Company Quick10K Filing
Triton
Price33.62 EPS4
Shares76 P/E9
MCap2,540 P/FCF5
Net Debt6,827 EBIT533
TEV9,368 TEV/EBIT18
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-24
10-Q 2020-03-31 Filed 2020-04-24
10-K 2019-12-31 Filed 2020-02-14
10-Q 2019-09-30 Filed 2019-10-25
10-Q 2019-06-30 Filed 2019-07-25
10-Q 2019-03-31 Filed 2019-04-30
10-K 2018-12-31 Filed 2019-02-19
10-Q 2018-09-30 Filed 2018-11-06
10-Q 2018-06-30 Filed 2018-08-07
10-Q 2018-03-31 Filed 2018-05-08
10-K 2017-12-31 Filed 2018-02-27
10-Q 2017-09-30 Filed 2017-11-13
10-Q 2017-06-30 Filed 2017-08-11
10-Q 2017-03-31 Filed 2017-05-15
10-K 2016-12-31 Filed 2017-03-20
10-Q 2016-09-30 Filed 2016-11-14
10-Q 2016-06-30 Filed 2016-08-15
10-Q 2016-03-31 Filed 2016-06-23
8-K 2020-07-24 Earnings, Exhibits
8-K 2020-07-01 Officers, Exhibits
8-K 2020-04-24
8-K 2020-04-21
8-K 2020-03-27
8-K 2020-02-14
8-K 2020-01-16
8-K 2020-01-16
8-K 2019-11-22
8-K 2019-10-31
8-K 2019-10-29
8-K 2019-10-24
8-K 2019-07-25
8-K 2019-06-17
8-K 2019-05-22
8-K 2019-04-30
8-K 2019-04-25
8-K 2019-03-14
8-K 2019-03-12
8-K 2019-02-14
8-K 2018-12-10
8-K 2018-12-04
8-K 2018-11-02
8-K 2018-08-03
8-K 2018-05-04
8-K 2018-05-04
8-K 2018-02-22
8-K 2018-01-18

TRTN 10Q Quarterly Report

Item 1. Financial Statements
Note 1 - Description of The Business, Basis of Presentation and Accounting Policy Updates
Note 2 - Equipment Held for Sale
Note 3 - Intangible Assets
Note 4 - Share - Based Compensation
Note 5 - Other Equity Matters
Note 6 - Leases
Note 7 - Debt
Note 8 - Derivative Instruments
Note 9 - Segment and Geographic Information
Note 10 - Commitments and Contingencies
Note 11 - Income Taxes
Note 12 - Related Party Transactions
Note 13 - Noncontrolling Interest
Note 14 - Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures.
Part II - Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 6. Exhibits.
EX-31.1 exhibit3112020-6x30ceo.htm
EX-31.2 exhibit3122020-6x30cfo.htm
EX-32.1 exhibit3212020-6x30ceo.htm
EX-32.2 exhibit3222020-6x30cfo.htm

Triton Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
151296302015201620182020
Assets, Equity
0.20.10.10.0-0.0-0.12015201620182020
Rev, G Profit, Net Income
0.30.1-0.1-0.2-0.4-0.62015201620182020
Ops, Inv, Fin

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xbrli:shares iso4217:USD xbrli:shares xbrli:pure trtn:segment
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For The Quarterly Period Ended June 30, 2020
Or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Transition Period from                             to   
Commission file number - 001-37827
Triton International Limited
(Exact name of registrant as specified in the charter)
Bermuda
 
98-1276572
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification Number)

Victoria Place, 5th Floor, 31 Victoria Street, Hamilton HM 10, Bermuda
(Address of principal executive office)
(441294-8033
(Registrant's telephone number including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
   Common shares, $0.01 par value per share
TRTN
New York Stock Exchange
8.50% Series A Cumulative Redeemable Perpetual Preference Shares
TRTN PRA
New York Stock Exchange
8.00% Series B Cumulative Redeemable Perpetual Preference Shares
TRTN PRB
New York Stock Exchange
7.375% Series C Cumulative Redeemable Perpetual Preference Shares
TRTN PRC
New York Stock Exchange
6.875% Series D Cumulative Redeemable Perpetual Preference Shares
TRTN PRD
New York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirement for the past 90 days. Yes     No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes     No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
 
