XML 18 R9.htm IDEA: XBRL DOCUMENT v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (32,599) $ (5,275)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 78,709 69,221
Loss on disposition of properties and other investments 0 441
Net unrealized holding (gains) losses on investments (1,543) 4,035
Stock compensation expense 5,650 7,347
Straight-line rents (951) (279)
Equity in losses (earnings) of unconsolidated affiliates 5,904 (4,168)
Distributions of operating income from unconsolidated affiliates 1,472 3,024
Amortization of financing costs 4,137 3,915
Non-cash lease expense 2,007 1,859
Loss on change in control 9,622 0
Impairment charges 24,640 0
Other, net (5,250) (2,107)
Changes in assets and liabilities:    
Rents receivable (3,969) (4,619)
Other liabilities (7,252) (4,419)
Accounts payable and accrued expenses (2,938) (2,210)
Prepaid expenses and other assets 15,084 (6,808)
Lease liabilities - operating leases (2,023) (1,938)
Net cash provided by operating activities 90,700 58,019
CASH FLOWS FROM INVESTING ACTIVITIES    
Acquisitions of real estate (344,647) 0
Proceeds from the disposition of properties and other investments, net 0 58,670
Investments in unconsolidated affiliates (5,229) (6,355)
Development, construction and property improvement costs (47,528) (37,412)
Refund for properties under purchase contract 11,125 0
Deposits for properties under purchase contract 0 (1,250)
Increase in cash and restricted cash upon change of control 6,777 0
Return of capital from unconsolidated affiliates 4,639 4,689
Payment of deferred leasing costs (5,908) (4,001)
Proceeds from sale of marketable securities 5,406 7,580
Proceeds from repayment of note receivable 807 6,000
Issuance of note receivable (20,141) (7,945)
Net cash (used in) provided by investing activities (394,699) 19,976
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from unsecured debt 837,700 96,384
Principal payments on unsecured debt (623,200) (293,825)
Proceeds from issuances of Common Shares 277,519 142,123
Capital contributions from noncontrolling interests 8,378 43,709
Principal payments on mortgage and other notes (107,399) (25,213)
Proceeds received from mortgage and other notes 3,321 49,226
Distributions to noncontrolling interests (12,803) (16,170)
Dividends paid to Common Shareholders (48,926) (35,733)
Payment of deferred financing and other costs (2,863) (8,647)
Payments of finance lease obligations 378 (89)
Net cash provided by (used in) financing activities 332,105 (48,235)
Increase in cash and cash equivalents and restricted cash 28,106 29,760
Cash and cash equivalents of $16,806 and $17,481 and restricted cash of $22,897 and $7,813, respectively, beginning of period 39,703 25,294
Cash and cash equivalents of $42,780 and $31,915 and restricted cash of $25,029 and $23,139, respectively, end of period 67,809 55,054
Supplemental disclosure of cash flow information    
Cash paid during the period for interest, net of capitalized interest of $5,412 and $3,348 respectively [1] 53,716 62,126
Cash paid for income taxes, net of refunds 330 187
Supplemental disclosure of non-cash investing and financing activities    
Dividends/Distributions declared and payable 27,649 20,092
Conversion of Common and Preferred OP Units to Common Shares 2,113 19,341
Accrued interest on note receivable recorded to noncontrolling interest 6,020 4,724
Retained investment in an unconsolidated affiliate 0 2,432
Recognition of non-refundable deposit upon expiration of sale agreement 0 3,315
Increase (decrease) in assets and liabilities resulting from the consolidation of previously unconsolidated investment:    
Operating real estate 201,700 0
Mortgage and other notes payable 156,117 0
Investments in and advances to unconsolidated affiliates (28,516) 0
Rents receivable and other assets 654 0
Accounts payable and other liabilities 4,548 0
Noncontrolling interests $ 29,572 $ 0
[1] Cash paid during the period for interest only includes payments made on our mortgages and does not capture the effect of hedging instruments. The Company received net cash from interest rate swap settlements of $6.5 million and $15.2 million for the six months ended June 30, 2025 and 2024 , respectively.