XML 33 R8.htm IDEA: XBRL DOCUMENT v3.19.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operating activities:    
Net income $ 13,666 $ 21,381
Adjustments to reconcile net income to net cash provided by operating activities:    
Gain on sale of real estate, net (3,643) (6,993)
Increase in unbilled rent receivable (1,171) (841)
Write-off of unbilled rent receivable 382 74
Provision for unbilled rent receivable   1,440
Amortization and write-off of intangibles relating to leases, net (709) (1,605)
Amortization of restricted stock expense 2,834 2,653
Equity in loss (earnings) of unconsolidated joint ventures 32 (716)
Equity in earnings from sale of unconsolidated joint venture properties   (2,057)
Distributions of earnings from unconsolidated joint ventures 41 2,328
Depreciation and amortization 16,353 16,104
Amortization and write-off of deferred financing costs 739 669
Payment of leasing commissions (266) (254)
Decrease (increase) in escrow, deposits, other assets and receivables 163 (1,154)
Decrease in accrued expenses and other liabilities (571) (1,400)
Net cash provided by operating activities 27,850 29,629
Cash flows from investing activities:    
Purchase of real estate (40,306) (18,452)
Improvements to real estate (2,979) (6,829)
Net proceeds from sale of real estate 23,167 17,417
Contributions of capital to unconsolidated joint venture (296)  
Distributions of capital from unconsolidated joint venture 11 852
Net cash used in investing activities (20,403) (7,012)
Cash flows from financing activities:    
Scheduled amortization payments of mortgages payable (9,687) (8,072)
Repayment of mortgages payable (6,812) (12,731)
Proceeds from mortgage financings 32,820 30,863
Proceeds from sale of common stock, net 5,256 3,170
Proceeds from bank line of credit 48,150 28,500
Repayment on bank line of credit (58,700) (37,900)
Issuance of shares through dividend reinvestment plan 4,319 4,270
Payment of financing costs (1,094) (675)
Distributions to non-controlling interests (731) (1,180)
Cash distributions to common stockholders (26,478) (25,726)
Net cash used in financing activities (12,957) (19,481)
Net (decrease) increase in cash, cash equivalents and restricted cash (5,510) 3,136
Cash, cash equivalents and restricted cash at beginning of year 16,733 14,668
Cash, cash equivalents and restricted cash at end of period 11,223 17,804
Supplemental disclosures of cash flow information:    
Cash paid during the period for interest expense 15,137 13,196
Supplemental disclosure of non-cash investing activity:    
Right of use assets and related lease liabilities 5,027  
Purchase accounting allocation - intangible lease assets 3,324  
Purchase accounting allocation - intangible lease liabilities $ (677) $ 0