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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash Flows from Operating Activities:    
Net income $ 14,960 $ 11,500
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 36,747 36,449
Amortization of deferred financing costs 599 607
Amortization of lease inducements and above/below-market lease intangibles 1,194 1,176
Straight-line rental revenue/expense (3,731) (4,762)
Amortization of discount on unsecured senior notes 155 148
Amortization of above market assumed debt (16) (16)
Equity in loss (income) of unconsolidated entities 155 (30)
Distributions from unconsolidated entities 1,799 29
Change in fair value of derivative (91) 13
Provision for bad debts 26 35
Non-cash share compensation 2,996 2,653
Change in operating assets and liabilities:    
Tenant receivables (1,660) (2,076)
Other assets (4,644) 647
Accounts payable (3,639) (373)
Accrued expenses and other liabilities (9,992) (19,573)
Net cash provided by operating activities 34,858 26,427
Cash Flows from Investing Activities:    
Acquisition of investment properties, net (11,881) (4,303)
Escrowed cash - acquisition deposits/earnest deposits 0 (150)
Capital expenditures on investment properties (4,208) (12,953)
Investment in real estate loans receivable (6,591) (20,028)
Repayment of real estate loans receivable 944 325
Leasing commissions (340) (552)
Lease inducements 0 (5)
Net cash used in investing activities (22,076) (37,666)
Cash Flows from Financing Activities:    
Net proceeds from sale of common shares 239,232 31,020
Proceeds from credit facility borrowings 88,000 68,000
Repayment of credit facility borrowings (267,000) (47,000)
Principal payments on mortgage debt (23,990) (8,908)
Debt issuance costs (7) (8)
OP Unit distributions - General Partner (44,218) (42,301)
OP Unit distributions - Limited Partners (1,275) (1,167)
Preferred OP Units distributions - Limited Partner (317) (284)
Distributions to noncontrolling interests - partially owned properties (144) (148)
Payments of employee taxes for withheld stock-based compensation shares (2,713) (1,973)
Purchase of Limited Partner Units (93) (105)
Net cash used in financing activities (12,525) (2,874)
Net increase (decrease) in cash and cash equivalents 257 (14,113)
Cash and cash equivalents, beginning of period 2,355 19,161
Cash and cash equivalents, end of period 2,612 5,048
Supplemental disclosure of cash flow information - interest paid during the period 25,188 25,799
Supplemental disclosure of noncash activity - change in fair value of interest rate swap agreements (9,986) (3,476)
Operating Partnership    
Cash Flows from Operating Activities:    
Net income 14,960 11,500
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 36,747 36,449
Amortization of deferred financing costs 599 607
Amortization of lease inducements and above/below-market lease intangibles 1,194 1,176
Straight-line rental revenue/expense (3,731) (4,762)
Amortization of discount on unsecured senior notes 155 148
Amortization of above market assumed debt (16) (16)
Equity in loss (income) of unconsolidated entities 155 (30)
Distributions from unconsolidated entities 1,799 29
Change in fair value of derivative (91) 13
Provision for bad debts 26 35
Non-cash share compensation 2,996 2,653
Change in operating assets and liabilities:    
Tenant receivables (1,660) (2,076)
Other assets (4,644) 647
Accounts payable (3,639) (373)
Accrued expenses and other liabilities (9,992) (19,573)
Net cash provided by operating activities 34,858 26,427
Cash Flows from Investing Activities:    
Acquisition of investment properties, net (11,881) (4,303)
Escrowed cash - acquisition deposits/earnest deposits 0 (150)
Capital expenditures on investment properties (4,208) (12,953)
Investment in real estate loans receivable (6,591) (20,028)
Repayment of real estate loans receivable 944 325
Leasing commissions (340) (552)
Lease inducements 0 (5)
Net cash used in investing activities (22,076) (37,666)
Cash Flows from Financing Activities:    
Net proceeds from sale of common shares 239,232 31,020
Proceeds from credit facility borrowings 88,000 68,000
Repayment of credit facility borrowings (267,000) (47,000)
Principal payments on mortgage debt (23,990) (8,908)
Debt issuance costs (7) (8)
OP Unit distributions - General Partner (44,218) (42,301)
OP Unit distributions - Limited Partners (1,275) (1,167)
Preferred OP Units distributions - Limited Partner (317) (284)
Distributions to noncontrolling interests - partially owned properties (144) (148)
Payments of employee taxes for withheld stock-based compensation shares (2,713) (1,973)
Purchase of Limited Partner Units (93) (105)
Net cash used in financing activities (12,525) (2,874)
Net increase (decrease) in cash and cash equivalents 257 (14,113)
Cash and cash equivalents, beginning of period 2,355 19,161
Cash and cash equivalents, end of period 2,612 5,048
Supplemental disclosure of cash flow information - interest paid during the period 25,188 25,799
Supplemental disclosure of noncash activity - change in fair value of interest rate swap agreements $ (9,986) $ (3,476)