Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash flows from operating activities    
Net income $ 3,299 $ 6,615
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 29,969 26,069
Provision for losses on accounts receivable 176 183
Real estate impairment 1,886 0
Share-based compensation expense 1,541 1,147
Amortization of debt premiums, discounts and related financing costs 446 477
Loss on extinguishment of debt 1,178 0
Changes in operating other assets (1,374) (7,261)
Changes in operating other liabilities (475) 3,469
Net cash provided by operating activities 36,646 30,699
Cash flows from investing activities    
Real estate acquisitions, net (106,400) 0
Net cash received for sale of real estate 78,483 0
Capital improvements to real estate (7,845) (11,436)
Development in progress (4,754) (2,517)
Real estate deposits, net 0 (5,000)
Non-real estate capital improvements (172) (575)
Net cash used in investing activities (40,688) (19,528)
Cash flows from financing activities    
Line of credit borrowings, net 94,000 3,000
Dividends paid (47,300) (45,021)
Principal payments – mortgage notes payable (136,309) (50,346)
Repayments of unsecured term loan debt 150,000 0
Proceeds from term loan 250,000 50,000
Payment of financing costs (5,411) (234)
Distributions to noncontrolling interests (3) (36)
Proceeds from dividend reinvestment program 717 1,114
Net proceeds from equity issuances 0 29,959
Payment of tax withholdings for restricted share awards (296) (585)
Net cash provided by (used in) financing activities 5,398 (12,149)
Net increase (decrease) in cash, cash equivalents and restricted cash 1,356 (978)
Cash, cash equivalents and restricted cash at beginning of period 12,623 17,622
Cash, cash equivalents and restricted cash at end of period 13,979 16,644
Supplemental disclosure of cash flow information:    
Cash paid for interest, net of amounts capitalized 7,416 5,916
Change in accrued capital improvements and development costs 2,675 438
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 11,510 15,214
Restricted cash $ 2,469 $ 1,430