| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 |
|---|---|---|---|---|---|---|---|---|---|
Cash flows from operating activities: | |||||||||
Net income (loss) | |||||||||
46,354 | 26,610 | 31,441 | -9,555 | 30,156 | 2,944 | 1,274 | 427 | -370 | 4 |
Adjustments to reconcile net income to cash flow from operating activities: | |||||||||
Depreciation and amortization | |||||||||
52,815 | 45,221 | 34,201 | 34,824 | 28,094 | 12,520 | 4,413 | 3,466 | 1,771 | 0 |
Amortization of deferred financing costs | |||||||||
1,423 | 1,430 | 1,464 | 2,757 | 389 | -660 | 83 | 121 | 15 | 0 |
Stock compensation expense | |||||||||
3,116 | 2,524 | 1,968 | 1,222 | 495 | 206 | 77 | - | - | - |
Net (gains) losses on sale of assets | |||||||||
35,211 | 10,650 | 18,825 | 31,776 | 6,412 | - | - | 0 | - | - |
Net (gains) losses on extinguishment of debt | |||||||||
- | - | -572 | -1,210 | - | - | - | - | - | - |
Amortization related to derivative instruments | |||||||||
690 | -40 | - | - | - | - | - | - | - | - |
Acquisition related debt extinguishment expenses | |||||||||
- | - | 3,624 | - | - | - | - | - | - | - |
TSRE financing extinguishment expenses | |||||||||
- | - | - | - | 23,219 | - | - | - | - | - |
(Gains) losses on TSRE merger and property acquisitions | |||||||||
- | - | - | 732 | 64,604 | 2,882 | - | - | - | - |
Changes in assets and liabilities: | |||||||||
Other assets | |||||||||
-1,344 | 514 | 1,267 | 477 | -5,570 | -764 | 89 | -240 | 333 | 0 |
Accounts payable and accrued expenses | |||||||||
3,490 | 3,284 | 1,578 | -4,328 | 3,362 | 2,670 | 210 | 132 | 1,075 | -1 |
Accrued interest payable | |||||||||
1,542 | 469 | -242 | -715 | 1,060 | -14 | 31 | 32 | - | - |
Other liabilities | |||||||||
-562 | 196 | -190 | 37 | -2,604 | 176 | 19 | 66 | 38 | 0 |
Net cash provided by operating activities | |||||||||
75,001 | 68,530 | 54,324 | -7,533 | 18,725 | 15,724 | 6,018 | 4,484 | 2,196 | 3 |
Cash flows from investing activities: | |||||||||
Acquisition of real estate properties | |||||||||
128,908 | 215,833 | 221,813 | 1,000 | 24,746 | 299,881 | 36,822 | 15,781 | 18,244 | 0 |
Disposition of real estate properties | |||||||||
68,137 | 26,802 | 44,474 | 39,690 | 17,524 | - | - | - | - | - |
Capital expenditures | |||||||||
45,625 | 40,426 | 14,370 | 10,663 | 8,941 | 4,158 | 1,445 | 1,148 | 868 | 0 |
Acquisition of advisory and management contracts | |||||||||
- | - | - | 143 | - | - | - | - | - | - |
TSRE merger, net of cash acquired | |||||||||
- | - | - | - | 137,096 | - | - | - | - | - |
Proceeds from Secured Credit Facility and mortgage indebtedness | |||||||||
- | - | - | - | - | 154,650 | 10,940 | 10,238 | 17,600 | 0 |
Proceeds from issuance of non-controlling interests | |||||||||
- | - | - | - | - | - | - | 3,500 | 1,250 | 0 |
Secured Credit Facility and mortgage principal repayments | |||||||||
- | - | - | - | - | 26,001 | 222 | - | - | - |
Redemption of preferred shares | |||||||||
- | - | - | - | - | - | 137 | - | - | - |
Cash flow used in investing activities | |||||||||
-106,396 | -229,457 | -191,709 | 27,884 | -153,466 | -307,337 | -38,239 | -16,928 | -18,788 | 0 |
Cash flows from financing activities: | |||||||||
(Increase) decrease in restricted cash | |||||||||
- | - | - | - | 207 | 3,298 | -28 | -1 | -324 | 0 |
Proceeds (payments) from issuance of common stock | |||||||||
- | - | - | - | -188 | 189,587 | 31,153 | - | - | - |
Payments related to repurchase of common stock | |||||||||
- | - | - | 62,156 | - | - | - | - | - | - |
TSRE financing extinguishment expenses | |||||||||