Large Accelerated Filer
 
 
Accelerated Filer
 
 
Non-accelerated filer
 
 
Smaller reporting company
 
 
 
 
 
 
Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in rule 12b-2 of the Exchange Act). Yes     No 
As of July 22, 2020, there were 68,702,562 common shares at $0.01 par value per share of the registrant outstanding.
 



Triton International Limited
Index
 
 
Page No.
 
 
 
 
 
 


2


CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This quarterly report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, that involve substantial risks and uncertainties. In addition, we, or our executive officers on our behalf, may from time to time make forward-looking statements in reports and other documents we file with the Securities and Exchange Commission, or SEC, or in connection with oral statements made to the press, potential investors or others. All statements, other than statements of historical facts, including statements regarding our strategy, future operations, future financial position, future revenues, future costs, prospects, plans and objectives of management are forward-looking statements. The words "expect," "estimate," "anticipate," "predict," "believe," "think," "plan," "will," "should," "intend," "seek," "potential" and similar expressions and variations are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words.
Forward-looking statements in this report are subject to a number of known and unknown risks and uncertainties that could cause our actual results, performance or achievements to differ materially from those described in the forward-looking statements, including, but not limited to: decreases in the demand for leased containers; decreases in market leasing rates for containers; difficulties in re-leasing containers after their initial fixed-term leases; the magnitude and duration of the ongoing COVID-19 pandemic and its impact on our business, global trade and supply chains; customers' decisions to buy rather than lease containers; dependence on a limited number of customers for a substantial portion of our revenues; customer defaults; decreases in the selling prices of used containers; extensive competition in the container leasing industry; difficulties stemming from the international nature of Triton's businesses; decreases in demand for international trade; disruption to Triton's operations resulting from political and economic policies of the United States and other countries, particularly China, including but not limited to, the impact of trade wars and tariffs; disruption to Triton's operations from failure of, or attacks on, Triton's information technology systems; disruption to Triton's operations as a result of natural disasters; compliance with laws and regulations related to economic and trade sanctions, security, anti-terrorism, environmental protection and corruption; ability to obtain sufficient capital to support growth; restrictions imposed by the terms of Triton's debt agreements; the phase-out of the London Interbank Offered Rate (LIBOR), or the replacement of LIBOR with an alternative reference rate, which may adversely affect interest rates; changes in the tax laws in Bermuda, the United States and other countries; and the other risks and uncertainties described in the section entitled "Risk Factors" in our Annual Report on Form 10-K, filed with the SEC on February 14, 2020 (the "Form 10-K"), in this Report on Form 10-Q and in any other Form 10-Q filed or to be filed by us, as well as in the other documents we file with the SEC from time to time, and such risks and uncertainties are specifically incorporated herein by reference.
Forward-looking statements speak only as of the date the statements are made. Except as required under the federal securities laws and rules and regulations of the SEC, we undertake no obligation to update or revise forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information. We caution you not to unduly rely on the forward-looking statements when evaluating the information presented in this report.

3





ITEM 1.    FINANCIAL STATEMENTS

TRITON INTERNATIONAL LIMITED
Consolidated Balance Sheets
(In thousands, except share data)
(Unaudited)
 
June 30,
2020
 
December 31,
2019
ASSETS:
 
 
 
Leasing equipment, net of accumulated depreciation of $3,135,646 and $2,933,886
$
8,313,379

 
$
8,392,547

Net investment in finance leases
306,879

 
413,342

Equipment held for sale
144,956

 
114,504

Revenue earning assets
8,765,214

 
8,920,393

Cash and cash equivalents
252,380

 
62,295

Restricted cash
98,503

 
106,677

Accounts receivable, net of allowances of $2,483 and $1,276
219,625

 
210,697

Goodwill
236,665

 
236,665

Lease intangibles, net of accumulated amortization of $254,207 and $242,301
44,250

