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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 Income $ 14,850 $ 14,040 $ 9,158
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and depletion 8,320 8,544 7,792
Amortization of discounts/premiums on debt 321 353 227
Amortization of net origination fees related to notes receivable (1) (5) (16)
Stock based compensation, net of forfeitures 1,428 1,649 1,392
(Gain) loss on disposition of assets (7,841) (2,882) 200
Bad debt expense 542 876 300
Changes in operating assets and liabilities:      
Increase in accounts receivable 1,260 (422) (1,105)
Decrease (increase) in interest receivable (806) (484) (331)
Increase in other assets (103) (1,029) (892)
(Increase) decrease in inventory (1,264) (216) 257
Increase in accrued interest payable (1,242) 1,103 1,655
(Increase) decrease in accrued expenses 2,417 2,139 (15,307)
(Decrease) in deferred revenue (114) (3,881) (2,164)
(Increase) decrease in accrued property taxes 227 218 (237)
Net cash provided by operating activities 17,994 20,003 929
CASH FLOWS FROM INVESTING ACTIVITIES      
Real estate acquisitions (1,403) (33,154) (206,166)
Real estate improvements (6,583) (12,785) (21,576)
Principal receipts on notes receivable 6,679 4,852  
Issuance of notes receivable (1,781) (6,662) (6,570)
Casualty loss insurance recovery   (8) 205
Proceeds from sale of property 34,140 31,893  
Net cash used in investing activities 31,052 (15,864) (234,107)
CASH FLOWS FROM FINANCING ACTIVITIES      
Borrowings from mortgage notes payable   21,000 212,190
Repayments on mortgage notes payable (11,385) (11,508) (81,219)
Proceeds from underwritten public offering   (157)  
Common stock repurchased (22,003) (20,598) (10,000)
Participating preferred stock repurchased (896) (465)  
Payment of offering costs     (573)
Payment of debt issuance costs   (204) (1,293)
Proceeds from issuance of Series B participating preferred shares     144,523
Dividends on common stock (6,177) (14,433) (14,688)
Dividends on Series A preferred units (3,510) (3,510) (2,915)
Dividends on Series B participating preferred stock (8,975) (9,053) (3,346)
Distributions to non-controlling interest in operating partnership (430) (1,856) (3,131)
Net cash provided by (used in) financing activities (53,376) (40,784) 239,548
NET (DECREASE) INCREASE IN CASH (4,330) (36,645) 6,370
CASH, BEGINNING OF PERIOD 16,891 53,536 47,166
CASH, END OF PERIOD 12,561 16,891 53,536
Cash paid during period for interest 20,593 17,037 11,827
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING TRANSACTIONS:      
Deferred offering costs amortized through equity in the period 218   420
Additions to real estate improvements included in accrued expenses   350 1,375
Issuance of equity and contributions from redeemable non-controlling interests and non-controlling interest in operating partnership in conjunction with acquisitions     181,509
Right of use asset/lease liability 197    
Other assets acquired in business combination     1,759
Accounts receivable acquired in acquisitions     896
Property tax liability assumed in acquisitions   (15) 596
Deferred financing costs included in accrued expenses     16
Offering costs included in accrued expenses     13
Settlement of outstanding notes receivable   802  
Settlement of outstanding notes receivable with property acquisitions 1,895    
Common stock      
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING TRANSACTIONS:      
Dividends payable, common stock 1,498 1,530 4,243
Preferred Share      
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING TRANSACTIONS:      
Preferred distributions accrued 2,240    
Common Unit Holders      
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING TRANSACTIONS:      
Distributions payable, common units 95 229 604
Preferred Unit      
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING TRANSACTIONS:      
Preferred distributions accrued $ 3,510 $ 3,510 $ 3,510