- | - | - | - | 23,219 | - | - | - | - | - |
Proceeds from unsecured credit facility and term loans | |||||||||
234,059 | 400,000 | 199,690 | 103,501 | 391,500 | - | - | - | - | - |
Credit facility repayments | |||||||||
- | - | - | 345,001 | 239,511 | - | - | - | - | - |
Unsecured credit facility repayments | |||||||||
153,500 | 198,262 | 145,685 | - | - | - | - | - | - | - |
Proceeds from mortgage | |||||||||
- | - | - | 105,980 | 97,225 | - | - | - | - | - |
Mortgage principal repayments | |||||||||
4,284 | 3,191 | 2,654 | 45,088 | 33,240 | - | - | - | - | - |
Payments for deferred financing costs | |||||||||
1,446 | 890 | 2,089 | 1,485 | 7,998 | 89 | 418 | -7 | 338 | - |
Proceeds from issuance of preferred stock | |||||||||
- | - | - | - | - | - | - | 100 | - | 0 |
Proceeds from issuance of common stock | |||||||||
20,981 | 21,914 | 137,353 | 245,309 | - | - | - | 3,193 | - | 0 |
Proceeds from repayment of short-term notes | |||||||||
- | - | - | - | - | - | - | - | - | -200 |
Issuance of short-term notes | |||||||||
- | - | - | - | - | - | - | - | - | 200 |
Proceeds from subscriptions | |||||||||
- | - | - | - | - | - | - | - | - | 1,130 |
Subscriptions payable | |||||||||
- | - | - | - | - | - | - | - | - | 1,130 |
Financing commitment fee | |||||||||
- | - | - | - | - | - | - | - | - | 0 |
Distributions on preferred stock | |||||||||
- | - | - | - | - | - | 10 | 15 | - | 0 |
Distributions on common stock | |||||||||
64,745 | 52,476 | 52,304 | 36,575 | 25,103 | 14,978 | 2,979 | 149 | 5 | 0 |
Distributions to noncontrolling interests | |||||||||
640 | 658 | 2,119 | 2,140 | 1,187 | 127 | 1,805 | 3,004 | 1,017 | 0 |
Payment for interest rate collars | |||||||||
- | 3,730 | 2,405 | - | - | - | - | - | - | - |
Payments related to extinguishment of debt on acquisitions | |||||||||
- | - | 3,624 | - | - | - | - | - | - | - |
Repurchase of shares related to equity award tax withholding | |||||||||
642 | 354 | 569 | - | - | - | - | - | - | - |
Cash flow provided by (used in) financing activities | |||||||||
29,783 | 162,353 | 125,594 | -37,655 | 158,279 | 303,042 | 33,022 | 13,870 | 17,490 | 0 |
Net change in cash and cash equivalents, and restricted cash | |||||||||
-1,612 | 1,426 | -11,791 | -17,304 | 23,538 | 11,429 | 801 | 1,426 | 898 | 3 |
Supplemental cash flow information: | |||||||||
Cash paid for interest | |||||||||
37,531 | 36,002 | 27,368 | 33,034 | 22,105 | 9,170 | 3,545 | 3,219 | 1,712 | 0 |
Supplemental disclosure of noncash investing and financing activities: | |||||||||
Decrease in noncontrolling interest from conversion of common limited partnership units to shares of common stock | |||||||||
78 | 14,506 | 620 | 2,290 | 493 | - | 43,585 | - | - | - |
Distributions declared but not paid | |||||||||
16,491 | 16,162 | 5,245 | 4,297 | 3,006 | 1,982 | - | - | - | - |
Value of common stock issued | |||||||||
- | - | - | - | 109,857 | - | - | - | - | - |
Value of limited partnership units issued in acquisitions | |||||||||
- | - | 1,654 | - | 13,998 | 11,961 | - | - | - | - |
Mortgage debt assumed | |||||||||
- | 54,756 | 18,977 | - | 121,885 | 66,963 | - | - | - | - |
Initial measurement of operating lease right of use assets | |||||||||
2,812 | - | - | - | - | - | - | - | - | - |
Initial measurement of operating lease liabilities | |||||||||
3,176 | - | - | - | - | - | - | - | - | - |
Debt extinguishment costs included in net gains (losses) on sale of assets | |||||||||
7,417 | 911 | 4,251 | - | - | - | - | - | - | - |
Capital expenditure accrual | |||||||||
804 | 1,750 | - | - | - | - | - | - | - | - |