| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|---|---|---|---|---|---|---|---|---|---|
OPERATING ACTIVITIES: | ||||||||||
Net income | ||||||||||
80,872 | 155,076 | 87,340 | 85,115 | 73,081 | 73,399 | 57,815 | 51,327 | 49,443 | 46,053 | 44,360 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||
Depreciation and amortization | ||||||||||
39,216 | 37,555 | 37,610 | 35,932 | 29,431 | 25,529 | 24,706 | 22,153 | 19,623 | 16,109 | 14,822 |
Stock-based compensation expense | ||||||||||
6,566 | 5,870 | 5,249 | 4,280 | 4,006 | 3,253 | 2,591 | 1,819 | 1,467 | 1,285 | 1,389 |
Impairment charges | ||||||||||
5,500 | - | 1,880 | 766 | 2,250 | - | - | - | - | - | - |
Impairment loss from investments in unconsolidated joint ventures | ||||||||||
5,500 | - | - | - | - | - | - | - | - | - | - |
Gain on sale of real estate, net | ||||||||||
2,106 | 70,682 | 3,814 | 3,582 | 586 | 4,959 | 1,605 | 16 | - | 310 | - |
Income from unconsolidated joint ventures | ||||||||||
2,388 | 2,864 | 2,263 | 1,138 | 1,819 | - | - | - | - | - | - |
Income distributions from unconsolidated joint ventures | ||||||||||
2,991 | 2,371 | 1,738 | 1,695 | 552 | - | - | - | - | - | - |
Insurance proceeds for damaged property | ||||||||||
- | 2,619 | - | - | - | - | - | - | - | - | - |
Payment for remediation of damaged property | ||||||||||
- | 508 | - | - | - | - | - | - | - | - | - |
Straight-line rental income | ||||||||||
4,487 | 9,550 | 10,694 | 13,477 | 10,136 | 3,002 | 3,955 | 3,264 | 3,728 | 3,822 | 4,241 |
Adjustment for collectability of rental income | ||||||||||
1,926 | - | - | - | - | - | - | - | - | - | - |
Lease incentives funded | ||||||||||
387 | 1,272 | 6,544 | 4,827 | - | - | - | - | - | - | - |
Amortization of lease incentives | ||||||||||
385 | 2,092 | 2,209 | 1,955 | 1,680 | 841 | 660 | - | - | - | - |
Provision for doubtful accounts | ||||||||||
166 | 87 | -206 | 457 | 619 | 32 | 2,180 | -101 | -13 | 2,010 | 775 |
Non-cash interest related to contingent liabilities | ||||||||||
- | 377 | 602 | 684 | 409 | 18 | 256 | 439 | 464 | - | - |
Non-cash income related to earn-out and related lease incentive write-off | ||||||||||
- | 3,074 | 842 | 16 | - | - | - | - | - | - | - |
Other non-cash items, net | ||||||||||
-1,016 | -1,180 | -1,282 | -1,216 | -985 | -779 | -726 | -1,460 | -1,344 | -881 | -851 |
Increase in interest receivable | ||||||||||
5,854 | 5,682 | 5,367 | 5,147 | 3,939 | -105 | -87 | -535 | -56 | -95 | -91 |
Increase in prepaid, other assets and allowance | ||||||||||
- | - | - | - | - | - | - | - | - | - | 285 |
(Decrease) increase in accrued interest payable | ||||||||||
803 | -1,096 | 601 | 701 | 418 | 132 | 145 | 1,923 | 681 | 573 | -149 |
Net change in other assets and liabilities | ||||||||||
1,750 | -3,036 | 3,476 | -1,094 | -5,390 | 365 | -3,519 | -545 | -1,167 | -2,101 | - |
Increase in accrued expenses and other liabilities | ||||||||||
- | - | - | - | - | - | - | - | - | - | 2,727 |
Net cash provided by operating activities | ||||||||||
122,469 | 115,535 | 105,305 | 105,708 | 102,341 | 95,762 | 87,125 | 76,820 | 70,459 | 64,975 | 60,340 |
INVESTING ACTIVITIES: | ||||||||||
Investment in real estate properties | ||||||||||
58,414 | 40,408 | 82,405 | 74,923 | 206,340 | 11,650 | 19,040 | 166,750 | 96,294 | 94,250 | - |
Investment in real estate developments | ||||||||||
20,524 | 35,279 | 22,901 | 42,342 | 25,929 | 34,135 | 23,605 | 9,957 | 50 | - | - |
Investment in real estate capital improvements | ||||||||||
2,839 | 3,249 | 2,899 | 6,792 | 7,534 | 13,967 | 6,992 | 1,132 | 3,135 | 5,824 | 16,984 |
Capitalized interest | ||||||||||
608 | 1,248 | 908 | 1,408 | 827 | 1,506 | 932 | -130 | -45 | - | - |
Proceeds from sale of real estate, net | ||||||||||
14,009 | 92,749 | 15,413 | 17,369 | 1,537 | 33,593 | 11,001 | 1,271 | - | 4,864 | - |
Investment in real estate mortgage loans receivable | ||||||||||
