| Dec'18 | Dec'17 | Dec'16 | Dec'15 | |||
|---|---|---|---|---|---|---|
Operating activities | ||||||
Net income | ||||||
9,506 | 24,152 | 11,316 | 16,730 | |||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||
Depreciation and amortization | ||||||
19,517 | 17,617 | 17,921 | 11,871 | |||
Stock-based compensation | ||||||
3,405 | 3,387 | 2,555 | 1,795 | |||
Straight-line rent receivable | ||||||
936 | 5,919 | -3,447 | 9,523 | |||
Straight-line rent liability | ||||||
149 | 157 | 165 | 171 | |||
Provision for bad debt | ||||||
- | - | 216 | - | |||
Construction mortgage interest income | ||||||
1,186 | 22 | - | - | |||
Write-off of pre-acquisition costs | ||||||
513 | 149 | 252 | - | |||
Write-off of pre-offering costs | ||||||
- | - | 89 | - | |||
Changes in operating assets and liabilities | ||||||
Other assets | ||||||
7,210 | -10,264 | 12,939 | 5,222 | |||
Accounts payable and accrued liabilities | ||||||
796 | -9,147 | 9,062 | 4,117 | |||
Deferred revenues | ||||||
-1,088 | 503 | -1,632 | - | |||
Deferred revenues | ||||||
- | - | - | 2,968 | |||
Net cash provided by operating activities | ||||||
23,466 | 41,141 | 30,452 | - | |||
Investing activities | ||||||
Net cash provided by operating activities | ||||||
- | - | - | 22,907 | |||
Acquisitions of real estate | ||||||
23,458 | 55,179 | 72 | 317,872 | |||
Capital expenditures for real estate | ||||||
3,931 | 1,105 | - | - | |||
Funding of mortgage notes and note receivable | ||||||
39,715 | 21,113 | 1,662 | - | |||
Repayments of mortgage note and note receivable | ||||||
1,349 | 450 | 1,712 | - | |||
Funding of note receivable | ||||||
- | - | - | 500 | |||
Capitalized pre-acquisition costs, net | ||||||
210 | 107 | 306 | 749 | |||
Capital expenditures for corporate property | ||||||
24 | 15 | 12 | 291 | |||
Net cash used in investing activities | ||||||
-65,989 | -77,069 | -340 | - | |||
Financing activities | ||||||
Distributions to noncontrolling interest | ||||||
2,934 | 3,239 | 2,307 | 482 | |||
Deferred loan costs | ||||||
901 | 2,910 | 1,402 | 2,406 | |||
Net cash used in investing activities | ||||||
- | - | - | -319,412 | |||
Net borrowings (repayments) on secured credit facility | ||||||
62,600 | -52,800 | -103,400 | 197,400 | |||
Dividends paid to common stockholders | ||||||
20,097 | 26,657 | 10,459 | 7,483 | |||
Taxes remitted upon vesting of restricted stock | ||||||
397 | 224 | - | - | |||
Capitalized pre-offering costs | ||||||
18 | 280 | - | 2,491 | |||
Proceeds from borrowings on term loan | ||||||
- | 125,000 | - | - | |||
Cancellation of restricted stock | ||||||
- | 50 | - | - | |||
Proceeds from sale of common shares, net of offering costs | ||||||
- | -43 | 224,320 | - | |||
Redemption of preferred shares | ||||||
- | - | 125,125 | - | |||
Dividends paid to preferred stockholders | ||||||
- | - | 14,588 | 7,007 | |||
Net cash provided by financing activities | ||||||
38,253 | 38,797 | -32,961 | - | |||
Decrease in cash, cash equivalents, and restricted cash | ||||||
-4,270 | 2,869 | -2,849 | - | |||
Proceeds from sale of preferred shares, net of offering costs | ||||||
- | - | - | 119,955 | |||
Contributions by noncontrolling interest | ||||||
- | - | - | 1,000 | |||
Net cash provided by financing activities | ||||||
- | - | - | 298,486 | |||
Increase (decrease) in cash and cash equivalents | ||||||
- | - | - | 1,981 | |||
Supplemental Cash Flow Information | ||||||
Interest paid | ||||||
11,181 | 6,325 | 8,417 | - | |||
Norris Academy acquisition of real estate | ||||||
6,383 | - | - | - | |||
Lakeway mortgage note receivable foreclosure | ||||||
- | - | - | 50,000 | |||
Norris Academy mortgage note conversion | ||||||
-6,383 | - | - | 18,000 | |||
Accrued capital expenditures for real estate | ||||||
613 | - | - | - | |||
Texas gross margins taxes paid, net of reimbursement | ||||||
96 | -23 | 69 | 7 | |||
Interest paid | ||||||
- | - | - | 5,079 | |||
Accrued pre-acquisition costs | ||||||
34 | 64 | 21 | 131 | |||
Accrued pre-offering costs | ||||||
- | 18 | - | 942 | |||