Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.20.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash flows from operating activities    
Net income (loss) $ 1,719 $ (4,405)
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 29,720 29,547
Credit losses on lease related receivables 923 0
Real estate impairment 0 8,374
Share-based compensation expense 1,778 2,826
Amortization of debt premiums, discounts and related financing costs 645 536
Loss on extinguishment of debt (468) 0
Changes in operating other assets 895 (2,035)
Changes in operating other liabilities (6,352) (7,265)
Net cash provided by operating activities 28,860 27,578
Cash flows from investing activities    
Capital improvements to real estate (10,846) (7,281)
Development in progress (9,402) (6,091)
Non-real estate capital improvements (94) (67)
Net cash used in investing activities (20,342) (13,439)
Cash flows from financing activities    
Line of credit borrowings, net 92,000 40,000
Dividends paid (49,485) (48,165)
Principal payments – mortgage notes payable (46,567) (610)
Payment of financing costs 0 (252)
Distributions to noncontrolling interests (3) (4)
Proceeds from dividend reinvestment program 921 1,097
Net proceeds from equity issuances 1,241 0
Payment of tax withholdings for restricted share awards (141) (452)
Net cash used in financing activities (2,034) (8,386)
Net increase in cash, cash equivalents and restricted cash 6,484 5,753
Cash, cash equivalents and restricted cash at beginning of period 14,751 7,640
Cash, cash equivalents and restricted cash at end of period 21,235 13,393
Supplemental disclosure of cash flow information:    
Cash paid for interest, net of amounts capitalized 5,133 6,848
Change in accrued capital improvements and development costs 4,851 8,119
Reconciliation of cash, cash equivalents and restricted cash:    
Cash, cash equivalents and restricted cash $ 21,235 $ 13,393