XML 23 R7.htm IDEA: XBRL DOCUMENT v3.6.0.2
CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
12 Months Ended
Dec. 31, 2016
USD ($)
Dec. 31, 2015
USD ($)
Dec. 31, 2014
USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 81,921 $ 56,859 $ 40,052
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 108,652 95,702 80,722
Amortization of above/below market leases (541) (520) (556)
Amortization of deferred financing costs 1,333 1,246 1,897
Gain on real estate disposal   (36) (1,208)
Share-based compensation 8,892 7,114 6,125
Bad debt expense 398 201 648
Changes in operating assets and liabilities:      
Accounts receivable (13,199) (2,146) (599)
Deferred rent receivable (7,083) (7,799) (4,245)
Deferred leasing costs (14,395) (17,555) (21,390)
Other assets (8,819) (5,535) (4,459)
Accounts payable and accrued expenses 4,910 6,532 (4,160)
Unearned revenue, prepaid rent and other liabilities 8,696 9,561 7,350
Deferred rent payable (240) (1,051) (661)
Net cash provided by operating activities 170,525 142,573 99,516
CASH FLOWS FROM INVESTING ACTIVITIES      
Tenant improvements (5,878) (7,736) (5,893)
Real estate improvements (293,359) (122,196) (100,299)
Acquisition of Reston Campus Expansion (64,965)    
Proceeds from real estate disposal   2,399  
Net cash used in investing activities (364,202) (127,533) (106,192)
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from exercise of stock options 1,290 1,393 2,354
Offering costs     (147)
Proceeds from revolving credit facility 299,500 87,000 88,250
Payments on revolving credit facility (247,750) (163,250) (44,000)
Proceeds from unsecured term loan 250,000 150,000 100,000
Repayments of mortgage loans payable     (58,250)
Payments of loan fees and costs (2,981) (2,315) (1,000)
Payments to net settle equity awards   (4,256) (1,410)
Dividends and distributions (108,807) (87,420) (73,772)
Net cash provided by (used in) financing activities 191,252 (18,848) 12,025
Net change in cash and cash equivalents (2,425) (3,808) 5,349
Cash and cash equivalents, beginning of year 6,854 10,662 5,313
Cash and cash equivalents, end of year 4,429 6,854 10,662
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION      
Cash paid for interest, net of capitalized amounts 11,528 6,219 4,072
NON-CASH INVESTING AND FINANCING ACTIVITY      
Construction costs payable capitalized to real estate 28,805 37,033 16,142
Accrual of dividends and distributions $ 41,849 $ 28,104 $ 22,355