| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|---|---|---|---|---|---|---|---|
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net income | ||||||||
55,516 | 63,289 | 53,095 | 15,118 | 14,601 | 10,718 | 6,641 | 4,065 | -3,729 |
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||
Straight-line rents | ||||||||
2,597 | 3,459 | 3,657 | 4,740 | 3,889 | 2,744 | 3,005 | 2,673 | 1,454 |
Amortization of lease intangibles | ||||||||
-4,682 | -3,694 | -2,161 | -1,338 | -1,925 | -1,099 | -864 | 399 | 506 |
Depreciation and amortization | ||||||||
44,015 | 40,816 | 37,870 | 34,399 | 36,026 | 19,170 | 12,481 | 8,728 | 4,285 |
Loss on extinguishment of debt | ||||||||
-189 | 0 | 0 | -239 | - | - | - | - | - |
Depreciation related to discontinued operations | ||||||||
- | - | - | - | - | - | 101 | 509 | 614 |
Gain on sales of real estate investments | ||||||||
9,391 | 28,610 | 30,654 | 7,140 | 10,567 | - | 2,778 | 4,037 | - |
Deferred financing cost amortization | ||||||||
1,562 | 1,442 | 1,193 | 766 | 393 | 279 | 252 | 462 | 238 |
Deferred senior secured loan fee amortization | ||||||||
531 | 392 | 0 | 0 | - | - | - | - | - |
Stock-based compensation | ||||||||
10,644 | 9,270 | 8,732 | 9,444 | 6,081 | 2,060 | 2,137 | 1,121 | 1,202 |
Changes in assets and liabilities | ||||||||
Other assets | ||||||||
1,579 | 1,531 | -584 | 3,174 | 1,252 | 1,510 | 576 | 533 | 690 |
Accounts payable and other liabilities | ||||||||
1,542 | 468 | 4,496 | 5,667 | 2,600 | 2,447 | -894 | 1,708 | 1,177 |
Net cash provided by operating activities | ||||||||
94,688 | 77,599 | 69,498 | 49,241 | 42,068 | 29,321 | 13,495 | 9,749 | 2,149 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Restricted cash | ||||||||
- | - | - | - | - | 4,390 | 465 | 218 | 1,293 |
Cash paid for property acquisitions | ||||||||
238,661 | 221,806 | 297,109 | 128,495 | 262,979 | 225,797 | 209,338 | 166,043 | 96,926 |
Proceeds from sales of real estate investments, net | ||||||||
47,133 | 79,594 | 75,396 | 21,379 | 23,671 | - | 17,469 | 16,293 | - |
Additions to construction in progress | ||||||||
27,884 | 9,668 | 0 | 15,577 | 1,510 | - | - | - | - |
Additions to buildings, improvements and leasing costs | ||||||||
32,070 | 28,977 | 27,405 | 26,936 | 18,846 | 19,729 | 9,531 | 10,212 | 7,665 |
Cash paid for senior secured loan | ||||||||
0 | 55,000 | 0 | 0 | - | - | - | - | - |
Origination and other fees received on senior secured loan | ||||||||
0 | 900 | 0 | 0 | - | - | - | - | - |
Net cash used in investing activities | ||||||||
-251,482 | -234,957 | -249,118 | -149,629 | -259,664 | -249,916 | -201,865 | -160,180 | -105,884 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Issuance of common stock | ||||||||
278,058 | 208,949 | 255,295 | 101,432 | 3,122 | 320,263 | 191,475 | 55,004 | - |
Issuance costs on issuance of common stock | ||||||||
4,023 | 3,030 | 3,764 | 1,506 | 46 | 630 | 648 | 305 | - |
Repurchase of common stock | ||||||||
3,959 | 3,870 | 3,436 | 1,551 | 512 | 284 | 160 | 79 | - |
Repurchase of preferred stock | ||||||||
0 | 0 | 46,000 | 0 | - | - | - | - | - |
