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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) income $ (1,749) $ (65,251) $ 26,030
Adjustments to reconcile net (loss) income to net cash provided by operating activities:      
Depreciation and amortization 135,984 135,917 123,439
Gain on disposition of properties and other investments 0 (58,634) (10,521)
Net unrealized holding (gains) losses on investments (1,634) 37,751 (51,925)
Stock compensation expense 12,753 11,122 12,430
Straight-line rents (1,392) (8,669) (6,726)
Equity in losses (earnings) of unconsolidated affiliates 7,677 32,907 (5,330)
Distributions of operating income from unconsolidated affiliates 3,844 24,179 3,828
Adjustments to straight-line rent reserves 0 (292) 2,682
Amortization of financing costs 6,481 5,639 4,396
Non-cash lease expense 3,596 3,462 3,721
Adjustments to allowance for credit loss (1,241) (102) (2,796)
Acceleration of below market lease (8,057) 0 0
Impairment charges 3,686 33,311 9,925
Termination of ground lease 0 0 (3,615)
Other, net (5,818) (7,675) (5,304)
Changes in assets and liabilities:      
Rents receivable 2,538 1,586 7,384
Other liabilities 15,492 (2,959) 7,856
Accounts payable and accrued expenses 2,045 (2,141) 572
Prepaid expenses and other assets (14,756) (3,452) (7,427)
Lease liability - operating leases (3,691) (3,488) (3,636)
Net cash provided by operating activities 155,758 133,211 104,983
CASH FLOWS FROM INVESTING ACTIVITIES      
Acquisition of real estate (126,545) (242,633) (161,846)
Proceeds from the disposition of properties and other investments, net 0 224,558 63,901
Investments in and advances to unconsolidated affiliates (53,736) (154,695) (14,835)
Development, construction and property improvement costs (69,540) (51,046) (40,671)
Refund (deposits) for properties under purchase contract 1,080 (729) 0
Deposits for properties under sale contract 1,515 2,000 0
Change in control of previously unconsolidated affiliate 0 3,592 0
Return of capital from unconsolidated affiliates 44,486 77,774 17,722
Payment of deferred leasing costs (9,007) (7,997) (4,914)
Acquisition of investment interests 0 (4,527) 0
Proceeds from sale of marketable securities 4,636 0 0
Proceeds from repayment of notes receivable 0 29,530 0
Issuance of notes receivable (1,426) 0 (57,895)
Net cash used in investing activities (208,537) (124,173) (198,538)
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from unsecured debt 283,989 850,120 323,200
Principal payments on unsecured debt (209,599) (656,556) (206,781)
Proceeds from the sale of Common Shares 0 119,485 63,876
Capital contributions from noncontrolling interests 59,926 109,428 30,164
Principal payments on mortgage and other notes (112,283) (447,998) (98,602)
Distributions to noncontrolling interests (36,389) (84,723) (30,410)
Dividends paid to Common Shareholders (68,568) (64,586) (39,476)
Proceeds received from mortgage and other notes 132,902 204,138 56,847
Payment of deferred financing and other costs (4,026) (9,348) (7,436)
Acquisition of noncontrolling interest 0 (24,336) 0
Payments of finance lease obligations (100) 0 (63)
Net cash provided by (used in) financing activities 45,852 (4,376) 91,319
Changes in cash, cash equivalents and restricted cash (6,927) 4,662 (2,236)
Cash and cash equivalents of $17,158, $17,746 and $18,699 and restricted cash of $15,063, $9,813 and $11,096, respectively, beginning of year 32,221 27,559 29,795
Cash and cash equivalents of $17,481, $17,158 and $17,746 and restricted cash of $7,813, $15,063 and $9,813, respectively, end of year 25,294 32,221 27,559
Supplemental disclosure of cash flow information      
Cash paid during the period for interest, net of capitalized interest of $7,206 and $4,166 and $3,421 respectively (a) [1] 119,550 65,109 44,663
Cash paid for income taxes, net of (refunds) 301 11 147
Supplemental disclosure of non-cash investing and financing activities      
Distribution declared and payable 18,372 18,368 14,314
Assumption of accounts payable and accrued expenses through acquisition of real estate 645 4,062 1,319
Right-of-use assets, operating leases exchanged for operating lease liabilities 0 0 412
Disposition of 146 Geary Street upon deed-in-lieu of foreclosure 19,338 0 0
Extinguishment of a mortgage note for 146 Geary Street upon deed-in-lieu of foreclosure (19,338) 0 0
Issuance of note receivable used as capital contributions from redeemable noncontrolling interests 796 65,945 0
Accrued interest on note receivable recorded to redeemable noncontrolling interest 9,350 3,923 0
Distributions to noncontrolling interests of marketable securities 49,117 0 0
Reclassification of investment in unconsolidated affiliate to marketable securities 32,745 0 0
Reclassification of noncontrolling interest in excess of amount paid to additional paid-in capital 0 67,475 0
Acquisition of real estate through assumption of debt 0 0 31,801
Settlement of note receivable through cancellation of OP Units 0 0 479
Change in control of previously unconsolidated (consolidated) investment      
Increase in real estate 0 (55,791) 0
Increase in mortgage notes payable 0 35,970 0
Decrease in investments in and advances to unconsolidated affiliates 0 17,822 0
Decrease in notes receivable 0 5,306 0
Decrease in reserve on note receivable 0 (4,582) 0
Decrease in accrued interest on notes receivable 0 4,691 0
Change in other assets and liabilities 0 176 0
Increase in cash and restricted cash upon change of control $ 0 $ 3,592 $ 0
[1] Interest paid for the year ended December 31, 2023, 2022 and 2021 excludes the cash flows from net settlements on interest rate swap contracts, which was a net receipt of cash of $28.7 million, a net payment of $8.3 million, and a net receipt of $29.9 million, respectively.