XML 21 R8.htm IDEA: XBRL DOCUMENT v3.24.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income (loss) $ 53,722 $ (7,506) $ 71,982
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization (including below-market ground leases) 51,257 50,378 55,394
Amortization of deferred financing costs 2,436 2,095 2,052
Loss on extinguishment of debt 0 0 10,827
Unrealized losses on other real estate related investments, net 6,485 7,102 0
Amortization of stock-based compensation 5,153 5,758 10,832
Straight-line rental income 29 (17) (32)
Amortization of below market rent (384) 0 0
Adjustment for collectibility of rental income 0 1,417 0
Noncash interest income (407) (1,165) (155)
(Gain) loss on sale of real estate, net (2,218) 3,769 77
Impairment of real estate investments 36,301 79,062 0
Provision for loan losses, net 0 3,844 0
Change in operating assets and liabilities:      
Accounts and other receivables (9) 604 (562)
Prepaid expenses and other assets, net (21) 123 399
Accounts payable, accrued liabilities and deferred rent liabilities 2,423 (1,049) 6,057
Net cash provided by operating activities 154,767 144,415 156,871
Cash flows from investing activities:      
Acquisitions of real estate, net of deposits applied (233,776) (21,915) (192,718)
Purchases of equipment, furniture and fixtures and improvements to real estate (10,976) (7,292) (6,013)
Preferred equity investments (1,782) 0 0
Investment in real estate related investments and other loans receivable (60,319) (149,650) (1,253)
Principal payments received on real estate related investments and other loans receivable 26,525 6,308 393
Escrow deposits for potential acquisitions of real estate (3,800) 0 0
Net proceeds from sales of real estate 16,313 45,149 6,958
Net cash used in investing activities (267,815) (127,400) (192,633)
Cash flows from financing activities:      
Proceeds from the issuance of common stock, net 634,446 47,236 22,946
Proceeds from the issuance of senior unsecured notes payable 0 0 400,000
Borrowings under unsecured revolving credit facility 185,000 160,000 220,000
Payments on senior unsecured notes payable 0 0 (300,000)
Payments on unsecured revolving credit facility (310,000) (115,000) (190,000)
Payments on debt extinguishment and deferred financing costs (68) (5,361) (14,095)
Net-settle adjustment on restricted stock (1,479) (4,469) (1,331)
Dividends paid on common stock (115,492) (106,138) (100,782)
Contributions from noncontrolling interests 1,952 0 0
Distributions to noncontrolling interests (41) 0 0
Net cash provided by (used in) financing activities 394,318 (23,732) 36,738
Net increase (decrease) in cash and cash equivalents 281,270 (6,717) 976
Cash and cash equivalents as of the beginning of period 13,178 19,895 18,919
Cash and cash equivalents as of the end of period 294,448 13,178 19,895
Supplemental disclosures of cash flow information:      
Interest paid 40,028 25,912 22,838
Supplemental schedule of noncash investing and financing activities:      
Increase in dividends payable 8,982 1,265 2,033
Right-of-use asset obtained in exchange for new operating lease obligation 369 0 0
Transfer of pre-acquisition costs to acquired assets 0 7 358
Sale of real estate settled with notes receivable $ 2,000 $ 12,000 $ 0