Financial Statements

As Reported Financials

Source Document Currency Code (in thousands) 2015 Y 12/31/2017 USD 2016 Y 12/31/2018 USD 2017 Y 12/31/2018 USD 2018 Y 12/31/2018 USD
Source Document Currency Code 2015 Y 12/31/2017 USD 2016 Y 12/31/2018 USD 2017 Y 12/31/2018 USD 2018 Y 12/31/2018 USD

Cash flows from operating activities

Net income 89,187 119,288 19,612 25,630

Adjustments to reconcile net income to net cash provided by operating activities

Gain on sale of real estate (91,107) (101,704) (24,915) (2,495)
Depreciation and amortization 108,935 108,406 112,056 121,228
Provision for losses on accounts receivable 1,368 1,706 882 2,136
Deferred tax benefit 0 (698) (84) 0
Real estate impairment and casualty (gain), net 5,909 (676) 33,152 1,886
Share-based compensation expense 5,112 3,491 4,771 6,746
Amortization of debt premiums, discounts and related financing costs 3,486 3,187 1,897 2,101
Loss on extinguishment of debt, net 119 0 0 1,178
Changes in other assets (10,496) (15,713) (20,199) (8,674)
Changes in other liabilities (3,195) (2,562) 3,454 (2,367)
Net cash provided by operating activities 109,318 114,725 130,626 147,369

Cash flows from investing activities

Real estate acquisitions, net (151,917) (227,413) (138,371) (106,400)
Capital improvements to real estate (41,507) (57,094) (60,515) (71,070)
Development in progress (31,203) (22,572) (18,150) (34,806)
Net cash received from sale of real estate 136,930 243,624 30,798 174,297
Real estate deposits, net 0 0 (6,250) 0
Insurance proceeds 0 883 0 0
Non-real estate capital improvements (2,129) (920) (3,866) (963)
Net cash used in investing activities (89,826) (63,492) (196,354) (38,942)

Cash flows from financing activities

Line of credit borrowings, net 55,000 15,000 46,000 22,000
Principal payments - mortgage notes payable (4,512) (270,061) (52,571) (170,081)
Borrowing under construction loan 4,558 NA NA NA
Notes payable repayments (150,000) NA NA NA
Proceeds from dividend reinvestment program 0 700 2,576 1,973
Repayments of unsecured term loan debt NA 0 0 (150,000)
Proceeds from term loan 150,000 100,000 50,000 250,000
Payment of financing costs (5,095) (1,590) (319) (5,650)
Dividends paid (61,510) (85,648) (91,666) (95,059)
Contributions from noncontrolling interests 5 NA NA NA
Distributions to noncontrolling interests 0 (196) (4,199) (14)
Net proceeds from equity offerings 5,215 172,936 113,194 35,472
Payment of tax withholdings for restricted share awards (2,071) (1,960) (2,286) (2,051)
Net cash (used in) provided by financing activities (8,410) (70,819) 60,729 (113,410)
Net decrease in cash, cash equivalents and restricted cash 11,082 (19,586) (4,999) (4,983)
Cash, cash equivalents and restricted cash at beginning of period 26,126 37,208 17,622 12,623
Cash, cash equivalents and restricted cash at end of period 37,208 17,622 12,623 7,640

Supplemental disclosure of cash flow information

Cash paid for interest, net of capitalized interest expense 57,179 51,054 45,730 49,058
Cash paid for income taxes 261 65 17 0
Change in accrued capital improvements and development costs (4,229) (3,788) 3,264 (2,769)
Dividend payable 20,434 22,414 23,581 24,022
Operating partnership units issued with acquisition NA 0 376 0

Reconciliation of cash, cash equivalents and restricted cash

Cash and cash equivalents 23,825 11,305 9,847 6,016
Restricted cash 13,383 6,317 2,776 1,624
Cash, cash equivalents and restricted cash 37,208 17,622 12,623 7,640
Data shown on this page is extracted directly from the company’s documents. S&P makes every effort to line up fields, captions and headers that represent the same data over time, despite variations in how the company may report these items in different documents. In certain instances the variation in the company’s presentation over time may be too significant, potentially resulting in repeating and/or disordered items. Despite possible issues with the presentation, S&P, as always, stands by its commitment to the quality of the data.