Financial Information

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As Reported Financials

Document Name As Of Date Currency Code (in thousands) 2015 Y 10-K 12/31/2015 USD 2016 Y 10-K 12/31/2016 USD 2017 Y 10-K 12/31/2017 USD 2018 Y 10-K 12/31/2018 USD 2019 Q2 YTD 10-Q 6/30/2019 USD
Document Name As Of Date Currency Code 2015 Y 10-K 12/31/2015 USD 2016 Y 10-K 12/31/2016 USD 2017 Y 10-K 12/31/2017 USD 2018 Y 10-K 12/31/2018 USD 2019 Q2 YTD 10-Q 6/30/2019 USD

Operating activities
Net income 83,770 123,325 162,038 216,970 113,520

Adjustments to net income
Depreciation and amortization 88,615 119,618 150,279 181,826 108,716
Amortization of deferred financing costs and other noncash interest expense 6,507 7,267 9,978 9,549 4,253
Amortization of equity-based compensation 4,735 7,022 7,931 8,608 4,757
Provisions for impairment 1,000 1,720 13,440 7,810 2,610
Gain on dispositions of real estate (1,322) (13,296) (39,609) (45,528) (13,105)
Loss (gain) on defeasance/extinguishment of debt NA 0 0 (814) 735
Noncash revenue and other 135 54 3,733 2,291 (669)
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) (1,860)
Accrued expenses, deferred revenue and other liabilities 7,365 5,934 5,761 11,604 6,059
Net cash provided by operating activities 187,002 246,304 309,425 391,678 218,281

Investing activities
Acquisition of and additions to real estate (1,114,641) (1,153,141) (1,335,305) (1,514,718) (639,335)
Investment in loans and financing receivables (107,395) (44,297) (35,229) (88,088) (123,552)
Collections of principal on loans and financing receivables 5,356 5,680 29,770 5,205 5,215
Proceeds from dispositions of real estate 38,671 61,385 239,893 230,563 95,075
Net cash used in investing activities (1,178,009) (1,130,373) (1,100,871) (1,367,038) (662,597)

Financing activities
Borrowings under credit facility 651,000 599,000 642,000 988,000 431,100
Repayments under credit facility (651,000) (551,000) (400,000) (1,143,000) (493,100)
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) (21,485)
Financing and defeasance costs paid (12,608) (8,912) (2,764) (15,521) (4,676)
Proceeds from the issuance of common stock 542,142 478,704 754,357 753,918 298,724
Stock issuance costs paid (20,721) (15,437) (11,834) (12,167) (4,784)
Shares repurchased under stock compensation plans 0 (1,719) (1,346) (2,835) (4,489)
Dividends paid (107,912) (162,618) (209,918) (255,572) (148,836)
Net cash provided by financing activities 922,719 873,797 767,458 969,199 441,554
Net (decrease) increase in cash, cash equivalents and restricted cash (68,288) (10,272) (23,988) (6,161) (2,762)
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 40,255

Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents 67,115 54,200 42,937 27,511 25,368
Restricted cash included in other assets 16,323 18,966 6,241 15,506 14,887
Total cash, cash equivalents and restricted cash 83,438 73,166 49,178 43,017 40,255

Supplemental disclosure of noncash investing and financing activities
Accrued tenant improvements included in real estate investments 15,924 23,911 25,884 34,769 27,182
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 13,574
Accrued financing costs 15 NA NA NA NA
Non-recourse debt obligation assumed by purchaser of real estate NA 0 0 20,845 0
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 39

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 67,018
Cash paid during the period for income and franchise taxes 1,005 1,194 1,666 1,930 1,805
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.