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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities:        
Net (loss) income $ 709 $ 11,918 $ (21,886) $ 53,721
Adjustments to reconcile net (loss) income to net cash provided by operating activities:        
Depreciation and amortization (including below-market ground leases)     38,437 41,328
Amortization of deferred financing costs     1,560 1,531
Loss on extinguishment of debt 0 10,827 0 10,827
Unrealized loss on other real estate related investments 4,706 0 4,706 0
Amortization of stock-based compensation 1,380 1,802 4,295 5,197
Straight-line rental income (3) (6) (14) (26)
Adjustment for collectibility of rental income     977 0
Noncash interest income     (1,063) 0
Loss on sale of real estate, net 2,287 0 2,101 192
Impairment of real estate investments 12,322 0 73,706 0
Provision for loan losses, net 0 0 3,844 0
Change in operating assets and liabilities:        
Accounts and other receivables     648 (1,775)
Prepaid expenses and other assets, net     (2,082) (20)
Accounts payable, accrued liabilities and deferred rent liabilities     5,443 7,388
Net cash provided by operating activities     110,672 118,363
Cash flows from investing activities:        
Acquisitions of real estate, net of deposits applied     (21,915) (180,323)
Purchases of equipment, furniture and fixtures and improvements to real estate     (5,475) (4,826)
Investment in real estate related investments and other loans receivable     (149,650) (700)
Principal payments received on other loans receivable     1,166 172
Escrow deposits for potential acquisitions of real estate     0 (3,100)
Net proceeds from sales of real estate     34,115 6,814
Net cash used in investing activities     (141,759) (181,963)
Cash flows from financing activities:        
Proceeds from the issuance of common stock, net     0 22,946
Proceeds from the issuance of senior unsecured notes payable     0 400,000
Borrowings under unsecured revolving credit facility     145,000 220,000
Payments on senior unsecured notes payable     0 (300,000)
Payments on unsecured revolving credit facility     (45,000) (190,000)
Payments on debt extinguishment and deferred financing costs     0 (14,070)
Net-settle adjustment on restricted stock     (4,469) (1,331)
Dividends paid on common stock     (79,478) (75,148)
Net cash provided by financing activities     16,053 62,397
Net decrease in cash and cash equivalents     (15,034) (1,203)
Cash and cash equivalents as of the beginning of period     19,895 18,919
Cash and cash equivalents as of the end of period $ 4,861 $ 17,716 4,861 17,716
Supplemental disclosures of cash flow information:        
Interest paid     14,898 13,267
Supplemental schedule of noncash investing and financing activities:        
Increase in dividends payable     542 1,913
Transfer of pre-acquisition costs to acquired assets     7 358
Sale of real estate settled with notes receivable     $ 12,000 $ 0