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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 16,257 $ 12,856
Adjustments to reconcile net income to net cash provided by operating activities    
Straight-line rents (1,410) (316)
Amortization of lease intangibles (1,443) (1,389)
Depreciation and amortization 11,376 11,100
Deferred financing cost amortization 393 367
Deferred senior secured loan fee amortization 0 (43)
Stock-based compensation 1,970 2,179
Changes in assets and liabilities    
Other assets (3,485) 1,705
Accounts payable and other liabilities 2,497 (4,301)
Net cash provided by operating activities 26,155 22,158
CASH FLOWS FROM INVESTING ACTIVITIES    
Cash paid for property acquisitions (104,372) (30,081)
Additions to construction in progress (140) (2,709)
Additions to buildings, improvements and leasing costs (7,867) (8,391)
Repayments on senior secured loan 0 4,987
Net cash used in investing activities (112,379) (36,194)
CASH FLOWS FROM FINANCING ACTIVITIES    
Issuance of common stock 41,122 22,788
Issuance costs on issuance of common stock (596) (331)
Repurchase of common stock related to employee awards (582) (240)
Payments on mortgage loan payable (11,271) (32,732)
Payment of deferred financing costs (10) 0
Dividends paid to common stockholders (19,870) (18,158)
Net cash provided by (used in) financing activities 8,793 (28,673)
Net decrease in cash and cash equivalents and restricted cash (77,431) (42,709)
Cash and cash equivalents and restricted cash at beginning of period 107,836 112,739
Cash and cash equivalents and restricted cash at end of period 30,405 70,030
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Cash paid for interest, net of capitalized interest 4,424 4,970
Supplemental disclosures of non-cash transactions    
Accounts payable related to capital improvements 8,720 9,149
Non-cash issuance of common stock to the deferred compensation plan (7,321) (7,346)
Lease liability arising from recognition of right-of-use asset 424 585
Reconciliation of cash paid for property acquisitions    
Acquisition of properties 109,882 30,617
Acquisition and assumption of other assets and liabilities (5,510) (536)
Net cash paid for property acquisitions $ 104,372 $ 30,081