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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities:        
Net income (loss) $ 28,141 $ (7,450) $ 30,470 $ (16,464)
Adjustments to reconcile net income(loss) to net cash used in operating activities:        
Depreciation     4,740 5,147
Amortization of deferred financing costs     216 210
Amortization of restricted stock and restricted stock units     1,949 1,360
Equity in loss of unconsolidated joint ventures 4,196 1,529 6,033 4,731
Equity in earnings from sale of unconsolidated joint ventures properties (34,982) 0 (34,982) 0
Impairment charge 0 3,642 520 3,642
Gain on sale of real estate (414) 0 (7,693) 0
Gain on sale of partnership interest 0 0 (2,244) 0
Loss on extinguishment of debt 902 0 902 0
Increases and decreases from changes in other assets and liabilities:        
Decrease (increase) in other assets     1,868 (1,108)
Decrease (increase) in accounts payable and accrued liabilities     (2,000) 757
Net cash used in operating activities     (221) (1,725)
Cash flows from investing activities:        
Collections from real estate loan     0 150
Improvements to real estate properties     (794) (694)
Purchase of investment in joint venture     (22,420) 0
Proceeds from the sale of real estate     24,632 0
Proceeds from the sale of partnership interest     7,540 0
Distributions from unconsolidated joint ventures     58,312 10,556
Contributions to unconsolidated joint ventures     (6,031) (13,700)
Net cash provided by (used in) investing activities     61,239 (3,688)
Cash flows from financing activities:        
Mortgage payoffs     (46,963) 0
Mortgage principal payments     (2,180) (2,262)
Proceeds from credit facility     0 5,000
Repayment of credit facility     0 (5,000)
Increase in deferred financing costs     (38) 0
Dividends paid     (11,779) (11,336)
Distributions to non-controlling interests     0 (89)
Proceeds from the sale of common stock     8,415 12,077
Repurchase of shares of common stock     0 (616)
Net cash used in financing activities     (52,545) (2,226)
Net increase (decrease) in cash, cash equivalents and restricted cash:     8,473 (7,639)
Cash, cash equivalents and restricted cash at beginning of period     28,685 32,418
Cash, cash equivalents and restricted cash at end of period 37,158 24,779 37,158 24,779
Supplemental disclosure of cash flow information:        
Cash paid during the period for interest     4,591 5,261
Cash paid for income taxes     174 297
Consolidation on buyout of partnership interest:        
Increase in real estate assets     (85,301)  
Increase in other assets     (2,263)  
Increase in mortgage payable     52,000  
Increase in deferred loan costs     (178)  
Increase on accounts payable and accrued liabilities     1,474  
Decrease in investment in unconsolidated joint ventures     11,848  
Purchase and consolidation of investment in joint venture     (22,420) 0
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows.        
Cash and cash equivalents 29,598 15,650 29,598 15,650
Restricted cash 7,560 9,129 7,560 9,129
Total cash, cash equivalents and restricted cash, shown in consolidated statement of cash flows $ 37,158 $ 24,779 $ 37,158 $ 24,779