v3.22.2
ORION OFFICE REIT, CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities:    
Net (loss) income $ (25,452) $ 8,847
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation and amortization 68,181 11,943
Non-cash revenue adjustments (1,830) (471)
Amortization of net premiums on mortgages payable 0 (41)
Impairments 9,360 0
Loss on extinguishment of debt, net 468 0
Amortization of deferred financing costs 2,228 0
Equity-based compensation 709 0
Equity in income of unconsolidated joint venture 95 0
Changes in assets and liabilities:    
Accounts receivable, net and other assets, net (3,535) (166)
Accounts payable, accrued expenses and other liabilities, net 1,570 1,236
Net cash provided by operating activities 51,794 21,348
Cash flows from investing activities:    
Capital expenditures and leasing costs (3,429) (77)
Proceeds from disposition of real estate 3,496 0
Return of investment from unconsolidated joint venture 1,217 0
Net cash provided by (used in) investing activities 1,284 (77)
Cash flows from financing activities:    
Proceeds from mortgages payable 355,000 0
Payments on mortgages payable 0 (14,279)
Proceeds from credit facility revolver 70,000 0
Distributions paid (5,663) 0
Distributions to parent company, net 0 (10,376)
Payments of deferred financing costs (3,096) 0
Other financing activities (46) 0
Net cash used in financing activities (27,831) (24,655)
Net change in cash and cash equivalents and restricted cash 25,247 (3,384)
Cash and cash equivalents and restricted cash at the beginning of the period 29,318 3,915
Cash and cash equivalents and restricted cash at the end of the period 54,565 531
Reconciliation of Cash and Cash Equivalents and Restricted Cash    
Cash and cash equivalents at beginning of period 29,318 0
Restricted cash at beginning of period 0 3,915
Cash and cash equivalents and restricted cash at the beginning of the period 29,318 3,915
Cash and cash equivalents at end of period 19,300 0
Restricted cash at the end of the period 35,265 531
Cash and cash equivalents and restricted cash at the end of the period 54,565 531
Bridge facility    
Cash flows from financing activities:    
Repayments of credit facility (355,026) 0
Credit facility revolver    
Cash flows from financing activities:    
Repayments of credit facility $ (89,000) $ 0

Source