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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operating activities:    
Net income (loss) $ (6,988) $ 39,799
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation 29,914 29,856
Amortization of deferred financing costs 1,345 1,068
Amortization of restricted stock and restricted stock units 1,110 673
Equity in loss of unconsolidated joint ventures 643 364
Gain on sale of real estate (9,938) (52,405)
Gain on insurance recovery (517) (4,499)
Loss on extinguishment of debt 1,766 593
Increases and decreases from changes in other assets and liabilities:    
Decrease in deposits and escrows 2,048 2,732
(Increase) decrease in other assets (1,967) 5,219
Decrease in accounts payable and accrued liabilities 5,107 6,823
Net cash provided by operating activities 22,523 30,223
Cash flows from investing activities:    
Collections from real estate loan 450 450
Additions to real estate properties (78,196) (151,030)
Improvements to real estate properties (7,313) (15,159)
Investment in joint venture (11,231) (12,370)
Purchase of non-controlling interests 0 (5,172)
Consolidation of investment in joint venture 1,458 1,279
Net proceeds from the sale of real estate properties 32,807 147,325
Distributions from unconsolidated joint ventures 1,096 673
Net cash used in investing activities (60,929) (34,004)
Cash flows from financing activities:    
Proceeds from mortgages payable 128,193 92,502
Mortgage payoffs (86,214) (75,436)
Mortgage principal payments (4,051) (3,802)
Proceeds from credit facility 13,500 0
Repayment of credit facility (9,900) 0
Increase in deferred financing costs (1,742) (940)
Dividends paid (9,871) (8,939)
Contributions from non-controlling interests 4,528 28,018
Distributions to non-controlling interests (8,118) (35,707)
Proceeds from the sale of common stock 774 20,411
Repurchase of shares of common stock (46) (41)
Net cash provided by financing activities 27,053 16,066
Net (decrease) increase in cash, cash equivalents and restricted cash (11,353) 12,285
Cash, cash equivalents and restricted cash at beginning of period 40,608 21,761
Cash, cash equivalents and restricted cash at end of period 29,255 34,046
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest, net of capitalized interest of $860 and $174, respectively 26,991 25,284
Taxes paid 44 216
Acquisition of real estate through assumption of debt 0 13,608
Consolidation of investment in joint venture:    
Increase in other assets (1,967) 5,219
Decrease in accounts payable and accrued liabilities 5,107 6,823
Increase in cash upon consolidation of joint venture 1,458 1,279
Partnership Interest    
Increases and decreases from changes in other assets and liabilities:    
(Increase) decrease in other assets (189) 0
Decrease in accounts payable and accrued liabilities 407 0
Cash flows from investing activities:    
Consolidation of investment in joint venture 1,458 0
Consolidation of investment in joint venture:    
Increase in real estate assets (48,624) 0
Increase in deposits and escrows (696) 0
Increase in other assets (189) 0
Increase in mortgage payable 33,347 0
Increase in deferred financing costs (65) 0
Decrease in accounts payable and accrued liabilities 407 0
Increase in non controlling interest 6,047 0
Decrease in investment in joint venture 11,231 0
Increase in cash upon consolidation of joint venture $ 1,458 $ 0