Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.21.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities    
Net (loss) income $ (1,147) $ 1,719
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation and amortization 29,643 29,720
Credit losses on lease related receivables 1,043 923
Share-based compensation expense 1,664 1,778
Net amortization of debt premiums, discounts and related financing costs 1,112 645
Gain on extinguishment of debt 0 (468)
Changes in operating other assets (1,619) 895
Changes in operating other liabilities 6,543 (6,352)
Net cash provided by operating activities 37,239 28,860
Cash flows from investing activities    
Capital improvements to real estate (4,032) (10,846)
Development in progress (4,161) (9,402)
Non-real estate capital improvements (7) (94)
Net cash used in investing activities (8,200) (20,342)
Cash flows from financing activities    
Line of credit borrowings, net (9,000)  
Line of credit borrowings, net   92,000
Dividends paid (25,398) (49,485)
Principal payments – mortgage notes payable 0 (46,567)
Distributions to noncontrolling interests (4) (3)
Proceeds from dividend reinvestment program 520 921
Net proceeds from equity issuances 467 1,241
Payment of tax withholdings for restricted share awards (334) (141)
Net cash used in financing activities (33,749) (2,034)
Net (decrease) increase in cash, cash equivalents and restricted cash (4,710) 6,484
Cash, cash equivalents and restricted cash at beginning of period 8,303 14,751
Cash, cash equivalents and restricted cash at end of period 3,593 21,235
Supplemental disclosure of cash flow information:    
Cash paid for interest, net of amounts capitalized 4,345 5,133
Change in accrued capital improvements and development costs (3,844) 4,851
Reconciliation of cash, cash equivalents and restricted cash:    
Cash, cash equivalents and restricted cash $ 3,593 $ 21,235