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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:      
Net income $ 61,649 $ 50,316 $ 64,196
Adjustments to reconcile net income to net cash provided by operating activities:      
Change in fair value of derivatives 0 0 436
Gain on sale of property 0 (278) 0
Depreciation and amortization of deferred leasing costs 50,272 51,126 46,333
Amortization of deferred debt costs 1,710 1,570 1,518
Non cash compensation costs of stock grants and options 1,562 1,438 1,859
Credit losses on operating lease receivables 812 5,212 1,226
(Increase) decrease in accounts receivable and accrued income 5,446 (17,818) 339
Additions to deferred leasing costs (1,814) (8,050) (1,843)
(Increase) decrease in other assets (2,820) 5 706
Increase (decrease) in accounts payable, accrued expenses and other liabilities (331) 875 158
Increase (decrease) in deferred income 1,895 (6,013) 455
Net cash provided by operating activities 118,381 78,383 115,383
Cash flows from investing activities:      
Acquisitions of real estate investments [1],[2],[3] (9,011) 0 0
Additions to real estate investments (18,636) (19,484) (21,891)
Additions to development and redevelopment projects (28,225) (37,060) (113,772)
Proceeds from sale of properties 0 376 0
Net cash used in investing activities (55,872) (56,168) (135,663)
Cash flows from financing activities:      
Proceeds from mortgage notes payable 0 52,100 50,600
Repayments on mortgage notes payable (42,641) (45,654) (109,235)
Proceeds from term loan facility 25,000 0 0
Proceeds from revolving credit facility 46,000 90,000 152,500
Repayments on revolving credit facility (44,500) (73,000) (112,000)
Proceeds from construction loans payable 10,917 35,883 86,868
Additions to deferred debt costs (6,393) (1,206) (1,010)
Proceeds from the issuance of:      
Common stock 14,425 8,264 25,039
Partnership units [1],[2],[3] 2,398 1,677 3,180
Distributions to:      
Distributions to preferred stockholders (11,193) (11,194) (12,390)
Common stockholders (50,963) (49,383) (48,568)
Noncontrolling interests (17,821) (16,751) (16,642)
Net cash provided by (used in) financing activities (74,771) (9,264) 19,607
Net increase (decrease) in cash and cash equivalents (12,262) 12,951 (673)
Cash and cash equivalents, beginning of year 26,856 13,905 14,578
Cash and cash equivalents, end of year 14,594 26,856 13,905
Supplemental disclosure of cash flow information:      
Cash paid for interest 44,575 44,990 40,434
Increase (decrease) in accrued real estate investments and development costs 1,626 (11,690) 303
Series C Cumulative Preferred Stock      
Proceeds from the issuance of:      
Series C preferred stock redemption 0 0 (105,000)
Distributions to:      
Distributions to preferred stockholders 0 0 (7,541)
Series D Cumulative Redeemable Preferred Stock      
Distributions to:      
Distributions to preferred stockholders (4,593) (4,594) (4,592)
Series E Cumulative Redeemable Preferred Stock      
Proceeds from the issuance of:      
Preferred stock 0 0 106,265
Distributions to:      
Distributions to preferred stockholders $ (6,600) $ (6,600) $ (257)
[1] The 2021 acquisition of real estate and proceeds from the issuance of partnership units each excludes $21,500 in connection with the contribution of the Twinbrook Quarter leasehold interest in exchange for limited partnership units. See Notes 3 and 4 to the Consolidated Financial Statements.
[2] The 2021 acquisition of real estate and proceeds from the issuance of partnership units each excludes $4,320 in connection with the issuance of additional limited partnership units to B. F. Saul Real Estate Investment Trust as additional consideration pursuant to the terms of the 2016 contribution agreement, as amended, related to Ashbrook Marketplace. See Note 7 to the Consolidated Financial Statements.
[3] The 2021 acquisition of real estate and proceeds from the issuance of partnership units each excludes $79,300 in connection with the contribution of Twinbrook Quarter by the  
B. F. Saul Real Estate Investment Trust in exchange for limited partnership units, half of which units remain in escrow. See Notes 3 and 4 to the Consolidated Financial Statements.