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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 24,942 $ 18,756
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 46,862 37,386
Amortization of Intangible Assets (258) (182)
Amortization of deferred financing costs 586 1,029
Gain on real estate disposal (36)  
Share-based compensation 3,361 3,248
Bad debt expense 168 529
Changes in operating assets and liabilities:    
Accounts receivable (5,148) (465)
Deferred rent receivable (2,915) (1,330)
Deferred leasing costs (7,861) (3,470)
Other assets (2,408) 385
Accounts payable and accrued expenses (1,023) (6,430)
Unearned revenue , prepaid rent and other liabilities 5,015 5,294
Deferred rent payable (466) (245)
Net cash provided by operating activities 60,819 54,505
CASH FLOWS FROM INVESTING ACTIVITIES    
Tenant improvements (3,671) (4,487)
Real estate improvements (50,238) (50,899)
Procees from real estate disposal 2,399  
Net cash used in investing activities (51,510) (55,386)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from exercise of stock options 667 407
Proceeds from revolving credit facility 37,750 43,500
Payments on revolving credit facility (154,000) (41,000)
Proceeds from senior unsecured term loan 150,000 100,000
Repayments of mortgage loans payable   (58,250)
Payments of loan fees and costs (2,207) (1,000)
Payments to net settle equity awards (830)  
Dividends and distributions (43,809) (36,957)
Net cash provided by financing activities (12,429) 6,700
Net change in cash and cash equivalents (3,120) 5,819
Cash and cash equivalents, beginning of period 10,662 5,313
Cash and cash equivalents, end of period 7,542 11,132
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for interest, net of capitalized amounts 2,617 1,810
NON-CASH INVESTING AND FINANCING ACTIVITY    
Construction costs payable capitalized to real estate 14,439 26,700
Accrual of dividends and distributions $ 22,467 $ 18,772