XML 24 R8.htm IDEA: XBRL DOCUMENT v3.20.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 79,795 $ 55,516 $ 63,289
Adjustments to reconcile net income to net cash provided by operating activities      
Straight-line rents (361) (2,597) (3,459)
Amortization of lease intangibles (5,420) (4,682) (3,694)
Depreciation and amortization 45,875 44,015 40,816
Loss on extinguishment of debt 0 189 0
Gain on sales of real estate investments (26,766) (9,391) (28,610)
Deferred financing cost amortization 1,391 1,562 1,442
Deferred senior secured loan fee amortization (57) (531) (392)
Stock-based compensation 9,826 10,644 9,270
Changes in assets and liabilities      
Other assets (3,911) (1,579) (1,531)
Accounts payable and other liabilities 678 1,542 468
Net cash provided by operating activities 101,050 94,688 77,599
CASH FLOWS FROM INVESTING ACTIVITIES      
Cash paid for property acquisitions (98,088) (238,661) (221,806)
Proceeds from sales of real estate investments, net 70,685 47,133 79,594
Additions to construction in progress (8,989) (27,884) (9,668)
Additions to buildings, improvements and leasing costs (31,611) (32,070) (28,977)
Cash paid for senior secured loan 0 0 (55,000)
Cash paid for senior secured loan 15,915 0 0
Origination and other fees received on senior secured loan 0 0 900
Net cash used in investing activities (52,088) (251,482) (234,957)
CASH FLOWS FROM FINANCING ACTIVITIES      
Issuance of common stock 64,767 278,058 208,949
Issuance costs on issuance of common stock (940) (4,023) (3,030)
Repurchase of common stock related to employee awards (9,837) (3,959) (3,870)
Borrowings on credit facility 0 17,000 204,000
Payments on credit facility 0 (36,000) (185,000)
Payments on term loans payable 0 (50,000) 0
Borrowings on senior unsecured notes 0 100,000 0
Payments on mortgage loans payable (33,077) (1,514) (19,201)
Payment of deferred financing costs 0 (943) (1,366)
Dividends paid to common stockholders (74,778) (63,565) (51,445)
Net cash (used in) provided by financing activities (53,865) 235,054 149,037
Net (decrease) increase in cash and cash equivalents and restricted cash (4,903) 78,260 (8,321)
Cash and cash equivalents and restricted cash at beginning of year 112,739 34,479 42,800
Cash and cash equivalents and restricted cash at end of year 107,836 112,739 34,479
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION      
Cash paid for interest, net of capitalized interest 16,315 18,351 19,787
Supplemental disclosures of non-cash transactions      
Accounts payable related to capital improvements 10,552 12,498 10,712
Non-cash issuance of common stock to the deferred compensation plan (7,546) 0 0
Non-cash issuance of common stock to the deferred compensation plan 0 (39,085) 0
Non-cash repayment of senior secured loan 0 39,085 0
Lease liability arising from recognition of right-of-use asset 0 647 0
Reconciliation of cash paid for property acquisitions      
Acquisition of properties 100,391 250,506 227,058
Assumption of other assets and liabilities (2,303) (11,845) (5,252)
Net cash paid for property acquisitions $ 98,088 $ 238,661 $ 221,806