Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.20.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities    
Net (loss) $ (3,687) $ (3,418)
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 59,319 64,968
Credit losses (gains) on lease related receivables 2,271 (133)
Real estate impairment 0 8,374
Loss on sale of real estate 7,539 1,046
Share-based compensation expense 3,783 4,527
Amortization of debt premiums, discounts and related financing costs 1,314 1,404
Gain on extinguishment of debt (262) 0
Changes in operating other assets (4,482) (5,781)
Changes in operating other liabilities (14,613) (10,444)
Net cash provided by operating activities 51,182 60,543
Cash flows from investing activities    
Real estate acquisitions, net 0 (458,604)
Net cash received for sale of real estate 56,353 31,334
Capital improvements to real estate (25,452) (18,634)
Development in progress (18,646) (19,445)
Real estate deposits, net 0 (1,744)
Non-real estate capital improvements (124) (121)
Net cash provided by (used in) investing activities 12,131 (467,214)
Cash flows from financing activities    
Line of credit borrowings, net 125,000 30,000
Dividends paid (49,485) (72,274)
Principal payments – mortgage notes payable (46,567) (1,231)
Repayments of unsecured notes payable (250,000) 0
Proceeds from term loan 150,000 450,000
Payment of financing costs (560) (1,219)
Distributions to noncontrolling interests (7) (8)
Proceeds from dividend reinvestment program 1,065 1,673
Payment of tax withholdings for restricted share awards (150) (504)
Net proceeds from equity issuances 1,241 0
Net cash (used in) provided by financing activities (69,463) 406,437
Net decrease in cash, cash equivalents and restricted cash (6,150) (234)
Cash, cash equivalents and restricted cash at beginning of period 14,751 7,640
Cash, cash equivalents and restricted cash at end of period 8,601 7,406
Supplemental disclosure of cash flow information:    
Cash paid for interest, net of amounts capitalized 21,380 26,418
Change in accrued capital improvements and development costs 3,687 (5,277)
Reconciliation of cash, cash equivalents and restricted cash:    
Cash, cash equivalents and restricted cash $ 8,601 $ 7,406