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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ 49,947 $ (14,306)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization, including amortization of capitalized loan costs 51,295 56,124
Gain on sale of real estate and other investments (60,159) 0
Loss on litigation settlement 2,864  
Share-based compensation expense 2,109 1,199
(Gain) loss on interest rate swap mark-to-market and settlement amortization 297 (425)
Other, net 94 1,975
Changes in other assets and liabilities:    
Other assets 2,866 3,131
Accounts payable and accrued expenses (3,752) (13,207)
Net cash provided by operating activities 45,561 34,491
CASH FLOWS FROM INVESTING ACTIVITIES    
Proceeds from sale of real estate and other investments 141,587 0
Payments for acquisitions of real estate investments 0 (9,546)
Payments for improvements of real estate investments (25,072) (13,945)
Other investing activities 731 (56)
Net cash provided by (used by) investing activities 117,246 (23,547)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from mortgages payable 90,000 0
Principal payments on mortgages payable (22,796) (25,911)
Proceeds from revolving lines of credit 62,279 45,000
Principal payments on revolving lines of credit (156,790) (48,000)
Principal payments on notes payable (100,000) 0
Payment for termination of interest rate swap 0 (3,209)
Net proceeds from issuance of common shares 0 31,569
Repurchase of common shares (6,718) 0
Redemption of partnership units 0 (3,205)
Distributions paid to common shareholders (21,879) (22,030)
Distributions paid to preferred shareholders (3,214) (3,214)
Distributions paid to Series D preferred unitholders (320) (320)
Distributions paid to noncontrolling interests – Operating Partnership and Series E preferred units (4,809) (4,842)
Other financing activities (140) (337)
Net cash used by financing activities (164,387) (34,499)
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (1,580) (23,555)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD 11,891 38,625
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD 10,311 15,070
SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES    
Accrued capital expenditures 4,638 2,442
Operating partnership units converted to shares (1,021) (375)
Distributions declared but not paid to common shareholders 11,608 11,948
Series E preferred units converted to common shares (2,120) 0
Retirement of shares withheld for taxes 179 1,273
Involuntary conversion of assets (1,060) 0
Real estate assets acquired through assumption of debt 0 41,623
Fair value adjustment to debt 0 1,224
Real estate assets acquired through exchange of note receivable 0 (43,276)
Note receivable exchanged through real estate acquisition 0 43,276
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for interest 11,867 14,439
Cash and cash equivalents 9,745 13,156
Restricted cash 566 1,914
Total cash, cash equivalents and restricted cash 10,311 15,070
Operating Partnership Units    
SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES    
Real estate assets acquired through issuance of operating partnership units $ 0 $ 22,882