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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
OPERATING ACTIVITIES    
Net income $ 342 $ 10,693
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 20,848 19,219
Amortization of deferred financing fees 343 362
Income tax provision 31 36
Earnings from unconsolidated joint ventures (256) (54)
Distributions received from operations of unconsolidated joint ventures 0 17
Gain on sale of real estate 0 (5,702)
Amortization of acquired above and below market lease intangibles, net (1,096) (909)
Amortization of premium on mortgages, net (228) (242)
Service-based restricted share expense 820 812
Long-term incentive cash and equity compensation expense 279 206
Changes in assets and liabilities, net of effect of acquisitions and dispositions:    
Accounts receivable, net 1,758 (2,687)
Other assets, net 698 (454)
Accounts payable and other liabilities (13,218) (7,421)
Net cash provided by operating activities 10,321 13,876
INVESTING ACTIVITIES    
Development and capital improvements (4,470) (16,760)
Capital improvements covered by insurance (1,190) 0
Net proceeds from sales of real estate 0 66,960
Investment in equity interests in unconsolidated joint ventures (11) 0
Net cash (used in) provided by investing activities (5,671) 50,200
FINANCING ACTIVITIES    
Repayment of mortgages and notes payable (542) (654)
Proceeds on revolving credit facility 225,000 0
Payment of deferred financing costs (32) 0
Proceeds from issuance of common shares, net of costs (354) 0
Shares used for employee taxes upon vesting of awards (667) (101)
Dividends paid to preferred shareholders (1,675) (1,675)
Dividends paid to common shareholders (17,668) (17,634)
Distributions paid to operating partnership unit holders (420) (421)
Net cash provided by (used in) financing activities 203,642 (20,485)
Net change in cash, cash equivalents and restricted cash 208,292 43,591
Cash, cash equivalents and restricted cash at beginning of period 114,552 44,722
Cash, cash equivalents and restricted cash at end of period 322,844 88,313
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for interest (net of capitalized interest of $1 and $24 in 2020 and 2019, respectively) 6,359 7,296
Reconciliation of cash, cash equivalents and restricted cash    
Cash, cash equivalents, and restricted cash $ 322,844 $ 88,313