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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
OPERATING ACTIVITIES      
Net income $ 25,455 $ 36,959 $ 32,258
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation of buildings and tenant improvements 51,549 43,671 37,839
Amortization of leasing costs, in-place lease intangibles and below market ground rents - operating leases 17,304 16,301 16,725
Accrued straight-line rental revenue (4,938) (5,927) (3,402)
Amortization of leasing incentives and above or below-market rents (1,065) (814) (629)
Amortization of right-of-use assets - finance leases 1,022 586 377
Accrued straight-line ground rent expense 236 100 (16)
Unrealized credit loss provision (release) (792) 256 0
Adjustment for uncollectable lease accounts 945 3,842 511
Noncash stock compensation 2,230 2,378 1,613
Impairment charges 21,378 666 252
Noncash interest expense 2,878 2,204 1,228
Noncash loss on extinguishment of debt 3,810 0 30
Gain on real estate dispositions, net (19,040) (6,388) (4,699)
Adjustment for Annapolis Junction modification fee [1] 0 0 (4,489)
Change in the fair value of derivatives and other (2,182) 1,130 3,599
Equity in income of unconsolidated real estate entities 0 0 (273)
Changes in operating assets and liabilities:      
Property assets (3,721) (5,960) (2,499)
Property liabilities 7,175 6,677 3,936
Construction assets 19,284 (2,302) (20,356)
Construction liabilities (27,904) 13,708 18,671
Interest receivable (2,440) (15,908) (12,947)
Net cash provided by operating activities 91,184 91,179 67,729
INVESTING ACTIVITIES      
Development of real estate investments (48,625) (63,485) (133,445)
Tenant and building improvements (15,496) (10,077) (19,721)
Acquisitions of real estate investments, net of cash received (73,595) (35,151) (138,380)
Dispositions of real estate investments, net of selling costs 85,322 96,459 32,944
Notes receivable issuances (30,656) (24,484) (54,555)
Notes receivable paydowns 42,301 16,340 22,522
Leasing costs (4,585) (3,425) (3,893)
Leasing incentives (688) (1,326) 0
Contributions to equity method investments (11,607) (1,078) (535)
Net cash used for investing activities (57,629) (26,227) (295,063)
FINANCING ACTIVITIES      
Proceeds from issuance of cumulative redeemable perpetual preferred stock, net 0 101,460 61,001
Proceeds from issuance of common stock, net 51,677 19,650 96,845
Common shares tendered for tax withholding (553) (569) (369)
Debt issuances, credit facility and construction loan borrowings 161,806 176,619 427,286
Debt and credit facility repayments, including principal amortization (187,758) (299,318) (270,851)
Debt issuance costs (2,831) (609) (5,546)
Payment for debt extinguishment fee (3,417) 0 0
Acquisition of NCI in consolidated RE investments (804) (5,002) 0
Redemption of operating partnership units (2,949) (2,729) 0
Dividends and distributions (58,713) (47,603) (61,504)
Net cash (used for) provided by financing activities (43,542) (58,101) 246,862
Net (decrease) increase in cash, cash equivalents, and restricted cash (9,987) 6,851 19,528
Cash, cash equivalents, and restricted cash, beginning of period 50,430 [2] 43,579 [2] 24,051
Cash, cash equivalents, and restricted cash, end of period [2] 40,443 50,430 43,579
Supplemental cash flow information:      
Cash paid for interest 29,237 28,554 28,878
Cash refunded for income taxes 4 167 247
Increase (decrease) in dividends and distributions payable 5,492 (5,724) 3,950
Common shares and OP units issued for acquisitions 0 6,099 73,169
Increase (decrease) in accrued capital improvements and development costs 15,111 (14,324) (12,666)
Operating Partnership units redeemed for common shares 411 8,866 2,756
Note payable recorded for mandatorily redeemable partnership interest 0 3,829 0
Debt assumed at fair value in conjunction with real estate purchases 19,989 122,300 101,390
Note receivable extinguished in conjunction with real estate purchase 0 42,270 31,252
Equity method investment redeemed for real estate acquisition 0 0 23,011
Noncontrolling interest in acquired real estate entity 0 0 4,870
Note payable issued in acquisition of noncontrolling interest in real estate investment 0 6,130 0
Recognition of operating lease ROU assets [3] 24,466 0 33,965
Recognition of operating lease liabilities [3] 27,940 0 41,631
Recognition of finance lease right-of-use assets 0 0 24,500
Recognition of finance lease liabilities 0 0 17,871
De-recognition of operating lease ROU assets - lease termination 9,037 0 440
De-recognition of operating lease liabilities - lease termination $ 10,143 $ 0 $ 440
[1] Borrower paid $5.0 million in 2018 in exchange for the Company's purchase option. This was accounted for as a loan modification fee; interest income was recognized as additional interest income on the note receivable over the one-year remaining term.
[2] The following table sets forth the items from the Company's consolidated balance sheets that are included in cash, cash equivalents, and restricted cash in the consolidated statements of cash flows:
 As of December 31,
 20212020
Cash and cash equivalents$35,247 $40,998 
Restricted cash (a)
5,196 9,432 
Cash, cash equivalents, and restricted cash$40,443 $50,430 
(a) Restricted cash represents amounts held by lenders for real estate taxes, insurance, and reserves for capital improvements.
[3] Amounts attributable to 2019 are net of $0.4 million related to the Company's preexisting lease at the Thames Street Wharf property, which was acquired on June 26, 2019.