Annual report pursuant to Section 13 and 15(d)

Consolidated Statements Of Cash Flows

v3.20.4
Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities      
Net income $ 206,705 $ 203,972 $ 271,901
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation and amortization expense 96,314 104,249 99,242
Straight-line rent and amortization of lease intangibles, net (4,713) (3,936) (5,230)
Gain on sale of real estate facilities (27,273) (16,644) (93,484)
Stock compensation expense 5,648 4,956 4,174
Amortization of financing costs 548 544 537
Other, net (254) (2,546) (987)
Total adjustments 70,270 86,623 4,252
Net cash provided by operating activities 276,975 290,595 276,153
Cash flows from investing activities      
Capital expenditures to real estate facilities (36,062) (39,365) (38,663)
Capital expenditures to land and building held for development (16,412) (5,278) (1,183)
Acquisition of real estate facilities (60,019) (134,278) (142,399)
Proceeds from sale of real estate facilities 40,674 144,599 145,097
Consolidation of joint venture     1,082
Net cash used in investing activities (71,819) (34,322) (36,066)
Cash flows from financing activities      
Borrowings on credit facility   70,000 50,000
Repayment of borrowings on credit facility   (70,000) (50,000)
Payment of financing costs (335) (296) (307)
Proceeds from the exercise of stock options 258 969 3,010
Cash paid for taxes in lieu of shares upon vesting of restricted stock units (4,216) (6,350) (4,981)
Redemption of preferred stock   (340,000) (130,000)
Net proceeds from the issuance of preferred stock   316,038  
Capital contribution to joint venture 493    
Cash paid to restricted stock unit holders (654) (910) (1,142)
Distributions paid to preferred shareholders (48,186) (54,346) (52,573)
Distributions paid to common shareholders (115,396) (115,154) (103,837)
Distributions paid to noncontrolling interests-common units (30,683) (30,683) (27,760)
Distributions paid to noncontrolling interests-joint venture (140) (134)  
Net cash used in financing activities (198,859) (230,866) (317,590)
Net increase (decrease) in cash and cash equivalents 6,297 25,407 (77,503)
Cash, cash equivalents and restricted cash at the beginning of the period 63,874 38,467 115,970
Cash, cash equivalents and restricted cash at the end of the period 70,171 63,874 38,467
Supplemental disclosures      
Interest paid   67 40
Adjustment to noncontrolling interests-common units in the OP      
Noncontrolling interests-common units   (145) (5)
Paid-in capital   145 5
Preferred redemption allocation      
Paid-in capital   11,007  
Accumulated earnings (deficit)   $ (11,007)  
Accrued capital expenditures to land and building held for development      
Land and building held for development, net 1,698    
Accrued and other liabilities $ (1,698)    
Consolidation of joint venture      
Land     21,814
Buildings and improvements     84,903
Other, net     (1,787)
Investment in and advances to unconsolidated joint venture     (100,898)
Noncontrolling interests - joint venture     $ (4,032)