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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income (loss) $ (14,192) $ 49,231 $ (17,641)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization, including amortization of capitalized loan costs 107,648 103,172 106,208
(Gain) loss on sale of real estate and other investments 577 (71,240) (41)
Share-based compensation expense 3,014 3,295 2,615
Impairment of real estate investments 0 5,218 0
(Gain) loss on interest rate swap termination, mark-to-market, and amortization 712 936 (118)
Provision for bad debt 945 340 1,355
Non-cash casualty loss 2,389 1,350 254
Other, net 611 86 (646)
Changes in other assets and liabilities:      
Other assets (4,898) (760) (645)
Accounts payable and accrued expenses 1,442 (2,108) 650
Net cash provided by operating activities 98,248 89,520 91,991
CASH FLOWS FROM INVESTING ACTIVITIES      
Increase in mortgages and real estate related notes receivable (13,557) (1,579) 0
Net proceeds from sale of real estate and other investments 18,251 223,259 41
Proceeds from insurance 1,949 328 1,668
Payments for acquisitions of real estate assets (1,030) (42,226) (104,666)
Payments for improvements of real estate assets (56,654) (58,825) (56,568)
Other investing activities 325 (748) (569)
Net cash provided by (used by) investing activities (50,716) 120,209 (160,094)
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from mortgages payable 0 90,000 0
Principal payments on mortgages payable (10,860) (46,749) (28,960)
Proceeds from revolving lines of credit 130,537 135,104 191,860
Principal payments on revolving lines of credit (113,178) (218,604) (154,360)
Net proceeds from notes payable and other debt 0 0 99,529
Principal payments on notes payable and other debt 0 (100,000) 0
Payments for termination of interest rate swaps 0 0 (3,209)
Proceeds from sale of common shares, net of issuance costs 112,071 0 31,439
Repurchase of common shares (4,703) (11,539) (29,059)
Redemption of Series C preferred shares (97,041) 0 0
Repurchase of partnership units 0 (38) (4,141)
Distributions paid to common shareholders (45,789) (43,742) (44,461)
Distributions paid to preferred shareholders (4,821) (6,428) (6,428)
Distributions paid to noncontrolling interests – Operating Partnership and Series E preferred units (9,111) (9,530) (9,797)
Distributions paid to Series D preferred unitholders (640) (640) (640)
Other financing activities (137) (185) (404)
Net cash provided by (used by) financing activities (43,672) (212,351) 41,369
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 3,860 (2,622) (26,734)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF YEAR 9,269 11,891 38,625
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF YEAR 13,129 9,269 11,891
SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES      
Accrued capital expenditures 2,992 9,747 6,008
Operating partnership units converted to common shares (2,663) (1,910) (1,353)
Distributions declared but not paid 13,178 11,552 11,625
Retirement of shares withheld for taxes 122 190 1,284
Loss on litigation settlement 0 1,000 0
Involuntary conversion of assets (3,306) (4,224) 0
Real estate assets acquired through assumption of debt 39,000 52,723 41,623
Real estate assets and related notes receivable acquired through issuance of operating partnership units 13,875 0 22,882
Fair value adjustment to debt (7,568) (3,924) 1,224
Series E preferred units converted to common shares (8,938) (1,390) (3,667)
Non-cash interest income 1,354 0 0
Change in value of Series D preferred units 0 0 8,771
Real estate assets acquired through exchange of note receivable 0 0 43,276
Note receivable exchanged through real estate acquisition 0 0 (43,276)
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION      
Cash paid for interest 33,537 34,182 31,272
Cash and cash equivalents 12,030 8,630 10,458
Restricted cash 1,099 639 1,433
Total cash, cash equivalents and restricted cash $ 13,129 $ 9,269 $ 11,891