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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 income $ 80,763 $ 58,798 $ 58,790
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 45,703 33,030 26,661
Amortization from above (below) lease intangibles, net 13,501 10,668 5,091
Amortization from financing and credit facility costs 1,284 1,055 979
Stock-based compensation 3,980 2,948 2,393
Provision for impairment 1,609 2,319 0
Settlement of interest rate swap 788    
(Gain) loss on sale of assets (13,306) (11,180) (14,193)
(Increase) decrease in accounts receivable (6,071) (6,855) (4,216)
(Increase) decrease in other assets (2,150) (463) 444
Increase (decrease) in accounts payable, accrued expenses, and other liabilities 606 2,927 6,254
Net Cash Provided by Operating Activities 126,707 93,247 82,203
Cash Flows from Investing Activities      
Acquisition of real estate investments and other assets (708,144) (611,129) (319,572)
Development of real estate investments and other assets (including capitalized interest of $410 in 2019, $448 in 2018, and $570 in 2017) (24,428) (21,481) (43,302)
Payment of leasing costs (411) (1,337) (568)
Net proceeds from sale of assets 65,464 65,830 44,343
Net Cash Used in Investing Activities (667,519) (568,117) (319,099)
Cash Flows from Financing Activities      
Proceeds (costs) from common stock offerings, net 472,746 339,744 222,695
Repurchase of common shares (1,406) (1,145) (1,111)
Unsecured revolving credit facility borrowings (repayments), net 70,000 5,000  
Payments of mortgage notes payable (24,404) (27,576) (2,412)
Unsecured term loan proceeds   100,000  
Payments of unsecured term loans (18,543) (761) (739)
Senior unsecured notes proceeds 125,000 125,000 100,000
Dividends paid (90,257) (67,638) (55,146)
Distributions to Non-Controlling Interest (782) (737) (695)
Payments for financing costs (3,360) (1,824) (309)
Net Cash Provided by Financing Activities 528,994 470,063 262,283
Net Increase (Decrease) in Cash and Cash Equivalents (11,818) (4,807) 25,387
Cash and cash equivalents and cash held in escrow, beginning of period 53,975 58,782 33,395
Cash and cash equivalents and cash held in escrow, end of period 42,157 53,975 58,782
Supplemental Disclosure of Cash Flow Information      
Cash paid for interest (net of amounts capitalized) 29,925 23,015 17,331
Cash paid for income tax 666 452 257
Supplemental Disclosure of Non-Cash Investing and Financing Activities      
Operating lease right of use assets added upon implementation of leases standard on January 1, 2019 7,505    
Additional operating lease right of use assets added under new ground leases after January 1, 2019 12,167    
Operating lease right of use assets disposed of upon acquisition of underlying ground leased land (3,059)    
Dividends and limited partners' distributions declared and unpaid 25,014 21,031 16,303
Accrual of development, construction and other real estate investment costs $ 4,330 $ 1,768 $ 6,742