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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities:    
Net income (loss) $ 5,391 $ (11,420)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 65,000 66,697
Amortization of above and below-market leases and lease inducements, net (3,404) (5,763)
Amortization of debt discounts and financing costs 1,154 1,388
Straight-line rent adjustment, net (2,496) (1,940)
(Reversal of) provision for estimated credit losses (1,778) 10,770
Provision for asset impairment 0 9,002
Gain on sale of investment properties, net (1,516) (668)
Loss on extinguishment of debt 400 2,543
Equity in earnings of unconsolidated entities (2,441) (1,591)
Distributions from unconsolidated entities 6,765 3,399
Stock-based compensation, net 6,876 3,546
Changes in operating assets and liabilities:    
Accounts and rents receivable 4,577 (6,994)
Deferred costs and other assets, net (2,211) (1,116)
Accounts payable and accrued expenses 8,423 5,109
Other liabilities 981 (3,056)
Net cash provided by operating activities 85,721 69,906
Cash flows from investing activities:    
Purchase of investment properties (53,078) (32,377)
Capital expenditures and tenant improvements (10,241) (8,644)
Investment in development and re-development projects (2,553) (1,817)
Proceeds from sale of investment properties, net 14,797 5,791
Lease commissions and other leasing costs (3,152) (436)
Other assets (80) 2,738
Other liabilities (1,254) (1,743)
Net cash used in investing activities (55,561) (36,488)
Cash flows from financing activities:    
Common shares repurchased through share repurchase program (16,679) (5,201)
Proceeds from distribution reinvestment plan 0 185
Distributions to shareholders (41,628) (40,572)
Proceeds from debt 400,000 150,000
Payoffs of debt (450,000) (67,349)
Debt prepayment penalties 0 (2,504)
Principal payments on mortgage debt (973) (1,122)
Payment of finance lease liabilities (311) (283)
Payment of loan fees and deposits (5,998) (75)
Net cash (used in) provided by financing activities (115,589) 33,079
Net (decrease) increase in cash, cash equivalents and restricted cash (85,429) 66,497
Cash, cash equivalents and restricted cash at the beginning of the period 223,770 260,748
Cash, cash equivalents and restricted cash at the end of the period 138,341 327,245
Cash flow disclosure, including non-cash activities:    
Cash paid for interest, net of capitalized interest 10,980 13,290
Cash paid for income taxes, net of refunds 295 913
Distributions payable to shareholders 13,933 13,642
Accrued capital expenditures and tenant improvements 2,104 2,239
Capitalized costs placed in service 5,567 6,369
Reclassification of registration statement costs incurred to equity issuance costs 0 278
Purchase of investment properties:    
Net investment properties 45,791 30,515
Accounts and rents receivable, lease intangibles, and deferred costs and other assets 8,734 3,770
Accounts payable and accrued expenses, lease intangibles, and other liabilities (1,447) (1,908)
Cash outflow for purchase of investment properties, net 53,078 32,377
Capitalized acquisition costs (59) (63)
Credits and other changes in cash outflow, net 1,691 890
Gross acquisition price of investment properties 54,710 33,204
Sale of investment properties:    
Net investment properties 10,949 5,618
Accounts and rents receivable, lease intangibles, and deferred costs and other assets 2,332 (148)
Accounts payable and accrued expenses, lease intangibles, and other liabilities 0 (347)
Gain on sale of investment properties, net 1,516 668
Proceeds from sale of investment properties, net 14,797 5,791
Credits and other changes in cash inflow, net 175 810
Gross disposition price of investment properties $ 14,972 $ 6,601