| Dec'19 | Dec'18 | |||||
|---|---|---|---|---|---|---|
Cash flows from operating activities | ||||||
Net income | ||||||
554,281 | 532,117 | |||||
Adjustments to reconcile net (loss) income to cash flows provided by operating activities: | ||||||
Direct financing and sales-type lease adjustments | ||||||
-239 | 45,404 | |||||
Stock-based compensation | ||||||
5,223 | 2,342 | |||||
Depreciation | ||||||
3,831 | 3,686 | |||||
Amortization of debt issuance costs and original issue discount | ||||||
33,034 | 5,976 | |||||
Impairment of Real Estate | ||||||
0 | 12,334 | |||||
Loss on extinguishment of debt | ||||||
-58,143 | -23,040 | |||||
Deferred income taxes | ||||||
0 | -348 | |||||
Change in operating assets and liabilities: | ||||||
Other assets | ||||||
5,635 | 22,945 | |||||
Accrued interest | ||||||
5,969 | -7,411 | |||||
Deferred revenue | ||||||
26,735 | -24,512 | |||||
Other liabilities | ||||||
339 | 25,207 | |||||
Net cash provided by operating activities | ||||||
682,159 | 504,082 | |||||
Cash flows from investing activities | ||||||
Investments in direct financing and sales-type leases | ||||||
1,812,404 | 771,507 | |||||
Capitalized transaction costs | ||||||
8,698 | 6,780 | |||||
Lease modification fee | ||||||
0 | 159,000 | |||||
Investments in short-term investments | ||||||
440,353 | 942,311 | |||||
Maturities of short-term investments | ||||||
901,756 | 421,434 | |||||
Proceeds from sale of land | ||||||
1,044 | 186 | |||||
Acquisition of property and equipment | ||||||
2,724 | 899 | |||||
Net cash used in investing activities | ||||||
-1,361,379 | -1,140,877 | |||||
Cash flows from financing activities | ||||||
Proceeds from offering of common stock | ||||||
1,164,307 | 2,001,493 | |||||
Proceeds from private placement of common stock | ||||||
0 | 0 | |||||
Proceeds from February 2020 Senior Unsecured Notes | ||||||
2,250,000 | 0 | |||||
Debt issuance costs | ||||||
56,055 | 1,117 | |||||
Proceeds from unrecognized sale of real estate | ||||||
0 | 0 | |||||
Mandatory debt conversion costs | ||||||
0 | 0 | |||||
Distributions to non-controlling interest | ||||||
8,084 | 9,800 | |||||
Dividends paid | ||||||
503,958 | 262,682 | |||||
Net cash provided by financing activities | ||||||
1,182,666 | 1,037,836 | |||||
Net increase in cash, cash equivalents and restricted cash | ||||||
503,446 | 401,041 | |||||
Supplemental cash flow information: | ||||||
Cash paid for interest | ||||||
209,379 | 213,309 | |||||
Cash paid for income taxes | ||||||
2,590 | 1,375 | |||||
Supplemental non-cash investing and financing activity: | ||||||
Dividends declared, not paid | ||||||
137,149 | 116,503 | |||||
CPLV CMBS Debt prepayment penalty reimbursement receivable from Eldorado | ||||||
55,401 | 0 | |||||
Supplemental non-cash investing and financing activity: | ||||||
Lease liabilities arising from obtaining right-of-use assets | ||||||
26,516 | 0 | |||||
Lease liabilities arising from obtaining right-of-use assets | ||||||
16,066 | 0 | |||||
Deferred transaction costs payable | ||||||
1,314 | 742 | |||||
Transfer of investments in operating leases to land | ||||||
0 | 22,189 | |||||
Transfer of investments in direct financing leases to investments in operating leases | ||||||
0 | 10,967 | |||||
CPLV CMBS Debt | ||||||
Payment of debt | ||||||
1,663,544 | 0 | |||||
Term Loan B Facility | ||||||
Payment of debt | ||||||
0 | 100,000 | |||||
Proceeds from debt | ||||||
0 | 0 | |||||
Second Lien Notes | ||||||
Payment of debt | ||||||
0 | 290,058 | |||||
Prior Term Loan | ||||||
Payment of debt | ||||||
0 | 0 | |||||
Prior First Lien Notes | ||||||
Payment of debt | ||||||
0 | 0 | |||||
Mezzanine Debt | ||||||
Payment of debt | ||||||
0 | 0 | |||||
Revolving Credit Facility | ||||||
Payment of debt | ||||||
0 | 300,000 | |||||
Proceeds from debt | ||||||
0 | 0 | |||||