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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ (5,159) $ (7,684)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization, including amortization of capitalized loan costs 20,245 18,424
Realized (gain) loss on marketable securities 0 1,227
Unrealized (gain) loss on marketable securities 0 2,326
Share-based compensation expense 810 465
Other, net 836 206
Changes in other assets and liabilities:    
Other assets (533) (3,602)
Accounts payable and accrued expenses (1,244) (5,127)
Net cash provided by (used by) operating activities 14,955 6,235
CASH FLOWS FROM INVESTING ACTIVITIES    
Proceeds from sale of marketable securities 0 1,679
Increase in mortgages and notes receivable (5,445) (6,956)
Payments for acquisitions of real estate assets (77,585) (23,712)
Payments for improvements of real estate assets (2,165) (2,841)
Other investing activities 160 (115)
Net cash provided by (used by) investing activities (85,035) (31,945)
CASH FLOWS FROM FINANCING ACTIVITIES    
Principal payments on mortgages payable (3,566) (1,513)
Proceeds from revolving lines of credit 105,716 41,578
Principal payments on revolving lines of credit (77,044) (8,656)
Proceeds from notes payable 49,940 0
Payments for acquisition of noncontrolling interests – consolidated real estate entities 0 (12,221)
Proceeds from issuance of common shares 11,782 3,352
Repurchase of Series C preferred shares 0 (3,137)
Redemption of partnership units (9) (14)
Distributions paid to common shareholders (9,119) (8,469)
Distributions paid to preferred shareholders (1,607) (1,705)
Distributions paid to preferred unitholders (160) (160)
Distributions paid to noncontrolling interests – Unitholders of the Operating Partnership (683) (741)
Other financing activities (54) (39)
Net cash provided by (used by) financing activities 75,196 8,275
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 5,116 (17,435)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD 7,310 46,117
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD 12,426 28,682
SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES    
Accrued capital expenditures 2,418 1,286
Operating partnership units converted to shares (220) (930)
Unrealized gain (loss) on marketable securities 0 (2,326)
Real estate assets acquired through exchange of note receivable 0 17,663
Note receivable exchanged through real estate acquisition 0 (17,663)
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for interest 6,787 6,481
Total cash, cash equivalents and restricted cash $ 12,426 $ 28,682