing activities (1,178,009) (1,130,373) (1,100,871) (1,367,038) (401,040)

Financing activities

Borrowings under credit facility 651,000 599,000 642,000 988,000 291,100
Repayments under credit facility (651,000) (551,000) (400,000) (1,143,000) (426,100)
Borrowings under unsecured notes and term loans payable 175,000 300,000 100,000 348,303 347,410
Borrowings under non-recourse debt obligations of consolidated special purpose entities 385,965 264,894 134,961 591,843 41,690
Repayments under non-recourse debt obligations of consolidated special purpose entities (39,147) (29,115) (237,998) (283,770) (14,092)
Financing and defeasance costs paid (12,608) (8,912) (2,764) (15,521) (4,615)
Proceeds from the issuance of common stock 542,142 478,704 754,357 753,918 160,858
Stock issuance costs paid (20,721) (15,437) (11,834) (12,167) (2,638)
Shares repurchased under stock compensation plans 0 (1,719) (1,346) (2,835) (4,308)
Dividends paid (107,912) (162,618) (209,918) (255,572) (74,160)
Net cash provided by financing activities 922,719 873,797 767,458 969,199 315,145
Net increase (decrease) in cash, cash equivalents and restricted cash (68,288) (10,272) (23,988) (6,161) 8,952
Cash, cash equivalents and restricted cash, beginning of period 151,726 83,438 73,166 49,178 43,017
Cash, cash equivalents and restricted cash, end of period 83,438 73,166 49,178 43,017 51,969

Reconciliation of cash, cash equivalents and restricted cash

Cash and cash equivalents 67,115 54,200 42,937 27,511 37,352
Restricted cash included in other assets 16,323 18,966 6,241 15,506 14,617
Total cash, cash equivalents and restricted cash 83,438 73,166 49,178 43,017 51,969

Supplemental disclosure of noncash investing and financing activities

Accrued tenant improvements included in real estate investments 15,924 23,911 25,884 34,769 13,113
Net real estate assets surrendered to lender NA 0 0 12,573 0
Seller financing provided to purchasers of real estate sold 0 17,479 0 0 NA
Acquisition of collateral property securing a mortgage note receivable 0 0 2,000 0 9,170
Accrued financing costs 15 NA NA NA NA
Non-recourse debt obligation assumed by purchaser of real estates NA 0 0 20,845 NA
Non-recourse debt forgiven by lender in exchange for collateral assets NA 0 0 12,874 0
Accrued financing and stock issuance costs 750 105 101 211 51

Supplemental disclosure of cash flow information

Cash paid during the period for interest, net of amounts capitalized 73,636 95,968 109,898 115,425 33,289
Cash paid during the period for income and franchise taxes 1,005 1,194 1,666 1,930 57
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