Issuance of preferred stock | ||||||||
- | - | - | - | - | - | - | 44,551 | - |
Issuance costs on issuance of preferred stock | ||||||||
- | - | - | - | - | - | - | 260 | - |
Purchase of derivative instrument | ||||||||
- | - | - | - | 343 | 835 | - | - | - |
Borrowings on credit facility | ||||||||
17,000 | 204,000 | 93,000 | 95,500 | - | 115,000 | 62,500 | 162,700 | -47,000 |
Payments on credit facility | ||||||||
36,000 | 185,000 | 144,500 | 44,000 | - | 146,000 | 96,929 | 138,271 | 6,000 |
Payments on term loans payable | ||||||||
50,000 | 0 | 0 | 50,000 | - | - | - | 20,050 | - |
Borrowings on term loans payable | ||||||||
- | - | - | - | - | 150,000 | 50,000 | - | 20,050 |
Borrowings on senior unsecured notes | ||||||||
100,000 | 0 | 100,000 | 50,000 | 100,000 | - | - | - | - |
Borrowings on mortgage loans payable | ||||||||
- | - | - | - | - | - | - | 59,880 | - |
Payments on mortgage loans payable | ||||||||
1,514 | 19,201 | 1,916 | 16,871 | 24,844 | 12,267 | 2,852 | 1,847 | 889 |
Payment of deferred financing costs | ||||||||
943 | 1,366 | 872 | 2,499 | 1,127 | 1,705 | 723 | 1,110 | 639 |
Payment of underwriting fee | ||||||||
- | - | - | - | - | - | - | - | 7,000 |
Dividends paid to common stockholders | ||||||||
63,565 | 51,445 | 41,866 | 33,182 | 27,545 | 15,770 | 9,669 | 5,497 | 2,791 |
Dividends paid to preferred stockholders | ||||||||
0 | 0 | 1,999 | 3,565 | 3,565 | 3,565 | 3,565 | 1,604 | - |
Net cash (used in) provided by financing activities | ||||||||
235,054 | 149,037 | 203,942 | 93,758 | 45,140 | 404,207 | 189,429 | 153,112 | 49,731 |
Net (decrease) increase in cash and cash equivalents and restricted cash | ||||||||
78,260 | -8,321 | 24,322 | -6,630 | -172,456 | 183,612 | 1,059 | 2,681 | -54,004 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||||||||
Cash paid for interest, net of capitalized interest | ||||||||
18,351 | 19,787 | 13,839 | 11,888 | 8,382 | 6,242 | 6,413 | 4,819 | 2,102 |
Supplemental disclosures of non-cash transactions | ||||||||
Accounts payable related to capital improvements | ||||||||
12,498 | 10,712 | 6,996 | 7,955 | 5,195 | 2,353 | 1,685 | 451 | 2,038 |
Redemption of preferred stock | ||||||||
0 | 0 | 1,729 | 0 | - | - | - | - | - |
Non-cash repayment of senior secured loan | ||||||||
39,085 | 0 | 0 | - | - | - | - | - | - |
Lease liability arising from recognition of right-of-use asset | ||||||||
647 | - | - | - | - | - | - | - | - |
Reconciliation of cash paid for property acquisitions | ||||||||
Acquisition of properties | ||||||||
250,506 | 227,058 | 319,666 | 130,944 | 271,293 | 236,747 | 212,434 | 185,281 | 119,203 |
Assumption of mortgage loans payable | ||||||||
- | - | - | - | 4,796 | 8,497 | - | 14,832 | 21,541 |
Mortgage premiums | ||||||||
- | - | - | - | -60 | -344 | - | -701 | -101 |
Assumption of other assets and liabilities | ||||||||
11,845 | 5,252 | 22,557 | 2,449 | 3,458 | 2,109 | 3,096 | 3,705 | 635 |
Net cash paid for property acquisitions | ||||||||
238,661 | 221,806 | 297,109 | 128,495 | 262,979 | 225,797 | 209,338 | 166,043 | 96,926 |