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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash Flows from Operating Activities:      
Net loss $ (104,872) $ (146,477) $ (41,670)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:      
Impairment charges on real estate and related intangibles 76,090 64,849 18,493
Loss from unconsolidated entities, net 35,397 54,758 8,019
Depreciation and amortization 41,069 47,868 51,930
Loss on real estate equity securities 12,076 4,598 51,943
Gain on sale of real estate, net (119,018) (82,099) (46,513)
Deferred rent (859) (176) (2,582)
Amortization of deferred financing costs and debt discount and premium, net 9,444 9,572 8,511
Foreign currency transaction loss (gain), net 3,156 18,712 (29,038)
Impairment charges on goodwill 0 4,488 8,098
Gain from consolidation of previously unconsolidated entity 0 0 (18,742)
Loss (gain) on extinguishment of debt 6,033 0 (2,367)
Changes in assets and liabilities:      
Rents and other receivables, net 1,169 (830) 1,582
Prepaid expenses and other assets 1,146 (3,436) (3,599)
Accounts payable and accrued liabilities 663 3,807 (3,159)
Net cash (used in) provided by operating activities (30,357) (24,345) 11,852
Cash Flows from Investing Activities:      
Improvements to real estate (27,512) (24,081) (31,110)
Proceeds from sales of real estate, net 232,347 116,318 151,178
Purchase of interest rate caps (1,447) (1,236) (556)
Contributions to unconsolidated entities (79,530) (31,428) (23,780)
Distribution of capital from an unconsolidated entity 1,497 1,144 569
Payments on foreign currency derivatives, net (478) (30,209) (984)
Proceeds from the sale of real estate equity securities 16,379 13,946 0
Proceeds for development obligations 16,461 12,005 0
Payments on development obligations (11,540) (8,689) (7,934)
Escrow deposits for pending real estate sales 10,000 0 17,000
Acquisitions of real estate, net of cash acquired 0 0 (6,689)
Cash and restricted cash received upon consolidation of previously unconsolidated entity 0 0 1,834
Advances to affiliate 0 0 (1,200)
Proceeds from advances due from affiliates 0 0 8,239
Net cash provided by investing activities 156,177 47,770 106,567
Cash Flows from Financing Activities:      
Proceeds from notes and bonds payable 179,787 98,502 188,106
Principal payments on notes and bonds payable (348,666) (111,243) (192,268)
Payments on deferred financing costs and extinguishment of debt (9,814) (5,416) (4,770)
Redemptions of common stock (2,882) (6,425) (6,007)
Noncontrolling interests contributions 584 543 300
Noncontrolling interests distributions (2,608) (1,094) (9,538)
Payment for redeemable noncontrolling interests 0 0 (6,687)
Distributions paid 0 0 (11,016)
Preferred dividends paid 0 0 (1,123)
Acquisition of noncontrolling interest 0 0 (1,125)
Payments to redeem noncontrolling cumulative convertible redeemable preferred stock 0 0 (16,934)
Net cash used in financing activities (183,599) (25,133) (61,062)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 946 (2,127) (3,744)
Net (decrease) increase in cash, cash equivalents and restricted cash (56,833) (3,835) 53,613
Cash, cash equivalents and restricted cash, beginning of period 155,209 159,044 105,431
Cash, cash equivalents and restricted cash, end of period 98,376 155,209 159,044
Reconciliation of cash, cash equivalents and restricted cash:      
Cash and cash equivalents 56,000 99,160 97,931
Restricted cash 42,376 56,049 61,113
Total cash, cash equivalents and restricted cash 98,376 155,209 159,044
Supplemental Disclosure of Cash Flow Information:      
Interest paid, net of capitalized interest of $4,519, $3,748 and $2,529 for the years ended December 31, 2024, 2023, and 2022, respectively 60,399 58,884 38,663
Income taxes paid 10,000 11,500 0
Supplemental Disclosure of Significant Noncash Transactions:      
Accrued improvements to real estate 1,975 4,108 3,827
Accrued development obligations 12,135 11,213 7,896
Deposit applied to sale of real estate 9,472 7,528 0
Adjustment to redemption value of redeemable noncontrolling interest 0 0 3,946
Assets acquired in the consolidation of PORT II 0 0 137,569
Liabilities assumed in the consolidation of PORT II 0 0 85,096
Due to affiliate      
Changes in assets and liabilities:      
Other liabilities 4,758 4,622 198
Other liabilities      
Changes in assets and liabilities:      
Other liabilities $ 3,391 $ (4,601) $ 10,748