Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.7.0.1
Consolidated Statements of Cash Flows
$ in Thousands
6 Months Ended
Jun. 30, 2017
USD ($)
Jun. 30, 2016
USD ($)
Net Cash Provided by (Used in) Operating Activities [Abstract]    
Net income $ 14,462 $ 34,200
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 55,330 51,199
Provision for losses on accounts receivable 470 708
Casualty gain 0 (676)
Gain on sale of real estate 0 24,112
Share-based compensation expense 2,351 2,421
Deferred tax benefit (107) (732)
Amortization of debt premiums, discounts and related financing costs 948 1,604
Changes in operating other assets (10,950) (983)
Changes in operating other liabilities 2,846 (2,366)
Net cash provided by operating activities 65,350 61,263
Cash flows from investing activities    
Real estate acquisitions, net (138,371) (227,413)
Net cash received for sale of real estate 0 119,513
Capital improvements to real estate (23,923) (16,356)
Development in progress (7,291) (17,997)
Cash released from replacement reserve escrows, net 4,622 2,001
Insurance proceeds 0 883
Non-real estate capital improvements (1,950) (42)
Net cash used in investing activities (166,913) (139,411)
Cash flows from financing activities    
Line of credit borrowings, net 108,000 164,000
Dividends paid (68,173) (63,284)
Principal payments – mortgage notes payable (51,075) (166,216)
Proceeds from term loan 50,000 0
Payment of financing costs (234) (236)
Distributions to noncontrolling interests (59) (110)
Proceeds from dividend reinvestment program 1,796 0
Net proceeds from equity issuances 63,906 143,357
Payment of tax withholdings for restricted share awards (666) (809)
Net cash provided by financing activities 103,495 76,702
Net increase (decrease) in cash and cash equivalents 1,932 (1,446)
Cash and cash equivalents at beginning of period 11,305 23,825
Cash and cash equivalents at end of period 13,237 22,379
Supplemental disclosure of cash flow information:    
Cash paid for interest, net of amounts capitalized 22,670 27,154
Change in accrued capital improvements and development costs 1,090 $ 3,472
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned $ 376