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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 (loss) $ 52,233 $ (5,360) $ (10,174)
Adjustments to reconcile to net cash provided by operating activities:      
Depreciation and amortization 94,952 87,143 87,755
Amortization of market-lease intangibles and inducements, net (5,589) (4,318) (7,060)
Amortization of debt discounts and financing costs 2,816 1,816 1,826
Straight-line rent adjustment, net (2,645) (3,272) (2,590)
Provision for asset impairment 0 0 9,002
(Reversal of) provision for estimated credit losses (1,437) 2,271 11,119
Gain on sale of investment properties, net (38,249) (1,522) (1,752)
Loss on extinguishment of debt 181 400 2,543
Equity in (earnings) losses of unconsolidated entities (3,663) (6,398) 3,141
Distributions from unconsolidated entities 9,350 8,085 6,380
Stock-based compensation, net 6,541 9,116 4,449
Changes in operating assets and liabilities:      
Accounts and rents receivable (999) 257 (7,451)
Deferred costs and other assets, net 317 (1,834) 192
Accounts payable and accrued expenses 8,411 1,875 (1,888)
Other liabilities 3,576 1,697 (1,337)
Net cash provided by operating activities 125,795 89,956 94,155
Cash flows from investing activities:      
Purchase of investment properties (235,001) (53,078) (41,446)
Capital expenditures and tenant improvements (19,420) (15,361) (12,918)
Investment in development and re-development projects (9,461) (5,466) (2,189)
Proceeds from the sale of investment properties, net 77,538 14,807 8,027
Distributions from unconsolidated entities 47,355 0 0
Lease commissions and other leasing costs (4,302) (4,055) (1,391)
Other investing activities, net (1,170) (1,548) 857
Net cash used in investing activities (144,461) (64,701) (49,060)
Cash flows from financing activities:      
Payment of tax withholdings for share-based compensation (1,581) (1,833) (1,072)
Repurchase of common stock under share repurchase plan 0 (16,685) (5,201)
Repurchase of common stock through tender offer 0 (103,331) 0
Proceeds from distribution reinvestment plan 0 0 185
Distributions to stockholders (55,302) (55,561) (54,214)
Term loan proceeds 0 400,000 0
Term loan repayments 0 (400,000) 0
Line of credit proceeds 112,000 31,000 150,000
Line of credit repayments (143,000) 0 (100,000)
Senior notes proceeds 250,000 0 0
Payoffs of debt (47,052) (50,000) (67,349)
Debt prepayment penalties 0 0 (2,504)
Principal payments on mortgage debt (842) (1,306) (1,441)
Payment of loan fees and deposits (2,387) (6,065) (100)
Other financing activities (262) (390) (377)
Net cash provided by (used in) financing activities 111,574 (204,171) (82,073)
Net decrease in cash, cash equivalents and restricted cash 92,908 (178,916) (36,978)
Cash, cash equivalents and restricted cash at beginning of year 44,854 223,770 260,748
Cash, cash equivalents and restricted cash at end of year 137,762 44,854 223,770
Supplemental disclosure of cash flow information:      
Cash paid for interest, net of capitalized interest 18,705 14,570 17,256
Cash (refunded) paid for income taxes, net of (payments) refunds (386) 276 833
Distributions payable to stockholders 13,837 13,802 13,642
Accrued capital expenditures and tenant improvements 2,851 3,552 1,404
Capitalized costs placed in service 17,895 7,453 8,213
Gross issuance of shares for share-based compensation 6,224 5,040 3,593
Reclassification of registration statement costs incurred to equity issuance costs 0 0 278
Purchase of investment properties:      
Net investment properties 280,938 45,791 37,329
Accounts and rents receivable, lease intangibles, and deferred costs and other assets 47,019 8,734 6,066
Accounts payable and accrued expenses, lease intangibles, and other liabilities (13,075) (1,447) (1,949)
Assumption of mortgage debt, at fair value (79,881) 0 0
Cash outflow for purchase of investment properties, net 235,001 53,078 41,446
Assumption of mortgage principal 80,380 0 0
Capitalized acquisition costs (1,079) (59) (121)
Credits and other changes in cash outflow, net 4,768 1,691 922
Gross acquisition price of investment properties 319,070 54,710 42,247
Sale of investment properties:      
Net investment properties 66,294 10,953 6,400
Accounts and rents receivable, lease intangibles, and deferred costs and other assets 4,200 2,332 249
Accounts payable and accrued expenses, lease intangibles, and other liabilities (2,575) 0 (374)
Debt assumed by buyer through disposition of property (28,552) 0 0
Gain on sale of investment properties, net 38,249 1,522 1,752
Loss on extinguishment of debt (78) 0 0
Proceeds from sale of investment properties, net 77,538 14,807 8,027
Assumption of mortgage principal 28,630 0 0
Credits and other changes in cash inflow, net 4,282 174 11,093
Gross disposition price of investment properties $ 110,450 $ 14,981 $ 19,120