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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES      
Net loss $ (76,887) $ (73,383) $ (53,269)
Adjustments to reconcile net loss to net cash provided by operating activities:      
Depreciation and amortization 182,604 167,957 133,191
Other amortization 54,692 32,643 24,189
Deferred rent (3,480) (6,520) (2,673)
Stock based compensation 5,468 3,909 9,658
(Gain) loss on dispositions of real estate investments, net (32,472) (5,481) 100
Impairment of real estate investments 13,899 54,579 3,335
Impairment of intangible assets and goodwill 10,520 23,277 0
Loss (income) from unconsolidated entities 1,718 (1,407) 1,355
Gain on re-measurement of previously held equity interests (726) (19,567) 0
Foreign currency (gain) loss (2,282) 4,893 573
Loss on extinguishments of debt 345 5,166 2,655
Change in fair value of derivative financial instruments 926 (500) (8,200)
Other adjustments 0 0 466
Changes in operating assets and liabilities:      
Accounts and other receivables (34,724) (4,457) 3,691
Other assets (4,166) (8,303) (2,775)
Accounts payable and accrued liabilities 15,427 14,062 (32,571)
Accounts payable due to affiliates 0 (184) (7,140)
Operating lease liabilities (36,609) (24,699) (16,793)
Security deposits, prepaid rent and other liabilities 4,282 (14,217) (37,879)
Net cash provided by operating activities 98,535 147,768 17,913
CASH FLOWS FROM INVESTING ACTIVITIES      
Proceeds from dispositions of real estate investments 184,532 48,297 4,499
Developments and capital expenditures (99,791) (71,520) (79,695)
Acquisitions of real estate investments (45,382) (73,229) (80,109)
Acquisition of previously held equity interest (335) (13,714) 0
Cash, cash equivalents and restricted cash acquired in connection with the Merger and the AHI Acquisition 0 0 17,852
Investments in unconsolidated entities (12,592) (4,858) (650)
Issuance of real estate notes receivable (20,962) (3,000) 0
Principal repayments on real estate notes receivable 6,082 0 0
Real estate and other deposits (2,156) (554) (549)
Net cash provided by (used in) investing activities 9,396 (118,578) (138,652)
CASH FLOWS FROM FINANCING ACTIVITIES      
Borrowings under mortgage loans payable 160,442 120,057 298,515
Payments on mortgage loans payable (101,457) (125,454) (34,616)
Borrowings under the lines of credit and term loans 401,450 1,160,400 51,100
Payments on the lines of credit and term loans (459,361) (1,104,400) (157,000)
Borrowings under financing obligations 16,283 25,900 0
Payments on financing and other obligations (34,943) (13,677) (11,685)
Deferred financing costs (5,311) (7,550) (3,854)
Debt extinguishment costs (269) (3,243) (127)
Distributions paid to common stockholders (76,284) (51,122) (22,788)
Repurchase of common stock (469) (20,699) (382)
Payments to taxing authorities in connection with common stock directly withheld from employees (72) 0 0
Distributions to noncontrolling interests in total equity (8,628) (13,242) (14,875)
Contributions from redeemable noncontrolling interests 0 273 152
Distributions to redeemable noncontrolling interests (1,475) (2,627) (1,483)
Repurchase of redeemable noncontrolling interests and stock warrants (17,150) (4,679) (8,933)
Payment of offering costs (1,487) (2,084) (10)
Security deposits (331) (777) 95
Net cash (used in) provided by financing activities (129,062) (42,924) 94,109
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (21,131) (13,734) (26,630)
EFFECT OF FOREIGN CURRENCY TRANSLATION ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH 7 154 (74)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of period 111,906 125,486 152,190
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of period 90,782 111,906 125,486
Cash and cash equivalents at beginning of period 65,052 81,597 113,212
Restricted cash at beginning of period 46,854 43,889 38,978
Cash and cash equivalents at end of period 43,445 65,052 81,597
Restricted cash at end of period 47,337 46,854 43,889
Cash paid for:      
Interest 152,669 88,682 70,212
Income taxes 1,297 1,131 1,239
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES      
Accrued developments and capital expenditures 24,881 30,211 19,546
Capital expenditures from financing obligations 5,413 2,465 1,409
Tenant improvement overage 2,402 1,408 1,598
Acquisition of real estate investments with assumed mortgage loans payable, net 0 104,561 0
Assumption of mortgage loan payable for development 10,884 0 0
Acquisition of real estate investment with financing obligation 0 0 15,504
Issuance of common stock under the DRIP 0 36,812 7,666
Distributions declared but not paid to common stockholders 16,557 26,484 8,768
Distributions declared but not paid — limited partnership units 876 1,401 467
Distributions declared but not paid — restricted stock units 157 65 0
Accrued repurchase of redeemable noncontrolling interest 25,312 0 0
Accrued offering costs 1,619 1,256 0
Reclassification of noncontrolling interests to mezzanine equity 0 83 5,923
Issuance of redeemable noncontrolling interests 0 0 7,999
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 (1,784) 2,410 (153)
Issuance of note receivable 0 5,000 0
Other assets, net (3,740) (12,337) (4,036)
Mortgage loans payable, net 0 33,241 0
Financing obligations 12 65 0
Accounts payable and accrued liabilities (1,560) 15,674 (161)
Security deposits and other liabilities (907) 15,919 0
Merger and AHI Acquisition (Note 1):      
Issuance of limited partnership units in the AHI Acquisition 0 0 131,674
Implied issuance of GAHR III common stock in exchange for net assets acquired and purchase of noncontrolling interests in connection with the Merger 0 0 722,169
Fair value of mortgage loans payable and lines of credit and term loans assumed in the Merger $ 0 $ 0 $ 507,503