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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (27,615) $ (897)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 44,670 42,311
Other amortization 20,370 6,166
Deferred rent (1,090) (1,695)
Stock based compensation 1,072 779
Loss (gain) on dispositions of real estate investments 132 (756)
Loss (income) from unconsolidated entities 306 (1,386)
Gain on re-measurement of previously held equity interest (726) 0
Foreign currency (gain) loss (1,063) 1,335
Loss on extinguishments of debt 0 4,591
Change in fair value of derivative financial instruments 195 (500)
Changes in operating assets and liabilities:    
Accounts and other receivables (7,119) (8,300)
Other assets (3,489) (1,432)
Accounts payable and accrued liabilities 1,790 (7,878)
Accounts payable due to affiliates 0 (184)
Operating lease liabilities (9,328) (4,602)
Security deposits, prepaid rent and other liabilities 5,757 (5,192)
Net cash provided by operating activities 23,862 22,360
CASH FLOWS FROM INVESTING ACTIVITIES    
Developments and capital expenditures (21,500) (20,856)
Acquisitions of real estate investments (11,680) (19,878)
Acquisition of previously held equity interest (335) 0
Proceeds from dispositions of real estate investments 6,901 14,074
Investments in unconsolidated entities (6,000) (200)
Real estate and other deposits (705) (507)
Net cash used in investing activities (33,319) (27,367)
CASH FLOWS FROM FINANCING ACTIVITIES    
Borrowings under mortgage loans payable 7,700 22,489
Payments on mortgage loans payable (5,122) (4,538)
Borrowings under the lines of credit and term loan 113,600 941,400
Payments on the lines of credit and term loan (82,100) (928,900)
Deferred financing costs (1,048) (4,796)
Debt extinguishment costs 0 (2,790)
Payments on financing obligations (733) (787)
Distributions paid to common stockholders (26,492) (15,010)
Repurchase of common stock (78) (4,134)
Distributions to noncontrolling interests in total equity (3,516) (3,511)
Contribution from redeemable noncontrolling interest 0 173
Distributions to redeemable noncontrolling interests (560) (695)
Repurchase of redeemable noncontrolling interest (15,803) 0
Payment of offering costs (3) (9)
Security deposits (145) (199)
Net cash used in financing activities (14,300) (1,307)
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (23,757) (6,314)
EFFECT OF FOREIGN CURRENCY TRANSLATION ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH 80 (2)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of period 111,906 125,486
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of period 88,229 119,170
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents 88,229 119,170
Cash and cash equivalents at beginning of period 65,052 81,597
Restricted cash at beginning of period 46,854 43,889
Cash and cash equivalents at end of period 41,346 75,115
Restricted cash at end of period 46,883 44,055
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for: Interest 37,424 18,916
Cash paid for: Income taxes 383 191
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES    
Accrued developments and capital expenditures 26,102 14,750
Tenant improvement overage 0 223
Issuance of common stock under the DRIP 0 11,304
Distributions declared but not paid to common stockholders 16,554 8,794
Distributions declared but not paid — limited partnership units 875 467
Distributions declared but not paid — restricted stock units 68 0
Accrued offering costs 1,255 0
The following represents the net increase (decrease) in certain assets and liabilities in connection with our acquisitions and dispositions of investments:    
Accounts and other receivables (952) (173)
Other assets 162 5,023
Mortgage loan payable, net 0 (12,059)
Accounts payable and accrued liabilities 548 (21)
Financing obligations 12 56
Security deposits and other liabilities $ 312 $ 7,746