CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash Flows from Operating Activities:
Net (loss) income	$ (17,639)	$ 17,460
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Equity in income of unconsolidated entities	(328)	(7,312)
Depreciation and amortization	8,984	7,681
Loss (gain) on real estate equity securities	26,454	(11,165)
Gain on sale of real estate	0	(7,575)
Loss on extinguishment of debt	0	856
Unrealized (gain) loss on interest rate caps	(14)	30
Deferred rent	(1,027)	(1,270)
Amortization of above- and below-market leases, net	(177)	(252)
Amortization of deferred financing costs	885	869
Accretion of interest income on real estate debt securities	0	(13)
Amortization of premium on bond and notes payable	(25)	(20)
Foreign currency transaction (gain) loss, net	(14,996)	2,816
Changes in assets and liabilities:
Rents and other receivables	(430)	85
Prepaid expenses and other assets	(2,010)	(1,925)
Accounts payable and accrued liabilities	(4,738)	(7,292)
Due to affiliates	1,926	53
Other liabilities	1,615	(599)
Net cash used in operating activities	(1,520)	(7,573)
Cash Flows from Investing Activities:
Improvements to real estate	(7,779)	(8,052)
Proceeds from sales of real estate, net	0	17,894
Investment in unconsolidated entities	(231)	0
Distributions of capital from unconsolidated entities	1,225	7,800
Purchase of interest rate cap	(6)	0
Investment in real estate equity securities	(16,789)	(15)
Proceeds from the sale of real estate equity securities	7,849	24,076
Proceeds from principal repayment on real estate debt securities	0	7,750
Funding of development obligations	0	(21)
Net cash (used in) provided by investing activities	(15,731)	49,432
Cash Flows from Financing Activities:
Proceeds from notes and bonds payable	89,893	2,608
Principal payments on notes and bonds payable	(56,820)	(54,266)
Payments of deferred financing costs	(2,302)	(7)
Payments to redeem common stock	(468)	(2,539)
Payment of prepaid other offering costs	(182)	(2)
Distributions paid	(305)	(292)
Preferred dividends paid	(140)	0
Noncontrolling interests contributions	112	12
Distributions to noncontrolling interests	0	(1,739)
Other financing proceeds, net	0	1,822
Net cash provided by (used in) financing activities	29,788	(54,403)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(528)	2,096
Net increase (decrease) in cash, cash equivalents and restricted cash	12,009	(10,448)
Cash, cash equivalents and restricted cash, beginning of period	88,494	162,727
Cash, cash equivalents and restricted cash, end of period	$ 100,503	$ 152,279