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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
OPERATING ACTIVITIES    
Net income $ 11,624 $ 8,611
Adjustments to reconcile net income to net cash from operating activities    
Gain on sale of real estate investments (1,456)  
Gain on involuntary conversion (52) (329)
Equity in income of unconsolidated affiliates (238) (394)
Distributions of earnings of unconsolidated affiliates 238 394
Allowance for uncollectible accounts receivable 40 200
Depreciation 9,755 9,906
Amortization 733 959
Amortization of debt issuance costs 301 310
Effects on operating cash flows due to changes in    
Other assets 1,976 1,136
Tenant security deposits payable 361 235
Accrued expenses and other liabilities (1,761) (1,892)
NET CASH PROVIDED BY OPERATING ACTIVITIES 21,521 19,136
INVESTING ACTIVITIES    
Purchase of real estate investment properties (375)  
Capital expenditures and tenant improvements (15,437) (4,005)
Proceeds from sale of real estate investments and non-real estate investments 5,483  
Proceeds from involuntary conversion 774 1,065
Investment in unconsolidated affiliates (501)  
Distributions in excess of earnings received from unconsolidated affiliates 141 50
Notes receivable issued (763) (1,006)
NET CASH USED IN INVESTING ACTIVITIES (10,678) (3,896)
FINANCING ACTIVITIES    
Payments for financing, debt issuance and lease costs (228)  
Principal payments on special assessments payable (290) (239)
Proceeds from issuance of mortgage notes payable and subordinated debt 18,876  
Principal payments on mortgage notes payable (12,138) (10,160)
Proceeds from issuance of shares under optional purchase plan 1,814 1,724
Shares/units redeemed (2,485) (1,253)
Dividends/distributions paid (11,285) (10,828)
NET CASH USED IN FINANCING ACTIVITIES (5,736) (20,756)
NET CHANGE IN CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS 5,107 (5,516)
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT BEGINNING OF PERIOD 17,382 30,065
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT END OF PERIOD $ 22,489 $ 24,549