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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (3,171) $ (45,928)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 132,277 138,644
Other amortization 32,299 46,576
Deferred rent (2,563) (2,896)
Stock based compensation 7,833 4,235
Gain on dispositions of real estate investments, net (2,257) (29,777)
Impairment of real estate investments 0 12,510
Loss from unconsolidated entities 4,363 924
Gain on re-measurement of previously held equity interest 0 (726)
Foreign currency gain (2,332) (351)
Loss on extinguishments of debt 1,406 345
Change in fair value of derivative financial instruments 2,162 (8,200)
Changes in operating assets and liabilities:    
Accounts and other receivables (22,020) (19,997)
Other assets (11,953) (6,817)
Accounts payable and accrued liabilities 8,075 12,375
Operating lease liabilities (25,105) (27,708)
Security deposits, prepaid rent and other liabilities (2,436) (443)
Net cash provided by operating activities 116,578 72,766
CASH FLOWS FROM INVESTING ACTIVITIES    
Developments and capital expenditures (62,256) (74,386)
Acquisitions of real estate investments (52,107) (45,382)
Proceeds from dispositions of real estate investments 14,529 167,861
Acquisition of previously held equity interest 0 (335)
Investments in unconsolidated entities 0 (12,000)
Issuances of real estate notes receivable (19,953) (13,778)
Principal repayments on real estate notes receivable 23,683 0
Real estate and other deposits 163 (1,279)
Net cash (used in) provided by investing activities (95,941) 20,701
CASH FLOWS FROM FINANCING ACTIVITIES    
Borrowings under mortgage loans payable 61,942 85,477
Payments on mortgage loans payable (211,191) (96,596)
Borrowings under the lines of credit and term loan 567,800 301,750
Payments on the lines of credit and term loan (1,195,991) (306,484)
Borrowings under financing obligation 0 16,283
Payments on financing and other obligations (2,967) (34,292)
Deferred financing costs (8,220) (3,418)
Debt extinguishment costs 0 (269)
Proceeds from issuance of common stock in offerings 1,244,036 0
Payment of offering costs (69,908) (885)
Distributions paid to common stockholders (82,591) (59,685)
Repurchase of common stock (14) (165)
Payments to taxing authorities in connection with common stock directly withheld from employees (71) (72)
Purchase of noncontrolling interests (258,442) 0
Distributions to noncontrolling interests (2,938) (8,561)
Redemption of redeemable noncontrolling interests (36,083) (15,954)
Security deposits (123) (306)
Net cash provided by (used in) financing activities 5,239 (123,177)
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 25,876 (29,710)
EFFECT OF FOREIGN CURRENCY TRANSLATION ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH 14 (40)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of period 90,782 111,906
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of period 116,672 82,156
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for: Interest 90,807 114,002
Cash paid for: Income taxes 895 1,014
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES    
Accrued developments and capital expenditures 22,848 19,329
Capital expenditures from financing and other obligations 353 1,301
Tenant improvement overage 3,753 2,359
Acquisitions of real estate investments with assumed mortgage loans payable, net of debt discount 127,254 0
Reclassification of noncontrolling interest from mezzanine equity, net 15,282 0
Issuance of common stock from the redemption of operating partnership units 25,473 0
Distributions declared but not paid — common stockholders 38,218 16,559
Distributions declared but not paid — limited partnership units 571 875
Distributions declared but not paid — restricted stock units 435 140
Accrued offering costs 1,028 1,685
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 (1,784)
Other assets, net (3,868) (3,211)
Accounts payable and accrued liabilities 97 (1,460)
Financing obligations 0 12
Security deposits, prepaid rent and other liabilities $ (236) $ (458)