XML 22 R9.htm IDEA: XBRL DOCUMENT v3.22.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income (loss) $ (17,641) $ (2,101) $ 4,743
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 106,208 93,110 76,596
(Gain) loss on sale of real estate, land, and other investments (41) (27,518) (25,503)
Realized (gain) loss on marketable securities 0 0 3,378
Share-based compensation expense 2,615 2,689 2,106
(Gain) loss on interest rate swap termination, amortization, and mark-to-market (118) 4,931 0
Provision for bad debt 1,355 2,304 2,332
Other, net (392) 265 1,333
Changes in other assets and liabilities:      
Other assets (645) (5,402) (4,818)
Accounts payable and accrued expenses 650 15,750 1,061
Net cash provided (used) by operating activities 91,991 84,028 61,228
CASH FLOWS FROM INVESTING ACTIVITIES      
Proceeds from repayment of mortgage loans receivable 0 0 10,020
Proceeds from sale of marketable securities 0 0 3,856
Increase in mortgages and notes receivable 0 (18,614) (24,862)
Proceeds from sale of real estate and other investments 41 61,334 43,686
Payments for acquisitions of real estate assets (104,666) (273,566) (168,696)
Payments for improvements of real estate assets (56,568) (31,303) (28,638)
Payments for non-real estate assets (122) (1,264) (1,677)
Other investing activities 1,221 (3,812) 1,346
Net cash provided (used) by investing activities (160,094) (267,225) (164,965)
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from mortgages payable 0 196,725 0
Principal payments on mortgages payable (28,960) (36,282) (33,422)
Proceeds from revolving lines of credit 191,860 258,580 155,028
Principal payments on revolving lines of credit (154,360) (335,451) (52,235)
Net proceeds from notes payable and other debt 99,529 174,544 0
Principal payments on notes payable and other debt 0 (145,000) 0
Payments for termination of interest rate swaps (3,209) (3,804) 0
Proceeds from sale of common shares, net of issuance costs 31,439 156,038 58,852
Payments for acquisition of noncontrolling interests – consolidated real estate entities 0 0 (12,221)
Repurchase of common shares (29,059) 0 0
Repurchase of preferred shares 0 0 (5,629)
Repurchase of partnership units (4,141) 0 (50)
Distributions paid to common shareholders (44,461) (38,487) (35,045)
Distributions paid to preferred shareholders (6,428) (6,428) (6,528)
Distributions paid to noncontrolling interests – Operating Partnership and Series E preferred units (9,797) (4,916) (2,900)
Distributions paid to preferred unitholders (640) (640) (640)
Other financing activities (404) (367) (280)
Net cash provided (used) by financing activities 41,369 214,512 64,930
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (26,734) 31,315 (38,807)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF YEAR 38,625 7,310 46,117
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF YEAR 11,891 38,625 7,310
SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES      
Accrued capital expenditures 6,008 5,253 4,302
Operating partnership units converted to common shares (1,353) (4,714) (1,750)
Distributions declared but not paid 11,625 11,411 9,802
Retirement of shares withheld for taxes 1,284 933 0
Real estate assets acquired through assumption of debt 41,623 20,000 0
Real estate assets acquired through issuance of operating partnership units 22,882 0 0
Fair value adjustment to debt 1,224 2,367 0
Series E preferred units converted to common shares (3,667) 0 0
Change in value of Series D preferred units 8,771 (8,771) 0
Real estate assets acquired through exchange of note receivable 43,276 0 17,663
Note receivable exchanged through real estate acquisition (43,276) 0 (17,663)
Real estate acquired through issuance of Series E preferred units 0 217,513 0
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION      
Cash paid for interest 31,272 26,528 26,051
Cash and cash equivalents 10,458 31,267 392
Restricted cash 1,433 7,358 6,918
Total cash, cash equivalents and restricted cash $ 11,891 $ 38,625 $ 7,310