XML 18 R8.htm IDEA: XBRL DOCUMENT v3.23.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ 52,327 $ (10,563)
Adjustments to reconcile net income (loss) to net cash provided by (used by) operating activities:    
Depreciation and amortization, including amortization of capitalized loan costs 26,650 31,096
(Gain) loss on sale of real estate and other investments (60,159) 0
Share-based compensation expense 1,519 719
(Gain) loss on interest rate swap mark-to-market and settlement amortization 138 (613)
Other, net 194 416
Changes in other assets and liabilities:    
Other assets 1,783 1,316
Accounts payable and accrued expenses (648) (10,773)
Net cash provided by (used by) operating activities 21,804 11,598
CASH FLOWS FROM INVESTING ACTIVITIES    
Proceeds from sale of real estate and other investments 141,587 0
Payments for acquisitions of real estate investments 0 (9,545)
Payments for improvements of real estate investments (11,237) (3,474)
Other investing activities 834 288
Net cash provided by (used by) investing activities 131,184 (12,731)
CASH FLOWS FROM FINANCING ACTIVITIES    
Principal payments on mortgages payable (20,734) (2,154)
Proceeds from revolving lines of credit 35,969 13,000
Principal payments on revolving lines of credit (6,000) (43,000)
Principal payments on notes payable (100,000) 0
Payment for termination of interest rate swap 0 (3,209)
Net proceeds from issuance of common shares 0 31,684
Repurchase of common shares (1,022) 0
Redemption of partnership units 0 (2,903)
Distributions paid to common shareholders (10,917) (10,812)
Distributions paid to preferred shareholders (1,607) (1,607)
Distributions paid to Series D preferred unitholders (160) (160)
Distributions paid to noncontrolling interests – Operating Partnership and Series E preferred units (2,413) (2,356)
Other financing activities (153) (253)
Net cash provided by (used by) financing activities (107,037) (21,770)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 45,951 (22,903)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD 11,891 38,625
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD 57,842 15,722
SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES    
Accrued capital expenditures 3,804 2,596
Operating partnership units converted to shares (697) (388)
Distributions declared but not paid to common shareholders 11,668 11,946
Series E preferred units converted to common shares (935) 0
Retirement of shares withheld for taxes 161 1,274
Real estate assets acquired through assumption of debt 0 41,623
Fair value adjustment to debt 0 1,224
Real estate assets acquired through exchange of note receivable 0 43,276
Note receivable exchanged through real estate acquisition 0 (43,276)
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for interest 6,168 7,182
Cash and cash equivalents 8,939 13,313
Restricted cash 48,903 2,409
Total cash, cash equivalents and restricted cash 57,842 15,722
Operating Partnership Units    
SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES    
Real estate assets acquired through issuance of operating partnership units $ 0 $ 22,882