XML 19 R7.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (3,004) $ (27,615)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Depreciation and amortization 42,767 44,670
Other amortization 11,799 20,370
Deferred rent (1,132) (1,090)
Stock based compensation 1,935 1,072
(Gain) loss on dispositions of real estate investments, net (2,263) 132
Loss from unconsolidated entities 1,205 306
Gain on re-measurement of previously held equity interest 0 (726)
Foreign currency loss (gain) 434 (1,063)
Loss on extinguishments of debt 1,280 0
Change in fair value of derivative financial instruments (6,417) 195
Changes in operating assets and liabilities:    
Accounts and other receivables (32,116) (7,119)
Other assets (9,736) (3,489)
Accounts payable and accrued liabilities (1,866) 1,790
Operating lease liabilities (8,893) (9,328)
Security deposits, prepaid rent and other liabilities 53 5,757
Net cash (used in) provided by operating activities (5,954) 23,862
CASH FLOWS FROM INVESTING ACTIVITIES    
Developments and capital expenditures (19,886) (21,500)
Proceeds from dispositions of real estate investments 14,522 6,901
Acquisitions of real estate investments (352) (11,680)
Acquisition of previously held equity interest 0 (335)
Investments in unconsolidated entities 0 (6,000)
Issuance of real estate notes receivable (7,753) 0
Principal repayments on real estate notes receivable 8,383 0
Real estate and other deposits (137) (705)
Net cash used in investing activities (5,223) (33,319)
CASH FLOWS FROM FINANCING ACTIVITIES    
Borrowings under mortgage loans payable 15,535 7,700
Payments on mortgage loans payable (181,190) (5,122)
Borrowings under the lines of credit and term loan 147,600 113,600
Payments on the lines of credit and term loan (612,323) (82,100)
Payments on financing and other obligations (782) (733)
Deferred financing costs (5,838) (1,048)
Proceeds from issuance of common stock 772,800 0
Payment of offering costs (47,534) (3)
Distributions paid to common stockholders (16,596) (26,492)
Repurchase of common stock (14) (78)
Purchase of noncontrolling interest (441) 0
Distributions to noncontrolling interests (991) (4,076)
Redemption of noncontrolling interests (25,312) (15,803)
Security deposits 48 (145)
Net cash provided by (used in) financing activities 44,962 (14,300)
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 33,785 (23,757)
EFFECT OF FOREIGN CURRENCY TRANSLATION ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH (36) 80
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of period 90,782 111,906
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of period 124,531 88,229
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents 124,531 88,229
Cash and cash equivalents at beginning of period 43,445 65,052
Restricted cash at beginning of period 47,337 46,854
Cash and cash equivalents at end of period 77,026 41,346
Restricted cash at end of period 47,505 46,883
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for: Interest 35,617 37,424
Cash paid for: Income taxes 157 383
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES    
Accrued developments and capital expenditures 24,127 26,102
Capital expenditures from financing and other obligations 353 0
Tenant improvement overage 1,553 0
Acquisition of real estate investments with assumed mortgage loans payable, net of debt discount 91,472 0
Reclassification of noncontrolling interest from mezzanine equity, net 15,282 0
Distributions declared but not paid to common stockholders 32,900 16,554
Distributions declared but not paid — limited partnership units 875 875
Distributions declared but not paid — restricted stock units 294 68
Accrued offering costs 2,446 1,255
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 343 (952)
Other assets, net (3,749) 162
Accounts payable and accrued liabilities (12) 548
Financing obligations 0 12
Security deposits and other liabilities $ (236) $ 312