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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 49,195 $ 39,441
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 64,545 50,997
Amortization of above/below market leases (251) (276)
Amortization of deferred financing costs 786 594
Share-based compensation 4,171 4,404
Bad debt expense 347 160
Changes in operating assets and liabilities:    
Accounts receivable 3,220 (1,727)
Deferred rent receivable (2,548) (1,641)
Deferred leasing costs (6,758) (6,638)
Other assets (8,751) (6,499)
Accounts payable and accrued expenses 990 (2,371)
Unearned revenue, prepaid rent and other liabilities (722) (987)
Deferred rent payable 1,711 (492)
Net cash provided by operating activities 105,935 74,965
CASH FLOWS FROM INVESTING ACTIVITIES    
Tenant improvements (4,809) (2,069)
Real estate improvements (85,333) (129,065)
Net cash used in investing activities (90,142) (131,134)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from exercise of stock options 4,678 1,186
Proceeds from revolving credit facility 75,000 101,500
Payments on revolving credit facility (269,000) (243,750)
Proceeds from unsecured term loan 275,000 250,000
Payments of loan fees and costs (2,410) (2,809)
Dividends and distributions (81,156) (54,569)
Net cash provided by financing activities 2,112 51,558
Net change in cash and cash equivalents 17,905 (4,611)
Cash and cash equivalents, beginning of period 4,429 6,854
Cash and cash equivalents, end of period 22,334 2,243
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for interest, net of capitalized amounts 9,271 4,063
NON-CASH INVESTING AND FINANCING ACTIVITY    
Construction costs payable capitalized to real estate 4,079 78,223
Accrual of dividends and distributions $ 46,180 $ 28,326