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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash flows from operating activities    
Net income $ 17,275 $ 113,862
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 83,271 82,104
Provision for losses on accounts receivable 768 1,163
Casualty gain 0 676
Real estate impairment 5,000 0
Gain on sale of real estate 0 (101,704)
Share-based compensation expense 3,561 2,736
Deferred tax benefit (107) (741)
Amortization of debt premiums, discounts and related financing costs 1,422 2,389
Changes in operating other assets (21,300) (12,864)
Changes in operating other liabilities 4,381 (505)
Net cash provided by operating activities 94,271 85,764
Cash flows from investing activities    
Real estate acquisitions, net (138,371) (227,413)
Net cash received for sale of real estate 0 243,624
Capital improvements to real estate (35,186) (38,202)
Development in progress (12,988) (19,658)
Deposit on real estate held for sale 775 0
Cash released from replacement reserve escrows, net 4,572 1,947
Insurance proceeds 0 883
Non-real estate capital improvements (3,306) (278)
Net cash used in investing activities (184,504) (39,097)
Cash flows from financing activities    
Line of credit borrowings, net 69,000 20,000
Dividends paid (91,666) (85,648)
Principal payments – mortgage notes payable (51,815) (167,197)
Proceeds from term loan 50,000 0
Payment of financing costs (234) (1,508)
Distributions to noncontrolling interests (67) (143)
Proceeds from dividend reinvestment program 2,482 545
Net proceeds from equity issuances 113,225 172,936
Payment of tax withholdings for restricted share awards (671) (889)
Net cash provided by (used in) financing activities 90,254 (61,904)
Net increase (decrease) in cash and cash equivalents 21 (15,237)
Cash and cash equivalents at beginning of period 11,305 23,825
Cash and cash equivalents at end of period 11,326 8,588
Supplemental disclosure of cash flow information:    
Cash paid for interest, net of amounts capitalized 29,188 34,421
Change in accrued capital improvements and development costs 3,959 2,622
Operating partnership units issued with acquisition $ 376 $ 0