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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) $ 91,445 $ 37,357 $ (16,429)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation 14,914 15,230 15,235
Straight-line rental income (93) 238 (1,407)
Other amortization 2,530 2,580 2,539
Share-based compensation 15,977 11,939 15,442
Net gain on sale of properties 0 (97) 0
Change in assets and liabilities:      
Rents receivable and other assets (1,739) (6,089) 81
Accounts payable, accrued expenses and other (401) 5,513 (410)
Rent collected in advance (365) (1,631) 1,058
Net cash provided by operating activities 122,268 65,040 16,109
CASH FLOWS FROM INVESTING ACTIVITIES:      
Real estate improvements (5,691) (3,577) (6,803)
Proceeds from sale of properties, net 0 97 0
Net cash used in investing activities (5,691) (3,480) (6,803)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Repurchase and retirement of common shares (60,198) (159,870) (181,488)
Contributions from holders of noncontrolling interest 0 1 0
Distributions to common shareholders (468,232) (112,199) (6,024)
Distributions to preferred shareholders (7,988) (7,988) (7,988)
Distributions to holders of noncontrolling interest (1,846) (280) (33)
Net cash used in financing activities (538,264) (280,336) (195,533)
Decrease in cash and cash equivalents (421,687) (218,776) (186,227)
Cash and cash equivalents at beginning of year 2,582,222 2,800,998 2,987,225
Cash and cash equivalents at end of year 2,160,535 2,582,222 2,800,998
SUPPLEMENTAL CASH FLOW INFORMATION:      
Taxes paid, net 1,946 456 246
NON-CASH INVESTING ACTIVITIES:      
Accrued capital expenditures 2,881 934 509
NON-CASH FINANCING ACTIVITIES:      
Distributions payable 5,640 2,863 2,365
OP Unit redemption $ 2,572 $ 0 $ 0