v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
Net income $ 609,467 $ 417,804 $ 248,796
Adjustment to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 325,247 304,648 319,682
Impairment on real estate properties 22,610 23,831 91,943
Straight-line rent and other write-offs 27,983 4,174 20,633
Provision (recovery) for credit losses 2,336 (15,483) 44,556
Amortization of deferred financing costs and loss on debt extinguishment 968 12,146 14,189
Stock-based compensation expense 44,189 36,696 35,068
Gain on assets sold - net (67,303) (13,168) (79,668)
Straight-line rent and effective interest receivables (50,261) (43,018) (41,849)
Interest paid-in-kind (13,590) (11,463) (11,365)
Loss from unconsolidated entities 6,134 1,947 182
Other non-cash items (26,281) (1,538) (9,336)
Change in operating assets and liabilities - net:      
Contractual receivables 2,888 (845) (3,660)
Lease inducements (9,043) (61) (15,210)
Other operating assets and liabilities 3,207 33,760 3,775
Net cash provided by operating activities 878,551 749,430 617,736
Cash flows from investing activities      
Acquisition of real estate (683,029) (408,628) (262,453)
Net proceeds from sale of real estate investments 282,776 95,045 585,031
Investments in construction in progress (33,589) (68,980) (44,495)
Investment in loan receivables and other (173,570) (470,011) (420,626)
Collection of loan principal 246,593 207,617 165,191
Investments in unconsolidated entities (122,088) (971) (12,350)
Distributions from unconsolidated entities in excess of earnings 12,913 1,017 8,807
Capital improvements to real estate investments (80,869) (37,757) (38,011)
Proceeds from foreign currency forward contracts 4,240 8,429 11,378
Receipts from insurance proceeds 6,831 3,075 6,758
Net cash used in investing activities (539,792) (671,164) (770)
Cash flows from financing activities      
Proceeds from long-term borrowings 1,311,708 657,819 507,072
Payments of long-term borrowings (1,896,758) (1,145,301) (734,991)
Payments of financing related costs (27,251) (7,018) (3,827)
Net proceeds from issuance of common stock 606,768 1,235,657 336,402
Dividends paid (780,387) (685,445) (643,867)
Net payments to noncontrolling members of consolidated joint venture   545 (202)
(Payments for) proceeds from derivative instruments (2,200)   92,577
Redemption of Omega OP Units (6,248) (684) (77)
Distributions to Omega OP Unit Holders (43,888) (29,254) (26,397)
Net cash (used in) provided by financing activities (838,256) 26,319 (473,310)
Effect of foreign currency translation on cash, cash equivalents and restricted cash 5,325 (580) 430
(Decrease) increase in cash, cash equivalents and restricted cash (494,172) 104,005 144,086
Cash, cash equivalents and restricted cash at beginning of period 548,735 444,730 300,644
Cash, cash equivalents and restricted cash at end of period $ 54,563 $ 548,735 $ 444,730