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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net income (loss) $ 40,033 $ (17,807) $ 120,659
Adjustments to reconcile net income (loss) to cash flow from operating activities:      
Depreciation and amortization 220,854 218,968 252,849
Accretion of loan discounts and premiums, net (9,167) (10,899) (11,005)
Amortization of deferred financing costs, net 2,795 3,290 3,729
Stock compensation expense 7,077 7,658 7,893
Loss on impairment (gain on sale) of real estate assets, net 9,862 66,547 (111,756)
(Gain) loss on extinguishment of debt (200) 124 0
Amortization related to derivative instruments 1,185 1,304 1,281
Non-cash casualty losses (gains) 3,212 925 (8,866)
Equity in (income) loss from investments in unconsolidated real estate entities (347) 4,488 2,169
Other expense (income) 1 1,340 (1,059)
Changes in assets and liabilities:      
Other assets (7,919) (8,062) (33)
Accounts payable and accrued expenses (7,091) (3,228) (2,495)
Accrued interest payable 713 (79) 538
Other liabilities (1,255) (2,399) (4,367)
Net cash provided by operating activities 259,753 262,170 249,537
Cash flows from investing activities:      
Acquisition of real estate properties (238,560) 0 (201,777)
Cash acquired from consolidation of previously unconsolidated real estate entity 0 2,145 0
Investments in unconsolidated real estate entities (11,648) (26,003) (60,796)
Return of investment in unconsolidated real estate entities 9,064 0 3,406
Proceeds from dispositions of real estate properties, net 390,884 230,789 253,560
Capital expenditures (118,255) (146,629) (83,979)
Real estate development expenditures (56,809) (66,223) (61,760)
Proceeds from insurance claims 4,719 4,209 15,580
Net cash used in investing activities (20,605) (1,712) (135,766)
Cash flows from financing activities:      
Proceeds (costs) from issuance of common stock 111,304   48,651
Proceeds (costs) from issuance of common stock   (421)  
Proceeds from unsecured revolver and term loan 450,000 270,000 707,500
Proceeds from unsecured notes 150,000 0 0
Credit facility and unsecured revolver repayments (490,652) (250,341) (718,525)
Mortgage principal repayments (314,139) (129,596) (53,365)
Payments for deferred financing costs (1,849) (60) (1,670)
Distributions on common stock (144,021) (134,872) (105,829)
Distributions to noncontrolling interests (3,803) (3,590) (2,743)
Payment for debt extinguishment (666) (124) 0
Repurchase of shares related to equity award tax withholding (2,602) (4,739) (5,969)
Payments for forward interest rate collars 0 0 (3,475)
Net cash used in financing activities (246,428) (253,743) (135,425)
Net change in cash, cash equivalents and restricted cash (7,280) 6,715 (21,654)
Cash, cash equivalents and restricted cash, beginning of period 50,732 44,017 65,671
Cash, cash equivalents and restricted cash, end of period 43,452 50,732 44,017
Reconciliation of cash, cash equivalents, and restricted cash to the Consolidated Balance Sheet      
Cash and cash equivalents 21,228 22,852 16,084
Restricted cash 22,224 27,880 27,933
Total cash, cash equivalents, and restricted cash, end of period 43,452 50,732 44,017
Supplemental cash flow information:      
Cash paid for interest 80,615 96,022 96,383
Supplemental disclosure of noncash investing and financing activities:      
Decrease in noncontrolling interest from conversion of common limited partnership units to shares of common stock 33 1,015 21,460
Distributions declared but not paid 37,827 36,858 32,189
Real estate under development placed in service 33,879 77,520 0
Initial measurement of operating lease right of use assets 0 0 753
Initial measurement of operating lease liabilities 0 0 753
Accrued capital expenditures and real estate under development 12,499 20,122 18,889
Assets recognized upon consolidation of previously unconsolidated real estate entity 0 52,878 0
Liabilities recognized upon consolidation of previously unconsolidated real estate entity 0 39,931 0
Derecognition of equity method investment upon consolidation of previously unconsolidated real estate entity 0 12,691 0
Value of noncontrolling interest upon consolidation of previously unconsolidated real estate entity $ 0 $ 256 $ 0