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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 80,865 $ 73,483
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 105,598 96,622
Amortization of above/below market leases (494) (428)
Amortization of deferred financing costs 1,756 1,231
Share-based compensation 8,864 6,545
Bad debt expense (300) 1,003
Changes in operating assets and liabilities:    
Accounts receivable 5,001 (3,867)
Deferred rent receivable (2,930) (3,161)
Deferred leasing costs (9,140) (9,956)
Other assets (5,342) (10,385)
Accounts payable and accrued expenses 6,274 3,758
Unearned revenue, prepaid rent and other liabilities (1,201) (5,841)
Operating leases (215) 1,980
Net cash provided by operating activities 188,736 150,984
CASH FLOWS FROM INVESTING ACTIVITIES    
Tenant improvements (4,191) (6,281)
Real estate improvements (160,269) (108,548)
Acquisition of land (4,383) (12,158)
Acquisition of U.S. Colo, net of cash received (6,298)  
Net cash used in investing activities (175,141) (126,987)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from exercise of stock options 219 4,820
Proceeds from revolving credit facility 184,036 107,000
Payments on revolving credit facility (199,036) (282,000)
Proceeds from unsecured debt 150,000 275,000
Payments of loan fees and costs (4,986) (2,410)
Dividends and distributions (143,769) (126,154)
Net cash used in financing activities (13,536) (23,744)
Net change in cash and cash equivalents 59 253
Cash and cash equivalents, beginning of period 5,247 4,429
Cash and cash equivalents, end of period 5,306 4,682
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for interest, net of capitalized amounts 21,209 12,310
Cash paid for operating lease liabilities 18,116 15,441
NON-CASH INVESTING AND FINANCING ACTIVITY    
Construction costs payable capitalized to real estate 37,816 17,303
Accrual of dividends and distributions 51,840 46,523
NON-CASH OPERATING ACTIVITY    
Lease liabilities arising from obtaining right-of-use assets $ 114,989 $ 8,330