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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating Activities    
Net (loss) income $ (38,357) $ 13,485
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation and amortization 80,569 48,931
Equity in net loss from unconsolidated joint ventures 7,412 4,715
Distributions of cumulative earnings from unconsolidated joint ventures 258 188
Equity in net loss on sale of interest in unconsolidated joint venture interest/real estate 79 0
Purchase price and other fair value adjustments (239) 63
Loss on sale of real estate, net 1,651 1,002
Loan loss and other investment reserves, net of recoveries 6,890 0
Deferred rents receivable (7,431) (546)
Non-cash lease expense 5,261 6,043
Other non-cash adjustments (3,271) (6,964)
Changes in operating assets and liabilities:    
Tenant and other receivables (969) 13,673
Related party receivables 577 (2,335)
Deferred lease costs (3,911) (4,240)
Other assets (11,160) (25,076)
Accounts payable, accrued expenses, other liabilities and security deposits 4,656 28,049
Deferred revenue 2,450 3,550
Lease liability - operating leases (2,116) 864
Net cash provided by operating activities 42,349 81,402
Investing Activities    
Additions to land, buildings and improvements (61,918) (61,680)
Acquisition deposits and deferred purchase price 0 (15,000)
Investments in unconsolidated joint ventures (22,985) (11,399)
Distributions in excess of cumulative earnings from unconsolidated joint ventures 41,812 16,089
Net proceeds from disposition of real estate/joint venture interest 0 91,994
Other investments (17,700) 209
Origination of debt and preferred equity investments (5,578) (13,122)
Repayments or redemption of debt and preferred equity investments 0 6,405
Net cash (used in) provided by investing activities (66,369) 13,496
Financing Activities    
Proceeds from mortgages and other loans payable 0 5,309
Repayments of mortgages and other loans payable (1,473) (55,715)
Proceeds from revolving credit facility and unsecured notes 143,000 320,000
Repayments of revolving credit facility and unsecured notes (78,000) (210,000)
Proceeds from stock options exercised and DRSPP issuance 184 89
Repurchase of common stock 0 (151,197)
Redemption of preferred stock 0 (17,967)
Redemption of OP units (5,220) (18,272)
Distributions to noncontrolling interests in other partnerships (136) (123)
Contributions from noncontrolling interests in other partnerships 426 0
Distributions to noncontrolling interests in the Operating Partnership (3,822) (4,415)
Dividends paid on common and preferred stock (57,373) (66,339)
Other obligations related to secured borrowing 0 77,874
Tax withholdings related to restricted share awards 0 (3,888)
Deferred loan costs (358) 80
Net cash used in financing activities (2,772) (124,564)
Net decrease in cash, cash equivalents, and restricted cash (26,792) (29,666)
Cash, cash equivalents, and restricted cash at beginning of year 384,054 336,984
Cash, cash equivalents, and restricted cash at end of period 357,262 307,318
Supplemental Disclosure of Non-Cash Investing and Financing Activities:    
Issuance of special dividend paid primarily in stock 0 160,620
Tenant improvements and capital expenditures payable 0 8,700
Fair value adjustment to noncontrolling interest in the Operating Partnership 10,147 43,023
Contribution to consolidated joint venture interest 8,134 0
Removal of fully depreciated commercial real estate properties 4,247 651
Cash and cash equivalents 158,937 223,674
Restricted cash 198,325 83,644
Total cash, cash equivalents, and restricted cash $ 357,262 $ 307,318