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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
3 Months Ended 6 Months Ended
Jun. 30, 2022
USD ($)
Jun. 30, 2021
USD ($)
Jun. 30, 2022
USD ($)
Jun. 30, 2021
USD ($)
Cash flows from operating activities:        
Net (loss) income $ 35,643,000 $ 6,060,000 $ 47,187,000 $ 2,329,000
Adjustments to reconcile net income to net cash provided by (used in) operating activities:        
Depreciation and amortization     8,616,000 2,953,000
Amortization of deferred financing costs     132,000 153,000
Amortization of debt fair value adjustment     (166,000) 0
Amortization of restricted stock and restricted stock units     1,975,000 1,107,000
Equity in (earnings) loss of unconsolidated joint ventures 50,000 492,000 (1,180,000) 1,837,000
Equity in earnings of sale of real estate of unconsolidated venture (40,098,000) 0 (53,059,000) 0
Impairment charge 0 520,000 0 520,000
Gain on sale of real estate 0 (7,279,000) (6,000) (7,279,000)
Gain on sale of partnership interest 0 (2,244,000) 0 (2,244,000)
Loss on extinguishment of debt 563,000 0 563,000 0
Increases and decreases from changes in other assets and liabilities:        
Increase in other assets     (432,000) (443,000)
Decrease in accounts payable and accrued liabilities     (851,000) (2,021,000)
Net cash provided by (used in) operating activities     2,779,000 (3,088,000)
Cash flows from investing activities:        
Improvements to real estate properties     (1,807,000) (594,000)
Purchase of investment in joint ventures     (42,784,000) 0
Proceeds from the sale of real estate     4,385,000 24,133,000
Proceeds from the sale of partnership interest     0 7,540,000
Distributions from unconsolidated joint ventures     74,670,000 8,053,000
Contributions to unconsolidated joint ventures     (3,044,000) (6,031,000)
Net cash provided by investing activities     31,420,000 33,101,000
Cash flows from financing activities:        
Proceeds from mortgages payable     18,953,000 0
Mortgage payoffs     (26,761,000) (14,260,000)
Mortgage principal payments     (821,000) (1,559,000)
Increase in deferred financing costs     (264,000) (38,000)
Dividends paid     (8,460,000) (7,592,000)
Distributions to non-controlling interests     (60,000) 0
Proceeds from the sale of common stock     6,125,000 7,349,000
Net cash used in financing activities     (11,288,000) (16,100,000)
Net increase in cash, cash equivalents and restricted cash:     22,911,000 13,913,000
Cash, cash equivalents and restricted cash at beginning of period     38,921,000 28,685,000
Cash, cash equivalents and restricted cash at end of period 61,832,000 42,598,000 61,832,000 42,598,000
Supplemental disclosure of cash flow information:        
Cash paid during the period for interest     4,826,000 3,118,000
Cash paid for income taxes     291,000 194,000
Consolidation on buyout of partnership interests:        
Increase in real estate assets     (159,121,000)  
Increase in other assets     (6,972,000)  
Increase in mortgage payable     107,757,000  
Increase in deferred loan costs     (2,272,000)  
Increase in accounts payable and accrued liabilities     2,646,000  
Decrease in investment in unconsolidated joint ventures     15,178,000  
Purchase and consolidation of investment in joint venture     (42,784,000) 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 57,045,000 34,666,000 57,045,000 34,666,000
Restricted cash 4,787,000 7,932,000 4,787,000 7,932,000
Total cash, cash equivalents and restricted cash, shown in consolidated statement of cash flows $ 61,832,000 $ 42,598,000 $ 61,832,000 $ 42,598,000