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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
May 31, 2020
May 31, 2019
Operating activities:    
Net (loss) income $ (1,013) $ 5,233
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation and amortization 6,594 5,881
Noncash rental revenue including straight-line rents (1,052) (1,008)
Gain on sales of properties (666) (7,703)
Deferred income taxes (271) 1,503
Stock-based compensation expense 260 184
Amortization of debt issuance costs 211 146
Gain on insurance recovery   (126)
Payment of employee withholding taxes on options exercised   (87)
Amortization of terminated swap agreement   31
Changes in assets and liabilities:    
Other assets 1,904 987
Accounts payable and accrued liabilities (34) (683)
Deferred revenue (1,282) (946)
Other liabilities (1,827) 61
Net cash provided by operating activities 2,824 3,473
Investing activities:    
Acquisition of land and buildings (13,670)  
Additions to real estate assets (6,330) (7,549)
Changes in short-term investments, net 1,011 5,000
Proceeds from sales of properties, net of expenses 828 9,188
Deferred leasing costs and other (439) (293)
Proceeds from sales of properties deposited in escrow   (7,628)
Net cash used in investing activities (18,600) (1,282)
Financing activities:    
Proceeds from mortgage and construction loans 21,500 288
Principal payments on mortgage loans (5,445) (1,924)
Dividends paid to stockholders (2,538) (2,279)
Sale of common stock 2,500  
Net repayments on revolving lines of credit (1,775)  
Payment of debt issuance costs (393)  
Proceeds from exercise of stock options 80 98
Net cash provided by (used in) financing activities 13,929 (3,817)
Net decrease in cash and cash equivalents (1,847) (1,626)
Cash and cash equivalents at beginning of period 5,874 8,592
Cash and cash equivalents at end of period $ 4,027 $ 6,966