XML 25 R6.htm IDEA: XBRL DOCUMENT v3.3.1.900
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Cash flows from operating activities:      
Net loss $ (40,269) $ (94,285) $ (19,311)
Adjustments to reconcile net loss to net cash provided by operating activities:      
Depreciation and amortization 82,716 84,799 31,751
Amortization of deferred financing costs 7,036 8,184 2,369
Accretion of below- and amortization of above-market lease liabilities and assets, net 8,366 9,738 2,681
Vesting of asset management fees and final value of listing note 0 44,979 0
Loss (gain) on derivative instruments (75) 1 5
Gain on sale of real estate investment, net (7,523) 0 0
Gain on sale of investments (109) 0 0
Bad debt expense 870 220 481
Equity-based compensation 15,245 7,752 232
Loss (income) from unconsolidated joint venture (1,939) 1,499 95
Changes in assets and liabilities:      
Tenant and other receivables 952 (2,823) (1,215)
Unbilled rent receivables (13,683) (19,590) (8,968)
Prepaid expenses, other assets and deferred costs 349 (6,632) (8,566)
Accrued unbilled ground rent 3,179 4,348 476
Accounts payable and accrued expenses (102) (8,730) 7,314
Due from affiliated entities 0 0 325
Deferred rent (706) (3,447) 7,131
Net cash provided by operating activities 37,725 6,535 9,428
Cash flows from investing activities:      
Proceeds from sale of preferred equity investment and other real estate investments 70,854 0 0
Investment in real estate and other assets 0 (316,206) (1,298,228)
Acquisition funds released from (held in) escrow 4,748 (4,748) 0
Capital expenditures (30,289) (11,801) (12,089)
Purchase of investment securities (78) (3,127) (1,288)
Proceeds from sale of investment securities 4,602 0 0
Distributions from unconsolidated joint venture 12,070 8,047 2,097
Net cash provided by (used in) investing activities 61,907 (327,835) (1,309,508)
Cash flows from financing activities:      
Proceeds from mortgage notes payable 305,000 0 0
Payments on mortgage notes payable (88,806) (474) (72,853)
Proceeds from credit facility 0 330,000 305,000
Payments on credit facility (150,000) 0 (19,995)
Proceeds from issuance of common stock 0 11,311 1,492,523
Proceeds from issuance of operating partnership units 0 750 0
Payments for purchase of derivative instruments (488) 0 0
Repurchases of common stock, inclusive of fees and expenses 0 (154,269) (1,763)
Payments of offering costs and fees related to stock issuances 0 (1,506) (148,223)
Payments of financing costs (10,771) (7,293) (7,562)
Dividends paid (74,707) (66,129) (17,799)
Distributions to non-controlling interest holders (3,184) (780) (65)
Redemptions of OP units and restricted shares (65) (698) (1,000)
Restricted cash (519) (477) (160)
Net cash provided by (used in) financing activities (23,540) 110,435 1,528,103
Net increase (decrease) in cash and cash equivalents 76,092 (210,865) 228,023
Cash and cash equivalents, beginning of period 22,512 233,377 5,354
Cash and cash equivalents, end of period 98,604 22,512 233,377
Supplemental Disclosures:      
Cash paid for interest 21,660 15,467 7,946
Non-Cash Investing and Financing Activities:      
Accrued capital expenditures 498 3,555 0
Reclassification of real estate and other assets to held for sale 29,268 0 0
Reclassification of liabilities related to real estate and other assets to held for sale 321 0 0
Mortgage notes payable used to acquire investments in real estate 0 0 60,000
Liabilities assumed in acquisition of real estate 0 0 12,206
Dividends payable 27 20 0
Debt assumed in real estate acquisitions 0 0 1,411
Conversion of preferred stock to common stock 0 0 506
Conversion of OP units to common stock 974 0 0
Common stock issued through distribution reinvestment plan $ 0 $ 19,019 $ 18,852