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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:        
Net (loss) income $ (2,167) $ (1,460) $ (7,612) $ 5,716
Adjustments to reconcile net (loss) income to net cash provided by operating activities:        
Depreciation and amortization     19,400 22,095
Amortization of deferred financing costs     866 799
Amortization of debt fair value adjustment     421 463
Amortization of restricted stock and restricted stock units     3,621 4,076
Equity in earnings of unconsolidated joint ventures (369) (426) (986) (1,705)
Equity in earnings from sale of unconsolidated joint venture properties 0 0 0 (14,744)
Gain on sale of real estate 0 (604) 0 (604)
Gain on insurance recovery 0 0 0 (240)
Increases and decreases from changes in other assets and liabilities:        
Increase in other assets     (809) (1,762)
Increase in accounts payable and accrued liabilities     1,661 1,575
Net cash provided by operating activities     16,562 15,669
Cash flows from investing activities:        
Improvements to real estate properties     (4,943) (7,406)
Proceeds from the sale of real estate     0 711
Distributions from unconsolidated joint ventures     3,821 24,646
Contributions to unconsolidated joint ventures     (166) (122)
Proceeds from insurance recoveries     0 240
Net cash (used in) provided by investing activities     (1,288) 18,069
Cash flows from financing activities:        
Proceeds from mortgages payable     27,375 21,173
Mortgage principal payments     (2,831) (2,435)
Repayment of credit facility     0 (19,000)
Increase in deferred financing costs     (1,216) (683)
Dividends paid     (13,949) (14,251)
Distributions to non-controlling interests     (195) (79)
Proceeds from issuance of DRIP shares     2,829 2,117
Repurchase of shares of common stock     (3,312) (10,786)
Net cash provided by ( used in) financing activities     8,701 (23,944)
Net increase in cash, cash equivalents, restricted cash and escrows:     23,975 9,794
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 55,750 37,515 55,750 37,515
Supplemental disclosure of cash flow information:        
Cash paid during the period for interest expense     15,434 15,310
Cash paid for income taxes and excise taxes     58 710
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 45,801 28,117 45,801 28,117
Restricted cash 0 769 0 769
Escrows (Other assets) 9,949 8,629 9,949 8,629
Total cash, cash equivalents, restricted cash and escrows shown in consolidated statement of cash flows $ 55,750 $ 37,515 $ 55,750 $ 37,515