XML 20 R7.htm IDEA: XBRL DOCUMENT v3.24.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
CASH FLOW FROM OPERATING ACTIVITIES      
Net loss $ (154,911) $ (120,097) $ (38,985)
Adjustments to reconcile net loss to net cash used in operating activities:      
Equity in loss of unconsolidated entities 55,857 72,080 9,226
Distributions from unconsolidated entities     1,623
(Gain) loss on sale of interest in unconsolidated entities (6,407) 677  
Gain on sale of real estate, net (96,214) (211,936) (221,681)
Impairment of real estate assets 107,043 126,887 95,826
Share-based compensation 2,735 2,767 1,856
Depreciation and amortization 14,471 41,114 51,199
Amortization of deferred financing costs 246 422 422
Amortization of above and below market leases, net 176 223 176
Straight-line rent adjustment 16,872 (1,271) (2,269)
Interest on sale-leaseback financing obligations   447 202
Change in operating assets and liabilities      
Tenants and other receivables 12,544 (10,823) 5,771
Prepaid expenses, deferred expenses and other assets 5,948 2,839 (3,588)
Accounts payable, accrued expenses and other liabilities (11,421) (21,252) (35,774)
Net cash used in operating activities (53,061) (117,923) (135,996)
CASH FLOW FROM INVESTING ACTIVITIES      
Investment in unconsolidated entities (13,370) (25,519) (38,644)
Distributions from unconsolidated entities 152,553 67,598 12,584
Net proceeds from sale of real estate 673,473 643,294 392,422
Development of real estate (79,745) (99,294) (105,655)
Net cash provided by investing activities 732,911 586,079 260,707
CASH FLOW FROM FINANCING ACTIVITIES      
Repayment of term loan (670,000) (410,000) (160,000)
Repayment of sales-leaseback financing obligations   (22,070)  
Purchase of shares related to stock grant recipients' tax withholdings (315)   (269)
Preferred dividends paid (4,900) (4,900) (4,900)
Contributions from noncontrolling interests in to consolidated VIEs 126   3,957
Net cash used in financing activities (675,089) (436,970) (161,212)
Net increase and (decrease) in cash and cash equivalents 4,761 31,186 (36,501)
Cash and cash equivalents, and restricted cash, beginning of period 144,939 113,753 150,254
Cash and cash equivalents, and restricted cash, end of period 149,700 144,939 113,753
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH      
Cash and cash equivalents at beginning of period 133,480 106,602 143,728
Restricted cash at beginning of period 11,459 7,151 6,526
Cash and cash equivalents at end of period 134,001 133,480 106,602
Restricted cash at end of period 15,699 11,459 7,151
Cash and cash equivalents and restricted cash 149,700 144,939 113,753
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION      
Cash payments for interest 46,046 98,955 115,359
Capitalized interest 3,742 13,918 12,464
Income taxes paid 38 466 197
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES      
Development of real estate financed with accounts payable 19,575 37,983 27,198
Preferred dividends declared and unpaid 1,225 1,225 1,225
Decrease in real estate, net resulting from deconsolidated properties      
Real estate, net     (6,650)
Prepaid expenses, deferred expenses and other assets, net     (761)
Transfer to / (from) real estate assets held for sale $ (416,285) $ 455,617 (1,864)
Recording (removal) of right of use assets     (983)
Recording (removal) of lease liabilities     $ 983