Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.21.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities    
Net income (loss) $ 23,180 $ (4,643)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 75,446 89,789
Credit losses on lease related receivables 1,631 3,271
(Gain) loss on sale of real estate, net (46,441) 7,539
Share-based compensation expense 6,478 5,901
Net amortization of debt premiums, discounts and related financing costs 3,322 2,036
Loss on interest rate derivatives 5,866 0
Loss (gain) on extinguishment of debt 12,727 (262)
Changes in operating other assets (4,720) (11,566)
Changes in operating other liabilities (11,106) (7,841)
Net cash provided by operating activities 66,383 84,224
Cash flows from investing activities    
Real estate acquisitions, net (47,757) 0
Net cash received for sale of real estate 897,783 56,353
Capital improvements to real estate (18,649) (38,490)
Development in progress (8,099) (23,454)
Non-real estate capital improvements (37) (196)
Net cash provided by (used in) investing activities 823,241 (5,787)
Cash flows from financing activities    
Line of credit (repayments) borrowings, net (42,000) 130,000
Dividends paid (76,292) (74,285)
Principal payments – mortgage notes payable 0 (46,567)
Repayments of unsecured notes payable, including penalties for early extinguishment (311,894) 0
Repayments of unsecured term loan debt (150,000) (250,000)
Proceeds from term loan 0 150,000
Settlement of interest rate derivatives (5,866) 0
Payment of financing costs (4,828) (567)
Distributions to noncontrolling interests (13) (11)
Proceeds from dividend reinvestment program 1,468 1,581
Net proceeds from equity issuances 467 1,240
Payment of tax withholdings for restricted share awards (554) (150)
Net cash used in financing activities (589,512) (88,759)
Net decrease in cash, cash equivalents and restricted cash 300,112 (10,322)
Cash, cash equivalents and restricted cash at beginning of period 8,290 14,751
Cash, cash equivalents and restricted cash at end of period 308,402 4,429
Supplemental disclosure of cash flow information:    
Cash paid for interest, net of amounts capitalized 26,409 27,386
Change in accrued capital improvements and development costs (4,885) 4,147
Dividend payable 14,440 24,767
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 307,797 3,814
Restricted cash 605 615
Cash, cash equivalents and restricted cash $ 308,402 $ 4,429