v3.19.3.a.u2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Operating activities      
Net income $ 85,114 $ 75,105 $ 59,555
Adjustments to reconcile net income including non-controlling interest to net cash provided by operating activities:      
Depreciation and amortization including intangibles associated with investment in rental property 105,408 83,690 62,759
Provision for impairment of investment in rental properties 3,452 2,061 2,608
Amortization of debt issuance costs charged to interest expense 2,542 1,776 1,893
Straight-line rent and financing lease adjustments (21,943) (19,492) (17,132)
Cost of debt extinguishment 1,176 101 5,151
Gain on sale of real estate (29,914) (10,496) (12,992)
Settlement of interest rate swap   760 (1,965)
Gain on sale of investment in related party   (8,500)  
Leasing fees paid (1,002) (1,399) (3,339)
Other non-cash items 466 528 (1,258)
Changes in assets and liabilities:      
Tenant and other receivables 92 (876) (542)
Prepaid expenses and other assets (136) (936) (8)
Accounts payable and other liabilities 8,286 (777) 1,501
Accrued interest payable (6,183) 6,466 1,709
Net cash provided by operating activities 147,358 128,011 97,940
Investing activities      
Acquisition of rental property accounted for using the operating method, net of mortgages assumed (997,015) (575,764) (657,286)
Related party acquisition of rental property accounted for using the operating method, net of mortgages assumed     (7,531)
Acquisition of rental property accounted for using the direct financing method   (430) (3,546)
Capital expenditures and improvements (5,051) (5,153) (6,782)
Proceeds from sale of investment in related party   18,500  
Proceeds from disposition of rental property, net 168,759 53,988 63,310
Change in deposits on investments in rental property 1,600 (1,600)  
Net cash used in investing activities (831,707) (510,459) (611,835)
Financing activities      
Proceeds from issuance of common stock, net 329,750 215,902 272,827
Redemptions of common stock (34,599) (10,204) (9,439)
Redemptions of common stock with a related party (20,000)    
Borrowings on mortgages, notes payable and unsecured term notes, net of mortgages assumed of $49,782, $20,845 and $11,926 in 2019, 2018 and 2017, respectively 750,000 415,000 515,000
Principal payments on mortgages, notes payable and unsecured term notes (316,940) (34,722) (386,080)
Borrowings on unsecured revolving credit facility 434,100 343,600 494,000
Repayments on unsecured revolving credit facility (377,900) (475,500) (323,000)
Cash distributions paid to stockholders (61,961) (51,845) (44,540)
Cash distributions paid to non-controlling interests (9,248) (8,638) (7,574)
Debt issuance and extinguishment costs paid (7,531) (2,255) (10,303)
Net cash provided by financing activities 685,671 391,338 500,891
Net increase (decrease) in cash and cash equivalents and restricted cash 1,322 8,890 (13,004)
Cash and cash equivalents and restricted cash at beginning of period 18,989 10,099 23,103
Cash and cash equivalents and restricted cash at end of period 20,311 18,989 10,099
Reconciliation of cash and cash equivalents and restricted cash      
Cash and cash equivalents at beginning of period 18,612 9,355 21,635
Restricted cash at beginning of period 377 744 1,468
Cash and cash equivalents and restricted cash at beginning of period 18,989 10,099 23,103
Cash and cash equivalents at end of period 12,455 18,612 9,355
Restricted cash at end of period 7,856 377 744
Cash and cash equivalents and restricted cash at end of period $ 20,311 $ 18,989 $ 10,099