XML 58 R7.htm IDEA: XBRL DOCUMENT v3.20.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Operating Activities:    
Net income $ 2,974 $ 8,656
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation of building and building improvements 22,673 14,766
Amortization of leasing costs and intangibles, including ground leasehold interests and leasing costs 18,475 20,376
Amortization of below market leases, net (763) (915)
Amortization of deferred financing costs and debt premium 632 733
Amortization of swap interest 32 39
Deferred rent (3,761) (1,954)
Deferred rent, ground lease 510  
Gain on fair value of earn-out (2,581) 0
Loss from investment in unconsolidated entities 627 648
Loss from investments 136 293
Stock-based compensation 984 75
Performance distribution allocation (non-cash) 0 (1,920)
Change in operating assets and liabilities:    
Deferred leasing costs and other assets (4,010) (1,533)
Restricted reserves 190 181
Accrued expenses and other liabilities 4,364 (3,106)
Due to affiliates, net (928) 4,717
Net cash provided by operating activities 39,554 41,056
Investing Activities:    
Acquisition of properties, net (16,584) 0
Real estate acquisition deposits 1,047 500
Reserves for tenant improvements (330) 0
Payments for construction in progress (12,587) (7,821)
Distributions of capital from investment in unconsolidated entities 2,151 1,779
Improvements to real estate 0 (47)
Purchase of investments (810) 0
Net cash used in investing activities (27,113) (5,589)
Financing Activities:    
Proceeds from borrowings - KeyBank Loans 90,000 0
Principal amortization payments on secured indebtedness (1,722) (1,619)
Offering costs (303) 0
Repurchase of common stock (96,520) 0
Issuance of common stock, net of discounts and underwriting costs 4,699 0
Payment of offering costs - preferred shares 0 (9)
Distributions to noncontrolling interests (4,362) (3,469)
Distributions to preferred units subject to redemption (2,047) (2,047)
Distributions to common stockholders (19,853) (25,280)
Net cash used in financing activities (30,108) (32,424)
Net (decrease) increase in cash, cash equivalents and restricted cash (17,667) 3,043
Cash, cash equivalents and restricted cash at the beginning of the period 113,260 64,285
Cash, cash equivalents and restricted cash at the end of the period 95,593 67,328
Supplemental Disclosures of Significant Non-Cash Transactions:    
Decrease in fair value swap agreement (30,826) (8,079)
Distributions payable to common stockholders 12,692 6,322
Distributions payable to noncontrolling interests 1,753 1,609
Common stock issued pursuant to the distribution reinvestment plan 12,117 6,673
Common stock redemptions funded subsequent to period-end 5,238 0
Issuance of stock dividends 5,747 0
Mortgage debt assumed in conjunction with the acquisition of real estate assets plus a premium of $109 18,884 0
Payable for construction in progress 15,919 2,222
Operating lease right-of-use assets obtained in exchange for lease liabilities upon adoption of ASC 842 on January 1, 2019 $ 0 $ 27,573