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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES          
Net income (loss) $ (1,951) $ 9,169 $ (8,406) $ 59,116  
Adjustments to reconcile net income (loss) to net cash provided by operating activities:          
Depreciation and amortization, including amortization of capitalized loan costs     79,694 76,265  
(Gain) loss on sale of real estate and other investments     577 (71,323)  
Loss on litigation settlement 0 0 0 2,864 $ 1,000
Share-based compensation expense     2,245 2,712  
Loss on interest rate swap settlement amortization     541 621  
Casualty loss write off     2,034 752  
Other, net     1,411 50  
Changes in other assets and liabilities:          
Other assets     (227) 3,834  
Accounts payable and accrued expenses     1,714 2,529  
Net cash provided by operating activities     79,583 77,420  
CASH FLOWS FROM INVESTING ACTIVITIES          
Proceeds from repayment of mortgage loans and notes receivable     450 430  
Increase in mortgages and real estate related notes receivable     (13,557) 0  
Net proceeds from sale of real estate and other investments     18,251 223,259  
Proceeds from insurance     1,949 1,286  
Payments for improvements of real estate investments     (47,436) (39,404)  
Other investing activities     (117) (200)  
Net cash provided by (used by) investing activities     (40,460) 185,371  
CASH FLOWS FROM FINANCING ACTIVITIES          
Proceeds from mortgages payable     0 90,000  
Principal payments on mortgages payable     (4,980) (46,770)  
Proceeds from revolving lines of credit     108,771 75,907  
Principal payments on revolving lines of credit     (99,771) (189,407)  
Principal payments on notes payable     0 (100,000)  
Net proceeds from issuance of common shares     112,218 0  
Repurchase of common shares     (4,703) (6,718)  
Redemption of Series C preferred shares     (97,041) 0  
Distributions paid to common shareholders     (33,374) (32,785)  
Distributions paid to preferred shareholders     (4,821) (4,821)  
Distributions paid to Series D preferred unitholders     (480) (480)  
Distributions paid to noncontrolling interests – Operating Partnership and Series E preferred units     (6,869) (7,194)  
Other financing activities     (95) (217)  
Net cash used by financing activities     (31,145) (222,485)  
NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH     7,978 40,306  
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD     9,269 11,891 11,891
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD 17,247 52,197 17,247 52,197 9,269
SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES          
Accrued capital expenditures     4,916 4,369  
Operating partnership units converted to common shares     (2,212) (1,919)  
Distributions declared but not paid to common shareholders 13,022 11,615 13,022 11,615  
Series E preferred units converted to common shares     (2,271) (2,296)  
Retirement of shares withheld for taxes     122 182  
Loss on litigation settlement 0 0 0 2,864 1,000
Involuntary conversion of assets     (2,785) (1,986)  
Non-cash interest income     718 0  
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION          
Cash paid for interest     24,794 26,190  
Cash and cash equivalents 14,453 29,701 14,453 29,701 8,630
Restricted cash 2,794 22,496 2,794 22,496 639
Total cash, cash equivalents and restricted cash $ 17,247 $ 52,197 $ 17,247 $ 52,197 $ 9,269