XML 18 R8.htm IDEA: XBRL DOCUMENT v3.22.2.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities:    
Net income $ 3,978 $ 14,145
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 50,472 64,390
Amortization of above and below market leases (88) (38)
Shares issued as compensation 394 338
Loss on extinguishment of debt 78 403
Impairment and loan loss reserve 1,857  
Gain on sale of properties, net (24,077) (29,258)
Equity in income of non-consolidated REITs   (421)
Distributions from non-consolidated REITs   421
Changes in operating assets and liabilities:    
Tenant rent receivables 645 4,975
Straight-line rents (4,064) (3,103)
Lease acquisition costs (2,659) (1,666)
Prepaid expenses and other assets (1,670) (1,035)
Accounts payable and accrued expenses (6,388) (8,389)
Accrued compensation (1,545) (436)
Tenant security deposits (493) (2,508)
Payment of deferred leasing commissions (7,086) (10,857)
Net cash provided by operating activities 9,354 26,961
Cash flows from investing activities:    
Property improvements, fixtures and equipment (38,035) (55,008)
Proceeds received from sales of properties 102,007 319,357
Net cash provided by investing activities 63,972 264,349
Cash flows from financing activities:    
Distributions to stockholders (52,956) (28,985)
Stock repurchases (4,843) (8,244)
Borrowings under bank note payable 80,000 76,500
Repayments of bank note payable (15,000) (80,000)
Repayment of term loan payable (110,000) (245,000)
Deferred financing costs (2,561)  
Net cash used in financing activities (105,360) (285,729)
Net increase (decrease) in cash, cash equivalents and restricted cash (32,034) 5,581
Cash, cash equivalents and restricted cash, beginning of year 40,751 4,150
Cash, cash equivalents and restricted cash, end of period 8,717 9,731
Cash paid for:    
Interest 13,692 22,995
Taxes 664 417
Non-cash investing and financing activities:    
Accrued costs for purchases of real estate assets $ 7,466 $ 5,108