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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net (loss) income attributable to common stockholders $ (77,605) $ (113,256) $ 138,417
Adjustments to reconcile net loss to net cash provided by operating activities:      
Depreciation and amortization 187,782 178,991 176,737
Non-cash rental and related revenues 2,183 25,823 (4,458)
Non-cash interest income (2,285) (1,988) (2,351)
Non-cash interest expense 11,094 8,368 8,418
Stock-based compensation expense 7,453 7,914 7,907
Loss on extinguishment of debt 411 34,622 531
Provision for loan losses and other reserves 141 3,935 1,855
Net loss (gain) on sales of real estate 12,011 (12,301) (2,861)
Impairment of real estate 94,042 9,499 4,003
Other-than-temporary impairment of unconsolidated joint ventures 57,778 164,126 0
Loss from unconsolidated joint ventures 40,254 27,955 16,599
Other non-cash items 2,167 0 0
Distributions of earnings from unconsolidated joint ventures 0 0 12,795
Changes in operating assets and liabilities:      
Accounts receivable, prepaid expenses and other assets, net (6,443) 8,223 (6,398)
Accounts payable and accrued liabilities (13,250) 14,479 3,658
Net cash provided by operating activities 315,733 356,390 354,852
Cash flows from investing activities:      
Acquisition of real estate (92,204) (99,448) (92,945)
Origination and fundings of loans receivable (23,812) (290,000) (1,651)
Origination and fundings of preferred equity investments (8,021) (9,061) (20,069)
Additions to real estate (54,473) (42,651) (47,354)
Escrow deposits for potential investments (780) 0 0
Repayments of loans receivable 5,272 2,949 4,093
Repayments of preferred equity investments 5,376 1,292 3,419
Investment in unconsolidated joint ventures (142,910) 0 0
Net proceeds from the sales of real estate 87,304 100,723 16,751
Deposits for potential sale of real estate 8,000 0 0
Distributions in excess of earnings from unconsolidated joint ventures 0 0 1,305
Net cash used in investing activities (216,248) (336,196) (136,451)
Cash flows from financing activities:      
Net borrowings from revolving credit facility 204,046 0 0
Proceeds from issuance of senior unsecured notes 0 791,520 0
Principal payments on senior unsecured notes 0 (300,000) 0
Principal payments on term loans (63,750) (455,000) 0
Principal payments on secured debt (17,516) (12,661) (3,072)
Payments of deferred financing costs (20) (9,317) (830)
Payments related to extinguishment of debt 0 (30,196) 0
Payment of contingent consideration (2,500) 0 0
Issuance of common stock, net (4,810) 308,713 80,092
Dividends paid on common stock (277,157) (262,919) (278,299)
Net cash (used in) provided by financing activities (161,707) 30,140 (202,109)
Net (decrease) increase in cash, cash equivalents and restricted cash (62,222) 50,334 16,292
Effect of foreign currency translation on cash, cash equivalents and restricted cash 268 29 88
Cash, cash equivalents and restricted cash, beginning of period 115,886 65,523 49,143
Cash, cash equivalents and restricted cash, end of period 53,932 115,886 65,523
Supplemental disclosure of cash flow information:      
Interest paid 97,723 85,464 92,589
Income taxes paid 1,657 1,839 2,439
Supplemental disclosure of non-cash investing activities:      
Decrease in loans receivable and other investments due to acquisition of real estate 14,311 0 20,731
Secured debt assumed by buyer in connection with sale of real estate $ 0 $ 0 $ 31,830