XML 17 R5.htm IDEA: XBRL DOCUMENT v3.21.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net earnings $ 30,817 $ 23,673
Adjustments to reconcile net earnings to net cash flow provided by operating activities:    
Depreciation and amortization expense 17,085 14,422
Impairment charges 1,532 1,538
Gain on dispositions of real estate (7,478) (1,056)
Deferred rent receivable (1,514) (1,628)
Amortization of above-market and below-market leases (84) (180)
Amortization of investment in direct financing leases 2,343 2,021
Amortization of debt issuance costs 518 521
Accretion expense 863 922
Stock-based compensation 1,937 1,600
Changes in assets and liabilities:    
Accounts receivable 391 (1,045)
Prepaid expenses and other assets (822) (915)
Environmental remediation obligations (3,032) (4,602)
Accounts payable and accrued liabilities (2,552) (2,482)
Net cash flow provided by operating activities 40,004 32,789
CASH FLOWS FROM INVESTING ACTIVITIES:    
Property acquisitions (63,304) (68,671)
Capital expenditures (214) (23)
Addition to construction in progress (151) (96)
Proceeds from dispositions of real estate 8,781 1,181
Deposits for property acquisitions 2,966 940
Issuance of notes and mortgages receivable (11,083) (2,131)
Collection of notes and mortgages receivable 911 3,835
Net cash flow used in investing activities (62,094) (64,965)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Borrowings under credit agreement 30,000 65,000
Repayments under credit agreement (37,500) (10,000)
Payment of finance lease obligations (347) (312)
Security deposits (refunded) received (165) 51
Payments of cash dividends (34,986) (30,779)
Payments in settlement of restricted stock units (728) (244)
Net cash flow (used in) provided by financing activities (14,148) 35,632
Change in cash, cash equivalents and restricted cash (36,238) 3,456
Cash, cash equivalents and restricted cash at beginning of period 57,054 23,664
Cash, cash equivalents and restricted cash at end of period 20,816 27,120
Supplemental disclosures of cash flow information Cash paid during the period for:    
Interest 11,753 12,754
Income taxes 352 290
Environmental remediation obligations 1,994 3,374
Non-cash transactions:    
Dividends declared but not yet paid 17,785 15,768
Issuance of notes and mortgages receivable related to property dispositions   792
ATM Program [Member]    
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of common stock, net $ 29,578 $ 11,916