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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ (4,792) $ 52,327
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization, including amortization of capitalized loan costs 27,305 26,650
(Gain) loss on sale of real estate and other investments 577 (60,159)
Share-based compensation expense 749 1,519
Other, net 526 332
Changes in other assets and liabilities:    
Other assets 1,778 1,783
Accounts payable and accrued expenses (1,740) (648)
Net cash provided by operating activities 24,403 21,804
CASH FLOWS FROM INVESTING ACTIVITIES    
Increase in mortgages and real estate related notes receivable (7,279) 0
Net proceeds from sale of real estate and other investments 18,251 141,587
Proceeds from insurance 1,635 620
Payments for improvements of real estate investments (21,810) (11,237)
Other investing activities 171 214
Net cash provided by (used by) investing activities (9,032) 131,184
CASH FLOWS FROM FINANCING ACTIVITIES    
Principal payments on mortgages payable (1,529) (20,734)
Proceeds from revolving lines of credit 40,556 35,969
Principal payments on revolving lines of credit (30,198) (6,000)
Principal payments on notes payable 0 (100,000)
Repurchase of common shares (4,703) (1,022)
Distributions paid to common shareholders (10,923) (10,917)
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 (2,300) (2,413)
Other financing activities (28) (153)
Net cash used by financing activities (10,892) (107,037)
NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 4,479 45,951
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD 9,269 11,891
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD 13,748 57,842
SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES    
Accrued capital expenditures 3,153 3,804
Operating partnership units converted to common shares (398) (697)
Distributions declared but not paid to common shareholders 11,805 11,668
Series E preferred units converted to common shares (702) (935)
Retirement of shares withheld for taxes 118 161
Involuntary conversion of assets 160 0
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for interest 8,302 6,168
Cash and cash equivalents 12,682 8,939
Restricted cash 1,066 48,903
Total cash, cash equivalents and restricted cash $ 13,748 $ 57,842