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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net income $ 11,701 $ 57,407
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 96,969 90,428
Non-cash rental and related revenues (5,469) (8,061)
Non-cash interest income (388) (1,094)
Non-cash interest expense 6,091 5,502
Stock-based compensation expense 3,233 3,250
Loss on extinguishment of debt 1,541 271
Provision for loan losses and other reserves 221 205
Net loss on sales of real estate 29,348 4,501
Impairment of real estate 7,064 11,745
Loss from unconsolidated joint ventures 1,491 5,331
Distributions of earnings from unconsolidated joint ventures 1,112 0
Other non-cash items 0 2,167
Changes in operating assets and liabilities:    
Accounts receivable, prepaid expenses and other assets, net (6,277) (6,074)
Accounts payable and accrued liabilities (8,019) (25,895)
Net cash provided by operating activities 138,618 139,683
Cash flows from investing activities:    
Acquisition of real estate (39,630) (20,573)
Origination and fundings of loans receivable (9,050) 0
Origination and fundings of preferred equity investments (10,676) (4,990)
Additions to real estate (37,995) (19,495)
Escrow deposits for potential investments 0 (836)
Repayments of loans receivable 8,062 4,466
Repayments of preferred equity investments 4,130 1,333
Investment in unconsolidated joint ventures (4,797) (128,007)
Net proceeds from the sales of real estate 168,904 40,003
Net proceeds from sales-type lease 25,490 0
Distributions in excess of earnings from unconsolidated joint ventures 544 0
Net cash provided by (used in) investing activities 104,982 (128,099)
Cash flows from financing activities:    
Net (repayments of) borrowings from revolving credit facility (98,857) 142,353
Proceeds from term loans 12,188 0
Principal payments on term loans 0 (40,000)
Principal payments on secured debt (983) (16,547)
Payments of deferred financing costs (18,128) (6)
Payment of contingent consideration (17,900) 0
Issuance of common stock, net (2,153) (3,803)
Dividends paid on common stock (138,711) (138,565)
Net cash used in financing activities (264,544) (56,568)
Net decrease in cash, cash equivalents and restricted cash (20,944) (44,984)
Effect of foreign currency translation on cash, cash equivalents and restricted cash (608) 619
Cash, cash equivalents and restricted cash, beginning of period 53,932 115,886
Cash, cash equivalents and restricted cash, end of period 32,380 71,521
Supplemental disclosure of cash flow information:    
Interest paid 52,591 49,968
Supplemental disclosure of non-cash investing activities:    
Decrease in loans receivable and other investments due to acquisition of real estate $ 4,644 $ 5,623