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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Operating activities:    
Net income $ (11,894) $ 25,521
Adjustments to reconcile net income to net cash provided by operating activities:    
Real estate-related depreciation and amortization 101,067 52,728
Straight-line rent and amortization of above- and below-market leases (5,941) (6,759)
Gain on sale of real estate property (94,827) (53,321)
Performance participation allocation 22,088 7,769
Equity in income of unconsolidated joint venture partnership (2,298) 0
Impairment of real estate property 0 758
Amortization of debt and financing obligation costs 5,464 4,766
Financing obligation liability appreciation 24,721 4,181
Other 2,177 (5,725)
Changes in operating assets and liabilities 19,150 8,832
Net cash provided by operating activities 59,707 38,750
Investing activities:    
Real estate acquisitions (1,181,616) (346,765)
Capital expenditures (25,309) (22,725)
Proceeds from disposition of real estate property 274,816 141,360
Principal collections on debt-related investments 4,084 2,405
Investment in unconsolidated joint venture partnerships (47,906) 0
Investment in debt-related investments (49,699) (402)
Other (13) (48)
Net cash used in investing activities (1,025,643) (226,175)
Financing activities:    
Repayments of mortgage notes (1,408) (26,241)
Net proceeds from (repayments of) line of credit (71,000) (21,000)
Proceeds from term loan 275,000 0
Redemptions of common stock (48,783) (50,130)
Distributions paid to common stockholders, redeemable noncontrolling interest holders and noncontrolling interest holders (36,104) (27,552)
Proceeds from issuance of common stock 311,106 166,750
Proceeds from financing obligations, net 576,541 163,018
Offering costs for issuance of common stock and private placements (11,963) (8,689)
Redemption of noncontrolling interests (4,506) (4,292)
Redemption of redeemable noncontrolling interests (7,724) 0
Deferred financing costs paid (1,542) (3,177)
Net cash provided by financing activities 979,617 188,687
Net increase in cash, cash equivalents and restricted cash 13,681 1,262
Cash, cash equivalents and restricted cash, at beginning of period 14,352 21,734
Cash, cash equivalents and restricted cash, at end of period $ 28,033 $ 22,996