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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 55,516 $ 63,289 $ 53,095
Adjustments to reconcile net income to net cash provided by operating activities      
Straight-line rents (2,597) (3,459) (3,657)
Amortization of lease intangibles (4,682) (3,694) (2,161)
Depreciation and amortization 44,015 40,816 37,870
Loss on extinguishment of debt 189 0 0
Gain on sales of real estate investments (9,391) (28,610) (30,654)
Deferred financing cost amortization 1,562 1,442 1,193
Deferred senior secured loan fee amortization (531) (392) 0
Stock-based compensation 10,644 9,270 8,732
Changes in assets and liabilities      
Other assets (1,579) (1,531) 584
Accounts payable and other liabilities 1,542 468 4,496
Net cash provided by operating activities 94,688 77,599 69,498
CASH FLOWS FROM INVESTING ACTIVITIES      
Cash paid for property acquisitions (238,661) (221,806) (297,109)
Proceeds from sales of real estate investments, net 47,133 79,594 75,396
Additions to construction in progress (27,884) (9,668) 0
Additions to buildings, improvements and leasing costs (32,070) (28,977) (27,405)
Cash paid for senior secured loan 0 (55,000) 0
Origination and other fees received on senior secured loan 0 900 0
Net cash used in investing activities (251,482) (234,957) (249,118)
CASH FLOWS FROM FINANCING ACTIVITIES      
Issuance of common stock 278,058 208,949 255,295
Issuance costs on issuance of common stock (4,023) (3,030) (3,764)
Repurchase of common stock (3,959) (3,870) (3,436)
Repurchase of preferred stock 0 0 (46,000)
Borrowings on credit facility 17,000 204,000 93,000
Payments on credit facility (36,000) (185,000) (144,500)
Payments on term loans payable (50,000) 0 0
Borrowings on senior unsecured notes 100,000 0 100,000
Payments on mortgage loans payable (1,514) (19,201) (1,916)
Payment of deferred financing costs (943) (1,366) (872)
Dividends paid to common stockholders (63,565) (51,445) (41,866)
Dividends paid to preferred stockholders 0 0 (1,999)
Net cash provided by financing activities 235,054 149,037 203,942
Net increase (decrease) in cash and cash equivalents and restricted cash 78,260 (8,321) 24,322
Cash and cash equivalents and restricted cash 34,479 42,800 18,478
Cash and cash equivalents and restricted cash at end of year 112,739 34,479 42,800
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION      
Cash paid for interest, net of capitalized interest 18,351 19,787 13,839
Supplemental disclosures of non-cash transactions      
Accounts payable related to capital improvements 12,498 10,712 6,996
Redemption of preferred stock 0 0 1,729
Non-cash repayment of senior secured loan (39,085) 0 0
Lease liability arising from recognition of right-of-use asset 647    
Reconciliation of cash paid for property acquisitions      
Acquisition of properties 250,506 227,058 319,666
Assumption of other assets and liabilities (11,845) (5,252) (22,557)
Net cash paid for property acquisitions $ 238,661 $ 221,806 $ 297,109