XML 60 R8.htm IDEA: XBRL DOCUMENT v3.19.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operating activities:    
Net income $ 49,155 $ 47,550
Adjustments to reconcile net income to net cash provided by operating activities:    
Change in fair value of derivatives 0 2
Gain on sale of property 0 (509)
Depreciation and amortization of deferred leasing costs 35,185 33,956
Amortization of deferred debt costs 1,130 1,224
Compensation costs of stock grants and options 1,501 1,434
Credit losses on operating lease receivables 986 530
Increase in accounts receivable and accrued income (2,317) (1,846)
Additions to deferred leasing costs (1,380) (4,195)
Increase in prepaid expenses (4,182) (3,767)
(Increase) decrease in other assets (2,049) 1,171
Increase in accounts payable, accrued expenses and other liabilities 5,696 2,681
Decrease in deferred income (1,627) (3,358)
Net cash provided by operating activities 82,098 74,873
Cash flows from investing activities:    
Acquisitions of real estate investments 0 (36,346) [1]
Additions to real estate investments (13,398) (6,586)
Additions to development and redevelopment projects (91,657) (54,693)
Repayment of note receivable 0 1,326
Net cash used in investing activities (105,055) (96,299)
Cash flows from financing activities:    
Proceeds from notes payable 22,100 0
Repayments on notes payable (55,992) (36,577)
Proceeds from term loan facility 0 75,000
Proceeds from revolving credit facility 47,000 102,000
Repayments on revolving credit facility (94,000) (86,000)
Proceeds from construction loan 71,807 2,949
Additions to deferred debt costs (432) (2,493)
Proceeds from the issuance of:    
Common stock 19,096 19,336
Partnership units [1] 2,454 4,699
Preferred stock redemption costs 0 (13)
Distributions to:    
Common stockholders (36,326) (34,613)
Noncontrolling interests (12,469) (11,919)
Net cash provided by financing activities 60,648 20,289
Net increase (decrease) in cash and cash equivalents 37,691 (1,137)
Cash and cash equivalents, beginning of period 14,578 10,908
Cash and cash equivalents, end of period 52,269 9,771
Supplemental disclosure of cash flow information:    
Cash paid for interest 31,266 32,697
Increase in accrued real estate investments and development costs 1,507 6,880
Series D Cumulative Redeemable Preferred Stock    
Proceeds from the issuance of:    
Series D preferred stock 0 72,369
Distributions to:    
Preferred stockholders (3,444) (2,016)
Series C Cumulative Preferred Stock    
Proceeds from the issuance of:    
Series C preferred stock redemption payment 0 (75,000)
Distributions to:    
Preferred stockholders (5,415) (7,433)
Series E Cumulative Redeemable Preferred Stock    
Proceeds from the issuance of:    
Series D preferred stock $ 106,269 0
Ashbrook Marketplace    
Supplemental disclosure of cash flow information:    
Additions to real estate investments, noncash   $ 8,776
[1] The 2018 acquisition of real estate and proceeds from the issuance of partnership units each excludes $8,776 in connection with the acquisition of Ashbrook Marketplace in exchange for limited partnership units.