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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) $ 37,357 $ (16,429) $ 452,093
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation 15,230 15,235 16,162
Net amortization of debt premiums and deferred financing fees 0 0 (119)
Straight-line rental income 238 (1,407) 340
Other amortization 2,580 2,539 3,167
Amortization of right-of-use asset 0 0 767
Share-based compensation 11,939 15,442 13,215
Gain on early extinguishment of debt 0 0 (131)
Net gain on sale of properties (97) 0 (446,744)
Change in assets and liabilities:      
Rents receivable and other assets (6,089) 81 (2,119)
Accounts payable, accrued expenses and other 5,513 (410) (3,104)
Rent collected in advance (1,631) 1,058 (199)
Net cash provided by operating activities 65,040 16,109 33,328
CASH FLOWS FROM INVESTING ACTIVITIES:      
Real estate improvements (3,577) (6,803) (12,039)
Proceeds from sale of properties, net 97 0 655,291
Net cash (used in) provided by investing activities (3,480) (6,803) 643,252
CASH FLOWS FROM FINANCING ACTIVITIES:      
Repurchase and retirement of common shares (159,870) (181,488) (26,897)
Payments on borrowings 0 0 (25,441)
Contributions from holders of noncontrolling interest 1 0 1
Distributions to common shareholders (112,199) (6,024) (427,795)
Distributions to preferred shareholders (7,988) (7,988) (7,988)
Distributions to holders of noncontrolling interest (280) (33) (1,849)
Redemption of noncontrolling interest 0 0 (31)
Net cash used in financing activities (280,336) (195,533) (490,000)
(Decrease) increase in cash, cash equivalents, and restricted cash (218,776) (186,227) 186,580
Cash, cash equivalents, and restricted cash at beginning of year 2,800,998 2,987,225 2,800,645
Cash, cash equivalents, and restricted cash at end of year 2,582,222 2,800,998 2,987,225
SUPPLEMENTAL CASH FLOW INFORMATION:      
Interest paid 0 0 843
Taxes paid (refunded), net 456 246 (1,444)
NON-CASH INVESTING ACTIVITIES:      
Accrued capital expenditures 934 509 986
NON-CASH FINANCING ACTIVITIES:      
Distributions payable $ 2,863 $ 2,365 $ 10,991