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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
12 Months Ended
Dec. 31, 2015
USD ($)
Dec. 31, 2014
USD ($)
Dec. 31, 2013
USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 56,859 $ 40,052 $ 31,612
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 95,702 80,722 65,785
Amortization of above/below market leases (520) (556) (823)
Amortization of deferred financing costs 1,246 1,897 1,739
Gain on real estate disposal (36) (1,208)  
Share-based compensation 7,114 6,125 6,770
Bad debt expense 201 648 244
Changes in operating assets and liabilities:      
Accounts receivable (2,146) (599) (682)
Deferred rent receivable (7,799) (4,245) (2,248)
Deferred leasing costs (17,555) (21,390) (6,852)
Other assets (5,535) (4,459) (7,157)
Accounts payable and accrued expenses 6,532 (4,160) 3,756
Unearned revenue, prepaid rent and other liabilities 9,561 7,350 262
Deferred rent payable (1,051) (661) 5,317
Net cash provided by operating activities 142,573 99,516 97,723
CASH FLOWS FROM INVESTING ACTIVITIES      
Tenant improvements (7,736) (5,893) (7,128)
Real estate improvements (122,196) (100,299) (185,452)
Acquisition of NY2     (21,889)
Proceeds from real estate disposal 2,399 (946)  
Net cash used in investing activities (127,533) (106,192) (214,469)
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from exercise of stock options 1,393 2,354 925
Offering costs   (147) (27)
Proceeds from revolving credit facility 87,000 88,250 174,250
Payments on revolving credit facility (163,250) (44,000)  
Proceeds from senior unsecured term loan 150,000 100,000  
Repayments of mortgage loans payable   (58,250) (1,500)
Payments of loan fees and costs (2,315) (1,000) (2,621)
Payments to net settle equity awards (4,256) (1,410)  
Dividends and distributions (87,420) (73,772) (57,098)
Net cash provided by (used in) financing activities (18,848) 12,025 113,929
Net change in cash and cash equivalents (3,808) 5,349 (2,817)
Cash and cash equivalents, beginning of period 10,662 5,313 8,130
Cash and cash equivalents, end of period 6,854 10,662 5,313
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION      
Cash paid for interest, net of capitalized amounts 6,219 4,072 2,044
NON-CASH INVESTING AND FINANCING ACTIVITY      
Construction costs payable capitalized to real estate 37,033 16,142 19,821
Accrual of dividends and distributions $ 28,104 $ 22,355 $ 18,804