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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities    
Net loss $ (3,643) $ (7,724)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 21,536 22,200
Credit losses on lease related receivables 703 410
Share-based compensation expense 1,188 2,082
Net amortization of debt premiums, discounts and related financing costs 1,048 1,001
Loss on extinguishment of debt 54 0
Changes in operating other assets (872) (735)
Changes in operating other liabilities (3,725) (8,583)
Net cash provided by operating activities 16,289 8,651
Cash flows from investing activities    
Real estate acquisitions, net 0 (104,572)
Capital improvements to real estate (5,569) (4,004)
Development in progress 0 (595)
Real estate deposits, net 0 (5,330)
Non-real estate capital improvements (222) (32)
Net cash used in investing activities (5,791) (114,533)
Cash flows from financing activities    
Line of credit repayments, net (20,000) 0
Dividends paid (14,917) (14,615)
Repayments of unsecured term loan debt (100,000) 0
Proceeds from term loan 125,000 0
Payment of financing costs (844) (39)
Distributions to noncontrolling interests (2) (2)
Proceeds from dividend reinvestment program 248 264
Net proceeds from equity issuances 0 26,852
Payment of tax withholdings for restricted share awards (1,304) (451)
Net cash (used in) provided by financing activities (11,819) 12,009
Net decrease in cash, cash equivalents and restricted cash (1,321) (93,873)
Cash, cash equivalents and restricted cash at beginning of period 9,852 234,220
Cash, cash equivalents and restricted cash at end of period 8,531 140,347
Supplemental disclosure of cash flow information:    
Cash paid for interest, net of amounts capitalized 8,954 8,557
Change in accrued capital improvements and development costs 216 1,145
Dividend payable 15,869 14,924
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 7,044 139,711
Restricted cash 1,487 636
Cash, cash equivalents and restricted cash $ 8,531 $ 140,347