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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 43,560 $ 25,911
Adjustments to reconcile net income to net cash provided by operating activities    
Straight-line rents (1,218) (1,685)
Amortization of lease intangibles (2,748) (1,888)
Depreciation and amortization 22,559 21,063
Gain on sales of real estate investments (17,750) (4,465)
Deferred financing cost amortization 692 779
Deferred senior secured loan fee amortization (57) (446)
Stock-based compensation 4,495 6,160
Changes in assets and liabilities    
Other assets (3,111) (1,670)
Accounts payable and other liabilities (1,049) 186
Net cash provided by operating activities 45,373 43,945
CASH FLOWS FROM INVESTING ACTIVITIES    
Cash paid for property acquisitions (40,374) (73,210)
Proceeds from sales of real estate investments, net 49,690 11,980
Additions to construction in progress (4,742) (13,810)
Additions to buildings, improvements and leasing costs (14,953) (18,017)
Repayments on senior secured loan 15,915 0
Net cash provided by (used in) investing activities 5,536 (93,057)
CASH FLOWS FROM FINANCING ACTIVITIES    
Issuance of common stock 55,492 191,018
Issuance costs on issuance of common stock (805) (2,761)
Repurchase of common stock (240) (3,959)
Borrowings on credit facility 0 17,000
Payments on credit facility 0 (36,000)
Payments on mortgage loan payable (32,846) (749)
Dividends paid to common stockholders (36,465) (29,752)
Net cash (used in) provided by financing activities (14,864) 134,797
Net increase in cash and cash equivalents and restricted cash 36,045 85,685
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 148,784 120,164
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Cash paid for interest, net of capitalized interest 8,394 9,763
Supplemental disclosures of non-cash transactions    
Accounts payable related to capital improvements 9,426 9,575
Non-cash issuance of common stock to the deferred compensation plan (7,546) 0
Lease liability arising from recognition of right-of-use asset 523 766
Non-cash repayment of senior secured loan 0 (39,085)
Reconciliation of cash paid for property acquisitions    
Acquisition of properties 41,057 80,310
Assumption of other assets and liabilities (683) (7,100)
Net cash paid for property acquisitions $ 40,374 $ 73,210