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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ (15,076) $ 6,704
Adjustments to reconcile net income (loss) to net cash provided by (used by) operating activities:    
Depreciation and amortization, including amortization of capitalized loan costs 80,104 62,527
(Gain) loss on sale of real estate and other investments 0 (26,840)
Share-based compensation expense 1,908 2,088
(Gain) loss on interest rate swap termination, amortization, and mark-to-market (221) 5,343
Other, net 660 3,275
Changes in other assets and liabilities:    
Other assets 4,158 (4,550)
Accounts payable and accrued expenses (2,560) 7,808
Net cash provided by (used by) operating activities 68,973 56,355
CASH FLOWS FROM INVESTING ACTIVITIES    
Proceeds from repayment of mortgage loans and notes receivable 353 139
Increase in mortgages and notes receivable 0 (17,498)
Proceeds from sale of real estate and other investments 0 59,233
Payments for acquisitions of real estate investments (104,666) (209,669)
Payments for improvements of real estate investments (33,625) (20,655)
Other investing activities 798 (441)
Net cash provided by (used by) investing activities (137,140) (188,891)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net proceeds from mortgages payable 0 196,725
Principal payments on mortgages payable (27,426) (27,650)
Proceeds from revolving lines of credit 150,000 173,733
Principal payments on revolving lines of credit (54,500) (269,604)
Net proceeds from notes payable 0 174,544
Principal payments on notes payable 0 (145,000)
Payment for termination of interest rate swap (3,209) (3,804)
Net proceeds from issuance of common shares 31,499 85,864
Repurchase of common shares (359) 0
Redemption of partnership units (3,837) 0
Distributions paid to common shareholders (33,252) (28,205)
Distributions paid to preferred shareholders (4,821) (4,821)
Distributions paid to preferred unitholders (480) (480)
Distributions paid to noncontrolling interests – Operating Partnership and Series E preferred units (7,325) (2,550)
Other financing activities (374) (334)
Net cash provided by (used by) financing activities 45,916 148,418
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (22,251) 15,882
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD 38,625 7,310
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD 16,374 23,192
SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES    
Accrued capital expenditures 2,458 1,239
Operating partnership units converted to shares (831) (2,815)
Distributions declared but not paid to common shareholders 11,938 10,891
Retirement of shares withheld for taxes 1,280 929
Real estate assets acquired through assumption of debt 41,623 20,000
Fair value adjustment to debt 1,224 2,367
Note receivable exchanged through real estate acquisition 43,276 0
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for interest 21,856 20,050
Cash and cash equivalents 14,957 20,816
Restricted cash 1,417 2,376
Total cash, cash equivalents and restricted cash 16,374 23,192
Operating Partnership Units    
SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES    
Real estate assets acquired through issuance of units 22,882 0
Series E Preferred Units    
SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES    
Real estate assets acquired through issuance of units $ 0 $ 217,513