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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
OPERATING ACTIVITIES:    
Net income $ 40,961 $ 89,295
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 19,467 18,712
Stock-based compensation expense 3,312 2,897
Gain on sale of real estate, net (500) (48,345)
Income from unconsolidated joint ventures (1,213) (1,357)
Income distributions from unconsolidated joint ventures 1,402 1,256
Insurance proceeds for damaged property   2,619
Payment for remediation of damaged property   (173)
Straight-line rental income (2,513) (5,440)
Adjustment for collectability of rental income 1,926  
Lease incentives funded (283) (1,017)
Amortization of Lease incentives 181 1,091
Provision (recovery) for doubtful accounts 167 (30)
Non-cash interest related to contingent liabilities   251
Other non-cash items, net 505 663
Increase in interest receivable (2,908) (2,814)
Increase (decrease) in accrued interest payable 1,110 (171)
Net change in other assets and liabilities 58 (1,966)
Net cash provided by operating activities 61,672 55,471
INVESTING ACTIVITIES:    
Investment in real estate properties (16,112) (25,902)
Investment in real estate developments (13,012) (18,623)
Investment in real estate capital improvements (1,068) (1,763)
Capitalized interest (333) (552)
Proceeds from sale of real estate, net 231 64,386
Investment in real estate mortgage loans receivable (9,736) (11,654)
Principal payments received on mortgage loans receivable 565 1,636
Investments in unconsolidated joint ventures (293) (497)
Proceeds from dissolution of unconsolidated joint ventures 3,400  
Advances and originations under notes receivable (7,766)  
Principal payments received on notes receivable 49 2,352
Net cash (used in) provided by investing activities (44,075) 9,383
FINANCING ACTIVITIES:    
Bank borrowings 36,900 54,000
Repayment of bank borrowings (2,000) (65,000)
Principal payments on senior unsecured notes (4,167) (4,166)
Stock option exercises   123
Distributions paid to stockholders (45,583) (45,168)
Contribution from non-controlling interests 46 1,081
Distributions paid to non-controlling interests (177)  
Financing costs paid (35) (3,051)
Other (2,030) (1,180)
Net cash used in financing activities (17,046) (63,361)
Increase in cash, cash equivalents and restricted cash 551 1,493
Cash, cash equivalents and restricted cash, beginning of period 4,764 5,213
Cash, cash equivalents and restricted cash, end of period 5,315 6,706
Supplemental disclosure of cash flow information:    
Interest paid 13,564 $ 14,994
Non-cash investing and financing transactions:    
Reclassification of notes receivable to lease incentives 200  
Contribution from non-controlling interests $ 965