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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net income (loss) $ 18,743 $ (22,595)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization (including below-market ground leases) 24,983 26,167
Amortization of deferred financing costs 1,217 1,040
Unrealized losses on other real estate related investments, net 2,605 0
Amortization of stock-based compensation 1,860 2,915
Straight-line rental income 14 (11)
Adjustment for collectibility of rental income 0 977
Noncash interest income 184 (13)
Gain on sale of real estate, net (1,958) (186)
Impairment of real estate investments 23,278 61,384
Provision for loan losses, net 0 3,844
Change in operating assets and liabilities:    
Accounts and other receivables 14 578
Prepaid expenses and other assets, net (330) (1,724)
Accounts payable, accrued liabilities and deferred rent liabilities (3,624) (4,074)
Net cash provided by operating activities 66,986 68,302
Cash flows from investing activities:    
Acquisitions of real estate, net of deposits applied (172,453) (21,915)
Purchases of equipment, furniture and fixtures and improvements to real estate (6,380) (3,628)
Investment in real estate related investments and other loans receivable (27,262) (102,086)
Principal payments received on real estate related investments and other loans receivable 15,287 1,026
Escrow deposits for potential acquisitions of real estate (300) 0
Net proceeds from sales of real estate 14,464 959
Net cash used in investing activities (176,644) (125,644)
Cash flows from financing activities:    
Proceeds from (costs paid for) the issuance of common stock, net (629) 0
Borrowings under unsecured revolving credit facility 155,000 125,000
Payments of deferred financing costs (21) 0
Net-settle adjustment on restricted stock (1,479) (4,469)
Dividends paid on common stock (55,246) (52,817)
Net cash provided by financing activities 97,625 67,714
Net (decrease) increase in cash and cash equivalents (12,033) 10,372
Cash and cash equivalents as of the beginning of period 13,178 19,895
Cash and cash equivalents as of the end of period 1,145 30,267
Supplemental disclosures of cash flow information:    
Interest paid 21,000 10,987
Supplemental schedule of noncash investing and financing activities:    
Increase in dividends payable 294 522
Right-of-use asset obtained in exchange for new operating lease obligation 369 0
Transfer of pre-acquisition costs to acquired assets 0 7
Sale of real estate settled with notes receivable $ 2,000 $ 0