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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
OPERATING ACTIVITIES    
Net income $ 13,414 $ 12,142
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 22,817 23,847
Amortization of deferred financing fees 346 380
Income tax provision 28 62
Earnings from unconsolidated joint ventures (86) (109)
Distributions received from operations of unconsolidated joint ventures 374 58
Provision for impairment 5,717 0
Gain on sale of real estate (11,375) (6,525)
Amortization of premium on mortgages, net (292) (468)
Service-based restricted share expense 645 641
Long-term incentive cash and equity compensation (benefit) expense (118) 409
Changes in assets and liabilities:    
Accounts receivable, net (2,872) 1,388
Acquired lease intangibles and other assets, net 277 1,602
Accounts payable, acquired lease intangibles and other liabilities (3,388) (6,661)
Net cash provided by operating activities 25,487 26,766
INVESTING ACTIVITIES    
Acquisition of real estate (164,763) 0
Development and capital improvements (13,656) (17,306)
Net proceeds from sales of real estate 1,292 12,681
Change in restricted cash 1,489 (21)
Net cash used in investing activities (175,638) (4,646)
FINANCING ACTIVITIES    
Repayments of mortgages and notes payable (806) (21,497)
Proceeds on revolving credit facility 178,000 16,000
Repayments on revolving credit facility (6,000) 0
Payment of deferred financing costs 0 (374)
Proceeds, net of costs, from issuance of common stock (24) 0
Shares used for employee taxes upon vesting of awards (485) (431)
Dividends paid to preferred shareholders (1,675) (1,675)
Dividends paid to common shareholders (17,533) (16,710)
Distributions paid to operating partnership unit holders (422) (422)
Net cash provided by (used in) financing activities 151,055 (25,109)
Net change in cash and cash equivalents 904 (2,989)
Cash and cash equivalents at beginning of period 3,582 6,644
Cash and cash equivalents at end of period 4,486 3,655
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for interest (net of capitalized interest of $54 and $204 in 2017 and 2016, respectively) 6,714 9,431
Proceeds from dispositions held in escrow $ 26,130 $ 0