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CONDENSED 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) $ 59,116 $ (15,076)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization, including amortization of capitalized loan costs 76,265 80,104
Gain on sale of real estate and other investments (71,323) 0
Loss on litigation settlement 2,864  
Share-based compensation expense 2,712 1,908
(Gain) loss on interest rate swap mark-to-market and settlement amortization 621 (221)
Other, net 802 660
Changes in other assets and liabilities:    
Other assets 3,834 4,158
Accounts payable and accrued expenses 2,529 (2,560)
Net cash provided by operating activities 77,420 68,973
CASH FLOWS FROM INVESTING ACTIVITIES    
Proceeds from repayment of mortgage loans and notes receivable 430 353
Net proceeds from sale of real estate and other investments 223,259 0
Payments for acquisitions of real estate investments 0 (104,666)
Payments for improvements of real estate investments (39,404) (33,625)
Other investing activities 1,086 798
Net cash provided by (used by) investing activities 185,371 (137,140)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from mortgages payable 90,000 0
Principal payments on mortgages payable (46,770) (27,426)
Proceeds from revolving lines of credit 75,907 150,000
Principal payments on revolving lines of credit (189,407) (54,500)
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 31,499
Repurchase of common shares (6,718) (359)
Redemption of partnership units (38) (3,837)
Distributions paid to common shareholders (32,785) (33,252)
Distributions paid to preferred shareholders (4,821) (4,821)
Distributions paid to Series D preferred unitholders (480) (480)
Distributions paid to noncontrolling interests – Operating Partnership and Series E preferred units (7,194) (7,325)
Other financing activities (179) (374)
Net cash provided by (used by) financing activities (222,485) 45,916
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 40,306 (22,251)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD 11,891 38,625
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD 52,197 16,374
SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES    
Accrued capital expenditures 4,369 2,458
Operating partnership units converted to shares (1,919) (831)
Distributions declared but not paid to common shareholders 11,615 11,938
Series E preferred units converted to common shares (2,296) 0
Retirement of shares withheld for taxes 182 1,280
Loss on litigation settlement 2,864 0
Involuntary conversion of assets (1,986) 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 26,190 21,856
Cash and cash equivalents 29,701 14,957
Restricted cash 22,496 1,417
Total cash, cash equivalents and restricted cash 52,197 16,374
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