| Mar'20 | Dec'19 | Sep'19 | Jun'19 | Mar'19 | Dec'18 | Sep'18 | Jun'18 | Mar'18 | Dec'17 |
|---|---|---|---|---|---|---|---|---|---|
Cash flows from operating activities | |||||||||
Net income | |||||||||
-22,065 | 100,713 | 146,515 | 154,127 | 152,926 | 144,630 | 132,024 | 141,360 | 114,103 | 44,537 |
Adjustments to reconcile net (loss) income to cash flows provided by operating activities: | |||||||||
Non-cash leasing and financing adjustments | |||||||||
-2,924 | - | - | - | 2,512 | - | - | - | - | - |
Direct financing and sales-type lease adjustments | |||||||||
- | - | - | - | - | 6,285 | 13,009 | 13,196 | 12,914 | 8,443 |
Stock-based compensation | |||||||||
1,350 | 1,402 | 1,404 | 1,366 | 1,051 | 860 | 623 | 468 | 391 | 1,385 |
Depreciation | |||||||||
867 | 883 | 1,000 | 1,018 | 930 | 929 | 929 | 922 | 906 | 751 |
Amortization of debt issuance costs and original issue discount | |||||||||
6,299 | 14,854 | 14,816 | 1,899 | 1,465 | 1,499 | 1,495 | 1,488 | 1,494 | 156 |
Change in allowance for credit losses | |||||||||
149,500 | - | - | - | 0 | - | - | - | - | - |
Impairment of Real Estate | |||||||||
- | - | - | - | - | - | - | - | - | 0 |
Loss on extinguishment of debt | |||||||||
-39,059 | -58,143 | 0 | 0 | 0 | 0 | 0 | 0 | -23,040 | -38,488 |
Deferred income taxes | |||||||||
- | - | - | - | - | - | - | - | - | -1,912 |
Change in operating assets and liabilities: | |||||||||
Other assets | |||||||||
-1,111 | -317 | -972 | 3,709 | 3,215 | 3,336 | 15,930 | 3,879 | -200 | 7,159 |
Accrued interest | |||||||||
31,009 | -3,792 | 9,980 | -10,737 | 10,518 | -9,488 | 9,418 | -11,133 | 3,792 | 21,595 |
Deferred revenue | |||||||||
-69,864 | 70,090 | 245 | -350 | -43,250 | 42,904 | -71,260 | 11,032 | -7,188 | 68,081 |
Other liabilities | |||||||||
-2,752 | -184 | -3,169 | 5,963 | -2,271 | 4,200 | 25,230 | -2,882 | -1,341 | 10,449 |
Net cash provided by operating activities | |||||||||
137,446 | 244,960 | 174,257 | 147,300 | 115,642 | 175,565 | 81,854 | 124,180 | 122,483 | 129,440 |
Cash flows from investing activities | |||||||||
Investments in leases - financing receivables | |||||||||
847,035 | - | - | - | 0 | - | - | - | - | - |
Investments in loans | |||||||||
50,343 | - | - | - | 0 | - | - | - | - | - |
Investments in direct financing and sales-type leases | |||||||||
0 | 281,826 | 559,815 | 706,236 | 264,527 | 263,712 | 507,795 | 0 | 0 | 1,136,200 |
Principal repayments of lease financing receivables | |||||||||
344 | - | - | - | 0 | - | - | - | - | - |
Capitalized transaction costs | |||||||||
690 | 6,694 | 899 | 620 | 485 | 3,338 | 3,442 | 0 | 0 | 0 |
Lease modification fee | |||||||||
- | - | - | - | - | - | - | - | - | 0 |
Investments in short-term investments | |||||||||
0 | 0 | 342,767 | 72,803 | 24,783 | 520,877 | 381,528 | 39,906 | 0 | 0 |
Maturities of short-term investments | |||||||||
59,474 | 283,293 | 97,586 | 332,095 | 188,782 | 320,676 | 100,758 | 0 | 0 | 0 |
Proceeds from sale of land | |||||||||
0 | 0 | 0 | 0 | 1,044 | 0 | 186 | 0 | 0 | 0 |
Acquisition of property and equipment | |||||||||
1,329 | - | - | - | 1,191 | - | - | - | - | - |
Acquisition of property and equipment | |||||||||
- | - | - | - | - | 155 | 187 | 212 | 345 | 51 |
Net cash used in investing activities | |||||||||
-839,579 | -5,522 | -806,843 | -447,854 | -101,160 | -308,406 | -792,008 | -40,118 | -345 | -1,136,251 |
Cash flows from financing activities | |||||||||
Proceeds from offering of common stock | |||||||||
- | - | - | - | - | - | - | - | - | 0 |
Proceeds from offering of common stock, net | |||||||||
199,877 | - | -648 | 1,036,923 | 128,085 | - | 0 | 0 | 1,307,119 | - |
