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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 66,282 $ 40,695
Adjustments to reconcile net income to net cash provided by operating activities    
Straight-line rents 1,051 (2,299)
Amortization of lease intangibles (4,054) (3,155)
Depreciation and amortization 34,683 32,168
Gain on sales of real estate investments (26,766) (6,247)
Deferred financing cost amortization 1,024 1,171
Deferred senior secured loan fee amortization (57) (489)
Stock-based compensation 6,353 8,152
Changes in assets and liabilities    
Other assets (3,677) (3,108)
Accounts payable and other liabilities 2,530 1,603
Net cash provided by operating activities 77,369 68,491
CASH FLOWS FROM INVESTING ACTIVITIES    
Cash paid for property acquisitions (46,780) (216,780)
Proceeds from sales of real estate investments, net 70,685 25,305
Additions to construction in progress (7,989) (22,950)
Additions to buildings, improvements and leasing costs (23,352) (22,237)
Repayments on senior secured loan 15,915 0
Net cash provided by (used in) investing activities 8,479 (236,662)
CASH FLOWS FROM FINANCING ACTIVITIES    
Issuance of common stock 55,986 264,493
Issuance costs on issuance of common stock (812) (3,825)
Repurchase of common stock related to employee awards (9,837) (3,959)
Borrowings on credit facility 0 17,000
Payments on credit facility 0 (36,000)
Payments on mortgage loan payable (32,960) (1,130)
Dividends paid to common stockholders (54,949) (45,472)
Net cash (used in) provided by financing activities (42,572) 191,107
Net increase in cash and cash equivalents and restricted cash 43,275 22,936
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 156,014 57,415
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Cash paid for interest, net of capitalized interest 12,975 15,585
Supplemental disclosures of non-cash transactions    
Accounts payable related to capital improvements 11,472 9,409
Non-cash repayment of senior secured loan 0 (39,085)
Non-cash issuance of common stock to the deferred compensation plan (7,546) 0
Lease liability arising from recognition of right-of-use asset 460 707
Reconciliation of cash paid for property acquisitions    
Acquisition of properties 47,577 228,566
Assumption of other assets and liabilities (797) (11,786)
Net cash paid for property acquisitions $ 46,780 $ 216,780