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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ 17,944 $ (11,769)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization, including amortization of capitalized loan costs 39,792 36,829
(Gain) loss on sale of real estate and other investments (26,840) 190
Realized (gain) loss on marketable securities 0 3,378
Share-based compensation expense 1,487 967
Other, net 2,177 909
Changes in other assets and liabilities:    
Other assets (858) (2,036)
Accounts payable and accrued expenses (3,128) (3,192)
Net cash provided by (used by) operating activities 30,574 25,276
CASH FLOWS FROM INVESTING ACTIVITIES    
Proceeds from sale of marketable securities 0 3,856
Proceeds from repayment of mortgage loans receivable 0 10,020
Increase in mortgages and notes receivable (12,795) (11,162)
Proceeds from sale of real estate and other investments 59,233 1,162
Payments for acquisitions of real estate investments (77,997) (22,770)
Payments for improvements of real estate investments (8,993) (12,428)
Other investing activities (240) 633
Net cash provided by (used by) investing activities (40,792) (30,689)
CASH FLOWS FROM FINANCING ACTIVITIES    
Principal payments on mortgages payable (10,326) (6,392)
Proceeds from revolving lines of credit 136,704 41,578
Principal payments on revolving lines of credit (202,575) (28,656)
Net proceeds from notes payable 49,940 0
Payments for acquisition of noncontrolling interests – consolidated real estate entities 0 (12,221)
Net proceeds from issuance of common shares 66,356 48,141
Repurchase of Series C preferred shares 0 (5,579)
Distributions paid to common shareholders (18,373) (16,984)
Distributions paid to preferred shareholders (3,214) (3,314)
Distributions paid to preferred unitholders (320) (320)
Distributions paid to noncontrolling interests – Unitholders of the Operating Partnership (1,348) (1,472)
Other financing activities (298) (236)
Net cash provided by (used by) financing activities 16,546 14,545
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 6,328 9,132
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD 7,310 46,117
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD 13,638 55,249
SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES    
Accrued capital expenditures 2,034 (458)
Operating partnership units converted to shares 418 118
Distributions declared but not paid to common shareholders 10,449 9,694
Retirement of shares withheld for taxes 905 0
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 13,541 13,120
Cash and cash equivalents 5,194 52,714
Restricted cash 8,444 2,535
Total cash, cash equivalents and restricted cash $ 13,638 $ 55,249