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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Net Income $ 82,929,000 $ 71,892,000 $ 156,850,000
Adjustments to reconcile net income to cash provided by operating activities:      
Depreciation and amortization 22,354,000 21,547,000 20,577,000
Impairment expense 1,530,000 228,000 0
Gain on disposal of land, building, and equipment (15,271,000) (10,532,000) (16,623,000)
Gain on exchange of non-financial assets (228,000) 0 0
Amortization of financing costs 1,834,000 2,144,000 1,592,000
Stock-based compensation expense 3,967,000 2,676,000 1,550,000
Deferred income taxes 0 (196,000) (80,685,000)
Changes in assets and liabilities:      
Derivative assets and liabilities 29,000 145,000 (609,000)
Straight-line rent adjustment (9,288,000) (9,536,000) (10,095,000)
Rent received in advance (6,686,000) 321,000 34,000
Other assets and liabilities (288,000) 220,000 (1,652,000)
Net cash provided by operating activities 80,882,000 78,909,000 70,939,000
Cash flows - investing activities      
Purchases of operating real estate (268,266,000) (95,112,000) (83,263,000)
Net proceeds from sale of operating real estate 21,139,000 15,645,000 24,091,000
Advance deposits on acquisition of operating real estate 81,000 (947,000) (150,000)
Net cash used in investing activities (247,046,000) (80,414,000) (59,322,000)
Cash flows - financing activities      
Proceeds from issuance of senior notes 100,000,000 125,000,000 0
Payment of deferred financing costs (1,481,000) (5,500,000) 0
Proceeds from revolving credit facility 25,000,000 36,000,000 45,000,000
Repayment of revolving credit facility (25,000,000) (81,000,000) 0
Payment of dividend to shareholders (69,494,000) (58,695,000) (121,604,000)
Distribution to non-controlling interests (456,000) (460,000) 0
Redemption of non-controlling interests 0 (988,000) 0
Repayment of debt assumed in purchase of real estate investments 0 (2,305,000) (7,083,000)
Shares withheld for taxes upon vesting 393,000 0 0
Net cash provided by (used in) financing activities 190,034,000 44,197,000 (83,047,000)
Net increase (decrease) in cash and cash equivalents, including restricted cash 23,871,000 42,692,000 (71,430,000)
Cash and cash equivalents, including restricted cash, beginning of year 69,371,000 26,643,000 98,073,000
Cash and cash equivalents, including restricted cash, ending of year 93,242,000 69,371,000 26,643,000
Supplemental disclosures:      
Interest paid 14,180,000 14,102,000 13,493,000
Taxes paid 470,000 561,000 2,168,000
Non - cash investing and financing activities:      
Dividends payable 19,580,000 16,843,000 14,519,000
Debt assumed in acquisition of real estate investments 0 2,305,000 7,083,000
Change in fair value of derivative instruments 993,000 4,152,000 1,149,000
Operating partner units issued in exchange for real estate investments 0 3,609,000 5,039,000
At-The-Market Offering      
Cash flows - financing activities      
Net proceeds form issuance of stock 65,533,000 32,145,000 640,000
Equity Offering      
Cash flows - financing activities      
Net proceeds form issuance of stock $ 96,325,000 $ 0 $ 0