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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash Flows — Operating Activities      
Net Income $ 27,610,000 $ 22,301,000 $ 44,004,000
Adjustments to net income:      
Depreciation and amortization, including intangible assets and deferred financing costs 72,130,000 66,601,000 69,139,000
Gain on sale of real estate, net (44,015,000) (2,390,000) (24,773,000)
Impairment charges 23,504,000 0 0
Asset management fees and directors’ compensation paid in shares 12,608,000 10,493,000 5,850,000
Realized and unrealized loss (gain) on foreign currency transactions, derivatives, and other 3,903,000 (3,465,000) (694,000)
Deferred income tax benefit (2,294,000) (2,472,000) (2,310,000)
Straight-line rent adjustments (2,179,000) 4,780,000 (2,960,000)
Loss on extinguishment of debt 2,010,000 28,000 133,000
Amortization of rent-related intangibles and deferred rental revenue (798,000) (508,000) (1,068,000)
(Earnings) losses from equity method investment in real estate in excess of distributions received 0 (4,426,000) 2,185,000
Change in allowance for credit losses 0 (2,874,000) 0
Net change in other operating assets and liabilities (89,000) 1,923,000 1,607,000
Change in deferred acquisition fees payable 0 0 (293,000)
Net Cash Provided by Operating Activities 92,390,000 89,991,000 90,820,000
Cash Flows — Investing Activities      
Proceeds from sale of real estate 162,164,000 6,101,000 50,846,000
Funding for development projects (114,302,000) (157,097,000) (108,139,000)
Acquisition of real estate (10,919,000) 0 0
Value added taxes refunded in connection with constructing funding 10,398,000 4,674,000 9,627,000
Capital expenditures on real estate (8,293,000) (7,006,000) (2,989,000)
Value added taxes paid in connection with construction funding (2,880,000) (9,133,000) (6,964,000)
Payment of deferred acquisition fees to an affiliate (1,854,000) (2,619,000) (4,503,000)
Other investing activities, net 796,000 (1,317,000) 159,000
Proceeds from sale of equity investment in real estate 0 22,760,000 0
Return of capital from equity investment 0 1,135,000 3,161,000
Capital contributions to equity investment 0 (1,104,000) (911,000)
Proceeds from repayment of notes receivable 0 0 35,954,000
Proceeds from insurance settlements 0 0 1,084,000
Net Cash Provided by (Used in) Investing Activities 35,110,000 (143,606,000) (22,675,000)
Cash Flows — Financing Activities      
Scheduled payments and prepayments of mortgage principal (171,205,000) (26,679,000) (132,160,000)
Proceeds from mortgage financing 147,737,000 96,525,000 123,641,000
Distributions paid (68,360,000) (63,271,000) (89,845,000)
Repayment of notes payable to affiliate (62,048,000) 0 0
Repurchase of shares (46,115,000) (24,327,000) (21,457,000)
Proceeds from notes payable to affiliate 41,000,000 21,048,000 0
Distributions to noncontrolling interests (20,101,000) (20,802,000) (20,070,000)
Proceeds from issuance of shares 17,508,000 28,230,000 41,735,000
Payment of deferred financing costs and mortgage deposits (4,577,000) (2,436,000) (1,001,000)
Contributions from noncontrolling interests 3,838,000 4,356,000 2,922,000
Other financing activities, net (196,000) (781,000) (9,000)
Acquisition of noncontrolling interest in real estate 0 (4,343,000) 0
Net Cash (Used in) Provided by Financing Activities (162,519,000) 7,520,000 (96,244,000)
Change in Cash and Cash Equivalents and Restricted Cash During the Year      
Effect of exchange rate changes on cash and cash equivalents and restricted cash (2,966,000) 2,410,000 659,000
Net decrease in cash and cash equivalents and restricted cash (37,985,000) (43,685,000) (27,440,000)
Cash and cash equivalents and restricted cash, beginning of year 119,713,000 163,398,000 190,838,000
Cash and cash equivalents and restricted cash, end of year $ 81,728,000 $ 119,713,000 $ 163,398,000