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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
OPERATING ACTIVITIES      
Net income $ 99,953 $ 25,455 $ 36,959
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation of buildings and tenant improvements 54,548 51,549 43,671
Amortization of leasing costs, in-place lease intangibles and below market ground rents - operating leases 18,426 17,304 16,301
Accrued straight-line rental revenue (6,178) (4,938) (5,927)
Amortization of leasing incentives and above or below-market rents (1,070) (1,065) (814)
Amortization of right-of-use assets - finance leases 1,110 1,022 586
Accrued straight-line ground rent expense 119 236 100
Unrealized credit loss provision (release) 626 (792) 256
Adjustment for uncollectable lease accounts 515 945 3,842
Noncash stock compensation 3,273 2,230 2,378
Impairment charges 416 21,378 666
Noncash interest expense 6,828 2,878 2,204
Noncash loss on extinguishment of debt 3,374 3,810 0
Gain on real estate dispositions, net (53,466) (19,040) (6,388)
Change in the fair value of derivatives and other (8,698) (2,182) 1,130
Changes in operating assets and liabilities:      
Property assets (12,029) (3,721) (5,960)
Property liabilities 2,960 7,175 6,677
Construction assets (60,756) 19,284 (2,302)
Construction liabilities 71,642 (27,904) 13,708
Interest receivable (4,735) (2,440) (15,908)
Net cash provided by operating activities 116,858 91,184 91,179
INVESTING ACTIVITIES      
Development of real estate investments (76,182) (48,625) (63,485)
Tenant and building improvements (17,085) (15,496) (10,077)
Acquisitions of real estate investments, net of cash received (119,739) (73,595) (35,151)
Dispositions of real estate investments, net of selling costs 252,270 85,322 96,459
Notes receivable issuances (37,791) (30,656) (24,484)
Notes receivable paydowns 35,848 42,301 16,340
Leasing costs (7,640) (4,585) (3,425)
Leasing incentives (51) (688) (1,326)
Contributions to equity method investments (62,872) (11,607) (1,078)
Net cash used for investing activities (33,242) (57,629) (26,227)
FINANCING ACTIVITIES      
Proceeds from issuance of cumulative redeemable perpetual preferred stock, net 0 0 101,460
Proceeds from issuance of common stock, net 65,159 51,677 19,650
Common shares tendered for tax withholding (774) (553) (569)
Debt issuances, credit facility and construction loan borrowings 678,574 161,806 176,619
Debt and credit facility repayments, including principal amortization (723,739) (187,758) (299,318)
Debt issuance costs (8,316) (2,831) (609)
Cash paid on extinguishment of debt 0 (3,417) 0
Acquisition of NCI in consolidated RE investments (4,651) (804) (5,002)
Redemption of operating partnership units (130) (2,949) (2,729)
Distributions to noncontrolling interests (5,756) 0 0
Contributions from noncontrolling interests 14 0 0
Dividends and distributions (72,575) (58,713) (47,603)
Net cash used for financing activities (72,194) (43,542) (58,101)
Net increase (decrease) in cash, cash equivalents, and restricted cash 11,422 (9,987) 6,851
Cash, cash equivalents, and restricted cash, beginning of period [1] 40,443 50,430 43,579
Cash, cash equivalents, and restricted cash, end of period [1] 51,865 40,443 50,430
Supplemental cash flow information:      
Cash paid for interest 29,878 29,237 28,554
Cash refunded (paid) for income taxes (1) 4 167
Increase (decrease) in dividends and distributions payable 2,532 5,492 (5,724)
Other liability issued in acquisition of noncontrolling interest in real estate investment 750 0 0
Common shares and OP units issued for acquisitions 0 0 6,099
Increase (decrease) in accrued capital improvements and development costs 110 15,111 (14,324)
Operating Partnership units redeemed for common shares 132 411 8,866
Note payable recorded for mandatorily redeemable partnership interest 0 0 3,829
Debt assumed at fair value in conjunction with real estate purchases 156,071 19,989 122,300
Note receivable extinguished in conjunction with real estate purchase 0 0 42,270
Equity method investment redeemed for a note receivable 3,772 0 0
Noncontrolling interest in acquired real estate entity 23,065 0 0
Note payable issued in acquisition of noncontrolling interest in real estate investment 0 0 6,130
Recognition of operating lease right-of-use assets 110 0 0
Recognition of operating lease liabilities 110 0 0
Recognition of finance lease right-of-use assets 0 24,466 0
Recognition of finance lease liabilities 0 27,940 0
De-recognition of operating lease ROU assets - lease termination 0 9,037 0
De-recognition of operating lease liabilities - lease termination $ 0 $ 10,143 $ 0
[1] The following table sets forth the items from the Company's consolidated balance sheets that are included in cash, cash equivalents, and restricted cash in the consolidated statements of cash flows:
 As of December 31,
 20222021
Cash and cash equivalents$48,139 $35,247 
Restricted cash (a)
3,726 5,196 
Cash, cash equivalents, and restricted cash$51,865 $40,443 
(a) Restricted cash represents amounts held by lenders for real estate taxes, insurance, and reserves for capital improvements.