 
56,156

Other assets
65,093

 
38,902

Fair value of derivative instruments
24

 
10,848

Total assets
$
9,681,754

 
$
9,642,633

LIABILITIES AND SHAREHOLDERS' EQUITY:
 
 
 
Equipment purchases payable
$
46,569

 
$
24,685

Fair value of derivative instruments
163,932

 
36,087

Accounts payable and other accrued expenses
90,646

 
116,782

Net deferred income tax liability
302,551

 
301,317

Debt, net of unamortized costs of $34,088 and $39,781
6,569,106

 
6,631,525

Total liabilities
7,172,804

 
7,110,396

Shareholders' equity:
 
 
 
Preferred shares, $0.01 par value, at liquidation preference
555,000

 
405,000

Common shares, $0.01 par value, 270,000,000 shares authorized, 81,149,460 and 80,979,833 shares issued, respectively
811

 
810

Undesignated shares, $0.01 par value, 7,800,000 and 13,800,000 shares authorized, respectively, no shares issued and outstanding

 

Treasury shares, at cost, 12,187,889 and 8,771,345 shares, respectively
(374,904
)
 
(278,510
)
Additional paid-in capital
901,289

 
902,725

Accumulated earnings
1,587,751

 
1,533,845

Accumulated other comprehensive income (loss)
(160,997
)
 
(31,633
)
Total shareholders' equity
2,508,950

 
2,532,237

Total liabilities and shareholders' equity
$
9,681,754

 
$
9,642,633

   
          


4




TRITON INTERNATIONAL LIMITED
Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2020
 
2019
 
2020
 
2019
Leasing revenues:
 
 
 
 
 
 
 
Operating leases
$
313,423

 
$
328,370

 
$
626,227

 
$
658,792

Finance leases
7,974

 
10,196

 
16,638

 
20,633

Total leasing revenues
321,397

 
338,566

 
642,865

 
679,425

 
 
 
 
 
 
 
 
Equipment trading revenues
16,903

 
23,209

 
32,283

 
41,037

Equipment trading expenses
(14,883
)
 
(18,713
)
 
(28,330
)
 
(32,954
)
Trading margin
2,020

 
4,496

 
3,953

 
8,083

 
 
 
 
 
 
 
 
Net gain on sale of leasing equipment
4,537

 
7,519

 
8,614

 
15,988

 
 
 
 
 
 
 
 
Operating expenses:
 
 
 
 
 
 
 
Depreciation and amortization
133,292

 
135,348

 
265,987

 
269,957

Direct operating expenses
29,619

 
18,097

 
52,867

 
34,899

Administrative expenses
20,472

 
19,988

 
39,697

 
38,175

Provision (reversal) for doubtful accounts
374

 
521

 
4,653

 
379

Total operating expenses
183,757

 
173,954

 
363,204

 
343,410

Operating income (loss)
144,197

 
176,627

 
292,228

 
360,086

Other expenses:
 
 
 
 
 
 
 
Interest and debt expense
66,874

 
82,260

 
135,876

 
165,780

Realized (gain) loss on derivative instruments, net
11

 
(669
)
 
(224
)
 
(1,373
)
Unrealized (gain) loss on derivative instruments, net
(11
)
 
1,267

 
286

 
2,253

Debt termination expense

 
558

 
31

 
558

Other (income) expense, net
36

 
(927
)
 
(3,610
)
 
(1,931
)
Total other expenses
66,910

 
82,489

 
132,359

 
165,287

Income (loss) before income taxes
77,287

 
94,138

 
159,869

 
194,799

Income tax expense (benefit)
6,699

 
8,042

 
12,245

 
15,892

Net income (loss)
$
70,588

 
$
86,096

 
$
147,624

 
$
178,907

Less: income (loss) attributable to noncontrolling interest

 

