XML 17 R7.htm IDEA: XBRL DOCUMENT v3.23.3
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities    
Net income (loss) $ 26,012 $ (13,093)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Gain on sales of real estate (43,090)  
Depreciation and amortization 70,935 74,490
Amortization/write-off of deferred financing costs 4,307 2,033
Change in fair value on derivative instruments included in interest expense (35,155) (2,365)
Net cash received (paid) on derivative settlements 35,647 (4,849)
Amortization/write-off of fair value adjustment of assumed debt (82) (150)
Provision for bad debts, net 7,258 5,619
Vesting of stock-based compensation 6,955 5,874
Insurance proceeds received for business interruption 588 250
Equity in earnings of affiliate (177)  
Gain on forfeited deposits (250)  
Casualty gains (1,630) (518)
Changes in operating assets and liabilities, net of effects of sale and acquisitions:    
Accounts receivable (7,980) (7,705)
Prepaid and other assets (1,481) (1,741)
Operating liabilities 4,957 2,754
Real estate taxes payable 14,944 8,983
Net cash provided by operating activities 81,758 69,582
Cash flows from investing activities    
Net proceeds from sales of real estate 69,431  
Forfeited deposits 250  
Self-insurance paid for casualty loss (1,819) (1,819)
Insurance proceeds received from casualty losses 6,595 4,940
Additions to real estate investments (56,904) (41,619)
Acquisitions of real estate investments 415 (141,038)
Net cash provided by (used in) investing activities 17,968 (179,536)
Cash flows from financing activities    
Mortgage proceeds received 42,788 78,272
Mortgage payments (74,409) (1,076)
Credit facilities proceeds received   55,000
Credit facilities payments (33,500)  
Deferred financing costs received (paid) 1,001 (3,852)
Interest rate cap fees paid (592) (239)
Prepayment penalties on extinguished debt (2,129)  
Proceeds from the issuance of common stock through at-the-market offering, net of offering costs   3,992
Payments for taxes related to net share settlement of stock-based compensation (1,716) (3,113)
Distributions to redeemable noncontrolling interests in the Operating Partnership (71) (76)
Redemption of redeemable noncontrolling interests in the Operating Partnership (135)  
Repurchase of common stock   (11,127)
Dividends paid to common stockholders (32,929) (29,908)
Net cash provided by (used in) financing activities (101,692) 87,873
Net decrease in cash, cash equivalents and restricted cash (1,966) (22,081)
Cash, cash equivalents and restricted cash, beginning of period 51,799 88,696
Cash, cash equivalents and restricted cash, end of period 49,833 66,615
Supplemental Disclosure of Cash Flow Information    
Interest paid 80,354 31,796
Supplemental Disclosure of Noncash Activities    
Issuance of operating partnership units for purchase of noncontrolling interests 415 2,444
Capitalized construction costs included in accounts payable and other accrued liabilities 7,821 6,005
Change in fair value on derivative instruments designated as hedges (4,820) 106,874
Other assets acquired from acquisitions   168
Liabilities assumed from acquisitions   116
Increase (decrease) in dividends payable upon vesting of restricted stock units 105 (51)
Write-off of assets due to casualty losses 1,751 4,506
Write-off of fully amortized in-place leases   $ 5,179
Write-off of deferred financing costs $ 409