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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ (14,306) $ 17,944
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization, including amortization of capitalized loan costs 56,124 39,792
(Gain) loss on sale of real estate and other investments 0 (26,840)
Share-based compensation expense 1,199 1,487
(Gain) loss on interest rate swap termination, amortization, and mark-to-market (425) 0
Other, net 1,975 2,177
Changes in other assets and liabilities:    
Other assets 3,131 (858)
Accounts payable and accrued expenses (13,207) (3,128)
Net cash provided by (used by) operating activities 34,491 30,574
CASH FLOWS FROM INVESTING ACTIVITIES    
Increase in mortgages and notes receivable 0 (12,795)
Proceeds from sale of real estate and other investments 0 59,233
Payments for acquisitions of real estate investments (9,546) (77,997)
Payments for improvements of real estate investments (13,945) (8,993)
Other investing activities (56) (240)
Net cash provided by (used by) investing activities (23,547) (40,792)
CASH FLOWS FROM FINANCING ACTIVITIES    
Principal payments on mortgages payable (25,911) (10,326)
Proceeds from revolving lines of credit 45,000 136,704
Principal payments on revolving lines of credit (48,000) (202,575)
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 31,569 66,356
Redemption of partnership units (3,205) 0
Distributions paid to common shareholders (22,030) (18,373)
Distributions paid to preferred shareholders (3,214) (3,214)
Distributions paid to preferred unitholders (320) (320)
Distributions paid to noncontrolling interests – Operating Partnership and Series E preferred units (4,842) (1,348)
Other financing activities (337) (298)
Net cash provided by (used by) financing activities (34,499) 16,546
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (23,555) 6,328
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD 38,625 7,310
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD 15,070 13,638
SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES    
Accrued capital expenditures 2,811 2,034
Operating partnership units converted to shares (375) 418
Distributions declared but not paid to common shareholders 11,948 10,449
Retirement of shares withheld for taxes 1,272 905
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 14,439 13,541
Cash and cash equivalents 13,156 5,194
Restricted cash 1,914 8,444
Total cash, cash equivalents and restricted cash $ 15,070 $ 13,638