12,342 | 21,364 | 11,913 | 20,685 | 67,134 | 9,374 | 129,358 | 7,719 | - | 1,694 | 221 |
Principal payments received on mortgage loans receivable | ||||||||||
1,065 | 2,136 | 17,863 | 8,278 | 4,808 | 9,155 | 1,933 | 21,633 | - | 8,403 | 7,843 |
Investments in unconsolidated joint ventures | ||||||||||
472 | 670 | 3,848 | 1,770 | 23,042 | - | - | - | - | - | - |
Proceeds from dissolution of unconsolidated joint ventures | ||||||||||
6,601 | - | - | - | - | - | - | - | - | - | - |
Payment of working capital reserve | ||||||||||
- | - | 439 | 2,756 | 805 | - | - | - | - | - | - |
Advances and originations under notes receivable | ||||||||||
8,967 | 124 | - | 14,969 | 1,554 | 1,263 | 1,004 | 2,930 | 232 | 100 | 375 |
Principal payments received on notes receivable | ||||||||||
3,503 | 3,848 | 25 | 100 | - | 113 | 3,110 | 569 | 5,967 | - | - |
Proceeds from redemption of marketable securities | ||||||||||
- | - | - | - | - | - | - | 6,500 | - | - | - |
Principal payments received on notes receivable | ||||||||||
- | - | - | - | - | - | - | - | 731 | 1,573 | 671 |
Net cash provided by (used in) investing activities | ||||||||||
-78,988 | -3,609 | -92,012 | -139,898 | -326,820 | -29,034 | -164,887 | -158,645 | -93,013 | -87,028 | -9,066 |
FINANCING ACTIVITIES: | ||||||||||
Bank borrowings | ||||||||||
107,900 | 116,200 | 113,000 | 123,600 | 291,000 | 37,500 | 93,000 | 153,500 | 167,600 | 83,700 | 19,000 |
Repayment of bank borrowings | ||||||||||
126,000 | 100,700 | 123,600 | 137,000 | 170,500 | 58,500 | 187,500 | 94,000 | 149,300 | 59,500 | 5,500 |
Proceeds from issuance of senior unsecured notes | ||||||||||
100,000 | - | 100,000 | 77,500 | 200,000 | 30,000 | 70,000 | 85,800 | 50,000 | 50,000 | - |
Principal payments on senior unsecured notes | ||||||||||
33,667 | 38,166 | 31,167 | 26,667 | 29,167 | 4,167 | - | - | - | - | - |
Stock repurchase plan | ||||||||||
- | - | - | - | - | - | - | - | - | - | 16 |
Principal payments on bonds payable | ||||||||||
- | - | - | - | - | 2,035 | 600 | 565 | 530 | 8,180 | 24,843 |
Payment of earn-out liabilities | ||||||||||
- | - | - | - | - | - | 7,000 | - | 4,000 | - | - |
Proceeds from common stock issued | ||||||||||
- | 1,005 | 14,578 | 78,592 | - | 24,644 | 176,260 | - | 103,631 | 67,793 | 766 |
Debt issue costs | ||||||||||
- | - | - | - | - | - | - | - | - | 718 | 35 |
Stock option exercises | ||||||||||
123 | 123 | 202 | 159 | 79 | 1,071 | 523 | 1,926 | 120 | 182 | 770 |
Distributions paid to stockholders | ||||||||||
90,899 | 90,372 | 90,219 | 84,568 | 76,765 | 74,431 | 66,904 | 57,785 | 56,572 | 53,902 | 51,373 |
Contribution from non-controlling interests | ||||||||||
965 | 3,963 | 3,488 | - | - | - | - | - | - | - | - |
Distributions paid to non-controlling interests | ||||||||||
309 | 65 | - | - | - | - | 7 | 78 | 191 | 210 | 305 |
Repurchase of preferred stock | ||||||||||
- | - | - | - | - | - | - | - | - | - | 2,000 |
Redemption of preferred stock | ||||||||||
- | - | - | - | - | - | - | - | 88,413 | 59,065 | - |
Redemption of non-controlling interests | ||||||||||
- | - | - | - | - | - | - | 2,764 | - | - | - |
Financing costs paid | ||||||||||
61 | 3,162 | 363 | 147 | 1,178 | 2,132 | 171 | 1,426 | 2,286 | - | - |
Other | ||||||||||
-2,053 | -1,201 | -1,990 | -2,230 | -1,285 | -219 | -252 | - | - | - | - |
Net cash (used in) provided by financing activities | ||||||||||
-44,001 | -112,375 | -16,071 | 29,239 | 212,184 | -48,269 | 77,349 | 84,608 | 20,059 | 20,100 | -63,536 |
Increase in cash, cash equivalents and restricted cash | ||||||||||
-520 | -449 | -2,778 | -4,951 | -12,295 | 18,459 | -413 | 2,783 | -2,495 | -1,953 | -12,262 |
Supplemental disclosure of cash flow information: | ||||||||||
Interest paid | ||||||||||
28,767 | 30,116 | 28,070 | 24,490 | 16,078 | 12,188 | 10,466 | 7,452 | 5,070 | 1,745 | 2,177 |