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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:        
Net income $ 10,555 $ 10,988 $ 28,515 $ 19,861
Adjustments to reconcile net income to cash flow from operating activities:        
Depreciation and amortization 54,127 53,984 107,850 107,520
Accretion of loan discounts and premiums, net     (4,679) (5,493)
Amortization of deferred financing costs, net     1,379 1,763
Stock compensation expense     5,250 6,462
Gain on sale of real estate assets, net 152 0 (10,378) (985)
Gain on extinguishment of debt 0 0 (203) 0
Amortization related to derivative instruments     614 644
Non-cash casualty losses     1,510 831
Equity in loss from investments in unconsolidated real estate entities 850 1,205 1,679 1,981
Other losses     1 891
Changes in assets and liabilities:        
Other assets     5,145 4,186
Accounts payable and accrued expenses     (7,827) (9,308)
Accrued interest payable     (1,122) 273
Other liabilities     (654) (1,432)
Cash flow provided by operating activities     127,080 127,194
Cash flows from investing activities:        
Investments in unconsolidated real estate entities     (2,982) (21,729)
Disposition of real estate properties, net     320,606 35,557
Capital expenditures     (55,698) (67,199)
Real estate development expenditures     (26,884) (30,588)
Proceeds from insurance claims     3,511 0
Cash flow provided by (used in) investing activities     238,553 (83,959)
Cash flows from financing activities:        
Proceeds from unsecured credit facility and term loans     131,000 125,000
Unsecured credit facility, secured credit facility and term loan repayments     (262,652) (97,513)
Mortgage principal repayments and payoffs     (159,675) (3,666)
Costs associated with debt payoffs     (663) 0
Payments for deferred financing costs     (357) (60)
Distributions on common stock     (72,104) (63,026)
Distributions to noncontrolling interests     (1,901) (1,686)
Repurchase of shares related to equity award tax withholding     (2,543) (3,776)
Costs from issuance of common stock, net     (72) (13)
Cash flow used in financing activities     (368,967) (44,740)
Net change in cash and cash equivalents, and restricted cash     (3,334) (1,505)
Cash and cash equivalents, and restricted cash, beginning of period     50,732 44,017
Cash and cash equivalents, and restricted cash, end of the period 47,398 42,512 47,398 42,512
Reconciliation of cash, cash equivalents, and restricted cash to the Condensed Consolidated Balance Sheets        
Cash and cash equivalents 21,034 14,349 21,034 14,349
Restricted cash 26,364 28,163 26,364 28,163
Total cash, cash equivalents, and restricted cash, end of period $ 47,398 $ 42,512 $ 47,398 $ 42,512