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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 37,860 $ 10,840
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 21,629 20,499
Net amortization of debt premiums, discounts and issuance costs 2,432 2,283
Amortization of acquired real estate leases 41,575 42,457
Amortization of deferred leasing costs 1,820 1,665
Gain on sale of real estate (54,004) (10,756)
Loss on impairment of real estate 7,660 0
Loss on early extinguishment of debt 0 2,144
Straight line rental income (5,357) (5,583)
Other non-cash expenses, net 49 107
Equity in net losses of investees 396 276
Change in assets and liabilities:    
Rents receivable 11,320 (1,087)
Deferred leasing costs (4,826) (4,466)
Other assets (259) 180
Accounts payable and other liabilities (9,609) (21,790)
Due to related persons 7,256 832
Net cash provided by operating activities 57,942 37,601
CASH FLOWS FROM INVESTING ACTIVITIES:    
Real estate acquisitions 0 (11,864)
Real estate improvements (15,329) (14,525)
Distributions in excess of earnings from unconsolidated joint ventures 153 51
Proceeds from sale of properties, net 129,072 68,433
Net cash provided by investing activities 113,896 42,095
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayment of mortgage notes payable (643) (67,848)
Repayment of senior unsecured notes 0 (400,000)
Borrowings on unsecured revolving credit facility 0 418,467
Repayments on unsecured revolving credit facility 0 (70,467)
Repurchase of common shares 0 (27)
Distributions to common shareholders (26,575) (26,511)
Net cash used in financing activities (27,218) (146,386)
Increase (decrease) in cash, cash equivalents and restricted cash 144,620 (66,690)
Cash, cash equivalents and restricted cash at beginning of period 56,855 100,696
Cash, cash equivalents and restricted cash at end of period 201,475 34,006
SUPPLEMENTAL CASH FLOW INFORMATION:    
Interest paid 36,136 37,715
NON-CASH INVESTING ACTIVITIES:    
Real estate improvements accrued, not paid 9,164 12,294
Sale of properties 0 13,095
Capitalized interest 50 28
NON-CASH FINANCING ACTIVITIES:    
Repayment of mortgage notes payable related to properties sold 0 (13,095)
SUPPLEMENTAL DISCLOSURE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH:    
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows $ 201,475 $ 34,006