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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net income (loss) $ 26,254 $ (9,487)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 42,914 52,827
Non-cash rental and related revenues 591 (2,398)
Non-cash interest income 7 (392)
Non-cash interest expense 3,071 3,014
Stock-based compensation expense 2,521 2,229
Loss on extinguishment of debt 0 1,541
Recovery of loan losses (137) (208)
Net loss on sales of real estate 0 21,515
Impairment of real estate 3,137 7,064
Loss from unconsolidated joint ventures 595 838
Distributions of earnings from unconsolidated joint ventures 1,478 367
Changes in operating assets and liabilities:    
Accounts receivable, prepaid expenses and other assets, net (6,288) (2,782)
Accounts payable and accrued liabilities (21,348) (5,839)
Net cash provided by operating activities 52,795 68,289
Cash flows from investing activities:    
Acquisition of real estate 0 (39,630)
Origination and fundings of loans receivable (102) (1,800)
Origination and fundings of preferred equity investments (1,007) (6,384)
Additions to real estate (12,935) (19,540)
Repayments of loans receivable 391 6,144
Repayments of preferred equity investments 617 1,433
Investment in unconsolidated joint ventures (188) (4,797)
Net proceeds from the sales of real estate 0 152,259
Net proceeds from sales-type lease 0 25,490
Net cash (used in) provided by investing activities (13,224) 113,175
Cash flows from financing activities:    
Net borrowings from (repayments of) revolving credit facility 52,404 (118,442)
Proceeds from term loans 0 12,186
Principal payments on secured debt (503) (490)
Payments of deferred financing costs (80) (18,127)
Issuance of common stock, net (2,606) (1,847)
Dividends paid on common stock (69,444) (69,351)
Net cash used in financing activities (20,229) (196,071)
Net increase (decrease) in cash, cash equivalents and restricted cash 19,342 (14,607)
Effect of foreign currency translation on cash, cash equivalents and restricted cash (131) (641)
Cash, cash equivalents and restricted cash, beginning of period 46,719 53,932
Cash, cash equivalents and restricted cash, end of period 65,930 38,684
Supplemental disclosure of cash flow information:    
Interest paid 20,495 22,318
Supplemental disclosure of non-cash investing activities:    
Decrease in loans receivable and other investments due to acquisition of real estate $ 0 $ 4,644