PCOK · As filed with the SEC
Pacific Oak Strategic Opportunity REIT cash flow statement, by fiscal year
The statement as Pacific Oak Strategic Opportunity REIT presents it in its 10-Q and 10-K: its own lines, labels and order. Tables over time lines up standardized figures across every filing.
CONSOLIDATED STATEMENTS OF CASH FLOWS · USD thousands
| USD thousands | FY2024 Year ended Dec 31, 2024 | FY2023 Year ended Dec 31, 2023 | FY2022 Year ended Dec 31, 2022 | FY2021 Year ended Dec 31, 2021 | FY2020 Year ended Dec 31, 2020 | FY2019 Year ended Dec 31, 2019 | FY2018 Year ended Dec 31, 2018 | FY2017 Year ended Dec 31, 2017 |
|---|---|---|---|---|---|---|---|---|
| Cash Flows from Operating Activities: | ||||||||
| Net loss | (104,872) | (146,477) | (41,670) | (12,498) | (48,813) | (15,181) | 33,324 | 210,580 |
| Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | ||||||||
| Loss due to property damages | — | — | — | — | — | — | 964 | 668 |
| Equity in loss of unconsolidated joint ventures | — | — | — | — | — | — | 9,830 | 6,037 |
| Change in subordinated performance fee due upon termination to affiliate | — | — | — | — | (1,720) | — | — | — |
| Impairment charges on real estate and related intangibles | 76,090 | 64,849 | 18,493 | 10,971 | — | — | — | — |
| Loss from unconsolidated entities, net | 35,397 | 54,758 | 8,019 | 1,373 | (1,260) | — | — | — |
| Depreciation and amortization | 41,069 | 47,868 | 51,930 | 58,871 | 45,041 | 34,004 | 35,006 | 53,446 |
| Non-cash interest income on real estate related investments | — | — | — | — | — | — | — | 0 |
| Other-than-temporary impairment of debt securities | — | — | — | — | 0 | 0 | 2,500 | — |
| Loss on real estate equity securities | — | — | — | — | — | — | 19,010 | — |
| Gain on sale of real estate | — | — | — | — | — | — | (80,594) | (255,935) |
| (Gain) loss on real estate equity securities | — | — | — | — | — | (20,379) | — | — |
| Loss on real estate equity securities | 12,076 | 4,598 | 51,943 | (28,632) | 14,814 | — | — | — |
| Gain on sale of real estate, net | (119,018) | (82,099) | (46,513) | (30,261) | 110 | (34,077) | — | — |
| Unrealized (gain) loss on interest rate caps | — | (165) | (1,530) | 11 | 27 | 50 | 142 | 105 |
| Deferred rent | — | — | — | — | — | — | (4,736) | (2,416) |
| Deferred rent | (859) | (176) | (2,582) | (1,890) | (3,447) | (4,078) | — | — |
| Bad debt expense | — | — | — | — | 0 | 0 | 161 | 724 |
| Amortization of above- and below-market leases, net | — | (255) | (1,007) | (1,278) | (852) | (1,091) | (1,152) | (2,575) |
| Amortization of deferred financing costs | — | — | 3,727 | 3,157 | 3,311 | 3,606 | 3,640 | 4,363 |
| Interest accretion on real estate debt securities | — | — | — | 0 | 0 | (13) | (108) | (565) |
| Amortization of discount (premium) on bond and notes payable, net | — | — | 4,784 | 2,721 | 602 | (99) | 61 | 49 |
| Amortization of deferred financing costs and debt discount and premium, net | 9,444 | 9,572 | — | — | — | — | — | — |
| Foreign currency transaction loss (gain), net | 3,156 | 18,712 | (29,038) | 7,445 | 2,912 | 12,498 | (10,141) | 15,298 |
| Impairment charges on goodwill | 0 | 4,488 | 8,098 | 2,808 | — | — | — | — |
