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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:        
Net (loss) income $ (2,309) $ 11,238 $ (5,445) $ 7,176
Adjustments to reconcile net (loss) income to net cash provided by operating activities:        
Depreciation and amortization     12,901 15,551
Amortization of deferred financing costs     542 527
Amortization of debt fair value adjustment     282 311
Amortization of deferred rent concessions     (413) 0
Amortization of restricted stock and restricted stock units     2,432 2,603
Equity in earnings of unconsolidated joint ventures (389) (464) (617) (1,279)
Equity in earnings from sale of unconsolidated joint venture properties 0 (14,744) 0 (14,744)
Increases and decreases from changes in other assets and liabilities:        
Increase in other assets     (1,727) (2,570)
Decrease in accounts payable and accrued liabilities     (361) (1,229)
Net cash provided by operating activities     7,594 6,346
Cash flows from investing activities:        
Improvements to real estate properties     (3,356) (4,824)
Distributions from unconsolidated joint ventures     2,847 23,191
Contributions to unconsolidated joint ventures     (166) (122)
Net cash (used in) provided by investing activities     (675) 18,245
Cash flows from financing activities:        
Proceeds from mortgages payable     0 21,173
Mortgage principal payments     (1,885) (1,621)
Repayment of credit facility     0 (19,000)
Increase in deferred financing costs     0 (683)
Dividends paid     (9,270) (9,521)
Distributions to non-controlling interests     (120) (37)
Proceeds from issuance of DRIP shares     1,878 1,433
Repurchase of shares of common stock     (3,197) (5,836)
Net cash used in financing activities     (12,594) (14,092)
Net (decrease) increase in cash, cash equivalents, restricted cash and escrows:     (5,675) 10,499
Cash, cash equivalents, restricted cash and escrows at beginning of period     31,775 27,721
Cash, cash equivalents, restricted cash and escrows at ending of period 26,100 38,220 26,100 38,220
Supplemental disclosure of cash flow information:        
Cash paid during the period for interest expense     10,270 10,176
Cash paid for income taxes and excise taxes     52 698
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 18,946 31,336 18,946 31,336
Restricted cash 568 830 568 830
Escrows (Other assets) 6,586 6,054 6,586 6,054
Total cash, cash equivalents, restricted cash and escrows shown in consolidated statement of cash flows $ 26,100 $ 38,220 $ 26,100 $ 38,220