XML 28 R8.htm IDEA: XBRL DOCUMENT v3.22.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES      
Net (loss) income $ (65,251) $ 26,030 $ (65,718)
Adjustments to reconcile net (loss) income to net cash provided by operating activities:      
Depreciation and amortization 135,917 123,439 147,229
Gain on disposition of properties and other investments (58,634) (10,521) (683)
Net unrealized holding losses (gains) on investments 37,751 (51,925) (72,391)
Stock compensation expense 11,122 12,430 10,912
Straight-line rents (8,669) (6,726) (4,869)
Equity in losses (earnings) of unconsolidated affiliates 32,907 (5,330) 3,057
Distributions of operating income from unconsolidated affiliates 24,179 3,828 3,286
Adjustments to straight-line rent reserves (292) 2,682 21,871
Amortization of financing costs 5,639 4,396 5,038
Non-cash lease expense 3,462 3,721 3,392
Adjustments to allowance for credit loss (102) (2,796) 24,569
Impairment charges 33,311 9,925 85,598
Termination of ground lease 0 (3,615) 0
Gain on debt extinguishment 0 0 (18,339)
Other, net (7,675) (5,304) (8,155)
Changes in assets and liabilities:      
Rents receivable 1,586 7,384 (28,321)
Other liabilities (2,959) 7,856 (3,959)
Accounts payable and accrued expenses (2,141) 572 3,005
Prepaid expenses and other assets (3,452) (7,427) 4
Lease liability - operating leases (3,488) (3,636) (1,579)
Net cash provided by operating activities 133,211 104,983 103,947
CASH FLOWS FROM INVESTING ACTIVITIES      
Acquisition of real estate (242,633) (161,846) (21,208)
Proceeds from the disposition of properties and other investments, net 224,558 63,901 20,930
Investments in and advances to unconsolidated affiliates and other (154,695) (14,835) (14,483)
Development, construction and property improvement costs (51,046) (40,671) (36,579)
Deposits for properties under purchase contract (729) 0 187
Deposits for properties under sales contract 2,000 0 0
Change in control of previously unconsolidated affiliate 3,592 0 950
Return of capital from unconsolidated affiliates and other 77,774 17,722 14,686
Payment of deferred leasing costs (7,997) (4,914) (6,407)
Acquisition of investment interests (4,527) 0 0
Proceeds from notes receivable 29,530 0 0
Issuance of notes receivable 0 (57,895) (59,000)
Net cash used in investing activities (124,173) (198,538) (100,924)
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from unsecured debt 850,120 323,200 236,804
Principal payments on unsecured debt (656,556) (206,781) (136,490)
Proceeds from the sale (repurchase) of Common Shares 119,485 63,876 (22,386)
Capital contributions from noncontrolling interests 109,428 30,164 52,174
Principal payments on mortgage and other notes (447,998) (98,602) (51,949)
Distributions to noncontrolling interests (84,723) (30,410) (31,461)
Dividends paid to Common Shareholders (64,586) (39,476) (50,182)
Proceeds received from mortgage and other notes 204,138 56,847 5,351
Deferred financing and other costs (9,348) (7,436) (2,215)
Acquisition of noncontrolling interest (24,336) 0 0
Payments of finance lease obligations 0 (63) (903)
Net cash (used in) provided by financing activities (4,376) 91,319 (1,257)
Increase (decrease) in cash and restricted cash 4,662 (2,236) 1,766
Cash of $17,746, $18,699 and $17,966 and restricted cash of $9,813, $11,096 and $10,278, respectively, beginning of year 27,559 29,795 28,029
Cash of $17,158, $17,746 and $18,699 and restricted cash of $15,063, $9,813 and $11,096, respectively, end of year 32,221 27,559 29,795
Supplemental disclosure of cash flow information      
Cash paid during the period for interest, net of capitalized interest of $4,166 and $3,421 and $7,110 respectively 65,109 44,663 70,383
Cash paid for income taxes, net of (refunds) 11 147 (329)
Supplemental disclosure of non-cash investing and financing activities      
Distribution declared and payable on January 13, 2023, and January 14, 2022 and January 15, 2020, respectively 18,368 14,314 123
Assumption of accounts payable and accrued expenses through acquisition of real estate 4,062 1,319 116
Right-of-use assets, operating leases exchanged for operating lease liabilities 0 412 33,189
Issuance of note receivable used as capital contributions from redeemable noncontrolling interests 65,945 0 0
Accrued interest on note receivable recorded to redeemable noncontrolling interest 3,923 0 0
Reclassification of non-controlling interest in excess of amount paid to additional paid-in capital 67,475 0 0
Adjustment to equity as a result of the implementation of CECL (defined below) 0 0 400
Note receivable exchanged for real estate 0 0 72,430
Acquisition of real estate through assumption of debt 0 31,801 0
Right-of-use assets, finance leases (modified) obtained in exchange for finance lease liabilities 0 0 (70,427)
Right of use assets, operating leases terminated in exchange for finance lease liabilities 0 0 (1,432)
Settlement of note receivable through cancellation of OP Units 0 479 0
Change in control of previously unconsolidated (consolidated) investment      
Increase in real estate (55,791) 0 (135,190)
Increase in mortgage notes payable 35,970 0 0
Decrease in investments in and advances to unconsolidated affiliates 17,822 0 96,816
Decrease in notes receivable 5,306 0 0
Decrease (increase) in reserve on note receivable (4,582) 0 38,674
Decrease in accrued interest on notes receivable 4,691 0 0
Change in other assets and liabilities 176 0 1,238
Acquisition of noncontrolling interest asset 0 0 (588)
Increase in cash and restricted cash upon change of control $ 3,592 $ 0 $ 950