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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income (loss) $ 49,231 $ (17,641) $ (2,101)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization, including amortization of capitalized loan costs 103,172 106,208 93,110
Gain on sale of real estate, land, and other investments (71,240) (41) (27,518)
Share-based compensation expense 3,295 2,615 2,689
Impairment of real estate investments 5,218 0 0
(Gain) loss on interest rate swap termination, amortization, and mark-to-market 936 (118) 4,931
Provision for bad debt 340 1,355 2,304
Other, net 1,436 (392) 265
Changes in other assets and liabilities:      
Other assets (760) (645) (5,402)
Accounts payable and accrued expenses (2,108) 650 15,750
Net cash provided by operating activities 89,520 91,991 84,028
CASH FLOWS FROM INVESTING ACTIVITIES      
Increase in mortgages and real estate related notes receivable (1,579) 0 (18,614)
Net proceeds from sale of real estate and other investments 223,259 41 61,334
Payments for acquisitions of real estate assets (42,226) (104,666) (273,566)
Payments for improvements of real estate assets (58,825) (56,568) (31,303)
Payments for non-real estate assets 0 (122) (1,264)
Other investing activities (420) 1,221 (3,812)
Net cash provided by (used by) investing activities 120,209 (160,094) (267,225)
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from mortgages payable 90,000 0 196,725
Principal payments on mortgages payable (46,749) (28,960) (36,282)
Proceeds from revolving lines of credit 135,104 191,860 258,580
Principal payments on revolving lines of credit (218,604) (154,360) (335,451)
Net proceeds from notes payable and other debt 0 99,529 174,544
Principal payments on notes payable and other debt (100,000) 0 (145,000)
Payments for termination of interest rate swaps 0 (3,209) (3,804)
Proceeds from sale of common shares, net of issuance costs 0 31,439 156,038
Repurchase of common shares (11,539) (29,059) 0
Repurchase of partnership units (38) (4,141) 0
Distributions paid to common shareholders (43,742) (44,461) (38,487)
Distributions paid to preferred shareholders (6,428) (6,428) (6,428)
Distributions paid to noncontrolling interests – Operating Partnership and Series E preferred units (9,530) (9,797) (4,916)
Distributions paid to preferred unitholders (640) (640) (640)
Other financing activities (185) (404) (367)
Net cash provided by (used by) financing activities (212,351) 41,369 214,512
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (2,622) (26,734) 31,315
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF YEAR 11,891 38,625 7,310
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF YEAR 9,269 11,891 38,625
SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES      
Accrued capital expenditures 9,747 6,008 5,253
Operating partnership units converted to common shares (1,910) (1,353) (4,714)
Distributions declared but not paid 11,552 11,625 11,411
Retirement of shares withheld for taxes 190 1,284 933
Loss on litigation settlement 1,000 0 0
Involuntary conversion of assets (4,224) 0 0
Real estate assets acquired through assumption of debt 52,723 41,623 20,000
Real estate assets acquired through issuance of operating partnership units 0 22,882 0
Fair value adjustment to debt (3,924) 1,224 2,367
Series E preferred units converted to common shares (1,390) (3,667) 0
Change in value of Series D preferred units 0 8,771 (8,771)
Real estate assets acquired through exchange of note receivable 0 43,276 0
Note receivable exchanged through real estate acquisition 0 (43,276) 0
Real estate acquired through issuance of Series E preferred units 0 0 217,513
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION      
Cash paid for interest 34,182 31,272 26,528
Cash and cash equivalents 8,630 10,458 31,267
Restricted cash 639 1,433 7,358
Total cash, cash equivalents and restricted cash $ 9,269 $ 11,891 $ 38,625