Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Net Cash Provided by (Used in) Operating Activities [Abstract]    
Net income $ 6,615 $ 2,379
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 26,069 26,038
Provision for losses on accounts receivable 183 441
Share-based compensation expense 1,147 1,546
Amortization of debt premiums, discounts and related financing costs 477 837
Changes in operating other assets (6,922) (906)
Changes in operating other liabilities 3,469 1,916
Net cash provided by operating activities 31,038 32,251
Cash flows from investing activities    
Capital improvements to real estate (11,436) (4,716)
Development in progress (2,517) (1,119)
Real estate deposits, net 5,000 12,500
Cash released from replacement reserve escrows, net 4,548 2,309
Non-real estate capital improvements (575) (13)
Net cash used in investing activities (14,980) (16,039)
Cash flows from financing activities    
Line of credit borrowings, net 3,000 110,000
Dividends paid (45,021) (41,137)
Principal payments – mortgage notes payable (50,346) (84,219)
Proceeds from term loan 50,000 0
Payment of financing costs (234) (236)
Distributions to noncontrolling interests (36) (91)
Proceeds from dividend reinvestment program 1,114 0
Net proceeds from equity offering 29,959 0
Payment of tax withholdings for restricted share awards (585) (779)
Net cash used in financing activities (12,149) (16,462)
Net increase (decrease) in cash and cash equivalents 3,909 (250)
Cash and cash equivalents at beginning of period 11,305 23,825
Cash and cash equivalents at end of period 15,214 23,575
Supplemental disclosure of cash flow information:    
Cash paid for interest, net of amounts capitalized 5,916 8,639
Change in accrued capital improvements and development costs $ 438 $ 4,214