XML 25 R10.htm IDEA: XBRL DOCUMENT v3.24.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income (loss) $ 13,756 $ (77,605) $ (113,256)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 183,087 187,782 178,991
Non-cash rental and related revenues (8,699) 2,183 25,823
Non-cash interest income (372) (2,285) (1,988)
Non-cash interest expense 12,265 11,094 8,368
Stock-based compensation expense 7,917 7,453 7,914
Loss on extinguishment of debt 1,541 411 34,622
Provision for loan losses and other reserves 191 141 3,935
Net loss (gain) on sales of real estate 76,625 12,011 (12,301)
Impairment of real estate 14,332 94,042 9,499
Other-than-temporary impairment of unconsolidated joint ventures 0 57,778 164,126
Loss from unconsolidated joint ventures 2,897 40,254 27,955
Distributions of earnings from unconsolidated joint ventures 3,469 0 0
Other non-cash items (3,704) 2,167 0
Changes in operating assets and liabilities:      
Accounts receivable, prepaid expenses and other assets, net (11,078) (6,443) 8,223
Accounts payable and accrued liabilities 8,344 (13,250) 14,479
Net cash provided by operating activities 300,571 315,733 356,390
Cash flows from investing activities:      
Acquisition of real estate (78,530) (92,204) (99,448)
Origination and fundings of loans receivable (11,418) (23,812) (290,000)
Origination and fundings of preferred equity investments (11,023) (8,021) (9,061)
Additions to real estate (84,855) (54,473) (42,651)
Escrow deposits for potential investments 0 (780) 0
Repayments of loans receivable 9,274 5,272 2,949
Repayments of preferred equity investments 5,460 5,376 1,292
Investment in unconsolidated joint ventures (5,235) (142,910) 0
Net proceeds from the sales of real estate 247,622 87,304 100,723
Deposits for potential sale of real estate 0 8,000 0
Net proceeds from sales-type lease 25,490 0 0
Insurance proceeds 5,801 0 0
Distributions in excess of earnings from unconsolidated joint ventures 544 0 0
Net cash provided by (used in) investing activities 103,130 (216,248) (336,196)
Cash flows from financing activities:      
Net (repayments of) borrowings from revolving credit facility (104,338) 204,046 0
Proceeds from term loans 12,188 0 0
Proceeds from issuance of senior unsecured notes 0 0 791,520
Principal payments on senior unsecured notes 0 0 (300,000)
Principal payments on term loans 0 (63,750) (455,000)
Principal payments on secured debt (1,979) (17,516) (12,661)
Payments of deferred financing costs (18,142) (20) (9,317)
Payments related to extinguishment of debt 0 0 (30,196)
Payment of contingent consideration (17,900) (2,500) 0
Issuance of common stock, net (2,682) (4,810) 308,713
Dividends paid on common stock (277,447) (277,157) (262,919)
Net cash (used in) provided by financing activities (410,300) (161,707) 30,140
Net (decrease) increase in cash, cash equivalents and restricted cash (6,599) (62,222) 50,334
Effect of foreign currency translation on cash, cash equivalents and restricted cash (614) 268 29
Cash, cash equivalents and restricted cash, beginning of period 53,932 115,886 65,523
Cash, cash equivalents and restricted cash, end of period 46,719 53,932 115,886
Supplemental disclosure of cash flow information:      
Interest paid 102,409 97,723 85,464
Income taxes paid 1,670 1,657 1,839
Supplemental disclosure of non-cash investing activities:      
Decrease in loans receivable and other investments due to acquisition of real estate $ 4,644 $ 14,311 $ 0