 

 
592

Less: dividend on preferred shares
10,513

 
2,025

 
20,338

 
2,330

Net income (loss) attributable to common shareholders
$
60,075

 
$
84,071

 
$
127,286

 
$
175,985

Net income per common share—Basic
$
0.87

 
$
1.13

 
$
1.81

 
$
2.31

Net income per common share—Diluted
$
0.86

 
$
1.12

 
$
1.80

 
$
2.29

Cash dividends paid per common share
$
0.52

 
$
0.52

 
$
1.04

 
$
1.04

Weighted average number of common shares outstanding—Basic
69,275

 
74,598

 
70,436

 
76,151

Dilutive restricted shares
261

 
617

 
262

 
583

Weighted average number of common shares outstanding—Diluted
69,536

 
75,215

 
70,698

 
76,734

   

The accompanying Notes to the Unaudited Consolidated Financial Statements are an integral part of these statements.

5






TRITON INTERNATIONAL LIMITED
Consolidated Statements of Comprehensive Income
(In thousands)
(Unaudited)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2020
 
2019
 
2020
 
2019
Net income (loss)
$
70,588

 
$
86,096

 
$
147,624

 
$
178,907

Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
Change in derivative instruments designated as cash flow hedges
(16,112
)
 
(31,517
)
 
(136,252
)
 
(45,840
)
Reclassification of (gain) loss on derivative instruments designated as cash flow hedges
5,854

 
(1,716
)
 
7,265

 
(3,465
)
Cumulative effect for the adoption of ASU 2017-12, net of income tax effect

 

 

 
432

Foreign currency translation adjustment
(115
)
 
(175
)
 
(377
)
 
(132
)
Other comprehensive income (loss), net of tax
(10,373
)
 
(33,408
)
 
(129,364
)
 
(49,005
)
Comprehensive income
60,215

 
52,688

 
18,260

 
129,902

Less:
 
 
 
 
 
 
 
Other comprehensive income attributable to noncontrolling interest
$

 
$

 
$

 
$
592

Dividend on preferred shares
10,513

 
2,025

 
20,338

 
2,330

Comprehensive income attributable to common shareholders
$
49,702

 
$
50,663

 
$
(2,078
)
 
$
126,980

 
 
 
 
 
 
 
 
Tax (benefit) provision on change in derivative instruments designated as cash flow hedges
$
(1,512
)
 
$
(3,813
)
 
$
(10,986
)
 
$
(5,957
)
Tax (benefit) provision on reclassification of (gain) loss on derivative instruments designated as cash flow hedges
$
335

 
$
(591
)
 
$
183

 
$
(1,197
)
Tax (benefit) provision on cumulative effect for the adoption of ASU 2017-12
$

 
$

 
$

 
$
277

   


The accompanying Notes to the Unaudited Consolidated Financial Statements are an integral part of these statements.

6






TRITON INTERNATIONAL LIMITED
Consolidated Statements of Shareholders' Equity
(In thousands, except share amounts)
(Unaudited)
 
Preferred Shares
 
Common Shares
 
Treasury Shares
 
Add'l Paid in Capital
 
Accumulated Earnings
 
Accumulated Other Comprehensive Income
 
Non controlling Interest
 
Total Equity
 
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
 
 
 
 
Balance as of December 31, 2019
16,200,000

 
$
405,000

 
80,979,833

 
$
810

 
8,771,345

 
$
(278,510
)
 
$
902,725

 
$
1,533,845

 
$
(31,633
)
 
$

 
$
2,532,237

Issuance of preferred shares, net of offering expenses
6,000,000

 
150,000

 

 

 

 

 
(5,171
)
 

 

 

 
144,829

Share-based compensation

 

 
184,644

 
2

 

 

 
1,603

 

 

 

 
1,605

Treasury shares acquired

 

 

 

 
1,365,620

 
(37,488
)
 

 

 

 