Proceeds from private placement of common stock | |||||||||
- | - | - | - | - | - | - | - | - | 963,782 |
Proceeds from February 2020 Senior Unsecured Notes | |||||||||
2,500,000 | - | - | - | 0 | - | - | - | - | 0 |
Payment of debt | |||||||||
- | - | - | - | - | - | 0 | 0 | 100,000 | - |
Payment of Revolving Credit Facility | |||||||||
- | - | - | - | - | - | 0 | 0 | 300,000 | - |
Redemption of Second Lien Notes | |||||||||
537,538 | - | 0 | 0 | 0 | - | 0 | 0 | 290,058 | - |
Repurchase of stock for tax withholding | |||||||||
165 | - | - | - | 0 | - | - | - | - | - |
Debt issuance costs | |||||||||
51,675 | 48,328 | 2,356 | 5,371 | 0 | 0 | 114 | 277 | 726 | 31,501 |
Proceeds from unrecognized sale of real estate | |||||||||
- | - | - | - | - | - | - | - | - | 73,600 |
Mandatory debt conversion costs | |||||||||
- | - | - | - | - | - | - | - | - | 13 |
Distributions to non-controlling interest | |||||||||
2,042 | 2,031 | 2,011 | 2,011 | 2,031 | 1,981 | 1,981 | 1,982 | 3,856 | 0 |
Dividends paid | |||||||||
137,133 | 137,099 | 132,441 | 118,077 | 116,341 | 106,386 | 97,018 | 59,278 | 0 | 0 |
Net cash provided by financing activities | |||||||||
1,971,324 | 398,945 | -137,456 | 911,464 | 9,713 | 586,007 | -99,113 | -61,537 | 612,479 | 1,148,446 |
Net increase in cash, cash equivalents and restricted cash | |||||||||
1,269,191 | 638,383 | -770,042 | 610,910 | 24,195 | 453,166 | -809,267 | 22,525 | 734,617 | 141,635 |
Supplemental cash flow information: | |||||||||
Cash paid for interest | |||||||||
38,784 | 60,387 | 43,508 | 63,883 | 41,601 | 62,902 | 42,585 | 60,687 | 47,135 | 36,779 |
Cash paid for income taxes | |||||||||
0 | 490 | 600 | 800 | 700 | 201 | 150 | 1,024 | 0 | 0 |
Supplemental non-cash investing and financing activity: | |||||||||
Dividends declared, not paid | |||||||||
- | - | - | - | - | - | - | - | - | 0 |
CPLV CMBS Debt prepayment penalty reimbursement receivable from Eldorado | |||||||||
- | - | - | - | - | - | - | - | - | 0 |
Supplemental non-cash investing and financing activity: | |||||||||
Dividends declared, not paid | |||||||||
139,413 | - | 4,610 | 14,385 | 118,154 | - | - | - | - | - |
Lease liabilities arising from obtaining right-of-use assets | |||||||||
- | - | - | - | - | 0 | 0 | 0 | 0 | 0 |
Lease liabilities arising from obtaining right-of-use assets | |||||||||
1,525 | -12,857 | 23,140 | 5,783 | 0 | - | - | - | - | 0 |
Deferred transaction costs payable | |||||||||
- | - | - | - | - | - | - | - | - | 0 |
Transfer of investments in operating leases to land | |||||||||
- | - | - | - | - | - | - | - | - | 0 |
Transfer of investments in direct financing leases to investments in operating leases | |||||||||
- | - | - | - | - | - | - | - | - | 0 |
CPLV CMBS Debt | |||||||||
Payment of debt | |||||||||
- | - | - | - | - | - | - | - | - | 0 |
Term Loan B Facility | |||||||||
Payment of debt | |||||||||
- | - | - | - | - | - | - | - | - | 0 |
Proceeds from debt | |||||||||
- | - | - | - | - | - | - | - | - | 2,194,686 |
Second Lien Notes | |||||||||
Payment of debt | |||||||||
- | - | - | - | - | - | - | - | - | 0 |
Prior Term Loan | |||||||||
Payment of debt | |||||||||
- | - | - | - | - | - | - | - | - | 1,638,387 |
Prior First Lien Notes | |||||||||
Payment of debt | |||||||||
- | - | - | - | - | - | - | - | - | 311,721 |
Mezzanine Debt | |||||||||
Payment of debt | |||||||||
- | - | - | - | - | - | - | - | - | 400,000 |
Revolving Credit Facility | |||||||||
Payment of debt | |||||||||
- | - | - | - | - | - | - | - | - | 0 |
Proceeds from debt | |||||||||
- | - | - | - | - | - | - | - | - | 298,000 |