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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 73,483 $ 58,760
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 96,622 77,978
Amortization of above/below market leases (428) (417)
Amortization of deferred financing costs 1,231 964
Share-based compensation 6,545 6,874
Bad debt expense 1,003 272
Changes in operating assets and liabilities:    
Accounts receivable (3,867) (4,140)
Deferred rent receivable (3,161) (1,906)
Deferred leasing costs (9,956) (10,534)
Other assets (10,385) (8,499)
Accounts payable and accrued expenses 3,758 1,413
Unearned revenue, prepaid rent and other liabilities (5,841) 2,480
Deferred rent payable 1,980 (356)
Net cash provided by operating activities 150,984 122,889
CASH FLOWS FROM INVESTING ACTIVITIES    
Tenant improvements (6,281) (3,487)
Real estate improvements (108,548) (234,963)
Acquisition of SV8 (12,158)  
Escrow deposits   (4,075)
Net cash used in investing activities (126,987) (242,525)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from exercise of stock options 4,820 1,243
Proceeds from revolving credit facility 107,000 200,250
Payments on revolving credit facility (282,000) (247,750)
Proceeds from unsecured term loan 275,000 250,000
Payments of loan fees and costs (2,410) (2,981)
Dividends and distributions (126,154) (81,684)
Net cash provided by financing activities (23,744) 119,078
Net change in cash and cash equivalents 253 (558)
Cash and cash equivalents, beginning of period 4,429 6,854
Cash and cash equivalents, end of period 4,682 6,296
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for interest, net of capitalized amounts 12,310 5,912
NON-CASH INVESTING AND FINANCING ACTIVITY    
Construction costs payable capitalized to real estate 17,303 46,048
Accrual of dividends and distributions $ 46,523 $ 28,630