v3.22.4
Consolidated Statements of Cash Flows
$ in Thousands
12 Months Ended
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Cash flows from operating activities      
Net (loss) income $ (30,868) $ 16,384 $ (15,680)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 91,722 95,560 120,030
Credit losses on lease related receivables 2,483 2,482 5,422
(Gain) loss on sale of real estate 0 (46,441) 15,009
Share-based compensation expense 7,988 8,553 7,874
Amortization of debt premiums, discounts and related financing costs 4,052 4,325 2,794
Loss on interest rate derivatives 0 5,866 560
Loss on extinguishment of debt, net 4,917 12,727 34
Changes in other assets (1,602) (4,681) (7,271)
Changes in other liabilities (5,481) (5,619) (15,794)
Net cash provided by operating activities 73,211 89,156 112,978
Cash flows from investing activities      
Real estate acquisitions, net (204,433) (153,748) 0
Net cash received from sale of real estate 0 897,783 152,889
Capital improvements to real estate (36,513) (32,410) (58,095)
Development in progress (698) (8,406) (28,812)
Non-real estate capital improvements (1,743) (49) (222)
Insurance proceeds 2,224 0 0
Real estate deposits 0 (1,000) 0
Net cash (used in) provided by investing activities (241,163) 702,170 65,760
Cash flows from financing activities      
Line of credit borrowings (repayments), net 55,000 (42,000) (14,000)
Dividends paid (59,363) (90,728) (99,080)
Principal payments – mortgage notes payable (76,598) 0 (46,567)
Proceeds from notes payable 0 0 350,000
Repayments of notes payable 0 (311,894) (250,000)
Repayments of unsecured term loan debt 0 (150,000) (300,000)
Proceeds from term loan 0 0 150,000
Settlement of interest rate derivatives 0 (5,866) (20,948)
Payment of financing costs (39) (4,858) (3,284)
Distributions to noncontrolling interests (9) (15) (14)
Proceeds from dividend reinvestment program 1,030 1,744 2,121
Net proceeds from equity issuances 26,849 40,462 48,355
Payment of tax withholdings for restricted share awards (3,286) (2,241) (1,782)
Net cash used in financing activities (56,416) (565,396) (185,199)
Net (decrease) increase in cash, cash equivalents and restricted cash (224,368) 225,930 (6,461)
Cash, cash equivalents and restricted cash at beginning of year 234,220 8,290 14,751
Cash, cash equivalents and restricted cash at end of year 9,852 234,220 8,290
Supplemental disclosure of cash flow information:      
Cash paid for interest, net of capitalized interest expense 20,842 27,166 37,542
Change in accrued capital improvements and development costs 609 (6,949) (5,850)
Dividend payable 14,934 14,650 25,361
Reconciliation of cash, cash equivalents and restricted cash:      
Cash and cash equivalents 8,389 233,600 7,697
Restricted cash 1,463 620 593
Cash, cash equivalents and restricted cash $ 9,852 $ 234,220 $ 8,290

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