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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ 6,704 $ 9,415
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization, including amortization of capitalized loan costs 62,527 56,070
(Gain) loss on sale of real estate and other investments (26,840) (25,486)
Realized (gain) loss on marketable securities 0 3,378
Share-based compensation expense 2,088 1,521
Loss on termination of interest rate swaps 5,343 0
Other, net 3,275 2,393
Changes in other assets and liabilities:    
Other assets (4,550) (1,632)
Accounts payable and accrued expenses 7,808 1,599
Net cash provided by (used by) operating activities 56,355 47,258
CASH FLOWS FROM INVESTING ACTIVITIES    
Proceeds from sale of marketable securities 0 3,856
Proceeds from repayment of mortgage loans and notes receivable 139 10,020
Increase in mortgages and notes receivable (17,498) (18,187)
Proceeds from sale of real estate and other investments 59,233 43,669
Payments for acquisitions of real estate investments (209,669) (168,411)
Payments for improvements of real estate investments (20,655) (20,411)
Other investing activities (441) 892
Net cash provided by (used by) investing activities (188,891) (148,572)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net proceeds from mortgages payable 196,725 0
Principal payments on mortgages payable (27,650) (17,233)
Proceeds from revolving lines of credit 173,733 126,578
Principal payments on revolving lines of credit (269,604) (41,656)
Net proceeds from notes payable 174,544 0
Principal payments on notes payable (145,000) 0
Payment for termination of interest rate swap (3,804) 0
Payments for acquisition of noncontrolling interests – consolidated real estate entities 0 (12,221)
Net proceeds from issuance of common shares 85,864 58,204
Repurchase of Series C preferred shares 0 (5,629)
Distributions paid to common shareholders (28,205) (25,962)
Distributions paid to preferred shareholders (4,821) (4,921)
Distributions paid to preferred unitholders (480) (480)
Distributions paid to noncontrolling interests – Operating Partnership and Series E preferred units (2,550) (2,187)
Other financing activities (334) (293)
Net cash provided by (used by) financing activities 148,418 74,200
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 15,882 (27,114)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD 7,310 46,117
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD 23,192 19,003
SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES    
Accrued capital expenditures 1,239 (297)
Operating partnership units converted to shares (2,815) (344)
Distributions declared but not paid to common shareholders 10,891 9,796
Retirement of shares withheld for taxes 929 0
Real estate assets acquired through assumption of debt 20,000 0
Fair value adjustment to debt 2,367 0
Real estate assets acquired through exchange of note receivable 0 17,663
Note receivable exchanged through real estate acquisition 0 (17,663)
Real estate assets acquired through issuance of Series E preferred units 217,513 0
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for interest 20,050 19,527
Cash and cash equivalents 20,816 16,804
Restricted cash 2,376 2,199
Total cash, cash equivalents and restricted cash $ 23,192 $ 19,003