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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 22,002 $ 44,097  
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 33,173 33,713  
Gain on disposition of properties and other investments 0 (30,288)  
Net unrealized holding losses (gains) on investments 2,059 (13,763)  
Stock compensation expense 4,885 3,820  
Straight-line rents (767) (3,076)  
Equity in earnings of unconsolidated affiliates (29) (3,130)  
Distributions of operating income from unconsolidated affiliates 1,097 2,655  
Adjustments to straight-line rent reserves 473 1,350  
Amortization of financing costs 1,647 1,386  
Non-cash lease expense 901 858  
Adjustments to allowance for credit loss 326 (1,134)  
Impairment charges 0    
Other, net (1,568) (1,432)  
Changes in assets and liabilities:      
Rents receivable 3,562 3,283  
Other liabilities (1,281) (1,567)  
Accounts payable and accrued expenses (6,256) (8,564)  
Prepaid expenses and other assets 118 (1,858)  
Lease liability - operating leases (910) (823)  
Net cash provided by operating activities 59,432 26,543  
CASH FLOWS FROM INVESTING ACTIVITIES      
Acquisitions of real estate 0 (159,599)  
Proceeds from the disposition of properties and other investments, net 0 116,619  
Investments in and advances to unconsolidated affiliates and other (24,911) (95,898)  
Development, construction and property improvement costs (12,529) (7,931)  
Refund (payment) of deposits for properties under purchase contract 930 (3,650)  
Change in control of previously unconsolidated affiliate 0 3,592  
Return of capital from unconsolidated affiliates and other 35,406 2,602  
Payment of deferred leasing costs (2,508) (1,264)  
Acquisition of investment interests 0 (4,527)  
Net cash used in investing activities (3,612) (150,056)  
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from unsecured debt 43,309 279,139  
Principal payments on unsecured debt (88,395) (227,140)  
Proceeds from the sale of Common Shares 0 111,516  
Capital contributions from noncontrolling interests 31,242 99,129  
Principal payments on mortgage and other notes (2,196) (81,743)  
Distributions to noncontrolling interests (22,999) (23,819)  
Dividends paid to Common Shareholders (17,122) (13,396)  
Proceeds received on mortgage and other notes 0 307  
Deferred financing and other costs (498) (13)  
Net cash provided by financing activities (56,659) 143,980  
(Decrease) increase in cash and restricted cash (839) 20,467  
Cash of $17,158 and $17,746 and restricted cash of $15,063 and $9813 respectively, beginning of period 32,221 27,559 $ 27,559
Cash of $17,125 and $36,151 and restricted cash of $14,257 and $11,875 respectively, end of period 31,382 48,026 $ 32,221
Supplemental disclosure of cash flow information      
Cash paid during the period for interest, net of capitalized interest of $1,928 and $623 respectively 23,107 11,882  
Cash paid for income taxes, net of (refunds) 123 (185)  
Supplemental disclosure of non-cash investing and financing activities      
Distribution declared and payable on April 14, 2023 and April 14, 2022, respectively 18,351 18,172  
Assumption of accounts payable and accrued expenses through acquisition of real estate 0 1,904  
Accrued interest on note receivable recorded to noncontrolling interest 2,307 0  
Distributions to noncontrolling interests of marketable securities 49,117 0  
Reclassification of investment in unconsolidated affiliate to marketable securities 32,745 0  
Change in control of previously unconsolidated investment      
Increase in real estate 0 (55,791)  
Increase in mortgage notes payable 0 35,970  
Decrease in investments in and advances to unconsolidated affiliates 0 17,822  
Decrease in notes receivable 0 5,306  
Decrease in reserve on note receivable 0 (4,582)  
Decrease in accrued interest on notes receivable 0 4,691  
Change in other assets and liabilities 0 176  
Increase in cash and restricted cash upon change of control $ 0 $ 3,592