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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
OPERATING ACTIVITIES      
Net income $ 7,663 $ 99,953 $ 25,455
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation of buildings and tenant improvements 63,462 54,548 51,549
Amortization of leasing costs, in-place lease intangibles, and below market ground rents - operating leases 32,616 18,426 17,304
Accrued straight-line rental revenue (6,272) (6,178) (4,938)
Amortization of leasing incentives and above or below-market rents (2,190) (1,070) (1,065)
Amortization of right-of-use assets - finance leases 1,349 1,110 1,022
Accrued straight-line ground rent expense 64 119 236
Unrealized credit loss provision (release) 574 626 (792)
Adjustment for uncollectible lease accounts 4,013 515 945
Noncash stock compensation 3,677 3,273 2,230
Impairment charges 102 416 21,378
Noncash interest expense 7,106 6,828 2,878
Noncash loss on extinguishment of debt 0 3,374 3,810
Gain on real estate dispositions, net (738) (53,466) (19,040)
Unrealized change in the fair value of derivatives and other 14,185 (8,698) (2,182)
Adjustment for receipts on off-market interest rate derivatives (7,947) 0 0
Changes in operating assets and liabilities:      
Property assets (5,794) (12,029) (3,721)
Property liabilities 12,092 2,960 7,175
Construction assets (59,226) (60,756) 19,284
Construction liabilities 42,487 71,642 (27,904)
Interest receivable (13,909) (4,735) (2,440)
Net cash provided by operating activities 93,314 116,858 91,184
INVESTING ACTIVITIES      
Development of real estate investments (58,793) (76,182) (48,625)
Tenant and building improvements (24,650) (17,085) (15,496)
Acquisitions of real estate investments, net of cash received (8,394) (119,739) (73,595)
Dispositions of real estate investments, net of selling costs 246 252,270 85,322
Notes receivable issuances (48,184) (37,791) (30,656)
Notes receivable paydowns 0 35,848 42,301
Payments to purchase off-market interest rate derivatives (31,311) 0 0
Receipts on off-market interest rate derivatives 7,947 0 0
Leasing costs (4,059) (7,640) (4,585)
Leasing incentives (20) (51) (688)
Contributions to equity method investments (70,048) (62,872) (11,607)
Net cash used for investing activities (237,266) (33,242) (57,629)
FINANCING ACTIVITIES      
Proceeds from issuance of common stock, net (208) 65,159 51,677
Common shares tendered for tax withholding (1,111) (774) (553)
Repurchase and retirement of common stock, net (12,628) 0 0
Debt issuances, credit facility, and construction loan borrowings 402,568 678,574 161,806
Debt and credit facility repayments, including principal amortization (180,869) (723,739) (187,758)
Debt issuance costs (2,839) (8,316) (2,831)
Cash paid on extinguishment of debt 0 0 (3,417)
Acquisition of noncontrolling interests in consolidated real estate investments 0 (4,651) (804)
Redemption of operating partnership units (705) (130) (2,949)
Distributions to noncontrolling interests (1,557) (5,756) 0
Contributions from noncontrolling interests 0 14 0
Dividends and distributions (80,398) (72,575) (58,713)
Net cash provided by (used for) financing activities 122,253 (72,194) (43,542)
Net (decrease) increase in cash, cash equivalents, and restricted cash (21,699) 11,422 (9,987)
Cash, cash equivalents, and restricted cash, beginning of period [1] 51,865 40,443 50,430
Cash, cash equivalents, and restricted cash, end of period [1] 30,166 51,865 40,443
Supplemental cash flow information:      
Cash paid for interest 44,920 29,878 29,237
Cash refunded (paid) for income taxes 33 (1) 4
Increase in dividends and distributions payable 153 2,532 5,492
Other liability issued in acquisition of noncontrolling interest in real estate investment 0 750 0
(Decrease) increase in accrued capital improvements and development costs (4,825) 110 15,111
Issuance of operating partnership units for acquisitions 12,194 0 0
Operating partnership units redeemed for common shares 514 132 411
Debt assumed at fair value in conjunction with real estate purchases 105,584 156,071 19,989
Note receivable redeemed in conjunction with real estate purchase 90,232 0 0
Equity method investment redeemed for a note receivable 0 3,772 0
Acquisitions of noncontrolling interests 12,834 0 0
Noncontrolling interest in acquired real estate entity 0 23,065 0
Other liability satisfied in connection with a real estate disposal 750 0 0
Recognition of operating lease right-of-use assets 0 110 0
Recognition of operating lease liabilities 0 110 0
Recognition of finance lease right-of-use assets 47,742 0 24,466
Recognition of finance lease liabilities 46,616 0 27,940
Derecognition of operating lease ROU assets - lease termination 0 0 9,037
Derecognition of operating lease liabilities - lease termination 0 0 10,143
Adjustment to finance lease ROU assets 1,705 0 0
Adjustment to finance lease liabilities $ 1,705 $ 0 $ 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,
 20232022
Cash and cash equivalents$27,920 $48,139 
Restricted cash (a)
2,246 3,726 
Cash, cash equivalents, and restricted cash$30,166 $51,865 
(a) Restricted cash represents amounts held by lenders for real estate taxes, insurance, and reserves for capital improvements.