XML 41 R6.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 $ (4,123) $ (9,001) $ (6,001)
Adjustments to reconcile net loss to net cash provided by operating activities:      
Depreciation 18,956 16,765 15,540
Amortization of deferred financing costs 1,687 1,289 2,899
Amortization of deferred costs and intangible assets 1,175 1,715 2,750
Amortization of above- and below-market leases (1,180) (1,917) (1,729)
Loss on extinguishment of debt 2,432 8,872
Gain on involuntary conversion (194)
Deferred rent 1,211 1,029 311
Stock-based compensation 1,510 1,940 3,110
Change in fair value of interest rate caps (208) 261
Changes in operating assets and liabilities:      
Tenant and other receivables (607) 2,989 (2,084)
Prepaid expenses, other assets and deferred costs (1,256) (2,010) (1,620)
Accounts payable and accrued liabilities 2,586 (515) (561)
Security deposits 933 589 (200)
Other liabilities 448 1,019 389
Net cash provided by operating activities 23,772 22,362 13,065
CASH FLOWS FROM INVESTING ACTIVITIES      
Additions to land, buildings and improvements (43,774) (39,877) (20,276)
Insurance proceeds from involuntary conversion 226
Sale and purchase of interest rate caps, net 356
Cash paid in connection with acquisition of real estate (31,129) (167,380)
Net cash used in investing activities (74,903) (39,295) (187,656)
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds and costs from sale of common stock (7) 78,685
(Redemption) sale of preferred stock (145)
Payments of mortgage notes (142,638) (615,167) (3,895)
Proceeds from mortgage notes 226,457 685,664 94,417
Dividends and distributions (17,089) (17,038) (16,565)
Loan issuance and extinguishment costs (4,531) (12,325) (4,888)
Net cash provided by financing activities 62,199 41,127 147,609
Net increase (decrease) in cash and cash equivalents and restricted cash 11,068 24,194 (26,982)
Cash and cash equivalents and restricted cash – beginning of period 45,864 21,670 48,652
Cash and cash equivalents and restricted cash – end of period 56,932 45,864 21,670
Cash and cash equivalents - beginning of period 37,028 7,940 37,547
Restricted cash - beginning of period 8,836 13,730 11,105
Cash and cash equivalents - end of period 42,500 37,028 7,940
Restricted cash - end of period 14,432 8,836 13,730
Supplemental cash flow information:      
Cash paid for interest, net of capitalized interest of $5,687, $5,531 and $2,852 in 2019, 2018 and 2017, respectively 33,956 31,055 33,614
Non-cash interest capitalized to real estate under development 956 1,295 920
Additions to investment in real estate included in accounts payable and accrued liabilities $ 3,891 $ 5,998 $ 1,528