v3.20.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Operating activities    
Net income $ 28,946 $ 32,364
Adjustments to reconcile net income including non-controlling interests to net cash provided by operating activities:    
Depreciation and amortization including intangibles associated with investment in rental property 71,020 48,142
Provision for impairment of investment in rental properties 2,667 1,017
Amortization of debt issuance costs charged to interest expense 1,637 1,079
Straight-line rent and financing lease adjustments (7,757) (10,383)
Cost of debt extinguishment 22 721
Gain on sale of real estate (8,665) (4,187)
Change in fair value of earnout liability (2,144) 0
Leasing fees paid   (435)
Adjustment to provision for credit losses (127)  
Other non-cash items 228 185
Changes in assets and liabilities, net of acquisition:    
Tenant and other receivables (4,111) 897
Prepaid expenses and other assets (235) (16)
Accounts payable and other liabilities (2,573) 2,534
Accrued interest payable 550 (7,199)
Net cash provided by operating activities 79,458 64,719
Investing activities    
Acquisition of rental property accounted for using the operating method, net of mortgages assumed of $0 and $49,782 in 2020 and 2019, respectively   (153,858)
Cash paid for Internalization (30,861)  
Capital expenditures and improvements (3,824) (1,543)
Proceeds from disposition of rental property, net 45,423 33,632
Change in deposits on investments in rental property   875
Net cash provided by (used in) investing activities 10,738 (120,894)
Financing activities    
Proceeds from issuance of common stock, net 131 120,190
Redemptions of common stock   (5,013)
Cash paid for deferred offering costs (1,055)  
Borrowings on mortgages, notes payable and unsecured term notes, net of mortgages assumed of $0 and $49,782 in 2020 and 2019, respectively 60,000 300,000
Principal payments on mortgages, notes payable and unsecured term notes (152,533) (307,672)
Borrowings on unsecured revolving credit facility 192,000 55,800
Repayments on unsecured revolving credit facility (141,000) (73,300)
Cash distributions paid to stockholders (52,779) (29,572)
Cash distributions paid to non-controlling interests (5,307) (4,627)
Debt issuance and extinguishment costs paid (122) (5,902)
Net cash (used in) provided by financing activities (100,665) 49,904
Net decrease in cash and cash equivalents and restricted cash (10,469) (6,271)
Cash and cash equivalents and restricted cash at beginning of period 20,311 18,989
Cash and cash equivalents and restricted cash at end of period 9,842 12,718
Reconciliation of cash and cash equivalents and restricted cash    
Cash and cash equivalents at beginning of period 12,455 18,612
Restricted cash at beginning of period 7,856 377
Cash and cash equivalents and restricted cash at beginning of period 20,311 18,989
Cash and cash equivalents at end of period 9,241 10,288
Restricted cash at end of period 601 2,430
Cash and cash equivalents and restricted cash at end of period $ 9,842 $ 12,718