XML 18 R8.htm IDEA: XBRL DOCUMENT v3.22.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES          
Net income $ (15,825) $ 452 $ 28,272 $ 1,149  
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation and amortization     68,684 61,180  
Gain on disposition of properties and other investments     (42,504) (10,521)  
Net unrealized holding losses (gains) on investments     13,114 (8,565)  
Stock compensation expense     6,358 7,135  
Straight-line rents     (5,546) (2,685)  
Equity in earnings of unconsolidated affiliates (1,280) (899) (4,410) (2,781)  
Distributions of operating income from unconsolidated affiliates     6,761 1,387  
Adjustments to straight-line rent reserves     (462) 584  
Amortization of financing costs     2,498 2,510  
Non-cash lease expense     1,718 2,066  
Adjustments to allowance for credit loss     (1,387) 1,094  
Termination of ground lease     0 (3,615)  
Other, net     (4,155) (1,869)  
Changes in assets and liabilities:          
Rents receivable     3,863 2,777  
Other liabilities     (2,715) 3,040  
Accounts payable and accrued expenses     (3,834) (342)  
Prepaid expenses and other assets     233 (450)  
Lease liability - operating leases     (1,729) (1,533)  
Net cash provided by operating activities     64,759 50,561  
CASH FLOWS FROM INVESTING ACTIVITIES          
Acquisitions of real estate     (242,633) 0  
Proceeds from the disposition of properties and other investments, net     156,783 63,901  
Investments in and advances to unconsolidated affiliates and other     (99,946) (4,623)  
Development, construction and property improvement costs     (25,281) (15,740)  
Refund (payment) of deposits for properties under contract     350 (1,000)  
Change in control of previously unconsolidated affiliate     3,592 0  
Return of capital from unconsolidated affiliates and other     57,581 8,717  
Payment of deferred leasing costs     (3,807) (2,720)  
Acquisition of investment interests     (4,527) 0  
Proceeds from notes receivable     16,000 0  
Issuance of notes receivable     0 (15,995)  
Net cash (used in) provided by investing activities     (141,888) 32,540  
CASH FLOWS FROM FINANCING ACTIVITIES          
Proceeds from unsecured debt     574,783 49,295  
Principal payments on unsecured debt     (535,927) (102,800)  
Proceeds from the sale of Common Shares     119,485 45,675  
Capital contributions from noncontrolling interests     99,852 17,109  
Principal payments on mortgage and other notes     (114,800) (52,408)  
Distributions to noncontrolling interests     (49,878) (11,202)  
Dividends paid to Common Shareholders     (30,407) (12,945)  
Proceeds received on mortgage and other notes     43,037 5,828  
Deferred financing and other costs     (3,125) (6,707)  
Acquisition of noncontrolling interest     (18,506) 0  
Net cash provided by (used in) financing activities     84,514 (68,155)  
Increase in cash and restricted cash     7,385 14,946  
Cash of $17,746 and $18,699 and restricted cash of $9,813 and $11,096, respectively, beginning of period     27,559 29,795 $ 29,795
Cash of $23,921 and $33,079 and restricted cash of $11,023 and $11,662, respectively, end of period $ 34,944 $ 44,741 34,944 44,741 $ 27,559
Supplemental disclosure of cash flow information          
Cash paid during the period for interest, net of capitalized interest of $1,313 and $1,832 respectively     22,189 20,666  
Cash paid for income taxes, net of (refunds)     183 344  
Supplemental disclosure of non-cash investing and financing activities          
Distribution declared and payable on July 15, 2022, and July 15, 2021, respectively     18,172 14,314  
Assumption of accounts payable and accrued expenses through acquisition of real estate     4,062 0  
Right-of-use assets, operating leases exchanged for operating lease liabilities     0 412  
Reclassification of non-controlling interest in excess of amount paid to additional paid-in capital     22,870 0  
Change in control of previously unconsolidated (consolidated) investment          
Increase in real estate     (55,791)  
Increase in Mortgage Notes Payable     35,970 0  
Decrease in investments in and advances to unconsolidated affiliates     17,822 0  
Decrease in notes receivable     5,306 0  
Decrease in reserve on note receivable     (4,582) 0  
Decrease in accrued interest on notes receivable     4,691 0  
Change in other assets and liabilities     176 0  
Increase in cash and restricted cash upon change of control     $ 3,592 $ 0