v3.22.2.2
Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities    
Net (loss) income $ (27,337,000) $ 23,180,000
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 69,871,000 75,446,000
Credit losses on lease related receivables 1,816,000 1,631,000
(Gain) loss on sale of real estate, net 0 (46,441,000)
Share-based compensation expense 6,157,000 6,478,000
Net amortization of debt premiums, discounts and related financing costs 3,084,000 3,322,000
Loss on interest rate derivatives 0 5,866,000
Loss (gain) on extinguishment of debt 4,917,000 12,727,000
Changes in operating other assets (952,000) (4,720,000)
Changes in operating other liabilities (6,100,000) (11,106,000)
Net cash provided by operating activities 51,456,000 66,383,000
Cash flows from investing activities    
Real estate acquisitions, net (204,433,000) (47,757,000)
Net cash received for sale of real estate 0 897,783,000
Capital improvements to real estate (19,046,000) (18,649,000)
Development in progress (671,000) (8,099,000)
Insurance proceeds 2,224,000 0
Non-real estate capital improvements (1,322,000) (37,000)
Net cash (used in) provided by investing activities (223,248,000) 823,241,000
Cash flows from financing activities    
Line of credit repayments, net 43,000,000  
Line of credit repayments, net   (42,000,000)
Dividends paid (44,440,000) (76,292,000)
Repayments of mortgage notes payable (76,598,000) 0
Repayments of unsecured notes payable, including penalties for early extinguishment 0 (311,894,000)
Repayments of unsecured term loan debt 0 (150,000,000)
Settlement of interest rate derivatives 0 (5,866,000)
Payment of financing costs (39,000) (4,828,000)
Distributions to noncontrolling interests (6,000) (13,000)
Proceeds from dividend reinvestment program 777,000 1,468,000
Net proceeds from equity issuances 26,851,000 467,000
Payment of tax withholdings for restricted share awards (2,100,000) (554,000)
Net cash used in financing activities (52,555,000) (589,512,000)
Net decrease in cash, cash equivalents and restricted cash (224,347,000) 300,112,000
Cash, cash equivalents and restricted cash at beginning of period 234,220,000 8,290,000
Cash, cash equivalents and restricted cash at end of period 9,873,000 308,402,000
Supplemental disclosure of cash flow information:    
Cash paid for interest, net of amounts capitalized 18,386,000 26,409,000
Change in accrued capital improvements and development costs 2,510,000 (4,885,000)
Dividend payable 14,919,000 14,440,000
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 8,436,000 307,797,000
Restricted cash 1,437,000 605,000
Cash, cash equivalents and restricted cash $ 9,873,000 $ 308,402,000

Source