XML 22 R7.htm IDEA: XBRL DOCUMENT v3.20.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities:      
Net loss $ (88,307) $ (52,978) $ (42,712)
Adjustments to reconcile net loss to net cash provided by operating activities:      
Depreciation and amortization 81,032 83,212 77,641
Amortization (including write-offs) of deferred financing costs 9,171 8,633 6,170
Amortization of mortgage premiums and discounts, net (162) (263) (1,576)
(Accretion) amortization of market lease and other intangibles, net (4) 255 236
Bad debt expense 6,464 14,797 12,413
Equity-based compensation 1,319 1,244 470
Gain on sale of investment securities 0 0 0
Loss (gain) on non-designated derivative instruments 68 157 198
Loss (gain) on sales of real estate investments, net (8,790) 70 (438)
Impairment charges 55,969 20,655 18,993
Changes in assets and liabilities:      
Straight-line rent receivable (3,831) (7,744) (6,242)
Prepaid expenses and other assets (9,667) (16,888) (10,345)
Accounts payable, accrued expenses and other liabilities 2,632 2,191 8,688
Deferred rent 1,510 810 471
Net cash provided by operating activities 47,404 54,151 63,967
Cash flows from investing activities:      
Property acquisitions and development costs (91,998) (128,056) (188,928)
Deposits returned for unconsummated acquisitions 0 0 50
Deposit received for unconsummated disposition 0 0 1,125
Capital expenditures (16,719) (12,910) (8,278)
Proceeds from sales of real estate investments 62,468 25,903 757
Proceeds from asset acquisition 0 0 865
Net cash used in investing activities (46,249) (115,063) (194,409)
Cash flows from financing activities:      
Payments on credit facilities (368,300) (80,000) (326,800)
Proceeds from credit facilities 225,618 147,753 380,170
Proceeds from term loan 150,000 0 0
Proceeds from mortgage notes payable 136,513 118,700 336,897
Payments on mortgage notes payable (67,797) (63,263) (65,335)
Payments for derivative instruments (2,147) (131) (214)
Payments of deferred financing costs (19,532) (3,354) (14,388)
Proceeds from issuance of preferred stock, net 37,617 0 0
Common stock repurchases (21,113) (14,202) (33,599)
Distributions paid on common stock (51,427) (55,329) (76,717)
Contributions from non-controlling interest holders 0 0 472
Distributions to non-controlling interest holders (346) (492) (643)
Net cash, provided by financing activities 19,086 49,682 199,843
Net change in cash, cash equivalents and restricted cash 20,241 (11,230) 69,401
Cash, cash equivalents and restricted cash, beginning of year 91,358 102,588 33,187
Cash, cash equivalents and restricted cash, end of year 111,599 91,358 102,588
Cash, cash equivalents and restricted cash, end of period 91,358 91,358 33,187
Supplemental disclosures of cash flow information:      
Cash paid for interest 47,621 43,266 26,097
Cash paid for income taxes 447 407 28
Non-cash investing and financing activities:      
Common stock issued through distribution reinvestment plan 27,210 35,737 61,206
Assumption of mortgage notes payable used to acquire investments in real estate 0 0 4,897
Liabilities assumed in real estate acquisitions 0 0 1,056
Asset acquisition (inflows/outflows from operations) 0 0 416
Asset acquisition (inflows/outflows from investing activity) 0 0 (723)
Gain on asset acquisition $ 0 $ 0 $ 307