XML 19 R8.htm IDEA: XBRL DOCUMENT v3.24.3
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net loss $ (77.4) $ (45.5)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Gain on sale of real estate, net (112.8) (138.6)
Depreciation and amortization 112.2 118.3
Above/below market and straight-line rent amortization (1.9) (5.6)
Uncollectible lease income 2.1 4.6
Accretion of discount on loans receivable (3.1) (2.3)
Provision for credit losses 10.3 2.5
Benefit from deferred income taxes (14.2) (21.0)
Amortization of deferred loan costs 7.3 6.8
Amortization of discount and accretion of premium on issuance of senior notes and mortgage debt 1.3 (1.6)
Unrealized net loss (gain) on derivatives 13.1 (20.6)
Loss from unconsolidated investments 45.1 69.7
Operating distributions from unconsolidated investments 43.6 53.5
Deferred compensation (8.7) 3.7
Share-based compensation 17.3 21.7
Change in assets and liabilities:    
Accounts receivable 10.8 (11.8)
Other assets (8.2) (4.6)
Accounts payable, accrued expenses and other liabilities (11.3) (31.9)
Net cash provided by (used in) operating activities 25.5 (2.7)
Cash flows from investing activities:    
Proceeds from collection of loans receivable 26.4 40.8
Issuance and acquisition of loans receivable, net of discounts (31.3) (129.6)
Net proceeds from sale of consolidated real estate 457.6 282.6
Purchases of real estate (16.6) 0.0
Capital expenditures to real estate (110.8) (146.5)
(Premiums paid) proceeds from settlement of derivative contracts (3.1) 3.4
Distributions from unconsolidated investments 22.9 49.6
Contributions to unconsolidated investments (86.9) (120.9)
Net cash provided by (used in) investing activities 258.2 (20.6)
Cash flows from financing activities:    
Issuance of preferred stock 0.0 198.0
Borrowings under line of credit 100.0 50.0
Repayment of line of credit (75.0) (185.0)
Borrowings under mortgage debt 111.2 370.8
Repayment of mortgage debt (230.3) (386.8)
Payment of deferred loan costs (8.4) (0.6)
Repurchase and retirement of common stock (15.0) (13.4)
Proceeds from issuance of common stock, net of issuance costs (0.1) 29.9
Common dividends paid (83.7) (102.5)
Preferred dividends paid (32.6) (23.6)
Contributions from noncontrolling interests 0.1 1.0
Distributions to noncontrolling interests (4.0) (25.8)
Net cash used in financing activities (237.8) (88.0)
Effect of currency exchange rate changes on cash and cash equivalents 7.5 2.9
Net change in cash and cash equivalents [1] 53.4 (108.4)
Cash and cash equivalents, beginning of period 313.7 439.3
Cash and cash equivalents, end of period 367.1 330.9
Supplemental cash flow information:    
Interest [2],[3] 201.6 177.3
Income taxes 7.0 16.7
Cash received from consolidated and unconsolidated asset sales and loan repayments, net 399.4 266.5
Supplemental disclosure of non-cash investing and financing activities:    
Accrued capital expenditures 2.6 6.0
Common dividends declared but not paid on common stock 18.5 33.5
Preferred dividends declared but not paid on preferred stock $ 9.2 $ 10.2
[1] See discussion of non-cash effects in the supplemental cash flow information.
[2] $0.8 million and $1.9 million attributable to noncontrolling interests for the nine months ended September 30, 2024 and 2023, respectively.
[3] Excludes $4.5 million and $3.8 million of capitalized interest for the nine months ended September 30, 2024 and 2023, respectively.