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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
Operating Activities          
Net loss $ (21,694) $ 12,211 $ (439,279) $ (12,253)  
Adjustments to reconcile net loss to net cash provided by operating activities:          
Depreciation and amortization     204,171 148,267  
Equity in net loss from unconsolidated joint ventures 15,126 21,997 44,470 31,262  
Distributions of cumulative earnings from unconsolidated joint ventures     514 448  
Equity in net loss on sale of interest in unconsolidated joint venture interest/real estate 0 0 79 131  
Purchase price and other fair value adjustments     6,987 7,348  
Depreciable real estate reserves and impairment     305,527 0  
Loss on sale of real estate, net (516) (4,276) 27,813 61,104  
Loan loss reserves and other investment reserves, net of recoveries 0 0 6,890 0 $ 0
Deferred rents receivable     (16,195) (1,371)  
Non-cash lease expense     15,477 17,332  
Other non-cash adjustments     6,645 (11,950)  
Changes in operating assets and liabilities:          
Tenant and other receivables     (2,852) 7,800  
Related party receivables     16,466 5,803  
Deferred lease costs     (8,066) (10,227)  
Other assets     (13,254) (35,114)  
Accounts payable, accrued expenses, other liabilities and security deposits     23,655 21,345  
Deferred revenue     9,978 17,208  
Lease liability - operating leases     (7,688) 2,495  
Net cash provided by operating activities     181,338 249,628  
Investing Activities          
Acquisitions of real estate property     0 (64,491)  
Additions to land, buildings and improvements     (194,035) (194,997)  
Acquisition deposits and deferred purchase price     0 75,400  
Investments in unconsolidated joint ventures     (119,522) (146,598)  
Distributions in excess of cumulative earnings from unconsolidated joint ventures     108,884 92,217  
Net proceeds from disposition of real estate/joint venture interest     547,605 353,853  
Cash and restricted cash assumed from acquisition of real estate investment     0 60,494  
Proceeds from sale or redemption of marketable securities     0 11,465  
Other investments     (17,545) 1,619  
Origination of debt and preferred equity investments     (53,703) (40,053)  
Repayments or redemption of debt and preferred equity investments     0 124,405  
Net cash provided by investing activities     271,684 273,314  
Financing Activities          
Proceeds from mortgages and other loans payable     0 381,980  
Repayments of mortgages and other loans payable     (4,340) (290,936)  
Proceeds from revolving credit facility, term loans and unsecured notes     358,000 1,124,000  
Repayments of revolving credit facility, term loans and unsecured notes     (808,000) (1,364,000)  
Proceeds from stock options exercised and DRSPP issuance     439 339  
Repurchase of common stock     0 (151,197)  
Redemption of preferred stock     (11,700) (17,967)  
Redemption of OP units     (8,900) (35,316)  
Distributions to noncontrolling interests in other partnerships     (1,614) (3,168)  
Contributions from noncontrolling interests in other partnerships     3,580 52,164  
Acquisition of subsidiary interest from noncontrolling interest     0 (29,817)  
Distributions to noncontrolling interests in the Operating Partnership     (11,225) (12,635)  
Dividends paid on common and preferred stock     (172,920) (197,124)  
Other obligations related to secured borrowing     129,656 77,874  
Tax withholdings related to restricted share awards     0 (3,915)  
Deferred loan costs     (729) (5,130)  
Net cash used in financing activities     (527,753) (474,848)  
Net (decrease) increase in cash, cash equivalents, and restricted cash     (74,731) 48,094  
Cash, cash equivalents, and restricted cash at beginning of year     384,054 336,984 336,984
Cash, cash equivalents, and restricted cash at end of period 309,323 385,078 309,323 385,078 384,054
Supplemental Disclosure of Non-Cash Investing and Financing Activities:          
Exchange of preferred equity investment for real estate or equity in joint venture     0 190,652  
Exchange of debt investment for real estate or equity in joint venture     349,946 193,995  
Assumption of mortgage and mezzanine loans     0 1,712,750  
Issuance of special dividend paid primarily in stock     0 160,620  
Tenant improvements and capital expenditures payable     0 18,518  
Fair value adjustment to noncontrolling interest in the Operating Partnership     8,072 23,539  
Deconsolidation of a subsidiary     101,351 0  
Contribution to consolidated joint venture interest     8,134 0  
Debt and preferred equity investments     0 302  
Removal of fully depreciated commercial real estate properties     7,747 4,048  
Recognition of right of use assets and related lease liabilities     0 57,938  
Cash and cash equivalents 189,750 201,267 189,750 201,267 203,273
Restricted cash 119,573 183,811 119,573 183,811 180,781
Total cash, cash equivalents, and restricted cash $ 309,323 $ 385,078 $ 309,323 $ 385,078 $ 384,054