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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 44,097 $ 697
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 33,713 30,640
Gain on disposition of properties and other investments (30,288) (4,612)
Net unrealized holding gains on investments (13,763) (6,135)
Stock compensation expense 3,820 4,511
Straight-line rents (3,076) (1,092)
Equity in earnings of unconsolidated affiliates (3,130) (1,882)
Distributions of operating income from unconsolidated affiliates 2,655 390
Adjustments to straight-line rent reserves (1,350) 896
Amortization of financing costs 1,386 1,251
Non-cash lease expense 858 1,041
Allowance for credit loss (1,134) 2,942
Other, net (1,432) (926)
Changes in assets and liabilities:    
Rents receivable 3,283 (2,318)
Other liabilities (1,567) 3,799
Accounts payable and accrued expenses (8,564) 512
Prepaid expenses and other assets 1,858 1,754
Lease liability - operating leases (823) (494)
Net cash provided by operating activities 26,543 30,974
CASH FLOWS FROM INVESTING ACTIVITIES    
Acquisition of real estate (159,599) 0
Proceeds from the disposition of properties and other investments, net 116,619 15,703
Investments in and advances to unconsolidated affiliates and other (95,898) (2,061)
Development, construction and property improvement costs (7,931) (5,379)
Payment of deposits for properties under contract (3,650) 0
Change in control of previously unconsolidated affiliate 3,592 0
Return of capital from unconsolidated affiliates and other 2,602 5,377
Payment of deferred leasing costs (1,264) (1,028)
Acquisition of investment interests (4,527) 0
Net cash (used in) provided by investing activities (150,056) 12,612
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from unsecured debt 279,139 536
Principal payments on unsecured debt (227,140) (33,250)
Proceeds from the sale of Common Shares 111,516 0
Capital contributions from noncontrolling interests 99,129 11,241
Principal payments on mortgage and other notes (81,743) (20,406)
Distributions to noncontrolling interests (23,819) (5,800)
Dividends paid to Common Shareholders (13,396) 0
Proceeds received on mortgage and other notes 307 819
Deferred financing and other costs (13) (333)
Net cash provided by financing activities 143,980 (47,193)
Increase (decrease) in cash and restricted cash 20,467 (3,607)
Cash of $17,746 and $18,699 and restricted cash of $9,813 and $11,096, respectively, beginning of period 27,559 29,795
Cash of $36,151 and $14,085 and restricted cash of $11,875 and $12,103, respectively, end of period 48,026 26,188
Supplemental disclosure of cash flow information    
Cash paid during the period for interest, net of capitalized interest of $623 and $902 respectively 11,882 11,432
Cash paid for income taxes, net of (refunds) (185) 100
Supplemental disclosure of non-cash investing and financing activities    
Distribution declared and payable on October April 14, 2022, and April 15, 2021, respectively 18,172 13,993
Assumption of accounts payable and accrued expenses through acquisition of real estate 1,904 0
Right-of-use assets, operating leases exchanged for operating lease liabilities 0 412
Change in control of previously unconsolidated (consolidated) investment    
Increase in real estate (55,791) 0
Increase in Mortgage Notes Payable 35,970 0
Decrease in investments in and advances to unconsolidated affiliates 17,822 0
Decrease in notes receivable 5,306  
Decrease in reserve on note receivable 4,582  
Decrease in accrued interest on notes receivable 4,691  
Change in other assets and liabilities 176 0
Increase in cash and restricted cash upon change of control $ 3,592 $ 0