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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 27,251 $ 29,902
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 22,789 16,197
Net amortization of debt issuance costs, premiums and discounts 1,229 897
Amortization of acquired real estate leases and assumed real estate lease obligations 13,025 8,854
Amortization of deferred leasing costs 610 460
Straight line rental income (4,063) (2,981)
Gain on early extinguishment of debt (120) 0
Other non-cash expenses 980 417
Equity in earnings of an investee 0 (534)
Change in assets and liabilities:    
Rents receivable (447) 128
Deferred leasing costs (273) (261)
Due from related persons 481 564
Other assets 1,380 1,620
Accounts payable and other liabilities 2,269 5,077
Rents collected in advance (1,947) 2,322
Security deposits (83) 384
Due to related persons (182) 1,486
Net cash provided by operating activities 62,899 64,532
CASH FLOWS FROM INVESTING ACTIVITIES:    
Real estate acquisitions and deposits (71,628) (852,152)
Real estate improvements (3,089) (3,144)
Distributions in excess of earnings from Affiliates Insurance Company 287 0
Net cash used in investing activities (74,430) (855,296)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of mortgage notes payable 0 650,000
Borrowings under revolving credit facility 180,000 653,000
Repayments of revolving credit facility (170,000) (458,000)
Repayment of mortgage note payable (48,750) 0
Payment of debt issuance costs 0 (5,517)
Distributions to common shareholders (43,021) (42,949)
Proceeds from noncontrolling interest, net 107,640 0
Distributions to noncontrolling interest (1,898) 0
Repurchase of common shares (31) (28)
Net cash provided by financing activities 23,940 796,506
Increase in cash, cash equivalents and restricted cash 12,409 5,742
Cash, cash equivalents and restricted cash at beginning of period 34,550 9,608
Cash, cash equivalents and restricted cash at end of period 46,959 15,350
SUPPLEMENTAL DISCLOSURES:    
Interest paid 26,914 17,663
Income taxes paid 199 64
NON-CASH INVESTING ACTIVITIES:    
Real estate acquired by assumption of mortgage note payable 0 (56,980)
Assumption of mortgage note payable 0 56,980
SUPPLEMENTAL DISCLOSURE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH:    
Total cash, cash equivalents and restricted cash shown in the statements of cash flows $ 46,959 $ 15,350