XML 21 R7.htm IDEA: XBRL DOCUMENT v3.10.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Cash flows from operating activities:      
Net income (loss) $ 13,069 $ (15,944) $ 8,378
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization expense 97,171 103,743 95,243
Amortization of above and below market leases (556) (1,031) (496)
Hedge ineffectiveness   1,878 (1,878)
Loss on sale of properties and properties held for sale   (18,481) (2,938)
Equity in (income) loss of non-consolidated REITs (6,793) 3,604 831
Increase (decrease) in allowance for doubtful accounts (50) 150 (30)
Changes in operating assets and liabilities:      
Tenant rent receivables (765) (160) (185)
Straight-line rents 381 (1,767) (1,977)
Lease acquisition costs (1,193) (2,052) (1,095)
Prepaid expenses and other assets (1,940) (403) (721)
Accounts payable and accrued expenses (4,077) 3,870 5,751
Accrued compensation (598) (143) 58
Tenant security deposits 936 28 526
Payment of deferred leasing commissions (15,383) (14,309) (12,965)
Net cash provided by operating activities 80,202 95,945 94,378
Cash flows from investing activities:      
Property acquisitions     (221,119)
Property improvements, fixtures and equipment (51,057) (54,187) (37,407)
Office computers and furniture   (119) (83)
Acquired real estate leases     (51,509)
Investment in non-consolidated REITs 74,931    
Distributions in excess of earnings from non-consolidated REITs 710 1,396 1,023
Investment in related party mortgage loan receivable     (3,000)
Repayment of related party mortgage receivable 1,060 10,060 39,861
Proceeds received on sales of real estate assets   37,756 27,262
Net cash provided by (used in) investing activities 25,644 (5,094) (244,972)
Cash flows from financing activities:      
Distributions to stockholders (49,326) (81,496) (77,481)
Proceeds from equity offering     83,511
Offering costs     (609)
Borrowings under bank note payable 38,000 75,000 175,000
Repayments of bank note payable (91,000) (277,000) (185,000)
Borrowing of Series A & Series B Senior Notes   200,000  
Borrowing of term loan payable     150,000
Deferred financing costs (2,162) (6,902) (3,647)
Net cash provided by (used in) financing activities (104,488) (90,398) 141,774
Net increase in cash, cash equivalents and restricted cash 1,358 453 (8,820)
Cash, cash equivalents and restricted cash, beginning of year 9,819 9,366 18,186
Cash, cash equivalents and restricted cash, end of period 11,177 9,819 9,366
Cash paid for:      
Interest 35,885 29,969 23,896
Taxes 485 584 490
Non-cash investing and financing activities:      
Accrued costs for purchases of real estate assets $ 7,361 $ 5,140 $ 5,230