NOTE 21 – SUPPLEMENTAL DISCLOSURE TO CONSOLIDATED STATEMENTS OF CASH FLOWS The following are supplemental disclosures to the consolidated statements of cash flows for the years ended December 31, 2025, 2024 and 2023: | | | | | | | | | | | | Year Ended December 31, | | | 2025 | | 2024 | | 2023 | | | | (in thousands) | Reconciliation of cash and cash equivalents and restricted cash: | | | | | | | | | | Cash and cash equivalents | | $ | 27,024 | | $ | 518,340 | | $ | 442,810 | Restricted cash | | | 27,539 | | | 30,395 | | | 1,920 | Cash, cash equivalents and restricted cash at end of year | | $ | 54,563 | | $ | 548,735 | | $ | 444,730 | | | | | | | | | | | Supplemental information: | | | | | | | | | | Interest paid during the year, net of amounts capitalized | | $ | 224,046 | | $ | 230,993 | | $ | 234,453 | Taxes paid during the year | | $ | 4,312 | | $ | 8,414 | | $ | 3,615 | | | | | | | | | | | Non-cash investing activities | | | | | | | | | | Non-cash acquisition of real estate (see Note 3) | | $ | (10,081) | | $ | (344,008) | | $ | — | Non-cash collection of real-estate loan receivable principal (see Note 3) | | $ | 10,081 | | $ | — | | $ | — | Non-cash investment in non-real estate loans receivables (See Note 3) | | $ | — | | $ | (1,632) | | $ | — | Non-cash investment in unconsolidated entities (See Note 11) | | $ | (222,375) | | $ | — | | $ | — | | | | | | | | | | | Non-cash financing activities | | | | | | | | | | Assumption of debt (see Note 3 and Note 14) | | $ | — | | $ | 263,989 | | $ | — |
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