XML 22 R9.htm IDEA: XBRL DOCUMENT v3.22.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income (loss) $ (2,101) $ 4,743 $ 84,822
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 93,110 76,596 75,408
(Gain) loss on sale of real estate, land, and other investments (27,518) (25,503) (97,624)
Realized (gain) loss on marketable securities 0 3,378 0
(Gain) loss on extinguishment of debt and discontinued operations 535 23 2,360
(Gain) loss on litigation settlement 0 0 (1,349)
Share-based compensation expense 2,687 2,106 1,905
(Gain) loss on interest rate swap termination, amortization, and mark-to-market 4,931 0 0
Bad debt expense 2,304 2,332 1,050
Other, net (268) 1,310 46
Changes in other assets and liabilities:      
Other assets (5,402) (4,818) 1,076
Accounts payable and accrued expenses 15,750 1,061 1,930
Net cash provided (used) by operating activities 84,028 61,228 69,624
CASH FLOWS FROM INVESTING ACTIVITIES      
Proceeds from repayment of mortgage loans receivable 0 10,020 0
Proceeds from sale of marketable securities 0 3,856 0
Increase in mortgages and notes receivable (18,614) (24,862) (6,279)
Purchase of marketable securities 0 (179) (6,942)
Proceeds from sale of real estate and other investments 61,334 43,686 199,282
Payments for acquisitions of real estate assets (273,566) (168,696) (158,466)
Payments for improvements of real estate assets (35,877) (30,315) (20,954)
Other investing activities (502) 1,525 366
Net cash provided (used) by investing activities (267,225) (164,965) 7,007
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from mortgages payable 196,725 0 59,900
Principal payments on mortgages payable (36,282) (33,422) (177,743)
Proceeds from revolving lines of credit 258,580 155,028 245,397
Principal payments on revolving lines of credit (335,451) (52,235) (252,818)
Proceeds from notes payable and other debt 174,544 0 124,878
Principal payments on notes payable and other debt (145,000) 0 0
Payments for termination of interest rate swaps (3,804) 0 0
Proceeds from sale of common shares, net of issuance costs 156,038 58,852 22,019
Payments for acquisition of noncontrolling interests – consolidated real estate entities 0 (12,221) (1,260)
Repurchase of common shares 0 0 (18,023)
Repurchase of preferred shares 0 (5,629) 0
Repurchase of partnership units 0 (50) (8,147)
Distributions paid to common shareholders (38,487) (35,045) (32,891)
Distributions paid to preferred shareholders (6,428) (6,528) (6,821)
Distributions paid to noncontrolling interests – Operating Partnership and Series E preferred units (4,916) (2,900) (3,630)
Distributions paid to preferred unitholders (640) (640) (377)
Other financing activities (367) (280) (254)
Net cash provided (used) by financing activities 214,512 64,930 (49,770)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 31,315 (38,807) 26,861
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF YEAR 7,310 46,117 19,256
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF YEAR 38,625 7,310 46,117
SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES      
Accrued capital expenditures (802) (1,420) 1,273
Operating partnership units converted to shares (4,714) (1,750) 7,823
Distributions declared but not paid 11,411 9,802 9,210
Retirement of shares withheld for taxes 933 0 0
Real estate assets acquired through assumption of debt 20,000 0 0
Fair value adjustment to debt 2,367 0 0
Property acquired through issuance of Series D preferred units 0 0 16,560
Real estate assets acquired through exchange of note receivable 0 17,663 0
Note receivable exchanged through real estate acquisition 0 (17,663) 0
Real estate acquired through issuance of Series E preferred units 217,513 0 0
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION      
Cash paid for interest 26,528 26,051 28,679
Cash and cash equivalents 31,267 392 26,579
Restricted cash 7,358 6,918 19,538
Total cash, cash equivalents and restricted cash $ 38,625 $ 7,310 $ 46,117