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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (5,184) $ (446)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation 29,699 24,947
Net amortization of debt premiums, discounts and issuance costs 3,444 2,205
Amortization of acquired real estate leases and assumed real estate lease obligations, net 17,669 24,614
Amortization of deferred leasing costs 3,408 2,365
Loss (gain) on sale of real estate 2,384 (2,548)
Loss on early extinguishment of debt 425 0
Straight line rental income (7,379) (4,173)
Other non-cash expenses, net 90 204
Equity in net losses of investees 230 834
Change in assets and liabilities:    
Rents receivable 2,934 2,846
Deferred leasing costs (3,342) (2,841)
Other assets (773) (1,189)
Accounts payable and other liabilities (17,207) 4,110
Due to related persons 234 972
Net cash provided by operating activities 26,632 51,900
CASH FLOWS FROM INVESTING ACTIVITIES:    
Real estate improvements (40,034) (66,665)
Contributions to unconsolidated joint ventures 0 (2,263)
Proceeds from sale of properties, net 35,672 5,112
Net cash used in investing activities (4,362) (63,816)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayment of senior unsecured notes (350,000) 0
Proceeds from issuance of senior secured notes 280,500 0
Borrowings on revolving credit facility 232,000 75,000
Repayments on revolving credit facility (247,000) (25,000)
Borrowings on secured term loan 100,000 0
Payment of debt issuance costs (19,885) (266)
Repurchase of common shares (6) (13)
Distributions to common shareholders (487) (26,710)
Net cash (used in) provided by financing activities (4,878) 23,011
Increase in cash, cash equivalents and restricted cash 17,392 11,095
Cash, cash equivalents and restricted cash at beginning of period 26,714 12,249
Cash, cash equivalents and restricted cash at end of period 44,106 23,344
SUPPLEMENTAL CASH FLOW INFORMATION:    
Interest paid 34,639 25,033
NON-CASH INVESTING ACTIVITIES:    
Real estate improvements accrued, not paid 18,084 41,172
Capitalized interest 969 2,106
SUPPLEMENTAL DISCLOSURE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH:    
Cash and cash equivalents 23,513 23,344
Restricted cash [1] 20,593 0
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows $ 44,106 $ 23,344
[1] Restricted cash consists of cash held for operations and amounts escrowed for future real estate taxes, insurance, leasing costs, capital expenditures and debt service, as required by certain of our debt agreements.