XML 17 R6.htm IDEA: XBRL DOCUMENT v3.8.0.1
Condensed Consolidated Statements of Cash Flows
$ in Thousands
9 Months Ended
Sep. 30, 2017
USD ($)
Sep. 30, 2016
USD ($)
Cash flows from operating activities:    
Net income (loss) $ (11,012) $ 6,649
Adjustments to reconcile net income or loss to net cash provided by operating activities:    
Depreciation and amortization expense 77,418 69,750
Amortization of above and below market leases (941) (104)
Hedge ineffectiveness 218 (388)
(Gain) loss on sale of properties and properties held for sale, less applicable income tax 18,460 1,166
Equity in losses of non-consolidated REITs 719 568
Increase in allowance for doubtful accounts 25 70
Changes in operating assets and liabilities:    
Restricted cash (32) (25)
Tenant rent receivables (902) (503)
Straight-line rents (2,021) (2,094)
Lease acquisition costs (876) (679)
Prepaid expenses and other assets (1,945) (1,667)
Accounts payable, accrued expenses and other items (489) 1,478
Accrued compensation (784) (488)
Tenant security deposits 76 (110)
Payment of deferred leasing commissions (8,178) (9,147)
Net cash provided by operating activities 69,300 65,252
Cash flows from investing activities:    
Property acquisitions   (100,302)
Property improvements, fixtures and equipment (41,743) (22,020)
Office computers and furniture (119) (77)
Acquired real estate leases   (18,873)
Distributions in excess of earnings from non-consolidated REITs 1,041 691
Repayment of related party mortgage loan receivable 9,795 39,596
Proceeds received on sales of real estate assets 6,160 20,058
Net cash used in investing activities (24,866) (80,927)
Cash flows from financing activities:    
Distributions to stockholders (61,122) (57,108)
Proceeds from equity offering   83,511
Offering costs   (544)
Borrowings under bank note payable 60,000 155,000
Repayments of bank note payable (40,000) (167,000)
Deferred financing costs   (2,975)
Net cash provided by (used in) financing activities (41,122) 10,884
Net increase (decrease) in cash and cash equivalents 3,312 (4,791)
Cash and cash equivalents, beginning of year 9,335 18,163
Cash and cash equivalents, end of period 12,647 13,372
Non-cash investing and financing activities:    
Accrued costs for purchase of real estate assets $ 6,053 6,143
Accrued offering costs   $ 65