 
(37,488
)
Share repurchase to settle shareholder tax obligations

 

 
(53,609
)
 
(1
)
 

 

 
(2,155
)
 

 

 

 
(2,156
)
Net income (loss)

 

 

 

 

 

 

 
77,036

 

 

 
77,036

Other comprehensive income (loss)

 

 

 

 

 

 

 

 
(118,991
)
 

 
(118,991
)
Common shares dividend declared

 

 

 

 

 

 

 
(37,427
)
 

 

 
(37,427
)
Preferred shares dividend declared

 

 

 

 

 

 

 
(9,395
)
 

 

 
(9,395
)
Balance as of March 31, 2020
22,200,000

 
$
555,000

 
81,110,868

 
$
811

 
10,136,965

 
$
(315,998
)
 
$
897,002

 
$
1,564,059

 
$
(150,624
)
 
$

 
$
2,550,250

Issuance of preferred shares, net of offering expenses

 

 

 

 

 

 
31

 

 

 

 
31

Share-based compensation

 

 
38,592

 

 

 

 
4,256

 

 

 

 
4,256

Treasury shares acquired

 

 

 

 
2,050,924

 
(58,906
)
 

 

 

 

 
(58,906
)
Net income (loss)

 

 

 

 

 

 

 
70,588

 

 

 
70,588

Other comprehensive income (loss)

 

 

 

 

 

 

 

 
(10,373
)
 

 
(10,373
)
Common shares dividend declared

 

 

 

 

 

 

 
(36,383
)
 

 

 
(36,383
)
Preferred shares dividend declared

 

 

 

 

 

 

 
(10,513
)
 

 

 
(10,513
)
Balance as of June 30, 2020
22,200,000

 
$
555,000

 
81,149,460

 
$
811

 
12,187,889

 
$
(374,904
)
 
$
901,289

 
$
1,587,751

 
$
(160,997
)
 
$

 
$
2,508,950


`
Preferred Shares
 
Common Shares
 
Treasury Shares
 
Add'l Paid in Capital
 
Accumulated Earnings
 
Accumulated Other Comprehensive Income
 
Non controlling Interest
 
Total Equity
 
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
 
 
 
 
Balance as of December 31, 2018

 
$

 
80,843,472

 
$
809

 
1,853,148

 
$
(58,114
)
 
$
896,811

 
$
1,349,627

 
$
14,563

 
$
121,513

 
$
2,325,209

Issuance of preferred shares, net of offering expenses
3,450,000

 
86,250

 

 

 

 

 
(3,192
)
 

 

 

 
83,058

Share-based compensation

 

 
170,231

 
2

 

 

 
1,816

 

 

 

 
1,818

Treasury shares acquired

 

 

 

 
2,636.534

 
(83,293
)
 

 

 

 

 
(83,293
)
Share repurchase to settle shareholder tax obligations

 

 
(31,506
)
 

 

 

 
(978
)
 

 

 

 
(978
)
Net income (loss)

 

 

 

 

 

 

 
92,219

 

 
592

 
92,811

Other comprehensive income (loss)

 

 

 

 

 

 

 
(432
)
 
(15,597
)
 

 
(16,029
)
Purchase of noncontrolling interests

 

 

 

 

 

 
11,707

 

 

 
(82,707
)
 
(71,000
)
Distributions to noncontrolling interests

 

 

 

 

 

 

 

 

 
(2,078
)
 
(2,078
)
Common shares dividend declared

 

 

 

 

 

 

 
(40,923
)
 

 

 
(40,923
)
Balance as of March 31, 2019
3,450,000

 
$
86,250

 
80,982,197

 
$
811

 
4,489,682

 
$
(141,407
)
 
$
906,164

 
$
1,400,491

 
$
(1,034
)
 
$
37,320

 
$
2,288,595

Issuance of preferred shares, net of offering expenses
5,750,000

 
143,750

 

 

 

 

 
(5,018
)
 

 

 

