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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net income (loss) $ 126,712 $ 13,756 $ (77,605)
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 169,623 183,087 187,782
Non-cash rental and related revenues (3,856) (8,699) 2,183
Non-cash interest income 29 (372) (2,285)
Non-cash interest expense 10,479 12,265 11,094
Stock-based compensation expense 8,987 7,917 7,453
Loss on extinguishment of debt 0 1,541 411
(Recovery of) provision for loan losses (571) 191 141
Net (gain) loss on sales of real estate (2,095) 76,625 12,011
Impairment of real estate 18,472 14,332 94,042
Other-than-temporary impairment of unconsolidated joint ventures 0 0 57,778
Loss from unconsolidated joint ventures 397 2,897 40,254
Distributions of earnings from unconsolidated joint ventures 5,447 3,469 0
Other non-cash items (534) (3,704) 2,167
Changes in operating assets and liabilities:      
Accounts receivable, prepaid expenses and other assets, net (15,462) (11,078) (6,443)
Accounts payable and accrued liabilities (7,087) 8,344 (13,250)
Net cash provided by operating activities 310,541 300,571 315,733
Cash flows from investing activities:      
Acquisition of real estate (136,430) (78,530) (92,204)
Origination and fundings of loans receivable (21,645) (11,418) (23,812)
Origination and fundings of preferred equity investments (2,832) (11,023) (8,021)
Additions to real estate (54,712) (84,855) (54,473)
Escrow deposits for potential investments 0 0 (780)
Repayments of loans receivable 3,551 9,274 5,272
Repayments of preferred equity investments 5,944 5,460 5,376
Investment in unconsolidated joint ventures (1,258) (5,235) (142,910)
Net proceeds from the sales of real estate 95,999 247,622 87,304
Deposits for potential sale of real estate 0 0 8,000
Net proceeds from sales-type lease 0 25,490 0
Insurance proceeds 2,382 5,801 0
Distributions in excess of earnings from unconsolidated joint ventures 0 544 0
Net cash (used in) provided by investing activities (109,001) 103,130 (216,248)
Cash flows from financing activities:      
Net borrowings from (repayments of) revolving credit facility 14,595 (104,338) 204,046
Proceeds from term loans 0 12,188 0
Principal payments on term loans 0 0 (63,750)
Principal payments on secured debt (2,033) (1,979) (17,516)
Payments of deferred financing costs (94) (18,142) (20)
Payment of contingent consideration 0 (17,900) (2,500)
Issuance of common stock, net 86,121 (2,682) (4,810)
Dividends paid on common stock (280,150) (277,447) (277,157)
Net cash used in financing activities (181,561) (410,300) (161,707)
Net increase (decrease) in cash, cash equivalents and restricted cash 19,979 (6,599) (62,222)
Effect of foreign currency translation on cash, cash equivalents and restricted cash (359) (614) 268
Cash, cash equivalents and restricted cash, beginning of period 46,719 53,932 115,886
Cash, cash equivalents and restricted cash, end of period 66,339 46,719 53,932
Supplemental disclosure of cash flow information:      
Interest paid 105,200 102,409 97,723
Income taxes paid 1,389 1,670 1,657
Supplemental disclosure of non-cash investing activities:      
Decrease in loans receivable and other investments due to acquisition of real estate $ 0 $ 4,644 $ 14,311