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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES          
Net income $ 1,231 $ 64,906 $ 3,091 $ 4,867  
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation and amortization     62,735 67,170  
Straight-line rents     (2,765) (2,888)  
Non-cash lease expense     2,066 1,368  
Net unrealized holding gains on investments     (8,565) (64,937)  
Distributions of operating income from unconsolidated affiliates     1,387 2,206  
Equity in earnings of unconsolidated affiliates (1,106) 786 (3,369) (469)  
Stock compensation expense     7,135 6,136  
Amortization of financing costs     2,546 2,920  
Impairment charges 0 0 0 51,549  
Gain on disposition of properties (5,909) (485) (10,521) (485)  
Allowance for credit loss     1,238 9,682  
Termination of ground lease     (3,615) 0  
Adjustments to straight-line rent reserves     511 6,493  
Other, net     (4,127) (2,780)  
Changes in assets and liabilities:          
Other liabilities     3,114 (6,684)  
Lease liability - operating leases     (1,533) (807)  
Prepaid expenses and other assets     (487) (4,213)  
Rents receivable     2,801 (22,290)  
Accounts payable and accrued expenses     (609) 12,222  
Net cash provided by operating activities     51,033 59,060  
CASH FLOWS FROM INVESTING ACTIVITIES          
Acquisition of real estate     0 (21,208)  
Development, construction and property improvement costs     (16,620) (21,093)  
Proceeds from the disposition of properties, net     63,901 13,925  
Investments in and advances to unconsolidated affiliates and other     (3,976) (3,270)  
Return of capital from unconsolidated affiliates and other     7,717 7,151  
Issuance of notes receivable     (15,995) (59,000)  
Return (payment) of deposits for properties under contract     (1,000) 187  
Payment of deferred leasing costs     (3,080) (4,885)  
Change in control of previously unconsolidated affiliate     0 950  
Net cash provided by (used in) investing activities     30,947 (87,243)  
CASH FLOWS FROM FINANCING ACTIVITIES          
Principal payments on mortgage and other notes     (52,408) (14,360)  
Principal payments on unsecured debt     (102,800) (69,930)  
Proceeds received on mortgage and other notes     8,818 3,340  
Proceeds from unsecured debt     49,295 181,700  
Payments of finance lease obligations     0 (833)  
Proceeds from the sale (repurchase) of Common Shares     45,675 (22,386)  
Capital contributions from noncontrolling interests     17,109 28,309  
Distributions to noncontrolling interests     (12,202) (8,178)  
Dividends paid to Common Shareholders     (12,945) (50,182)  
Deferred financing and other costs     (6,707) (960)  
Net cash (used in) provided by financing activities     (66,165) 46,520  
Increase in cash and restricted cash     15,815 18,337  
Cash of $19,232 and $15,845 and restricted cash of $14,692 and $14,165, respectively, beginning of period     33,924 30,010 $ 30,010
Cash of $34,645 and $34,273 and restricted cash of $15,094 and $14,074, respectively, end of period $ 49,739 $ 48,347 49,739 48,347 $ 33,924
Supplemental disclosure of cash flow information          
Cash paid during the period for interest, net of capitalized interest of $1,832 and $4,656 respectively     20,666 26,558  
Cash paid for income taxes, net of refunds     344 219  
Supplemental disclosure of non-cash investing and financing activities          
Right-of-use, assets operating leases modified in exchange for operating lease liabilities     412 0  
Assumption of accounts payable and accrued expenses through acquisition of real estate     0 116  
Distribution declared and payable on July 15, 2021 and 2020, respectively     14,314 123  
Right-of-use assets, finance leases obtained in exchange for assets under capital lease     0 (70,427)  
Right-of-use assets, operating leases exchanged for operating lease liabilities     0 1,432  
Change in control of previously unconsolidated (consolidated) investment          
Increase in real estate     0 (135,190)  
Decrease in investments in and advances to unconsolidated affiliates     0 96,816  
Change in other assets and liabilities     0 1,238  
Acquisition of noncontrolling interest asset     0 (588)  
Decrease in notes receivable     0 38,674  
Increase in cash and restricted cash upon change of control     $ 0 $ 950