XML 23 R8.htm IDEA: XBRL DOCUMENT v3.24.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net loss $ (151,867) $ (39,649)
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation and amortization 133,530 141,645
Amortization of deferred financing costs 3,753 3,251
Amortization of debt discount/(premium), net (2,540) (774)
Amortization of stock compensation costs 13,068 8,305
Straight-line rent income (5,745) (6,612)
Amortization of acquired above (below) market leases, net (706) (993)
Ground rent expense 589 601
Net gain on real estate venture transactions (54,503) (181)
Total gain on sale of real estate 0 (781)
Gain on early extinguishment of debt (941) 0
Provision for impairment 44,407 16,134
Loss from unconsolidated real estate ventures, including income distributions 153,957 24,504
Income tax provision 11 35
Changes in assets and liabilities:    
Accounts receivable 1,787 (2,362)
Other assets (14,343) (24,619)
Accounts payable and accrued expenses 4,851 (8,992)
Deferred income, gains and rent (1,740) (1,196)
Other liabilities 634 3,089
Net cash provided by operating activities 124,202 111,405
Cash flows from investing activities:    
Proceeds from the sale of properties 45,250 51,285
Capital expenditures for tenant improvements (55,214) (34,219)
Capital expenditures for redevelopments (8,747) (42,592)
Capital expenditures for developments (29,580) (30,149)
Advances for the purchase of tenant assets, net of repayments 1,377 (9,292)
Investment in unconsolidated real estate ventures (143,751) (72,715)
Deposits for real estate 0 3,500
Capital distributions from unconsolidated real estate ventures 3,941 2,700
Leasing costs paid (6,307) (7,969)
Net cash used in investing activities (193,031) (139,451)
Cash flows from financing activities:    
Proceeds from credit facility borrowings 131,000 172,000
Repayments of credit facility borrowings (91,000) (260,500)
Proceeds from unsecured notes 400,000 0
Repayments of unsecured notes (339,059) (54,301)
Proceeds from unsecured term loan 13,000 70,000
Proceeds from secured term loan 0 245,000
Proceeds from construction loan 15,943 0
Debt financing costs paid (6,334) (4,371)
Shares used for employee taxes upon vesting of share awards (1,028) (952)
Distributions paid to shareholders (78,303) (98,306)
Distributions to noncontrolling interest (231) (294)
Net cash provided by financing activities 43,988 68,276
Increase/(Decrease) in cash and cash equivalents and restricted cash (24,841) 40,230
Cash and cash equivalents and restricted cash at beginning of period 67,534 18,387
Cash and cash equivalents and restricted cash at end of period 42,693 58,617
Reconciliation of cash and cash equivalents and restricted cash:    
Cash and cash equivalents, beginning of period 58,319 17,551
Restricted cash, beginning of period 9,215 836
Cash and cash equivalents and restricted cash at beginning of period 67,534 18,387
Cash and cash equivalents, end of period 36,498 47,872
Restricted cash, end of period 6,195 10,745
Cash and cash equivalents and restricted cash at end of period 42,693 58,617
Supplemental disclosure:    
Cash paid for interest, net of capitalized interest during the nine months ended September 30, 2024 and 2023 of $13,866 and $12,602, respectively 86,398 73,217
Cash paid for income taxes 0 550
Supplemental disclosure of non-cash activity:    
Dividends and distributions declared but not paid 26,230 26,027
Change in investment in real estate ventures as a result of deconsolidation 0 8,595
Change in operating real estate from deconsolidation of operating properties 0 (7,814)
Change in notes receivable from sale of properties 19,919 0
Change in capital expenditures financed through accounts payable at period end 8,383 4,276
Change in capital expenditures financed through retention payable at period end $ (2,331) $ 2,587