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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Cash flows from operating activities:    
Net income (loss) $ 419 $ (8,777)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 17,225 21,680
Amortization of deferred financing costs 2,606 1,138
Accretion of below- and amortization of above-market lease liabilities and assets, net (1,724) (3,071)
Equity-based compensation (6,430) 248
Loss on derivative instruments 251 4
Income from unconsolidated joint venture (1,088) (235)
Gain on sale of real estate investment, net (6,505) 0
Gain on sale of investment securities 0 (48)
Bad debt expense 142 542
Changes in assets and liabilities:    
Tenant and other receivables 322 (648)
Unbilled rent receivables (2,252) (5,870)
Prepaid expenses, other assets and deferred costs 1,069 5,744
Accrued unbilled ground rent 686 987
Accounts payable and accrued expenses 193 2,127
Deferred revenue 794 625
Net cash provided by operating activities 5,708 14,446
Cash flows from investing activities:    
Proceeds from sale of real estate investments and redemption of preferred equity investment 35,429 35,100
Acquisition funds released from escrow 0 3,679
Capital expenditures (6,290) (7,494)
Distributions from unconsolidated joint venture 7,900 0
Proceeds from sale of investment securities 0 1,098
Purchase of investment securities 0 (42)
Net cash provided by investing activities 37,039 32,341
Cash flows from financing activities:    
Payments on mortgage notes payable (19,041) (121)
Refund (payments) of financing costs 19 (132)
Dividends paid (18,894) (18,654)
Distributions to non-controlling interest holders (428) (593)
Restricted cash (2,845) (439)
Net cash used in financing activities (41,189) (19,939)
Net increase in cash and cash equivalents 1,558 26,848
Cash and cash equivalents, beginning of period 98,604 22,512
Cash and cash equivalents, end of period 100,162 49,360
Supplemental disclosures:    
Cash paid for interest 7,154 4,828
Non-cash investing and financing activities:    
Dividends payable 17  
Accrued capital expenditures 4 3,556
Conversion of OP units to common stock $ 23,239 $ 0