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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net income $ 2,379 $ 52,358
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 85,339 71,055
Amortization of market-lease intangibles and inducements, net (2,717) (4,594)
Amortization of debt discounts and financing costs 3,286 2,075
Straight-line rent adjustment, net (2,383) (2,079)
Provision for (reversal of) estimated credit losses 223 (1,587)
Gain on sale of investment properties (2,691) (36,856)
Loss on extinguishment of debt 0 96
Equity in losses (earnings) of unconsolidated entities 447 (3,784)
Distributions from unconsolidated entities 0 9,350
Stock-based compensation expense, net 6,610 3,929
Changes in operating assets and liabilities:    
Accounts and rents receivable 4,306 (659)
Deferred costs and other assets, net 2,375 36
Accounts payable and accrued expenses 3,017 8,426
Other liabilities (388) 3,122
Net cash provided by operating activities 99,803 100,888
Cash flows from investing activities:    
Purchase of investment properties (152,047) (156,139)
Capital expenditures and tenant improvements (20,631) (13,948)
Investment in development and redevelopment projects (3,160) (8,297)
Proceeds from sale of investment properties, net 12,559 54,276
Distributions from unconsolidated entities 91,355 47,355
Lease commissions and other leasing costs (2,518) (3,430)
Other investing activities (1,736) (963)
Net cash used in investing activities (76,178) (81,146)
Cash flows from financing activities:    
Distributions to shareholders (42,938) (41,466)
Line of credit proceeds 30,000 112,000
Line of credit repayments (30,000) (143,000)
Senior notes proceeds 0 250,000
Payoffs of debt (13,700) (22,328)
Principal payments on mortgage debt (32) (747)
Payment of loan fees and deposits 0 (2,306)
Other financing activities (606) (233)
Net cash (used in) provided by financing activities (57,276) 151,920
Net (decrease) increase in cash, cash equivalents and restricted cash (33,651) 171,662
Cash, cash equivalents and restricted cash at the beginning of the period 137,762 44,854
Cash, cash equivalents and restricted cash at the end of the period 104,111 216,516
Cash flow disclosure, including non-cash activities:    
Cash paid for interest, net of capitalized interest 28,133 13,913
Cash paid for (refunded from) income taxes, net 525 (333)
Previously held equity investments in real estate assets acquired 39,603 0
Distributions payable to shareholders 14,553 13,836
Accrued capital expenditures and tenant improvements 3,333 3,297
Capitalized costs placed in service 13,800 16,725
Purchase of investment properties:    
Net investment properties 200,085 216,750
Accounts and rents receivable, lease intangibles, and deferred costs and other assets 52,871 29,759
Accounts payable and accrued expenses, lease intangibles, and other liabilities (9,133) (10,489)
Assumption of mortgage debt, at fair value (91,776) (79,881)
Cash outflow for purchase of investment properties, net 152,047 156,139
Assumption of mortgage principal 92,468 80,380
Capitalized acquisition costs (150) (886)
Credits and other changes in cash outflow, net (365) 2,837
Gross acquisition price of investment properties 244,000 238,470
Sale of investment properties:    
Net investment properties 10,086 17,792
Accounts and rents receivable, lease intangibles, and deferred costs and other assets 297 544
Accounts payable and accrued expenses, lease intangibles, and other liabilities (515) (916)
Gain on sale of investment properties 2,691 36,856
Proceeds from sale of investment properties, net 12,559 54,276
Credits and other changes in cash inflow, net 583 1,174
Gross disposition price of investment properties $ 13,142 $ 55,450