XML 30 R9.htm IDEA: XBRL DOCUMENT v3.22.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net income $ 120,659 $ 45,529 $ 14,877
Adjustments to reconcile net income to cash flow from operating activities:      
Depreciation and amortization 252,849 76,909 60,687
Accretion of loan discounts and premiums, net (11,005) (501) 0
Amortization of deferred financing costs, net 3,729 1,640 1,448
Stock compensation expense 7,893 7,227 5,564
(Gain on sale) loss on impairment of real estate assets, net (111,756) (87,671) (7,554)
Loss on extinguishment of debt 0 10,261 0
Amortization related to derivative instruments 1,281 1,274 1,200
Casualty (gains) losses, net (8,866) 359 711
Equity in loss from investments in unconsolidated real estate entities 2,169 0 0
Other income (1,059) 0 0
Changes in assets and liabilities:      
Other assets (33) (523) (2,428)
Accounts payable and accrued expenses (2,495) (3,633) 754
Accrued interest payable 538 2,085 (182)
Other liabilities (4,367) (699) (118)
Net cash provided by operating activities 249,537 52,257 74,959
Cash flows from investing activities:      
Acquisition of real estate properties (201,777) (139,516) (145,278)
Acquisition of STAR, net of cash acquired 0 (186,122) 0
Investments in unconsolidated real estate entities (60,796) (24,999) 0
Distributions received from investments in unconsolidated real estate entities 3,406 0 0
Disposition of real estate properties, net 253,560 177,486 58,137
Capital expenditures (83,979) (42,973) (37,399)
Additions to real estate under development (61,760) 0 0
Proceeds from insurance claims 15,580 0 0
Net cash used in investing activities (135,766) (216,124) (124,540)
Cash flows from financing activities:      
Proceeds from issuance of common stock 48,651 317,024 148,213
Proceeds from unsecured credit facility and term loan 707,500 594,500 195,501
Credit facility repayments (718,525) (302,301) (197,000)
Mortgage principal repayments (53,365) (312,877) (39,785)
Payments for deferred financing costs (1,670) (14,889) (50)
Distributions on common stock (105,829) (49,832) (56,146)
Distributions to noncontrolling interests (2,743) (294) (480)
Payment for debt extinguishment 0 (12,481) 0
Repurchase of shares related to equity award tax withholding (5,969) (2,927) (1,490)
Payments for forward interest rate collars (3,475) 0 0
Net cash (used in) provided by financing activities (135,425) 215,923 48,763
Net change in cash, cash equivalents and restricted cash (21,654) 52,056 (818)
Cash, cash equivalents and restricted cash, beginning of period 65,671 13,615 14,433
Cash, cash equivalents and restricted cash, end of period 44,017 65,671 13,615
Reconciliation of cash, cash equivalents, and restricted cash to the Consolidated Balance Sheet      
Cash and cash equivalents 16,084 35,972 8,751
Restricted cash 27,933 29,699 4,864
Total cash, cash equivalents, and restricted cash, end of period 44,017 65,671 13,615
Supplemental cash flow information:      
Cash paid for interest 96,383 29,227 34,105
Supplemental disclosure of noncash investing and financing activities:      
Decrease in noncontrolling interest from conversion of common limited partnership units to shares of common stock 21,460 858 1,372
Distributions declared but not paid 32,189 16,792 12,257
Assets acquired in STAR Merger 0 4,770,698 0
Liabilities assumed in STAR Merger 0 1,886,791 0
Value of common stock issued in STAR Merger 0 2,438,177 0
Value of limited partnership units issued in STAR Merger 0 157,200 0
Initial measurement of operating lease right of use assets 753 672 169
Initial measurement of operating lease liabilities 753 672 169
Capital Expenditures Incurred but Not yet Paid $ 18,889 $ 4,603 $ 413