| Pacific Oak Strategic Opportunity REIT II, Inc. | — | — | 8,100 | — | — | — | — | — |
| Gain from remeasurement of prior equity interest | — | — | 0 | 0 | (2,009) | — | — | — |
| Loss due to property damages | — | — | — | — | 0 | 0 | — | — |
| Gain from consolidation of previously unconsolidated entity | 0 | 0 | (18,742) | — | — | — | — | — |
| Casualty-related gain | — | — | 0 | (27) | 0 | 506 | — | — |
| Equity in (income) loss of unconsolidated entities | — | — | — | — | — | (6,621) | — | — |
| Loss (gain) on extinguishment of debt | 6,033 | 0 | (2,367) | 4,757 | (415) | 1,106 | 493 | 478 |
| Other income | — | — | — | — | — | — | — | 0 |
| Subordinated performance fee due upon termination | — | — | — | — | — | 32,640 | — | — |
| Subordinated performance fee due upon termination to affiliate | — | 0 | 0 | 1,678 | 0 | — | — | — |
| Changes in assets and liabilities: | ||||||||
| Rents and other receivables, net | 1,169 | (575) | 2,589 | 1,390 | (3,456) | (1,548) | (1,801) | (1,810) |
| Prepaid expenses and other assets | 1,146 | (3,271) | (2,069) | (1,670) | (2,465) | (5,137) | (7,375) | (5,995) |
| Accounts payable and accrued liabilities | 663 | 3,807 | (3,159) | (207) | (3,161) | (2,334) | 3,387 | (4,270) |
| Due to affiliates | — | — | — | — | (1,637) | 1,606 | 10 | (29) |
| Due to affiliates | — | 4,622 | 198 | (975) | — | — | — | — |
| Other liabilities | — | (4,601) | 9,764 | (1,716) | 641 | 386 | (478) | (4,721) |
| Due to affiliate | 4,758 | — | — | — | — | — | — | — |
| Other liabilities | 3,391 | — | — | — | — | — | — | — |
| Net cash (used in) provided by operating activities | (30,357) | (24,345) | 10,868 | 16,028 | (1,777) | (4,156) | 2,143 | 13,432 |
| Cash Flows from Investing Activities: | ||||||||
| Acquisitions of real estate | — | — | — | — | — | — | (312,348) | (165,465) |
| Improvements to real estate | (27,512) | (24,081) | (31,110) | (19,038) | (21,807) | (32,472) | (32,172) | (41,224) |
| Proceeds from sales of real estate, net | — | — | — | — | — | — | 250,576 | 872,091 |
| Reimbursement of construction costs | — | — | — | — | — | — | 1,636 | — |
| Escrow deposits for future real estate purchases | — | — | — | — | — | — | 0 | 0 |
| Principal proceeds from assignment of real estate loan receivable | — | — | — | — | — | — | 0 | 0 |
| Proceeds from condemnation proceeds | — | — | — | — | — | — | — | 0 |
| Proceeds from sales of real estate, net | 232,347 | 116,318 | 151,178 | 194,711 | 332 | 141,548 | — | — |
| Reimbursement of construction costs | — | — | — | — | 0 | 0 | — | — |
| Insurance proceeds received for property damages | — | — | — | 0 | 0 | 438 | 0 | 744 |
| Purchase of interest rate caps | (1,447) | (1,236) | (556) | (18) | (16) | (28) | (163) | (107) |
| Purchase of foreign currency option | — | — | — | — | — | — | 0 | (3,434) |
| Proceeds from termination of foreign currency collars | — | — | — | — | — | — | 0 | 6,557 |
| Purchase of foreign currency option | — | — | — | — | — | 0 | — | — |
| Proceeds from disposition of foreign currency collar | — | — | 0 | 1,198 | 14,125 | 0 | — | — |
| Contributions to unconsolidated entities | (79,530) | (31,428) | (23,780) | (10,539) | (12,620) | (31,845) | (1,320) | 0 |
