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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities:    
Net income $ 45,799,000 $ 38,640,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of lease costs 37,852,000 37,593,000
Amortization of deferred debt costs 1,237,000 1,163,000
Compensation costs of stock and option grants 1,197,000 1,141,000
Credit losses on operating lease receivables 802,000 4,162,000
(Increase) decrease in accounts receivable and accrued income 2,260,000 (17,552,000)
Additions to deferred leasing costs (1,316,000) (7,383,000)
Increase in other assets (4,124,000) (2,286,000)
Increase in accounts payable, accrued expenses and other liabilities 2,432,000 3,871,000
Increase (decrease) in deferred income 2,923,000 (2,579,000)
Net cash provided by operating activities 89,062,000 56,770,000
Cash flows from investing activities:    
Payments to Acquire Other Real Estate [1],[2],[3] (9,011,000) 0
Additions to real estate investments (14,593,000) (13,665,000)
Additions to development and redevelopment projects (15,227,000) (34,698,000)
Net cash used in investing activities (38,831,000) (48,363,000)
Cash flows from financing activities:    
Proceeds from notes payable 0 52,100,000
Repayments on notes payable (33,670,000) (37,431,000)
Repayments on revolving credit facility (42,500,000) (53,000,000)
Proceeds from construction loan 2,430,000 32,928,000
Additions to deferred debt costs (3,474,000) (1,196,000)
Proceeds from the issuance of:    
Common stock 8,717,000 5,440,000
Partnership units (1) (2) (3) [1],[2],[3] 1,775,000 1,114,000
Distributions to:    
Common stockholders (37,926,000) (37,012,000)
Noncontrolling interests (13,127,000) (12,556,000)
Net cash provided by (used in) financing activities (65,170,000) 31,993,000
Net increase (decrease) in cash and cash equivalents (14,939,000) 40,400,000
Cash and cash equivalents, beginning of period 26,856,000 13,905,000
Cash and cash equivalents, end of period 11,917,000 54,305,000
Supplemental disclosure of cash flow information:    
Cash paid for interest 33,738,000 32,951,000
Increase (decrease) in accrued real estate investments and development costs 504,000 (11,196,000)
Secured Debt    
Cash flows from financing activities:    
Proceeds from revolving credit facility 25,000,000 0
Revolving Credit Facility    
Cash flows from financing activities:    
Proceeds from revolving credit facility 36,000,000 90,000,000
Twinbrook Quarter    
Supplemental disclosure of cash flow information:    
Limited partnership units issued 79,300  
Twinbrook Metro Station Leasehold Interest    
Supplemental disclosure of cash flow information:    
Limited partnership units issued 21,500  
Ashbrook Marketplace    
Supplemental disclosure of cash flow information:    
Limited partnership units issued 4,320  
Series D Cumulative Redeemable Preferred Stock    
Distributions to:    
Preferred stockholders (3,445,000) (3,444,000)
Series E Cumulative Redeemable Preferred Stock    
Distributions to:    
Preferred stockholders $ (4,950,000) $ (4,950,000)
[1] The 2021 acquisition of real estate and proceeds from the issuance of partnership units each excludes $21,500 in connection with the contribution of the Twinbrook Quarter leasehold interest in exchange for limited partnership units. See Notes 3 and 4 to the Consolidated Financial Statements.
[2] The 2021 acquisition of real estate and proceeds from the issuance of partnership units each excludes $4,320 in connection with the issuance of additional limited partnership units to B. F. Saul Real Estate Investment Trust as additional consideration pursuant to the terms of the 2016 contribution agreement, as amended, related to Ashbrook Marketplace. See Note 7 to the Consolidated Financial Statements.
[3] The 2021 acquisition of real estate and proceeds from the issuance of partnership units each excludes $79,300 in connection with the contribution of Twinbrook Quarter by the B. F. Saul Real Estate Investment Trust in exchange for limited partnership units that are held in escrow. See Notes 3 and 4 to the Consolidated Financial Statements.