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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net income $ 50,229 $ 11,701
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 84,595 96,969
Non-cash rental and related revenues (1,796) (5,469)
Non-cash interest income 12 (388)
Non-cash interest expense 6,139 6,091
Stock-based compensation expense 3,862 3,233
Loss on extinguishment of debt 0 1,541
(Recovery of) provision for loan losses (298) 221
Net (gain) loss on sales of real estate (1,776) 29,348
Impairment of real estate 18,472 7,064
Loss from unconsolidated joint ventures 515 1,491
Distributions of earnings from unconsolidated joint ventures 2,659 1,112
Changes in operating assets and liabilities:    
Accounts receivable, prepaid expenses and other assets, net (8,706) (6,277)
Accounts payable and accrued liabilities (20,984) (8,019)
Net cash provided by operating activities 132,923 138,618
Cash flows from investing activities:    
Acquisition of real estate (36,128) (39,630)
Origination and fundings of loans receivable (19,752) (9,050)
Origination and fundings of preferred equity investments (1,021) (10,676)
Additions to real estate (25,360) (37,995)
Repayments of loans receivable 1,189 8,062
Repayments of preferred equity investments 4,727 4,130
Investment in unconsolidated joint ventures (344) (4,797)
Net proceeds from the sales of real estate 6,158 168,904
Net proceeds from sales-type lease 0 25,490
Distributions in excess of earnings from unconsolidated joint ventures 0 544
Net cash (used in) provided by investing activities (70,531) 104,982
Cash flows from financing activities:    
Net borrowings from (repayments of) revolving credit facility 36,939 (98,857)
Proceeds from term loans 0 12,188
Principal payments on secured debt (1,010) (983)
Payments of deferred financing costs (80) (18,128)
Payment of contingent consideration 0 (17,900)
Issuance of common stock, net 36,403 (2,153)
Dividends paid on common stock (138,894) (138,711)
Net cash used in financing activities (66,642) (264,544)
Net decrease in cash, cash equivalents and restricted cash (4,250) (20,944)
Effect of foreign currency translation on cash, cash equivalents and restricted cash (160) (608)
Cash, cash equivalents and restricted cash, beginning of period 46,719 53,932
Cash, cash equivalents and restricted cash, end of period 42,309 32,380
Supplemental disclosure of cash flow information:    
Interest paid 50,847 52,591
Supplemental disclosure of non-cash investing activities:    
Decrease in loans receivable and other investments due to acquisition of real estate $ 0 $ 4,644