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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 $ 49,879 $ 34,435
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 111,744 109,348
Amortization of deferred financing costs 1,789 1,806
Amortization of lease inducements and above/below-market lease intangibles 3,504 3,638
Straight-line rental revenue/expense (9,624) (6,581)
Amortization of discount on unsecured senior notes 469 449
Amortization of above market assumed debt (47) (47)
Gain on sale of investment properties, net 0 (3,442)
Equity in loss (income) of unconsolidated entities 856 (90)
Distributions from unconsolidated entities 4,305 89
Change in fair value of derivative 15 0
Provision for bad debts 512 2,158
Non-cash share compensation 9,161 7,861
Net change in fair value of contingent consideration (715) 0
Change in operating assets and liabilities:    
Tenant receivables 626 (2,399)
Other assets (6,777) (3,808)
Accounts payable 1,774 2,805
Accrued expenses and other liabilities (1,111) (6,099)
Net cash provided by operating activities 166,360 140,123
Cash Flows from Investing Activities:    
Proceeds on sales of investment properties 0 14,819
Acquisition of investment properties, net (34,529) (90,555)
Escrowed cash - acquisition deposits/earnest deposits (150) (1,233)
Capital expenditures on investment properties (20,673) (29,627)
Investment in real estate loans receivable (32,630) (39,001)
Repayment of real estate loans receivable 944 1,155
Leasing commissions (1,887) (1,953)
Lease inducements 0 (9)
Net cash used in investing activities (88,925) (146,404)
Cash Flows from Financing Activities:    
Net proceeds from sale of common shares 340,266 101,430
Proceeds from credit facility borrowings 235,000 304,000
Repayment of credit facility borrowings (479,000) (250,000)
Principal payments on mortgage debt (24,974) (24,721)
Debt issuance costs (63) (75)
Dividends paid - shareholders (138,778) (127,511)
Distributions to noncontrolling interests - Operating Partnership (3,821) (3,562)
Preferred distributions paid - OP Unit holder (951) (862)
Contributions from noncontrolling interest 0 572
Distributions to noncontrolling interests - partially owned properties (437) (440)
Payments of employee taxes for withheld stock-based compensation shares (2,848) (2,076)
Purchase of OP Units (515) (911)
Net cash used in financing activities (76,121) (4,156)
Net increase (decrease) in cash and cash equivalents 1,314 (10,437)
Cash and cash equivalents, beginning of period 2,355 19,161
Cash and cash equivalents, end of period 3,669 8,724
Supplemental disclosure of cash flow information - interest paid during the period 52,000 56,965
Supplemental disclosure of noncash activity - change in fair value of interest rate swap agreements (10,630) (11,296)
Supplemental disclosure of noncash activity - issuance of OP Units and Series A Preferred Units in connection with acquisitions $ 0 $ 25,200