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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:      
Net loss $ (85,440) $ (75,510) $ (88,307)
Adjustments to reconcile net loss to net cash provided by operating activities:      
Depreciation and amortization 79,926 81,053 81,032
Amortization (including write-offs) of deferred financing costs 4,427 4,059 9,171
Amortization of terminated swap 846 846 0
Amortization of mortgage premiums and discounts, net 55 60 (162)
(Accretion) amortization of market lease and other intangibles, net (198) (80) (4)
Bad debt expense 1,094 2,708 6,464
Equity-based compensation 1,329 1,345 1,319
Loss (gain) on non-designated derivative instruments (37) 102 68
(Gain) loss on sales of real estate investments, net (3,648) (5,230) (8,790)
Impairment charges 40,951 36,446 55,969
Deferred tax valuation allowance (483) 4,641 0
Changes in assets and liabilities:      
Straight-line rent receivable (761) (2,409) (3,831)
Prepaid expenses and other assets (2,139) (63) (9,667)
Accounts payable, accrued expenses and other liabilities 1,252 (4,554) 2,632
Deferred rent 1,705 (1,607) 1,510
Net cash provided by operating activities 38,879 41,807 47,404
Cash flows from investing activities:      
Property acquisitions and development costs (159,300) (94,984) (91,998)
Capital expenditures and other assets acquired (19,071) (21,892) (16,719)
Proceeds from sales of real estate investments 130,449 34,385 62,468
Net cash used in investing activities (47,922) (82,491) (46,249)
Cash flows from financing activities:      
Payments on credit facilities (298,804) (26,091) (368,300)
Proceeds from credit facilities 125,000 95,000 225,618
Proceeds from term loan 0 0 150,000
Proceeds from mortgage notes payable 42,750 0 136,513
Payments on mortgage notes payable (1,264) (1,048) (67,797)
Payments for derivative instruments (85) (97) (2,147)
Payments of deferred financing costs (1,490) (2,241) (19,532)
Common stock repurchases 0 (10,539) (21,113)
Distributions paid on common stock 0 (31,354) (51,427)
Dividends paid on preferred stock (5,144) (2,399) 0
Buyout of non-controlling interest holders 0 (583) 0
Distributions to non-controlling interest holders (46) (201) (346)
Net cash, provided by financing activities 4,079 19,431 19,086
Net change in cash, cash equivalents and restricted cash (4,964) (21,253) 20,241
Cash, cash equivalents and restricted cash, beginning of year 90,346 111,599 91,358
Cash, cash equivalents and restricted cash, end of year 85,382 90,346 111,599
Cash and cash equivalents 59,738 72,357 95,691
Restricted cash 25,644 17,989 15,908
Cash, cash equivalents and restricted cash, end of period 85,382 90,346 111,599
Supplemental disclosures of cash flow information:      
Cash paid for interest 42,815 47,878 47,621
Cash paid for income taxes 311 315 447
Non-cash investing and financing activities:      
Common stock issued through distribution reinvestment plan 0 14,604 27,210
Common stock issued through stock dividends 81,371 19,659 0
Accrued capital expenditures (payable) 0 1,287 0
Accrued offering costs on Series B Preferred Stock 78 0 0
Mortgage assumed in acquisition 0 13,883 0
Series A Preferred Stock      
Cash flows from financing activities:      
Proceeds from issuance of Preferred Stock, net 56,265 (1,016) 37,617
Series B Preferred Stock      
Cash flows from financing activities:      
Proceeds from issuance of Preferred Stock, net $ 86,897 $ 0 $ 0