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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
CASH FLOW FROM OPERATING ACTIVITIES    
Net loss $ (153,536) $ (154,911)
Adjustments to reconcile net loss to net cash used in operating activities:    
Equity in loss of unconsolidated entities 3,154 55,857
Distributions from unconsolidated entities 6,998  
Gain on sale of interest in unconsolidated entities (2,042) (6,407)
Gain on sale of real estate, net (10,678) (96,214)
Impairment of real estate assets 87,536 107,043
Share-based compensation 1,488 2,735
Depreciation and amortization 13,118 14,471
Amortization of deferred financing costs   246
Amortization of above and below market leases, net 189 176
Straight-line rent adjustment 917 16,872
Abandoned project costs 5,732  
Non-cash lease expense 619  
Change in operating assets and liabilities    
Tenants and other receivables 5,112 12,544
Prepaid expenses, deferred expenses and other assets 911 5,948
Accounts payable, accrued expenses and other liabilities (13,066) (11,421)
Net cash used in operating activities (53,548) (53,061)
CASH FLOW FROM INVESTING ACTIVITIES    
Investment in unconsolidated entities (9,255) (13,370)
Distributions from unconsolidated entities 7,952 152,553
Net proceeds from sale of real estate 155,687 673,473
Development of real estate (27,514) (79,745)
Net cash provided by investing activities 126,870 732,911
CASH FLOW FROM FINANCING ACTIVITIES    
Repayment of term loan (120,000) (670,000)
Purchase of shares related to stock grant recipients' tax withholdings (586) (315)
Preferred dividends paid (4,900) (4,900)
Contributions from noncontrolling interests to consolidated VIEs 173 126
Net cash used in financing activities (125,313) (675,089)
Net increase and (decrease) in cash and cash equivalents (51,991) 4,761
Cash and cash equivalents, and restricted cash, beginning of period 149,700 144,939
Cash and cash equivalents, and restricted cash, end of period 97,709 149,700
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 85,206 134,001
Restricted cash at end of period 12,503 15,699
Cash and cash equivalents and restricted cash at end of period 97,709 149,700
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash payments for interest 25,355 46,046
Capitalized interest   3,742
Income taxes paid 1,570 38
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES    
Development of real estate financed with accounts payable 17,172 19,575
Preferred dividends declared and unpaid $ 1,225 $ 1,225