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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
OPERATING ACTIVITIES    
Net loss $ (461,157) $ (171,804)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 351,596 367,671
Other amortization 23,390 23,405
Share-based compensation 6,944 8,916
Amortization of straight-line rent receivable (lessor) (14,198) (19,313)
Amortization of straight-line rent on operating leases (lessee) 1,998 3,062
Gain on sales of real estate properties and other assets (38,360) (8,162)
Impairment of real estate properties and credit loss reserves 148,055 86,637
Impairment of goodwill 250,530 0
Equity loss from unconsolidated joint ventures 568 797
Distributions from unconsolidated joint ventures 2,649 3,031
Non-cash interest from financing and notes receivable (478) (488)
Changes in operating assets and liabilities:    
Other assets, including right-of-use-assets (4,257) (17,502)
Accounts payable and accrued liabilities (23,131) (38,601)
Other liabilities 155 16,673
Net cash provided by operating activities 244,304 254,322
INVESTING ACTIVITIES    
Acquisitions of real estate 0 (39,301)
Development of real estate (31,901) (17,594)
Additional long-lived assets (117,775) (94,013)
Funding of mortgages and notes receivable (3,466) (11,503)
Investments in unconsolidated joint ventures 0 (3,824)
Investment in financing receivable   (780)
Investment in financing receivable 475  
Contributions from redeemable non-controlling interests 13 0
Proceeds from sales of real estate properties and additional long-lived assets 303,475 160,870
Proceeds from notes receivable repayments 567 0
Net cash provided by (used in) investing activities 151,388 (6,145)
FINANCING ACTIVITIES    
Net borrowings (repayments) on unsecured credit facility 250,000 (31,000)
Repayment on term loan (100,000) 0
Repayments of notes and bonds payable (17,746) (1,340)
Dividends paid (235,618) (236,105)
Net proceeds from issuance of common stock 104 77
Common stock redemptions (321) (1,842)
Common stock repurchases (273,053) 0
Distributions to non-controlling interest holders (2,399) (2,546)
Debt issuance and assumption costs (563) (438)
Payments made on finance leases (30) (40)
Net cash used in financing activities (379,626) (273,234)
Increase (decrease) in cash and cash equivalents 16,066 (25,057)
Cash and cash equivalents at beginning of period 25,699 60,961
Cash and cash equivalents at end of period 41,765 35,904
Supplemental Cash Flow Information    
Interest paid 103,708 106,985
Mortgage note receivables taken in connection with sale of real estate 0 45,000
Invoices accrued for construction, tenant improvements and other capitalized costs 39,016 30,956
Capitalized interest 1,916 1,282
Proceeds from dispositions held in escrow 96,008 0
Contribution of real estate properties into unconsolidated joint venture $ 66,547 $ 0