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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating Activities    
Net income (loss) $ 18,389 $ (38,357)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 50,123 80,803
Equity in net (income) loss from unconsolidated joint ventures (111,160) 7,412
Distributions of cumulative earnings from unconsolidated joint ventures 68 258
Equity in net (gain) loss on sale of interest in unconsolidated joint venture interest/real estate (26,764) 79
Purchase price and other fair value adjustments 50,492 (239)
Depreciable real estate reserves and impairment 52,118 0
Loss on sale of real estate, net 0 1,651
Loan loss reserves and other investment reserves, net of recoveries 0 6,890
Deferred rents receivable (3,721) (7,431)
Non-cash lease expense 5,003 5,261
Other non-cash adjustments 11,166 (3,271)
Changes in operating assets and liabilities:    
Tenant and other receivables (3,174) (969)
Related party receivables 245 577
Deferred lease costs (3,735) (3,911)
Other assets (12,644) (11,394)
Accounts payable, accrued expenses, other liabilities and security deposits (50,003) 4,656
Deferred revenue 3,017 2,450
Lease liability - operating leases (4,097) (2,116)
Net cash (used in) provided by operating activities (24,677) 42,349
Investing Activities    
Additions to land, buildings and improvements (55,316) (61,918)
Acquisition deposits and deferred purchase price (12,817) 0
Investments in unconsolidated joint ventures (23,830) (22,985)
Distributions in excess of cumulative earnings from unconsolidated joint ventures 71,545 41,812
Net proceeds from disposition of real estate/joint venture interest 26,420 0
Other investments (2,770) (17,700)
Origination of debt and preferred equity investments (6,945) (5,578)
Net cash used in investing activities (3,713) (66,369)
Financing Activities    
Proceeds from mortgages and other loans payable 493 0
Repayments of mortgages and other loans payable (1,501) (1,473)
Proceeds from revolving credit facility, term loans and unsecured notes 130,000 143,000
Repayments of revolving credit facility, term loans and unsecured notes (40,000) (78,000)
Proceeds from stock options exercised and DRSPP issuance 77 184
Redemption of OP units (18,608) (5,220)
Distributions to noncontrolling interests in other partnerships (1,283) (136)
Contributions from noncontrolling interests in other partnerships 0 426
Distributions to noncontrolling interests in the Operating Partnership (3,609) (3,822)
Dividends paid on common and preferred stock (54,142) (57,373)
Deferred loan costs (60) (358)
Net cash provided by (used in) financing activities 11,367 (2,772)
Net decrease in cash, cash equivalents, and restricted cash (17,023) (26,792)
Cash, cash equivalents, and restricted cash at beginning of year 335,519 384,054
Cash, cash equivalents, and restricted cash at end of period 318,496 357,262
Supplemental Disclosure of Non-Cash Investing and Financing Activities:    
Fair value adjustment to noncontrolling interest in the Operating Partnership 42,841 10,147
Consolidation of a subsidiary 6,678 0
Consolidation of mortgage loan payable 205,000 0
Acquisition of subsidiary interest from noncontrolling interest 5,674 0
Contribution to consolidated joint venture interest 0 8,134
Removal of fully depreciated commercial real estate properties 3,354 4,247
Share repurchase or redemption payable 5,012 0
Cash and cash equivalents 196,035 158,937
Restricted cash 122,461 198,325
Total cash, cash equivalents, and restricted cash $ 318,496 $ 357,262