 
138,732

Share-based compensation

 

 
41,535

 

 

 

 
3,653

 

 

 

 
3,653

Treasury shares acquired

 

 

 

 
2,347,826

 
(73,942
)
 

 

 

 

 
(73,942
)
Net income (loss)

 

 

 

 

 

 

 
86,096

 

 

 
86,096

Other comprehensive income (loss)

 

 

 

 

 

 

 

 
(33,408
)
 

 
(33,408
)
Purchase of noncontrolling interests

 

 

 

 

 

 
5,143

 

 

 
(37,320
)
 
(32,177
)
Common shares dividend declared

 

 

 

 

 

 

 
(39,108
)
 

 

 
(39,108
)
Preferred shares dividend declared

 

 

 

 

 

 

 
(1,833
)
 

 

 
(1,833
)
Balance as of June 30, 2019
9,200,000

 
$
230,000

 
81,023,732

 
$
811

 
6,837,508

 
$
(215,349
)
 
$
909,942

 
$
1,445,646

 
$
(34,442
)
 
$

 
$
2,336,608


The accompanying Notes to the Unaudited Consolidated Financial Statements are an integral part of these statements.

7






TRITON INTERNATIONAL LIMITED
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
 
Six Months Ended June 30,
 
2020
 
2019
Cash flows from operating activities:
 
 
 
Net income (loss)
$
147,624

 
$
178,907

Adjustments to reconcile net income (loss) to net cash provided by operating activities:
 
 
 
Depreciation and amortization
265,987

 
269,957

Amortization of deferred debt cost and other debt related amortization
7,187

 
6,849

Lease related amortization
15,788

 
23,835

Share-based compensation expense
5,861

 
5,471

Net (gain) loss on sale of leasing equipment
(8,614
)
 
(15,988
)
Unrealized (gain) loss on derivative instruments
286

 
2,253

Debt termination expense
31

 
558

Deferred income taxes
12,037

 
13,910

Changes in operating assets and liabilities:
 
 
 
Accounts receivable
(20,778
)
 
12,545

Accounts payable and other accrued expenses
(25,752
)
 
(8,860
)
Net equipment sold (purchased) for resale activity
(4,035
)
 
(8,517
)
Cash collections on finance lease receivables, net of income earned
46,650

 
33,680

Other assets
(25,703
)
 
(12,786
)
Net cash provided by (used in) operating activities
416,569

 
501,814

Cash flows from investing activities:
 
 
 
Purchases of leasing equipment and investments in finance leases
(219,788
)
 
(149,986
)
Proceeds from sale of equipment, net of selling costs
102,088

 
106,603

Other
(328
)
 
(130
)
Net cash provided by (used in) investing activities
(118,028
)
 
(43,513
)
Cash flows from financing activities:
 
 
 
Issuance of preferred shares, net of underwriting discount
145,275

 
221,790

Purchases of treasury shares
(95,243
)
 
(157,075
)
Redemption of common shares for withholding taxes
(2,156
)
 
(978
)
Debt issuance costs

 
(5,455
)
Borrowings under debt facilities
730,000

 
1,143,000

Payments under debt facilities and finance lease obligations
(801,044
)
 
(1,472,827
)
Dividends paid on preferred shares
(19,908
)
 
(1,833
)
Dividends paid on common shares
(72,964
)
 
(78,960
)
Distributions to noncontrolling interests

 
(2,078
)
Purchase of noncontrolling interests

 
(103,039
)
Other
(590
)
 

Net cash provided by (used in) financing activities
(116,630
)
 
(457,455
)
Net increase (decrease) in cash, cash equivalents and restricted cash
$
181,911

 
$
846

Cash, cash equivalents and restricted cash, beginning of period
168,972

 
159,539

Cash, cash equivalents and restricted cash, end of period
$
350,883

 
$
160,385

Supplemental disclosures:
 
 
 
Interest paid
$
131,457

 
$
160,211

Income taxes paid (refunded)
$
216

 
$