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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ (10,563) $ (5,159)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization, including amortization of capitalized loan costs 31,096 20,245
Share-based compensation expense 719 810
(Gain) loss on interest rate swap termination, amortization, and mark-to-market (613) 0
Other, net 416 836
Changes in other assets and liabilities:    
Other assets 1,316 (533)
Accounts payable and accrued expenses (10,773) (1,244)
Net cash provided by (used by) operating activities 11,598 14,955
CASH FLOWS FROM INVESTING ACTIVITIES    
Increase in mortgages and notes receivable 0 (5,445)
Payments for acquisitions of real estate investments (9,545) (77,585)
Payments for improvements of real estate investments (3,474) (2,165)
Other investing activities 288 160
Net cash provided by (used by) investing activities (12,731) (85,035)
CASH FLOWS FROM FINANCING ACTIVITIES    
Principal payments on mortgages payable (2,154) (3,566)
Proceeds from revolving lines of credit 13,000 105,716
Principal payments on revolving lines of credit (43,000) (77,044)
Net proceeds from notes payable 0 49,940
Payment for termination of interest rate swap (3,209) 0
Net proceeds from issuance of common shares 31,684 11,782
Redemption of partnership units (2,903)
Distributions paid to common shareholders (10,812) (9,119)
Distributions paid to preferred shareholders (1,607) (1,607)
Distributions paid to preferred unitholders (160) (160)
Distributions paid to noncontrolling interests – Operating Partnership and Series E preferred units (2,356) (683)
Other financing activities (253) (63)
Net cash provided by (used by) financing activities (21,770) 75,196
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (22,903) 5,116
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD 38,625 7,310
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD 15,722 12,426
SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES    
Accrued capital expenditures 2,656 2,418
Operating partnership units converted to shares (388) (220)
Distributions declared but not paid to common shareholders 11,944 9,919
Retirement of shares withheld for taxes 1,273 0
Real estate assets acquired through assumption of debt 41,623 0
Fair value adjustment to debt 1,224 0
Note receivable exchanged through real estate acquisition 43,276 0
Real estate assets acquired through issuance of operating partnership units 22,882 0
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for interest 7,182 6,787
Cash and cash equivalents 13,313 10,816
Restricted cash 2,409 1,610
Total cash, cash equivalents and restricted cash $ 15,722 $ 12,426