Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.19.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Cash flows from operating activities    
Net (loss) income $ (4,405) $ 3,299
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation and amortization 29,547 29,969
Credit losses on lease related receivables 0 176
Real estate impairment 8,374 1,886
Share-based compensation expense 2,826 1,541
Amortization of debt premiums, discounts and related financing costs 536 446
Loss on extinguishment of debt 0 1,178
Changes in operating other assets (2,035) (1,374)
Changes in operating other liabilities (7,265) (475)
Net cash provided by operating activities 27,578 36,646
Cash flows from investing activities    
Real estate acquisitions, net 0 (106,400)
Net cash received for sale of real estate 0 78,483
Capital improvements to real estate (7,281) (7,845)
Development in progress (6,091) (4,754)
Non-real estate capital improvements (67) (172)
Net cash used in investing activities (13,439) (40,688)
Cash flows from financing activities    
Line of credit borrowings, net 40,000 94,000
Dividends paid (48,165) (47,300)
Principal payments – mortgage notes payable (610) (136,309)
Repayments of unsecured term loan debt 0 (150,000)
Proceeds from term loan 0 250,000
Payment of financing costs (252) (5,411)
Distributions to noncontrolling interests (4) (3)
Proceeds from dividend reinvestment program 1,097 717
Payment of tax withholdings for restricted share awards (452) (296)
Net cash (used in) provided by financing activities (8,386) 5,398
Net increase in cash, cash equivalents and restricted cash 5,753 1,356
Cash, cash equivalents and restricted cash at beginning of period 7,640 12,623
Cash, cash equivalents and restricted cash at end of period 13,393 13,979
Supplemental disclosure of cash flow information:    
Cash paid for interest, net of amounts capitalized 6,848 7,416
Change in accrued capital improvements and development costs $ 8,119 $ 2,675