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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
CASH FLOW FROM OPERATING ACTIVITIES        
Net loss $ (101,227) $ (95,707) $ (120,212) $ (157,693)
Adjustments to reconcile net loss to net cash used in operating activities:        
Equity in loss of unconsolidated entities 566 13,698 187 50,070
Gain on sale of interest in unconsolidated entities   (7,323)   (7,323)
Distributions from unconsolidated entities     4,197  
Gain on sale of real estate, net     (3,173) (45,880)
Impairment of real estate assets 86,388 104,467 87,536 107,043
Share-based compensation     1,122 1,427
Depreciation and amortization 1,212 4,151 6,483 8,715
Amortization of deferred financing costs       211
Amortization of above and below market leases, net     76 93
Straight-line rent adjustment     246 14,638
Non-cash lease expenses     274  
Change in operating assets and liabilities        
Tenants and other receivables     4,543 4,666
Prepaid expenses, deferred expenses and other assets     1,855 5,017
Accounts payable, accrued expenses and other liabilities     (7,286) (12,511)
Net cash used in operating activities     (24,152) (31,527)
CASH FLOW FROM INVESTING ACTIVITIES        
Investment in unconsolidated entities     (3,231) (11,127)
Net proceeds from disposition of interests in unconsolidated entities       49,376
Net proceeds from sale of real estate     83,040 518,446
Development of real estate     (22,447) (49,903)
Net cash provided by investing activities     57,362 506,792
CASH FLOW FROM FINANCING ACTIVITIES        
Repayment of term loan     (80,000) (480,000)
Preferred dividends paid     (2,450) (2,450)
Contributions from non-controlling member of consolidated variable interest entities     55  
Net cash used in financing activities     (82,395) (482,450)
Net decrease in cash and cash equivalents     (49,185) (7,185)
Cash and cash equivalents, and restricted cash, beginning of period     149,700 144,939
Cash and cash equivalents, and restricted cash, end of period 100,515 137,754 100,515 137,754
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH        
Cash and cash equivalents at beginning of period     134,001 133,480
Restricted cash at beginning of period     15,699 11,459
Cash and cash equivalents at end of period 86,706 124,850 86,706 124,850
Restricted cash at end of period 13,809 12,904 13,809 12,904
Cash and cash equivalents and restricted cash at end of period $ 100,515 $ 137,754 100,515 137,754
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION        
Cash payments for interest     13,246 29,690
Capitalized interest       2,513
Income taxes paid     1,485 (51)
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES        
Development of real estate financed with accounts payable     17,749 21,799
Preferred dividends declared and unpaid     1,225 1,225
Transfer to / (from) real estate assets held for sale     $ 47,805 $ (357,533)