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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Operating Activities          
Net income (loss) $ (9,264) $ (21,694) $ 11,084 $ (439,279)  
Adjustments to reconcile net income (loss) to net cash provided by operating activities:          
Depreciation and amortization     158,892 205,086  
Equity in net (income) loss from unconsolidated joint ventures 15,428 15,126 (100,057) 44,470  
Distributions of cumulative earnings from unconsolidated joint ventures     306 514  
Equity in net (gain) loss on sale of interest in unconsolidated joint venture interest/real estate (371) 0 (19,006) 79  
Purchase price and other fair value adjustments     36,321 6,987  
Depreciable real estate reserves and impairment     65,839 305,527  
(Gain) loss on sale of real estate, net (7,471) (516) (4,730) 27,813  
Loan loss reserves and other investment reserves, net of recoveries 0 0 0 6,890 $ 6,890
Gain on early extinguishment of debt 0 0 (17,777) 0  
Deferred rents receivable     (2,166) (16,195)  
Non-cash lease expense     15,147 15,477  
Other non-cash adjustments     31,460 6,645  
Changes in operating assets and liabilities:          
Tenant and other receivables     (12,693) (2,852)  
Related party receivables     181 16,466  
Deferred lease costs     (11,920) (8,066)  
Other assets     (11,332) (14,169)  
Accounts payable, accrued expenses, other liabilities and security deposits     (57,291) 23,655  
Deferred revenue     1,616 9,978  
Lease liability - operating leases     (12,454) (7,688)  
Net cash provided by operating activities     71,420 181,338  
Investing Activities          
Additions to land, buildings and improvements     (162,691) (194,035)  
Acquisition deposits and deferred purchase price     (12,817) 0  
Investments in unconsolidated joint ventures     (371,948) (119,522)  
Distributions in excess of cumulative earnings from unconsolidated joint ventures     99,307 108,884  
Net proceeds from disposition of real estate/joint venture interest     478,151 547,605  
Investments in marketable securities     (5,604) 0  
Investments in real estate loans held by consolidated securitization vehicles     (108,893)  
Other investments     (7,350) (17,545)  
Origination of debt and preferred equity investments     (9,126) (53,703)  
Repayments or redemption of debt and preferred equity investments     63,496 0  
Net cash (used in) provided by investing activities     (37,475) 271,684  
Financing Activities          
Proceeds from mortgages and other loans payable     900 0  
Repayments of mortgages and other loans payable     (36,488) (4,340)  
Proceeds from revolving credit facility, term loans and unsecured notes     920,000 358,000  
Repayments of revolving credit facility, term loans and unsecured notes     (745,000) (808,000)  
Proceeds from stock options exercised and DRSPP issuance     14,291 439  
Redemption of preferred stock     0 (11,700)  
Redemption of OP units     (31,491) (8,900)  
Distributions to noncontrolling interests in other partnerships     (4,567) (1,614)  
Contributions from noncontrolling interests in other partnerships     1,823 3,580  
Distributions to noncontrolling interests in the Operating Partnership     (10,545) (11,225)  
Dividends paid on common and preferred stock     (162,787) (172,920)  
Other obligations related to secured borrowing     0 129,656  
Deferred loan costs     (475) (729)  
Net cash used in financing activities     (54,339) (527,753)  
Net decrease in cash, cash equivalents, and restricted cash     (20,394) (74,731)  
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 315,125 309,323 315,125 309,323 335,519
Supplemental Disclosure of Non-Cash Investing and Financing Activities:          
Exchange of debt investment for real estate or equity in joint venture     0 349,946  
Fair value adjustment to noncontrolling interest in the Operating Partnership     77,400 8,072  
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     4,774 7,747  
Share repurchase or redemption payable     9,514 0  
Consolidation of securitization vehicle assets     600,521 0  
Consolidation of securitization vehicle liabilities     600,521 0  
Cash and cash equivalents 188,216 189,750 188,216 189,750 221,823
Restricted cash 126,909 119,573 126,909 119,573 113,696
Total cash, cash equivalents, and restricted cash $ 315,125 $ 309,323 $ 315,125 $ 309,323 $ 335,519