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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net (loss) income $ (293,572,000) $ (15,774,000) $ 179,926,000
Adjustments to reconcile net (loss) income to cash provided by (used in) operating activities:      
Depreciation and amortization 284,083,000 239,280,000 271,131,000
Net amortization of debt premiums, discounts and issuance costs 11,811,000 8,658,000 13,408,000
Straight line rental income 1,095,000 (8,916,000) (5,846,000)
Amortization of acquired real estate leases and assumed real estate lease obligations, net (242,000) 245,000 (7,211,000)
Loss on modification or early extinguishment of debt 2,468,000 30,043,000 2,410,000
Impairment of assets 18,380,000 0 (174,000)
Gain on sale of properties (1,205,000) (321,862,000) (492,272,000)
Gains and losses on equity securities, net (8,126,000) 25,660,000 42,232,000
Other non-cash adjustments, net (1,932,000) (2,038,000) (1,811,000)
Unconsolidated joint venture distributions 5,100,000 8,769,000 0
Equity in net losses (earnings) of investees 20,461,000 (6,055,000) 0
Change in assets and liabilities:      
Deferred leasing costs, net (9,834,000) (7,874,000) (20,701,000)
Other assets 10,672,000 10,946,000 (51,201,000)
Accrued interest (6,570,000) (428,000) 7,654,000
Other liabilities (22,106,000) (1,007,000) (868,000)
Net cash provided by (used in) operating activities 10,483,000 (40,353,000) (63,323,000)
CASH FLOWS FROM INVESTING ACTIVITIES:      
Real estate acquisitions and deposits 0 (75,105,000) 0
Real estate improvements (235,007,000) (299,387,000) (227,605,000)
Proceeds from sale of properties, net 18,356,000 822,000 103,257,000
Proceeds from sale of properties to joint venture, net 0 638,488,000 0
Proceeds from sale of interest in joint venture, net 0 108,424,000 367,033,000
Proceeds from insurance recoveries 534,000 14,466,000 0
Proceeds from AlerisLife Inc. tender offer 14,006,000 0 0
Distributions in excess of earnings from Affiliates Insurance Company 0 0 11,000
Net cash (used in) provided by investing activities (202,111,000) 387,708,000 242,696,000
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from issuance of senior unsecured notes, net 0 0 492,500,000
Proceeds from issuance of senior secured notes, net 750,001,000 0 0
Proceeds from borrowings on secured credit facility 0 0 800,000,000
Repayments of borrowings on secured credit facility (700,000,000) (100,000,000) 0
Redemption of senior unsecured notes (250,000,000) (500,000,000) (300,000,000)
Repayment of term loan 0 0 (200,000,000)
Repayment of other debt (17,049,000) (39,067,000) (3,159,000)
Loss on early extinguishment of debt settled in cash (978,000) (24,375,000) 0
Payment of debt issuance costs (21,699,000) (2,817,000) (10,347,000)
Repurchase of common shares (393,000) (171,000) (383,000)
Distributions to noncontrolling interest 0 0 (22,348,000)
Distributions to shareholders (9,595,000) (9,568,000) (9,540,000)
Net cash (used in) provided by financing activities (249,713,000) (675,998,000) 746,723,000
(Decrease) increase in cash and cash equivalents and restricted cash (441,341,000) (328,643,000) 926,096,000
Cash and cash equivalents and restricted cash at beginning of period 688,302,000 1,016,945,000 90,849,000
Cash and cash equivalents and restricted cash at end of period $ 246,961,000 $ 688,302,000 $ 1,016,945,000