XML 21 R7.htm IDEA: XBRL DOCUMENT v3.20.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - Unaudited - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
OPERATING ACTIVITIES    
Net Income $ 23,298 $ 22,534
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 27,892 23,746
Stock-based compensation expense 1,226 1,065
Net gain on sales of real estate investments and non-operating real estate 0 (2,325)
Gain on casualties and involuntary conversion on real estate assets 0 (100)
Changes in operating assets and liabilities:    
Accrued income and other assets 1,090 2,153
Accounts payable, accrued expenses and prepaid rent (2,572) (5,919)
Other 505 328
NET CASH PROVIDED BY OPERATING ACTIVITIES 51,439 41,482
INVESTING ACTIVITIES    
Development and value-add properties (69,687) (42,846)
Purchases of real estate (6,231) 0
Real estate improvements (9,396) (5,610)
Net proceeds from sales of real estate investments and non-operating real estate 0 3,679
Repayments on mortgage loans receivable 7 3
Changes in accrued development costs 1,437 701
Changes in other assets and other liabilities (14,754) (4,857)
NET CASH USED IN INVESTING ACTIVITIES (98,624) (48,930)
FINANCING ACTIVITIES    
Proceeds from unsecured bank credit facilities 221,777 144,635
Repayments on unsecured bank credit facilities (251,524) (207,497)
Proceeds from Unsecured Debt 100,000 80,000
Repayments on secured debt (2,220) (2,916)
Debt issuance costs (564) (153)
Distributions paid to stockholders (not including dividends accrued) (29,947) (26,787)
Proceeds from common stock offerings 14,734 24,400
Proceeds from dividend reinvestment plan 0 54
Other (4,624) (2,831)
NET CASH PROVIDED BY FINANCING ACTIVITIES 47,632 8,905
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 447 1,457
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 224 374
CASH AND CASH EQUIVALENTS AT END OF PERIOD 671 1,831
SUPPLEMENTAL CASH FLOW INFORMATION    
Cash paid for interest, net of amounts capitalized of $2,561 and $2,036 for 2020 and 2019, respectively 8,181 6,646
Cash paid for operating lease liabilities 361 281
NON-CASH OPERATING ACTIVITY    
Operating lease liabilities arising from obtaining right of use assets $ 495 $ 12,417