v3.24.0.1
Consolidated Statements of Cash Flows
$ in Thousands
12 Months Ended
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Cash flows from operating activities      
Net (loss) income $ (52,977) $ (30,868) $ 16,384
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 88,950 91,722 95,560
Credit losses on lease related receivables 4,833 2,483 2,482
Real estate impairment 41,860 0 0
Gain on sale of real estate 0 0 (46,441)
Share-based compensation expense 5,538 7,988 8,553
Amortization of debt premiums, discounts and related financing costs 4,218 4,052 4,325
Loss on interest rate derivatives 0 0 5,866
Loss on extinguishment of debt, net 54 4,917 12,727
Changes in other assets (11,294) (1,602) (4,681)
Changes in other liabilities 3,487 (5,481) (5,619)
Net cash provided by operating activities 84,669 73,211 89,156
Cash flows from investing activities      
Real estate acquisitions, net (107,595) (204,433) (153,748)
Net cash received from sale of real estate 0 0 897,783
Capital improvements to real estate (38,218) (36,513) (32,410)
Development in progress 0 (698) (8,406)
Non-real estate capital improvements (408) (1,743) (49)
Insurance proceeds 0 2,224 0
Real estate deposits 0 0 (1,000)
Net cash (used in) provided by investing activities (146,221) (241,163) 702,170
Cash flows from financing activities      
Line of credit borrowings (repayments), net 102,000 55,000 (42,000)
Dividends paid (64,335) (59,363) (90,728)
Principal payments – mortgage notes payable 0 (76,598) 0
Repayments of notes payable 0 0 (311,894)
Repayments of unsecured term loan debt (100,000) 0 (150,000)
Proceeds from term loan 125,000 0 0
Settlement of interest rate derivatives 0 0 (5,866)
Payment of financing costs (844) (39) (4,858)
Distributions to noncontrolling interests (8) (9) (15)
Proceeds from dividend reinvestment program 497 1,030 1,744
Net proceeds from equity issuances 0 26,849 40,462
Payment of tax withholdings for restricted share awards (2,072) (3,286) (2,241)
Net cash provided by (used in) financing activities 60,238 (56,416) (565,396)
Net (decrease) increase in cash, cash equivalents and restricted cash (1,314) (224,368) 225,930
Cash, cash equivalents and restricted cash at beginning of year 9,852 234,220 8,290
Cash, cash equivalents and restricted cash at end of year 8,538 9,852 234,220
Supplemental disclosure of cash flow information:      
Cash paid for interest, net of capitalized interest expense 23,502 20,842 27,166
Change in accrued capital improvements and development costs 9,556 609 (6,949)
Dividend payable 15,863 14,934 14,650
Reconciliation of cash, cash equivalents and restricted cash:      
Cash and cash equivalents 5,984 8,389 233,600
Restricted cash 2,554 1,463 620
Cash, cash equivalents and restricted cash $ 8,538 $ 9,852 $ 234,220

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