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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
CASH FLOW FROM OPERATING ACTIVITIES        
Net loss $ (28,506) $ (101,227) $ (50,708) $ (120,212)
Adjustments to reconcile net loss to net cash used in operating activities:        
Equity in loss of unconsolidated entities (756) 566 7,172 187
Loss on sale of interests in unconsolidated entities 1,417 0 1,417 0
Distributions from unconsolidated entities     2,605 4,197
Gain on sale of real estate, net     (8,903) (3,173)
Impairment of real estate assets 18,000 86,388 18,000 87,536
Share-based compensation     201 1,122
Depreciation and amortization 2,040 1,212 4,115 6,483
Amortization of above and below market leases, net     87 76
Straight-line rent adjustment     225 246
Non-cash lease expense     875 274
Change in operating assets and liabilities        
Tenant and other receivables     470 4,543
Prepaid expenses, deferred expenses and other assets     970 1,855
Accounts payable, accrued expenses and other liabilities     2,240 (7,286)
Net cash used in operating activities     (21,234) (24,152)
CASH FLOW FROM INVESTING ACTIVITIES        
Investment in unconsolidated entities     (362) (3,231)
Distributions from unconsolidated entities     4,838  
Net proceeds from sale of interests in unconsolidated entities     8,092  
Net proceeds from sale of real estate     51,560 83,040
Development of real estate     (18,041) (22,447)
Net cash provided by investing activities     46,087 57,362
CASH FLOW FROM FINANCING ACTIVITIES        
Repayment of term loan     (40,000) (80,000)
Preferred dividends paid     (2,450) (2,450)
Contributions from non-controlling member of consolidated variable interest entities     18 55
Net cash used in financing activities     (42,432) (82,395)
Net decrease in cash and cash equivalents, and restricted cash     (17,579) (49,185)
Cash and cash equivalents, and restricted cash, beginning of period     97,709 149,700
Cash and cash equivalents, and restricted cash, end of period 80,130 100,515 80,130 100,515
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH        
Cash and cash equivalents at beginning of period     85,206 134,001
Restricted cash at beginning of period     12,503 15,699
Cash and cash equivalents at end of period 71,802 86,706 71,802 86,706
Restricted cash at end of period 8,328 13,809 8,328 13,809
Cash and cash equivalents and restricted cash at end of period $ 80,130 $ 100,515 80,130 100,515
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION        
Cash payments for interest     10,536 13,246
Income taxes paid     128 1,485
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES        
Development of real estate financed with accounts payable     6,220 17,749
Preferred dividends declared and unpaid     $ 1,225 $ 1,225