XML 19 R8.htm IDEA: XBRL DOCUMENT v3.20.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities:        
Net income $ 1,092 $ 4,912 $ 1,517 $ 22,334
Adjustments to reconcile net income to cash flow from operating activities:        
Depreciation and amortization 15,232 13,434 45,291 38,602
Amortization of deferred financing costs     1,085 1,052
Stock compensation expense     4,761 2,400
(Gain on sale) loss on impairment of real estate assets, net 1,840 (2,390) 1,840 (14,532)
Casualty losses 0   411  
Amortization related to derivative instruments     890 495
Changes in assets and liabilities:        
Other assets     (3,226) 460
Accounts payable and accrued expenses     8,289 8,476
Accrued interest payable     (270) 63
Other liabilities     (22) 7
Net cash provided by operating activities     60,566 59,357
Cash flows from investing activities:        
Acquisition of real estate properties     (51,447) (80,079)
Disposition of real estate properties       38,731
Capital expenditures     (26,986) (33,825)
Cash flow used in investing activities     (78,433) (75,173)
Cash flows from financing activities:        
Proceeds from unsecured credit facility and term loans     99,501 161,060
Unsecured credit facility repayments     (44,000) (110,500)
Mortgage principal repayments     (37,871) (3,347)
Payments for deferred financing costs     (50) (1,054)
Proceeds from issuance of common stock     49,630 18,726
Distributions on common stock     (44,808) (48,443)
Distributions to noncontrolling interests     (369) (482)
Repurchase of shares related to equity award tax withholding     (1,490) (642)
Cash flow provided by financing activities     20,543 15,318
Net change in cash and cash equivalents, and restricted cash     2,676 (498)
Cash and cash equivalents, and restricted cash, beginning of period     14,433 16,045
Cash and cash equivalents, and restricted cash, end of the period 17,109 15,547 17,109 15,547
Reconciliation of cash, cash equivalents, and restricted cash to the Consolidated Balance Sheet        
Cash and cash equivalents 9,891 6,587 9,891 6,587
Restricted cash 7,218 8,960 7,218 8,960
Cash and cash equivalents, and restricted cash, end of the period $ 17,109 $ 15,547 $ 17,109 $ 15,547