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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 25,060 $ 19,606
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 32,338 24,770
Amortization of above/below market leases (124) (133)
Amortization of deferred financing costs 369 283
Share-based compensation 1,802 2,093
Bad debt expense (96) 142
Changes in operating assets and liabilities:    
Accounts receivable 3,853 (4,011)
Deferred rent receivable (1,350) (1,047)
Deferred leasing costs (3,660) (3,541)
Other assets (7,243) (6,102)
Accounts payable and accrued expenses 846 (5,533)
Unearned revenue, prepaid rent and other liabilities (2,255) 129
Deferred rent payable 1,405 (320)
Net cash provided by operating activities 50,945 26,336
CASH FLOWS FROM INVESTING ACTIVITIES    
Tenant improvements (2,608) (777)
Real estate improvements (42,586) (70,601)
Net cash used in investing activities (45,194) (71,378)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from exercise of stock options 4,174 1,009
Proceeds from revolving credit facility 38,000 60,750
Payments on revolving credit facility (9,000) (92,000)
Proceeds from unsecured term loan   100,000
Payments of loan fees and costs   (1,035)
Dividends and distributions (40,968) (27,336)
Net cash provided by (used in) financing activities (7,794) 41,388
Net change in cash and cash equivalents (2,043) (3,654)
Cash and cash equivalents, beginning of period 4,429 6,854
Cash and cash equivalents, end of period 2,386 3,200
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for interest, net of capitalized amounts 3,302 1,748
NON-CASH INVESTING AND FINANCING ACTIVITY    
Construction costs payable capitalized to real estate 9,461 33,931
Accrual of dividends and distributions $ 41,097 $ 28,158