XML 17 R7.htm IDEA: XBRL DOCUMENT v3.23.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net income (loss) $ 27,428 $ (21,886)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization (including below-market ground leases) 38,031 38,437
Amortization of deferred financing costs 1,826 1,560
Unrealized losses on other real estate related investments, net 7,856 4,706
Amortization of stock-based compensation 3,379 4,295
Straight-line rental income 21 (14)
Adjustment for collectibility of rental income 0 977
Noncash interest income (129) (1,063)
(Gain) loss on sale of real estate, net (1,958) 2,101
Impairment of real estate investments 31,510 73,706
Provision for loan losses, net 0 3,844
Change in operating assets and liabilities:    
Accounts and other receivables 11 648
Prepaid expenses and other assets, net (68) (2,082)
Accounts payable, accrued liabilities and deferred rent liabilities 4,189 5,443
Net cash provided by operating activities 112,096 110,672
Cash flows from investing activities:    
Acquisitions of real estate, net of deposits applied (198,565) (21,915)
Purchases of equipment, furniture and fixtures and improvements to real estate (9,139) (5,475)
Investment in real estate related investments and other loans receivable (50,693) (149,650)
Principal payments received on real estate related investments and other loans receivable 15,703 1,166
Escrow deposits for potential acquisitions of real estate (4,075) 0
Net proceeds from sales of real estate 14,464 34,115
Net cash used in investing activities (232,305) (141,759)
Cash flows from financing activities:    
Proceeds from the issuance of common stock, net 319,032 0
Borrowings under unsecured revolving credit facility 185,000 145,000
Payments on unsecured revolving credit facility (310,000) (45,000)
Payments of deferred financing costs (21) 0
Net-settle adjustment on restricted stock (1,479) (4,469)
Dividends paid on common stock (83,089) (79,478)
Contributions from noncontrolling interests 1,073 0
Net cash provided by financing activities 110,516 16,053
Net decrease in cash and cash equivalents (9,693) (15,034)
Cash and cash equivalents as of the beginning of period 13,178 19,895
Cash and cash equivalents as of the end of period 3,485 4,861
Supplemental disclosures of cash flow information:    
Interest paid 28,539 14,898
Supplemental schedule of noncash investing and financing activities:    
Increase in dividends payable 4,854 542
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 $ 12,000