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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 12,856 $ 15,532
Adjustments to reconcile net income to net cash provided by operating activities    
Straight-line rents (316) (737)
Amortization of lease intangibles (1,389) (870)
Depreciation and amortization 11,100 10,415
Gain on sales of real estate investments 0 (4,465)
Deferred financing cost amortization 367 388
Deferred senior secured loan fee amortization (43) (404)
Stock-based compensation 2,179 2,500
Changes in assets and liabilities    
Other assets 1,705 (2,366)
Accounts payable and other liabilities (4,301) (216)
Net cash provided by operating activities 22,158 19,777
CASH FLOWS FROM INVESTING ACTIVITIES    
Cash paid for property acquisitions (30,081) (25,753)
Proceeds from sales of real estate investments, net 0 11,980
Additions to construction in progress (2,709) (5,533)
Additions to buildings, improvements and leasing costs (8,391) (8,375)
Payments on senior secured loan 4,987 0
Net cash used in investing activities (36,194) (27,681)
CASH FLOWS FROM FINANCING ACTIVITIES    
Issuance of common stock 22,788 75,081
Issuance costs on issuance of common stock (331) (1,301)
Repurchase of common stock (240) (3,959)
Borrowings on credit facility 0 17,000
Payments on credit facility 0 (36,000)
Payments on mortgage loans payable (32,732) (373)
Dividends paid to common stockholders (18,158) (14,643)
Net cash (used in) provided by financing activities (28,673) 35,805
Net (decrease) increase in cash and cash equivalents and restricted cash (42,709) 27,901
Cash and cash equivalents and restricted cash at beginning of period 112,739 34,479
Cash and cash equivalents and restricted cash at end of period 70,030 62,380
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Cash paid for interest, net of capitalized interest 4,970 6,630
Supplemental disclosures of non-cash transactions    
Accounts payable related to capital improvements 9,149 11,120
Non-cash repayment of senior secured loan 0 (39,085)
Non-cash issuance of common stock to the deferred compensation plan (7,346) 0
Lease liability arising from recognition of right-of-use asset 585 825
Reconciliation of cash paid for property acquisitions    
Acquisition of properties 30,617 29,092
Assumption of other assets and liabilities (536) (3,339)
Net cash paid for property acquisitions $ 30,081 $ 25,753