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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
OPERATING ACTIVITIES:    
Net income $ 67,506 $ 64,449
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 28,186 26,623
Stock-based compensation expense 3,967 3,149
Impairment on receivables 1,880  
Gain on sale of real estate, net (5,054) (3,582)
Income from unconsolidated joint ventures (1,635) (839)
Income distributions from unconsolidated joint ventures 1,236 1,409
Straight-line rental income (7,362) (8,201)
Amortization of lease incentive 1,681 1,446
Provision for doubtful accounts (139) 245
Non-cash interest related to contingent liabilities 476 538
Effect of earn-out and related lease inducement write-off (842)  
Other non-cash items, net 958 909
Increase in interest receivable (3,967) (3,898)
Decrease in accrued interest payable (567) (358)
Net change in other assets and liabilities (10,190) (2,245)
Net cash provided by operating activities 76,134 79,645
INVESTING ACTIVITIES:    
Investment in real estate properties (54,804) (73,449)
Investment in real estate developments (13,939) (35,623)
Investment in real estate capital improvements (2,308) (5,566)
Capitalized interest (627) (1,193)
Proceeds from sale of real estate, net 14,106 17,369
Investment in real estate mortgage loans receivable (9,333) (19,113)
Principal payments received on mortgage loans receivable 17,351 2,117
Investment in unconsolidated joint ventures (3,847) (481)
Payment of working capital reserve (439) (2,325)
Advances and originations under notes receivable   (2,328)
Principal payments received on notes receivable 25 90
Net cash used in investing activities (53,815) (120,502)
FINANCING ACTIVITIES:    
Bank borrowings 64,500 83,500
Repayment of bank borrowings (116,600) (127,000)
Proceeds from issuance of senior unsecured notes 100,000 77,500
Principal payments on senior unsecured notes (19,167) (16,667)
Proceeds from common stock issued 14,578 78,592
Stock option exercises 202 159
Distributions paid to stockholders (67,664) (62,211)
Financing costs paid (363) (130)
Other (1,954) (2,215)
Net cash (used in) provided by financing activities (26,468) 31,528
Decrease in cash and cash equivalents (4,149) (9,329)
Cash and cash equivalents, beginning of period 7,991 12,942
Cash and cash equivalents, end of period 3,842 3,613
Supplemental disclosure of cash flow information:    
Interest paid $ 21,877 19,004
Contingent Liabilities related to real estate investments   $ 2,000