XML 174 R8.htm IDEA: XBRL DOCUMENT v3.24.1.u1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net income (loss) $ 11,177 $ 134,507
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization of real estate, in-place lease, and other intangibles 219,219 179,225
Stock-based compensation amortization expense 3,366 3,287
Merger-related post-combination stock compensation expense 16,223 0
Amortization of deferred financing costs and debt discounts (premiums) 4,522 2,821
Straight-line rents (12,093) (747)
Amortization of nonrefundable entrance fees and above (below) market lease intangibles (28,928) (25,690)
Equity loss (income) from unconsolidated joint ventures (2,376) (1,816)
Distributions of earnings from unconsolidated joint ventures 1,958 185
Deferred income tax expense (benefit) 10,006 (402)
Impairments and loan loss reserves (recoveries), net 11,458 (2,213)
Loss (gain) on sales of real estate, net (3,255) (81,578)
Loss (gain) upon change of control, net (77,781) 0
Casualty-related loss (recoveries), net 0 529
Other non-cash items 819 1,698
Changes in:    
Decrease (increase) in accounts receivable and other assets, net (2,171) (19,949)
Increase (decrease) in accounts payable, accrued liabilities, and deferred revenue 420 (15,936)
Net cash provided by (used in) operating activities 152,564 173,921
Cash flows from investing activities:    
Acquisitions of real estate 0 (10,219)
Development, redevelopment, and other major improvements of real estate (107,050) (204,889)
Leasing costs, tenant improvements, and recurring capital expenditures (17,517) (22,789)
Proceeds from sales of real estate, net 28,206 141,559
Proceeds from the Callan Ridge JV transaction, net 125,662 0
Investments in unconsolidated joint ventures (26,621) (9,640)
Distributions in excess of earnings from unconsolidated joint ventures 7,291 3,210
Proceeds from insurance recovery 2,361 2,650
Proceeds from sales/principal repayments on loans receivable and marketable debt securities 75,306 158,381
Investments in loans receivable and other (6,204) (1,918)
Cash paid in connection with the Merger, net (179,215) 0
Net cash provided by (used in) investing activities (97,781) 56,345
Cash flows from financing activities:    
Borrowings under bank line of credit and commercial paper 2,500,000 3,372,255
Repayments under bank line of credit and commercial paper (3,037,000) (3,811,861)
Issuances and borrowings of term loans, senior unsecured notes, and mortgage debt 750,000 399,532
Repayments and repurchases of term loans, senior unsecured notes, and mortgage debt (861) (1,325)
Payments for deferred financing costs (5,438) (4,175)
Issuance of common stock and exercise of options, net of offering costs 94 (151)
Repurchase of common stock (101,995) (6,467)
Dividends paid on common stock (164,200) (164,976)
Distributions to and purchase of noncontrolling interests (7,258) (22,803)
Contributions from and issuance of noncontrolling interests 10 96
Net cash provided by (used in) financing activities (66,648) (239,875)
Net increase (decrease) in cash, cash equivalents, and restricted cash (11,865) (9,609)
Cash, cash equivalents, and restricted cash, beginning of period 169,023 126,834
Cash, cash equivalents, and restricted cash, end of period $ 157,158 $ 117,225