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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net (loss) income $ (3,400) $ 7,343
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 140,211 137,855
Non-cash rental and related revenues (6,781) 4,970
Non-cash interest income (380) (1,683)
Non-cash interest expense 9,179 8,300
Stock-based compensation expense 5,468 5,367
Loss on extinguishment of debt 1,541 411
Provision for (recovery of) loan losses and other reserves 549 (12)
Net loss on sales of real estate 75,893 4,581
Impairment of real estate 7,064 72,602
Loss from unconsolidated joint ventures 2,136 9,715
Distributions of earnings from unconsolidated joint ventures 1,705 0
Other non-cash items (3,704) 2,167
Changes in operating assets and liabilities:    
Accounts receivable, prepaid expenses and other assets, net (10,660) (5,631)
Accounts payable and accrued liabilities 3,013 2,161
Net cash provided by operating activities 221,834 248,146
Cash flows from investing activities:    
Acquisition of real estate (39,630) (83,985)
Origination and fundings of loans receivable (9,614) (4,500)
Origination and fundings of preferred equity investments (11,015) (5,813)
Additions to real estate (63,794) (33,809)
Escrow deposits for potential investments 0 (836)
Repayments of loans receivable 8,674 4,885
Repayments of preferred equity investments 4,828 4,173
Investment in unconsolidated joint ventures (4,797) (128,019)
Net proceeds from the sales of real estate 248,222 62,816
Net proceeds from sales-type lease 25,490 0
Insurance proceeds 6,001 0
Distributions in excess of earnings from unconsolidated joint ventures 544 0
Net cash provided by (used in) investing activities 164,909 (185,088)
Cash flows from financing activities:    
Net (repayments of) borrowings from revolving credit facility (165,338) 147,353
Proceeds from term loans 12,188 0
Principal payments on term loans 0 (63,750)
Principal payments on secured debt (1,479) (17,030)
Payments of deferred financing costs (18,135) (6)
Payment of contingent consideration (17,900) (2,500)
Issuance of common stock, net (2,194) (4,394)
Dividends paid on common stock (208,079) (207,861)
Net cash used in financing activities (400,937) (148,188)
Net decrease in cash, cash equivalents and restricted cash (14,194) (85,130)
Effect of foreign currency translation on cash, cash equivalents and restricted cash (880) 392
Cash, cash equivalents and restricted cash, beginning of period 53,932 115,886
Cash, cash equivalents and restricted cash, end of period 38,858 31,148
Supplemental disclosure of cash flow information:    
Interest paid 72,911 68,778
Supplemental disclosure of non-cash investing activities:    
Decrease in loans receivable and other investments due to acquisition of real estate $ 4,644 $ 14,311