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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:      
Net income $ 45,529 $ 14,877 $ 46,354
Adjustments to reconcile net income to cash flow from operating activities:      
Depreciation and amortization expense 76,909 60,687 52,815
Accretion of loan discounts and premiums, net (501)    
Amortization of deferred financing costs, net 1,640 1,448 1,423
Stock compensation expense 7,227 5,564 3,116
(Gain on sale) loss on impairment of real estate assets, net (87,671) (7,554) (35,211)
Loss on extinguishment of debt 10,261    
Amortization related to derivative instruments 1,274 1,200 690
Casualty losses 359 711 0
Changes in assets and liabilities:      
Other assets (523) (2,428) 1,344
Accounts payable and accrued expenses (3,633) 754 3,490
Accrued interest payable 2,085 (182) 1,542
Other liabilities (699) (118) (562)
Net cash provided by operating activities 52,257 74,959 75,001
Cash flows from investing activities:      
Acquisition of real estate properties (139,516) (145,278) (128,908)
Acquisition of STAR, net of cash acquired (186,122)    
Investments in unconsolidated real estate entities (24,999)    
Disposition of real estate properties, net 177,486 58,137 68,137
Capital expenditures (42,973) (37,399) (45,625)
Cash flow used in investing activities (216,124) (124,540) (106,396)
Cash flows from financing activities:      
Proceeds from issuance of common stock 317,024 148,213 20,981
Proceeds from unsecured credit facility and term loan 594,500 195,501 234,059
Credit facility repayments (302,301) (197,000) (153,500)
Mortgage principal repayments (312,877) (39,785) (4,284)
Payments for deferred financing costs (14,889) (50) (1,446)
Distributions on common stock (49,832) (56,146) (64,745)
Distributions to noncontrolling interests (294) (480) (640)
Payment for debt extinguishment (12,481)    
Repurchase of shares related to equity award tax withholding (2,927) (1,490) (642)
Net cash provided by financing activities 215,923 48,763 29,783
Net change in cash and cash equivalents, and restricted cash 52,056 (818) (1,612)
Cash and cash equivalents, and restricted cash, beginning of period 13,615 14,433 16,045
Cash and cash equivalents, and restricted cash, end of the period 65,671 13,615 14,433
Reconciliation of cash, cash equivalents, and restricted cash to the Consolidated Balance Sheet      
Cash and cash equivalents 35,972 8,751 9,888
Restricted cash 29,699 4,864 4,545
Total cash, cash equivalents, and restricted cash, end of period 65,671 13,615 14,433
Supplemental cash flow information:      
Cash paid for interest 29,227 34,105 37,531
Supplemental disclosure of noncash investing and financing activities:      
Decrease in noncontrolling interest from conversion of common limited partnership units to shares of common stock 858 1,372 78
Distributions declared but not paid 16,792 12,257 16,491
Assets acquired in STAR Merger 4,770,698    
Liabilities assumed in STAR Merger 1,886,791    
Value of common stock issued in STAR Merger 2,438,177    
Value of limited partnership units issued in STAR Merger 157,200    
Initial measurement of operating lease right of use assets 672 169 2,812
Initial measurement of operating lease liabilities 672 169 3,176
Capital expenditure accrual $ 4,603 $ 413 $ 804