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
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Cash flows from operating activities    
Net income $ 19,942 $ 17,275
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 90,119 83,271
Provision for losses on accounts receivable 1,077 768
Real estate impairment 1,886 5,000
Gain on sale of real estate (2,495) 0
Share-based compensation expense 5,064 3,561
Deferred tax benefit 0 (107)
Amortization of debt premiums, discounts and related financing costs 1,565 1,422
Loss on extinguishment of debt 1,178 0
Changes in operating other assets (9,233) (21,603)
Changes in operating other liabilities (8,229) 4,381
Net cash provided by operating activities 100,874 93,968
Cash flows from investing activities    
Real estate acquisitions, net (106,400) (138,371)
Net cash received for sale of real estate 174,297 0
Capital improvements to real estate (33,437) (35,186)
Development in progress (25,036) (12,988)
Payments for (Proceeds from) Deposits on Real Estate Acquisitions 0 (775)
Non-real estate capital improvements (626) (3,306)
Net cash provided by (used in) investing activities 8,798 (189,076)
Cash flows from financing activities    
Line of credit borrowings, net 17,000 69,000
Dividends paid (95,059) (91,666)
Principal payments – mortgage notes payable (169,480) (51,815)
Repayments of unsecured term loan debt (150,000) 0
Proceeds from term loan 250,000 50,000
Payment of financing costs (5,565) (234)
Distributions to noncontrolling interests (11) (67)
Proceeds from dividend reinvestment program 1,811 2,482
Net proceeds from equity issuances 35,472 113,225
Payment of tax withholdings for restricted share awards (301) (671)
Net cash (used in) provided by financing activities (116,133) 90,254
Net decrease in cash, cash equivalents and restricted cash (6,461) (4,854)
Cash, cash equivalents and restricted cash at beginning of period 12,623 17,622
Cash, cash equivalents and restricted cash at end of period 6,162 12,768
Supplemental disclosure of cash flow information:    
Cash paid for interest, net of amounts capitalized 32,021 29,188
Change in accrued capital improvements and development costs 6,352 3,959
Operating partnership units issued with acquisition $ 0 $ 376