| Distribution of capital from an unconsolidated entity | 1,497 | 1,144 | 569 | 0 | 1,370 | 8,051 | 2,198 | 59,800 |
| Investment in real estate equity securities | — | — | — | — | (35,971) | (15,224) | (30,609) | (43,308) |
| Proceeds from the sale of real estate equity securities | — | — | — | — | 10,964 | 28,033 | 27,786 | — |
| Investment in real estate debt securities, net | — | — | — | — | — | — | 0 | (12,514) |
| Investment in real estate debt securities, net | — | — | — | — | — | 0 | — | — |
| Investment in real estate equity securities | — | — | 0 | 0 | — | — | — | — |
| Payments on foreign currency derivatives, net | (478) | (30,209) | — | — | — | — | — | — |
| Proceeds from the sale of real estate equity securities | 16,379 | 13,946 | 0 | 14,439 | — | — | — | — |
| Proceeds from principal repayment on real estate debt securities | — | — | — | 0 | 0 | 7,750 | 4,500 | — |
| Proceeds for future development obligations | — | — | — | — | — | — | 2,113 | 1,367 |
| Proceeds for future development obligations | — | — | — | 6,203 | 0 | 0 | — | — |
| Funding of development obligations | — | — | — | — | 0 | (134) | (1,258) | (1,184) |
| Funding of development obligations | — | — | — | 0 | — | — | — | — |
| (Funding) proceeds for future development obligations | — | — | (7,934) | — | — | — | — | — |
| Proceeds for development obligations | 16,461 | 12,005 | — | — | — | — | — | — |
| Payments on development obligations | (11,540) | (8,689) | — | — | — | — | — | — |
| Escrow deposits for pending real estate sales | 10,000 | 0 | 17,000 | — | — | — | — | — |
| Acquisitions of real estate, net of cash acquired | 0 | 0 | (6,689) | (4,818) | (18,909) | 90,266 | — | — |
| Cash acquired in connection with the Pacific Oak Strategic Opportunity REIT II merger | — | — | 0 | 0 | 12,978 | — | — | — |
| Cash paid to acquire PORT, net of cash acquired | — | — | — | 0 | 0 | (46,864) | — | — |
| Cash and restricted cash received upon consolidation of previously unconsolidated entity | 0 | 0 | 1,834 | — | — | — | — | — |
| Advances to affiliate | 0 | 0 | (1,200) | (7,040) | — | — | — | — |
| Proceeds from advances due from affiliates | 0 | 0 | 8,239 | — | — | — | — | — |
| Net cash provided by investing activities | 156,177 | 47,770 | 107,551 | 175,098 | (49,554) | (31,013) | (89,061) | 673,323 |
| Cash Flows from Financing Activities: | ||||||||
| Proceeds from notes and bonds payable | — | — | 188,106 | 358,931 | 112,480 | 84,268 | 223,425 | 187,204 |
| Principal and related payments on notes payable | — | — | (192,268) | (473,133) | (70,649) | (126,603) | (152,516) | (477,089) |
| Proceeds from notes and bonds payable | 179,787 | 98,502 | — | — | — | — | — | — |
| Principal payments on notes and bonds payable | (348,666) | (111,243) | — | — | — | — | — | — |
| Payments of deferred financing costs | — | (5,416) | (4,770) | (8,463) | (2,556) | (1,123) | (3,391) | (2,396) |
| Payments to redeem common stock | — | — | — | — | (2,230) | (10,028) | (123,613) | (74,780) |
| Payments on deferred financing costs and extinguishment of debt | (9,814) | — | — | — | — | — | — | — |
| Redemptions of common stock | (2,882) | (6,425) | (6,007) | (31,018) | — | — | — | — |
| Noncontrolling interests contributions | 584 | 543 | 300 | 183 | 844 | 13 | 762 | 158 |
