XML 19 R7.htm IDEA: XBRL DOCUMENT v3.21.2
Consolidated Statements of Cash Flows - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
OPERATING ACTIVITIES        
Net income (loss) $ 51,464,000 $ (6,009,000) $ 52,717,000 $ (8,107,000)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:        
Gain on sales (48,857,000)   (49,904,000)  
Impairment (reversal) charges (1,849,000) 133,000 (1,849,000) 7,607,000
Straight-line rents and expenses, net     (305,000) 1,000,000
Provision for doubtful accounts     502,000 641,000
Depreciation and amortization 10,257,000 14,426,000 21,468,000 28,173,000
Amortization of intangible lease liabilities, net (263,000) (307,000) (539,000) (766,000)
Expense relating to share-based compensation, net     1,926,000 1,986,000
Amortization of deferred financing costs     748,000 617,000
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:        
Rents and other receivables     (591,000) (2,635,000)
Prepaid expenses and other     1,276,000 (40,000)
Accounts payable and accrued liabilities     (645,000) (3,958,000)
Net cash provided by operating activities     24,804,000 24,518,000
INVESTING ACTIVITIES        
Expenditures for real estate improvements     (13,762,000) (18,644,000)
Net proceeds from sales of real estate     104,497,000  
Contributions to unconsolidated joint venture     (2,481,000)  
Net cash provided by (used in) investing activities     88,254,000 (18,644,000)
FINANCING ACTIVITIES        
Repayments under revolving credit facility     (183,000,000) (12,100,000)
Advances under revolving credit facility     20,000,000 83,000,000
Repayment of term note     (50,000,000)  
Termination payment related to interest rate swap     (503,000)  
Mortgage proceeds     114,000,000  
Mortgage repayments     (548,000) (528,000)
Payments of debt financing costs     (1,620,000)  
Noncontrolling interests:        
Distributions to limited partners     (10,000) (32,000)
Redemption of OP units     (8,000)  
Common stock sales less issuance expenses, net     2,000 9,000
Preferred stock dividends     (5,376,000) (5,376,000)
Distributions to common shareholders     (1,799,000) (5,361,000)
Net cash (used in) provided by financing activities     (108,862,000) 59,612,000
Net increase in cash, cash equivalents and restricted cash     4,196,000 65,486,000
Cash, cash equivalents and restricted cash at beginning of year     1,637,000 2,747,000
Cash, cash equivalents and restricted cash at end of year 5,833,000 68,233,000 5,833,000 68,233,000
Reconciliation to consolidated balance sheets:        
Cash and cash equivalents 5,603,000 68,233,000 5,603,000 68,233,000
Restricted cash 230,000   230,000  
Cash, cash equivalents and restricted cash at end of year $ 5,833,000 $ 68,233,000 $ 5,833,000 $ 68,233,000