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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net income (loss) $ 80,017 $ (3,400)
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 127,315 140,211
Non-cash rental and related revenues (2,229) (6,781)
Non-cash interest income 24 (380)
Non-cash interest expense 8,750 9,179
Stock-based compensation expense 6,448 5,468
Loss on extinguishment of debt 0 1,541
(Recovery of) provision for loan losses (446) 549
Net loss on sales of real estate 3,969 75,893
Impairment of real estate 18,472 7,064
Loss from unconsolidated joint ventures 301 2,136
Distributions of earnings from unconsolidated joint ventures 3,754 1,705
Other non-cash items 0 (3,704)
Changes in operating assets and liabilities:    
Accounts receivable, prepaid expenses and other assets, net (13,589) (10,660)
Accounts payable and accrued liabilities (2,213) 3,013
Net cash provided by operating activities 230,573 221,834
Cash flows from investing activities:    
Acquisition of real estate (112,225) (39,630)
Origination and fundings of loans receivable (21,540) (9,614)
Origination and fundings of preferred equity investments (2,529) (11,015)
Additions to real estate (39,189) (63,794)
Repayments of loans receivable 2,776 8,674
Repayments of preferred equity investments 5,322 4,828
Investment in unconsolidated joint ventures (717) (4,797)
Net proceeds from the sales of real estate 40,541 248,222
Net proceeds from sales-type lease 0 25,490
Insurance proceeds 0 6,001
Distributions in excess of earnings from unconsolidated joint ventures 0 544
Net cash (used in) provided by investing activities (127,561) 164,909
Cash flows from financing activities:    
Net borrowings from (repayments of) revolving credit facility 58,815 (165,338)
Proceeds from term loans 0 12,188
Principal payments on secured debt (1,520) (1,479)
Payments of deferred financing costs (80) (18,135)
Payment of contingent consideration 0 (17,900)
Issuance of common stock, net 71,362 (2,194)
Dividends paid on common stock (209,174) (208,079)
Net cash used in financing activities (80,597) (400,937)
Net increase (decrease) in cash, cash equivalents and restricted cash 22,415 (14,194)
Effect of foreign currency translation on cash, cash equivalents and restricted cash (158) (880)
Cash, cash equivalents and restricted cash, beginning of period 46,719 53,932
Cash, cash equivalents and restricted cash, end of period 68,976 38,858
Supplemental disclosure of cash flow information:    
Interest paid 71,632 72,911
Supplemental disclosure of non-cash investing activities:    
Decrease in loans receivable and other investments due to acquisition of real estate $ 0 $ 4,644