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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Operating Activities          
Net income (loss) $ 1,959 $ (379,228) $ 20,348 $ (417,585)  
Adjustments to reconcile net income (loss) to net cash provided by operating activities:          
Depreciation and amortization     104,047 152,292  
Equity in net (income) loss from unconsolidated joint ventures (4,325) 21,932 (115,485) 29,344  
Distributions of cumulative earnings from unconsolidated joint ventures     237 409  
Equity in net (gain) loss on sale of interest in unconsolidated joint venture interest/real estate 8,129 0 (18,635) 79  
Purchase price and other fair value adjustments     49,227 17,170  
Depreciable real estate reserves and impairment     65,839 305,916  
Loss on sale of real estate, net 2,741 26,678 2,741 28,329  
Loan loss reserves and other investment reserves, net of recoveries 0 0 0 6,890 $ 6,890
Gain on early extinguishment of debt (17,777) 0 (17,777) 0  
Deferred rents receivable     (2,009) (14,357)  
Non-cash lease expense     10,052 10,550  
Other non-cash adjustments     24,194 (2,523)  
Changes in operating assets and liabilities:          
Tenant and other receivables     (8,312) (3,805)  
Related party receivables     4,959 (893)  
Deferred lease costs     (7,669) (5,891)  
Other assets     11,631 750  
Accounts payable, accrued expenses, other liabilities and security deposits     (60,375) 2,697  
Deferred revenue     (64) (585)  
Lease liability - operating leases     (8,252) (4,795)  
Net cash provided by operating activities     54,697 103,992  
Investing Activities          
Additions to land, buildings and improvements     (108,063) (134,190)  
Acquisition deposits and deferred purchase price     (12,817) 0  
Investments in unconsolidated joint ventures     (325,282) (46,977)  
Distributions in excess of cumulative earnings from unconsolidated joint ventures     66,735 72,823  
Net proceeds from disposition of real estate/joint venture interest     457,142 97,563  
Investments in marketable securities     (5,604) 0  
Other investments     (5,530) (17,779)  
Origination of debt and preferred equity investments     (8,275) (10,308)  
Repayments or redemption of debt and preferred equity investments     63,496 0  
Net cash provided by (used in) investing activities     121,802 (38,868)  
Financing Activities          
Proceeds from mortgages and other loans payable     493 0  
Repayments of mortgages and other loans payable     (34,987) (2,899)  
Proceeds from revolving credit facility, term loans and unsecured notes     700,000 223,000  
Repayments of revolving credit facility, term loans and unsecured notes     (720,000) (218,000)  
Proceeds from stock options exercised and DRSPP issuance     120 342  
Redemption of preferred stock     0 (11,700)  
Redemption of OP units     (24,915) (5,250)  
Distributions to noncontrolling interests in other partnerships     (2,807) (763)  
Contributions from noncontrolling interests in other partnerships     1,823 314  
Distributions to noncontrolling interests in the Operating Partnership     (7,126) (7,550)  
Dividends paid on common and preferred stock     (108,462) (114,983)  
Deferred loan costs     (346) (630)  
Net cash used in financing activities     (196,207) (138,119)  
Net decrease in cash, cash equivalents, and restricted cash     (19,708) (72,995)  
Cash, cash equivalents, and restricted cash at beginning of year     335,519 384,054 384,054
Cash, cash equivalents, and restricted cash at end of period 315,811 311,059 315,811 311,059 335,519
Supplemental Disclosure of Non-Cash Investing and Financing Activities:          
Fair value adjustment to noncontrolling interest in the Operating Partnership     42,477 11,198  
Investment in joint venture     10,639 0  
Deconsolidation of a subsidiary     0 101,351  
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  
Extinguishment of debt     18,000 0  
Debt and preferred equity investments     1,133 0  
Removal of fully depreciated commercial real estate properties     4,585 7,747  
Share repurchase or redemption payable     4,932 0  
Cash and cash equivalents 199,501 191,979 199,501 191,979 221,823
Restricted cash 116,310 119,080 116,310 119,080 113,696
Total cash, cash equivalents, and restricted cash $ 315,811 $ 311,059 $ 315,811 $ 311,059 $ 335,519