Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities      
Net income $ 383,550 $ 25,630 $ 19,612
Adjustments to reconcile net income to net cash provided by operating activities:      
Gain on sale of real estate (398,985) (2,495) (24,915)
Depreciation and amortization 141,179 121,228 112,056
Credit (gains) losses on lease related receivables (10) 2,136 882
Deferred tax benefit 0 0 (84)
Real estate impairment 8,374 1,886 33,152
Share-based compensation expense 7,743 6,746 4,771
Amortization of debt premiums, discounts and deferred issuance costs 3,195 2,101 1,897
Loss on extinguishment of debt 764 0 0
Loss on extinguishment of debt 0 1,178 0
Changes in other assets (10,086) (8,674) (20,199)
Changes in other liabilities (4,801) (2,367) 3,454
Net cash provided by operating activities 130,923 147,369 130,626
Cash flows from investing activities      
Real estate acquisitions, net (528,589) (106,400) (138,371)
Capital improvements to real estate (68,456) (71,070) (60,515)
Development in progress (47,492) (34,806) (18,150)
Net cash received from sale of real estate 706,064 174,297 30,798
Real estate deposits, net 0 0 (6,250)
Non-real estate capital improvements (491) (963) (3,866)
Net cash provided by (used in) investing activities 61,036 (38,942) (196,354)
Cash flows from financing activities      
Line of credit (repayments) borrowings, net (132,000)    
Line of credit (repayments) borrowings, net   22,000 46,000
Principal payments – mortgage notes payable (12,724) (170,081) (52,571)
Proceeds from dividend reinvestment program 4,755 1,973 2,576
Repayments of unsecured term loan debt (450,000) (150,000) 0
Proceeds from term loan 450,000 250,000 50,000
Payment of financing costs (1,303) (5,650) (319)
Dividends paid (96,361) (95,059) (91,666)
Distributions to noncontrolling interests (15) (14) (4,199)
Net proceeds from equity offerings 54,916 35,472 113,194
Payment of tax withholdings for restricted share awards (2,116) (2,051) (2,286)
Net cash (used in) provided by financing activities (184,848) (113,410) 60,729
Net increase (decrease) in cash, cash equivalents and restricted cash 7,111 (4,983) (4,999)
Cash, cash equivalents and restricted cash at beginning of year 7,640 12,623 17,622
Cash, cash equivalents and restricted cash at end of year 14,751 7,640 12,623
Supplemental disclosure of cash flow information:      
Cash paid for interest, net of capitalized interest expense 50,999 49,058 45,730
Cash paid for income taxes 0 0 17
Change in accrued capital improvements and development costs 7,908 (2,769) 3,264
Operating partnership units issued with acquisition 0 0 376
Reconciliation of cash, cash equivalents and restricted cash:      
Cash, cash equivalents and restricted cash $ 14,751 $ 12,623 $ 12,623