XML 38 R8.htm IDEA: XBRL DOCUMENT v3.24.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating Activities:      
Net loss $ (605,102) $ (441,382) $ 11,570
Adjustments to reconcile net (loss) income to net cash provided by operating activities:      
Depreciation of building and building improvements 72,273 113,191 125,388
Amortization of leasing costs and intangibles, including ground leasehold interests and leasing costs 41,425 79,049 85,502
Amortization of below market leases, net (1,239) (2,205) (1,323)
Amortization of deferred financing costs and debt premium 4,049 5,724 3,593
Amortization of swap interest 126 126 126
Deferred rent (6,229) (13,350) (8,718)
Write-off reserves 0 0 (1,166)
(Gain)/Loss from sale of depreciable operating properties (29,164) 139,280 326
Gain on fair value of earn-out 0 0 (65)
Loss (income) from investment in unconsolidated entities 176,767 10,979 (8)
Gain from investments 18 194 125
Impairment provision - real estate assets 409,512 127,577 4,242
Impairment provision - goodwill 16,031 135,270 0
Share-based compensation 12,041 9,574 7,469
Other income - proration adjustments for dispositions (1,587) 0 0
Change in operating assets and liabilities:      
Deferred leasing costs and other assets (5,282) 1,002 (13,938)
Restricted reserves 0 0 (490)
Accrued expenses and other liabilities 6,233 (11,664) (8,003)
Due to related parties, net (720) (689) 349
Net cash provided by operating activities 89,152 152,676 204,979
Investing Activities:      
Cash acquired in connection with the CCIT II Merger, net of acquisition costs 0 0 (36,746)
Proceeds from disposition of properties 325,160 1,120,803 22,408
Restricted reserves 0 (266) 1,078
Payments for construction in progress (16,323) (17,494) (49,260)
Distributions of capital from investment in unconsolidated entities 0 0 42
Sale of investment in unconsolidated entities 0 31,000 0
Purchase of investment in unconsolidated entities 0 (34,558) 0
Purchase of investments (282) (1,142) (332)
Net cash provided by (used in) investing activities 308,555 1,098,343 (62,810)
Financing Activities:      
Proceeds from borrowings - Credit Facility 400,000 0 0
Proceeds from borrowings - Term Loan 0 0 400,000
Principal payoff of indebtedness - CCIT II Credit Facility 0 0 (415,500)
Principal payoff of secured indebtedness - Mortgage Debt (41,283) (469,777) (1,292)
Principal pay down of indebtedness - Revolving Credit Facility 0 (373,500) 0
Principal payoff of indebtedness - Term Loan (400,000) (200,000) 0
Principal amortization payments on secured indebtedness (6,973) (8,736) (9,786)
Deferred financing costs (3,530) (2,724) (567)
Redemption of preferred units (125,000) 0 0
Offering costs (796) (43) (47)
Repurchase of common shares (4,443) (5,617) (25,517)
Repurchase of common shares to satisfy employee tax withholding requirements (2,625) (3,189) (2,874)
Dividends paid on preferred units subject to redemption (4,891) (10,063) (9,542)
Distributions to noncontrolling interests (3,974) (11,136) (11,134)
Distributions to common shareholders (40,807) (114,110) (82,976)
Financing lease payment (319) (320) (100)
Net cash used in financing activities (234,641) (1,199,215) (159,335)
Net increase (decrease) in cash, cash equivalents and restricted cash 163,066 51,804 (17,166)
Cash, cash equivalents and restricted cash at the beginning of the period 237,944 186,140 203,306
Cash, cash equivalents and restricted cash at the end of the period 401,010 237,944 186,140
Supplemental disclosure of cash flow information:      
Cash paid for interest 58,154 75,122 80,958
Supplemental disclosures of non-cash investing and financing transactions:      
Dividends payable to common shareholders 8,193 9,678 9,672
Distributions payable to noncontrolling interests 724 946 946
Common shares issued pursuant to the distribution reinvestment plan 0 0 22,886
Common share redemptions funded subsequent to period-end 0 4,383 0
Exchange of noncontrolling interest to common stock 27,169 0 0
Accrued for construction in progress 1,183 35 1,114
Accrued tenant obligations 551 620 10,123
Increase (decrease) in fair value swap agreement (14,335) 63,182 32,449
Decrease in stockholder servicing fee payable 0 (92) 0
Operating lease right-of-use assets obtained in exchange for lease liabilities 0 1,358 0
Net assets acquired in CCIT II Merger in exchange for common shares 0 0 838,315
Capitalized transaction costs paid in prior period 0 0 2,170
Contribution in Unconsolidated Joint Venture 1,960 0 0
Note Payable in Unconsolidated Joint Venture $ (1,960) $ 0 $ 0