XML 155 R6.htm IDEA: XBRL DOCUMENT v3.23.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Dec. 31, 2022
Cash Flows from Operating Activities:          
Net loss $ (57,481,000) $ (8,369,000) $ (77,251,000) $ (13,100,000)  
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:          
Impairment charges on real estate and related intangibles 18,926,000 0 36,589,000 0  
Loss from unconsolidated entities, net     16,962,000 2,754,000  
Depreciation and amortization 12,110,000 14,098,000 24,158,000 26,662,000  
Loss on real estate equity securities, net 4,089,000 20,070,000 16,122,000 27,591,000  
Gain on sale of real estate (3,292,000) 175,000 (32,761,000) (3,348,000)  
Unrealized gain on interest rate caps     (328,000) (270,000)  
Deferred rent     (1,508,000) (1,427,000)  
Gain on extinguishment of debt 0 0 0 (2,367,000)  
Amortization of above- and below-market leases, net     (151,000) (508,000)  
Amortization of deferred financing costs and debt discount and premium, net     4,567,000 3,844,000  
Foreign currency transaction loss (gain), net 6,272,000 (23,833,000) 3,553,000 (31,098,000)  
Changes in assets and liabilities:          
Rents and other receivables, net     (409,000) (175,000)  
Prepaid expenses and other assets     (3,120,000) (1,150,000)  
Accounts payable and accrued liabilities     (3,068,000) 502,000  
Due to affiliates     3,884,000 3,753,000  
Other liabilities     3,355,000 668,000  
Net cash (used in) provided by operating activities     (9,406,000) 12,331,000  
Cash Flows from Investing Activities:          
Improvements to real estate     (10,349,000) (10,110,000)  
Proceed from sales of real estate, net     40,795,000 357,000  
Contribution to unconsolidated entity     0 (22,500,000)  
Distribution of capital from unconsolidated entity     1,144,000 569,000  
Purchase of interest rate caps     (347,000) (506,000)  
Advance to affiliate     0 (1,201,000)  
Purchase of foreign currency derivatives     (67,140,000) 0  
Proceeds from disposition of foreign currency derivatives     49,176,000 0  
Proceeds from advances due from affiliates     0 6,448,000  
Proceeds from the sale of real estate equity securities     13,557,000 0  
Escrow deposit for future real estate sale     0 17,000,000  
Proceeds for development obligations     1,855,000 0  
Funding for development obligations     (1,421,000) (4,025,000)  
Net cash provided by (used in) investing activities     27,270,000 (13,968,000)  
Cash Flows from Financing Activities:          
Proceeds from notes payable     980,000 145,104,000  
Principal payments on notes payable     (56,922,000) (61,613,000)  
Payments of deferred financing costs     (409,000) (2,829,000)  
Payments to redeem common stock     (3,214,000) (2,274,000)  
Distributions paid     0 (11,016,000)  
Preferred dividends paid     0 (718,000)  
Noncontrolling interests distribution     (613,000) (34,000)  
Net cash (used in) provided by financing activities     (60,178,000) 66,620,000  
Effect of exchange rate changes on cash, cash equivalents and restricted cash     (1,225,000) (3,619,000)  
Net (decrease) increase in cash, cash equivalents and restricted cash     (43,539,000) 61,364,000  
Cash, cash equivalents and restricted cash, beginning of period     159,044,000 105,431,000 $ 105,431,000
Cash, cash equivalents and restricted cash, end of period 115,505,000 166,795,000 115,505,000 166,795,000 159,044,000
Supplemental Disclosure of Cash Flow Information:          
Interest capitalized     1,743,000 1,026,000  
Interest paid, net of capitalized interest of $1,743 and $1,026 for the six months ended June 30, 2023 and 2022, respectively     27,379,000 15,446,000  
Supplemental Disclosure of Significant Noncash Transaction:          
Accrued improvements to real estate     1,915,000 3,262,000  
Redeemable common stock payable $ 1,426,000 $ 1,379,000 1,426,000 1,379,000 $ 2,638,000
Distributions paid to common stockholders through common stock issuances     0 99,094,000  
PPP notes forgiveness     $ 0 $ 2,367,000