| Noncontrolling interests distributions | (2,608) | (1,094) | (9,538) | 0 | (28) | (3,869) | 0 | (22) |
| Acquisitions of noncontrolling interests | — | — | — | — | — | — | 0 | 0 |
| Proceeds for noncontrolling preferred stock, net | — | — | — | 0 | 0 | 15,008 | — | — |
| Payments to repurchase restricted stock | — | 0 | 0 | (5,656) | — | — | — | — |
| Payment of prepaid other offering costs | — | 0 | 0 | (227) | (811) | (157) | (562) | (480) |
| Payment for redeemable noncontrolling interests | 0 | 0 | (6,687) | — | — | — | — | — |
| Distributions paid | 0 | 0 | (11,016) | 0 | (334) | (886) | (70,980) | (7,229) |
| Preferred dividends paid | 0 | 0 | (1,123) | (913) | (764) | — | — | — |
| Acquisition of noncontrolling interest | 0 | 0 | (1,125) | (3,819) | — | — | — | — |
| Payments to redeem noncontrolling cumulative convertible redeemable preferred stock | 0 | 0 | (16,934) | — | — | — | — | — |
| Other financing proceeds, net | — | 0 | 0 | 2,367 | 0 | 1,822 | 0 | 0 |
| Net cash used in financing activities | (183,599) | (25,133) | (61,062) | (161,748) | 35,952 | (41,555) | (126,875) | (374,634) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 946 | (2,127) | (3,744) | 1,734 | 1,204 | 2,491 | (662) | 611 |
| Net (decrease) increase in cash, cash equivalents and restricted cash | (56,833) | (3,835) | 53,613 | 31,112 | (14,175) | (74,233) | (214,455) | 312,732 |
| Cash, cash equivalents and restricted cash, beginning of period | 155,209 | 159,044 | 105,431 | 74,319 | 88,494 | 162,727 | 377,182 | 64,450 |
| Cash, cash equivalents and restricted cash, end of period | 98,376 | 155,209 | 159,044 | 105,431 | 74,319 | 88,494 | 162,727 | 377,182 |
| Supplemental Disclosure of Cash Flow Information: | ||||||||
| Interest paid, net of capitalized interest of $4,519, $3,748 and $2,529 for the years ended December 31, 2024, 2023, and 2022, respectively | 60,399 | 58,884 | 38,663 | — | — | — | — | — |
| Income taxes paid | 10,000 | 11,500 | — | — | — | — | — | — |
| Supplemental Disclosure of Significant Noncash Transactions: | ||||||||
| Accrued improvements to real estate | 1,975 | 4,108 | 3,827 | — | — | — | — | — |
| Accrued development obligations | 12,135 | 11,213 | — | — | — | — | — | — |
| Restricted stock payable | — | — | 508 | — | — | — | — | — |
| Deposit applied to sale of real estate | 9,472 | 7,528 | — | — | — | — | — | — |
| Dividends declared, but not yet paid | — | 0 | 0 | — | — | — | — | — |
| PPP notes forgiveness | — | — | 2,367 | — | — | — | — | — |
| PPP notes forgiveness | — | 0 | — | — | — | — | — | — |
| Adjustment to redemption value of redeemable noncontrolling interest | 0 | 0 | 3,946 | — | — | — | — | — |
| Adjustment to redemption value of noncontrolling cumulative convertible redeemable preferred stock | — | 0 | 1,800 | — | — | — | — | — |
| Assets acquired in the consolidation of PORT II | 0 | 0 | — | — | — | — | — | — |
| PORT II | — | — | 137,569 | — | — | — | — | — |
| Liabilities assumed in the consolidation of PORT II | 0 | 0 | — | — | — | — | — | — |
| PORT II | — | — | 85,096 | — | — | — | — | — |
As filed on EDGAR · Not affiliated with the U.S. SEC · Not investment advice. Each column links to its filing.