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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income (loss) $ (6,109) $ (8,180) $ 6,678
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation 96,966 92,266 83,828
Net amortization of debt premiums, discounts and issuance costs 9,134 9,771 9,593
Amortization of acquired real estate leases and assumed real estate lease obligations, net 119,703 144,826 167,192
Amortization of deferred leasing costs 7,994 7,878 6,887
Gain on sale of real estate (11,001) (78,354) (10,855)
Loss on impairment of real estate 21,820 62,420 2,954
(Gain) loss on early extinguishment of debt (682) 9,694 2,701
Straight line rental income (10,830) (15,368) (16,079)
Other non-cash expenses, net 1,818 1,782 2,229
Equity in net losses of investees 3,509 2,501 1,193
Change in assets and liabilities:      
Rents receivable 10,961 2,663 (3,962)
Deferred leasing costs (31,621) (19,769) (12,128)
Other assets 484 1,538 2,505
Accounts payable and other liabilities (19,214) 7,151 (8,081)
Due to related persons (318) 673 (1,027)
Net cash provided by operating activities 192,614 221,492 233,628
CASH FLOWS FROM INVESTING ACTIVITIES:      
Real estate acquisitions 0 (563,447) (47,215)
Real estate improvements (204,104) (100,141) (81,762)
Proceeds from sale of properties, net 203,280 219,980 102,211
Contributions to unconsolidated joint ventures (3,851) 0 0
Proceeds from repayment of mortgage note receivable 0 0 2,880
Net cash used in investing activities (4,624) (442,985) (22,987)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Repayment of mortgage notes payable (47,617) (72,541) (155,367)
Repayment of senior unsecured notes (300,000) (610,000) (400,000)
Proceeds from issuance of senior unsecured notes, net 0 1,041,809 408,932
Borrowings on unsecured revolving credit facility 385,000 755,000 561,467
Repayments on unsecured revolving credit facility (190,000) (755,000) (561,467)
Payment of debt issuance costs (469) (2,744) (1,492)
Repurchase of common shares (540) (1,003) (434)
Distributions to common shareholders (106,630) (106,368) (106,121)
Net cash (used in) provided by financing activities (260,256) 249,153 (254,482)
(Decrease) increase in cash, cash equivalents and restricted cash (72,266) 27,660 (43,841)
Cash, cash equivalents and restricted cash at beginning of period 84,515 56,855 100,696
Cash, cash equivalents and restricted cash at end of period 12,249 84,515 56,855
SUPPLEMENTAL CASH FLOW INFORMATION:      
Interest paid 104,174 103,200 100,083
Income taxes paid 352 299 1,377
NON-CASH INVESTING ACTIVITIES:      
Real estate improvements accrued, not paid 42,772 18,492 11,981
Real estate acquisition 0 (13,031) 0
Capitalized interest 4,578 795 199
SUPPLEMENTAL DISCLOSURE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH:      
Cash and cash equivalents 12,249 83,026 42,045
Restricted cash 0 1,489 14,810
Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows 12,249 84,515 56,855
Unconsolidated Joint Ventures      
CASH FLOWS FROM INVESTING ACTIVITIES:      
Distributions in excess of earnings 51 612 612
Affiliates Insurance Company      
CASH FLOWS FROM INVESTING ACTIVITIES:      
Distributions in excess of earnings $ 0 $ 11 $ 287