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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (4,181) $ (4,792)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization, including amortization of capitalized loan costs 27,971 27,305
Loss on sale of real estate and other investments 0 577
Share-based compensation expense 858 749
Amortization of debt premiums and discounts 409 258
Other, net 750 268
Changes in other assets and liabilities:    
Other assets 878 1,778
Accounts payable and accrued expenses (1,256) (1,740)
Net cash provided by operating activities 25,429 24,403
CASH FLOWS FROM INVESTING ACTIVITIES    
Increase in mortgages and real estate related notes receivable 0 (7,279)
Net proceeds from sale of real estate and other investments 0 18,251
Proceeds from insurance 177 1,635
Payments for improvements of real estate investments (5,042) (21,810)
Other investing activities (20) 171
Net cash used by investing activities (4,885) (9,032)
CASH FLOWS FROM FINANCING ACTIVITIES    
Principal payments on mortgages payable (1,906) (1,529)
Proceeds from revolving lines of credit 44,893 40,556
Principal payments on revolving lines of credit (43,519) (30,198)
Repurchase of common shares 0 (4,703)
Distributions paid to common shareholders (12,443) (10,923)
Distributions paid to preferred shareholders 0 (1,607)
Distributions paid to Series D preferred unitholders (160) (160)
Distributions paid to noncontrolling interests – Operating Partnership and Series E preferred units (2,266) (2,300)
Other financing activities (212) (28)
Net cash used by financing activities (15,613) (10,892)
NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 4,931 4,479
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD 13,129 9,269
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD 18,060 13,748
SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES    
Accrued capital expenditures 1,821 3,153
Operating partnership units converted to common shares (1,002) (398)
Distributions declared but not paid to common shareholders 13,633 11,805
Series E preferred units converted to common shares (43) (702)
Retirement of shares withheld for taxes 292 118
Involuntary conversion of assets (463) (160)
Non-cash interest income 413 146
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for interest 8,640 8,302
Cash and cash equivalents 11,916 12,682
Restricted cash 6,144 1,066
Total cash, cash equivalents and restricted cash $ 18,060 $ 13,748