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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 26,030 $ (65,718) $ 23,234
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 123,439 147,229 122,580
Straight-line rents (6,726) (4,869) (4,185)
Noncash lease expense 3,721 3,392 0
Net unrealized holding gains on investments (51,925) (72,391) 0
Distributions of operating income from unconsolidated affiliates 3,828 3,286 11,273
Equity in (earnings) losses of unconsolidated affiliates (5,330) 3,057 (5,899)
Stock compensation expense 12,430 10,912 10,006
Amortization of financing costs 4,396 5,038 6,718
Impairment charges 9,925 85,598 1,721
Gain on disposition of properties (10,521) (683) (30,324)
Allowance for credit loss (2,796) 24,569 2,742
Termination of ground lease (3,615) 0 0
Adjustments to straight-line rent reserves 2,682 21,871 1,961
Gain on debt extinguishment 0 (18,339) 0
Deferred gain on tax credits 0 0 (5,034)
Other, net (5,304) (8,155) (11,575)
Changes in assets and liabilities:      
Other liabilities 7,856 (3,959) (4,850)
Lease liability - operating leases (3,636) (1,579) 2,014
Prepaid expenses and other assets (7,427) 4 8,206
Rents receivable 7,384 (28,321) 1,089
Accounts payable and accrued expenses 572 3,005 1,705
Net cash provided by operating activities 104,983 103,947 131,382
CASH FLOWS FROM INVESTING ACTIVITIES      
Acquisition of real estate (161,846) (21,208) (319,673)
Acquisition of leasehold interests 0 0 (39,031)
Development, construction and property improvement costs (40,671) (36,579) (89,385)
Proceeds from the disposition of properties, net 63,901 20,930 88,738
Investments in and advances to unconsolidated affiliates and other (14,835) (14,483) (164,922)
Return of capital from unconsolidated affiliates and other 17,722 14,686 106,005
Issuance of notes receivable (57,895) (59,000) (3,608)
Proceeds from notes receivable 0 0 15,250
Return of deposits for properties under contract 0 187 2,870
Payment of deferred leasing costs (4,914) (6,407) (6,782)
Change in control of previously unconsolidated affiliate 0 950 0
Net cash used in investing activities (198,538) (100,924) (410,538)
CASH FLOWS FROM FINANCING ACTIVITIES      
Principal payments on mortgage and other notes (98,602) (51,949) (158,211)
Principal payments on unsecured debt (206,781) (136,490) (521,600)
Proceeds received on mortgage and other notes 56,847 5,351 324,995
Proceeds from unsecured debt 323,200 236,804 526,400
Payments of finance lease obligations (63) (903) (2,749)
Proceeds from the sale (repurchase) of Common Shares 63,876 (22,386) 145,498
Capital contributions from noncontrolling interests 30,164 52,174 161,365
Distributions to noncontrolling interests (30,410) (31,461) (101,364)
Dividends paid to Common Shareholders (39,476) (50,182) (93,902)
Deferred financing and other costs (7,436) (2,215) (6,476)
Net cash provided by financing activities 91,319 (1,257) 273,956
Increase (decrease) in cash and restricted cash (2,236) 1,766 (5,200)
Cash of $14,149 and restricted cash of $13,880 beginning of period 29,795 28,029 33,229
Cash of $32,534 and restricted cash of $13,465 end of period 27,559 29,795 28,029
Supplemental disclosure of cash flow information      
Cash paid during the period for interest, net of capitalized interest of $2,723 and $6,270 and $12,586 respectively 44,663 70,383 69,076
Cash paid for income taxes, net of (refunds) 147 (329) 730
Supplemental disclosure of non-cash investing and financing activities      
Adjustment to equity as a result of the CECL implementation 0 400 0
Assumption of accounts payable and accrued expenses through acquisition of real estate 1,319 116 4,666
Note receivable exchanged for real estate 0 72,430 13,530
Acquisition of real estate through assumption of debt 31,801 0 0
Distribution declared and payable on October 15, 2021 and 2020, respectively 14,314 123 26,914
Right-of-use assets, finance leases (modified) obtained in exchange for finance lease liabilities 0 (70,427) 16,349
Right-of-use assets, finance leases obtained in exchange for assets under capital lease 0 0 76,965
Right-of-use assets, operating leases exchanged for operating lease liabilities 412 33,189 57,165
Capital lease obligation exchanged for finance lease liability 0 0 71,111
Other liabilities exchanged for operating lease liabilities 0 0 946
Assumption of debt through investments in unconsolidated affiliates 0 0 4,688
Debt exchanged for deferred gain on tax credits 0 0 (5,262)
Other assets exchanged for deferred gain on tax credits 0 0 228
Settlement of note receivable through cancellation of OP Units 479 0 0
Right of use assets, operating leases terminated in exchange for finance lease liabilities 0 (1,432) 0
Change in control of previously unconsolidated (consolidated) investment      
Increase in real estate 0 (135,190) 828
Decrease in investments in and advances to unconsolidated affiliates 0 96,816 (1,189)
Change in other assets and liabilities 0 1,238 12
Acquisition of noncontrolling interest asset 0 (588) 0
Decrease in notes receivable 0 38,674 0
Decrease in right-of-use assets, finance leases 0 0 11,051
Decrease in finance lease liability 0 0 (10,702)
Increase in cash and restricted cash upon change of control $ 0 $ 950 $ 0