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CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
12 Months Ended
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Dec. 31, 2016
USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 106,763 $ 100,491 $ 81,921
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 141,633 129,251 108,652
Amortization of above/below market leases (580) (598) (541)
Amortization of deferred financing costs 2,370 1,676 1,333
Share-based compensation 12,038 8,946 8,892
Bad debt expense (229) 1,338 398
Changes in operating assets and liabilities:      
Accounts receivable 10,923 (5,087) (13,199)
Deferred rent receivable (3,124) (3,645) (7,083)
Deferred leasing costs (11,672) (13,315) (14,395)
Other assets (4,079) (10,924) (8,819)
Accounts payable and accrued expenses 3,502 1,224 4,910
Unearned revenue, prepaid rent and other liabilities (1,275) (2,235) 8,696
Operating leases 2,491 2,234 (240)
Net cash provided by operating activities 258,761 209,356 170,525
CASH FLOWS FROM INVESTING ACTIVITIES      
Tenant improvements (5,247) (7,850) (5,878)
Real estate improvements (239,715) (153,956) (293,359)
Business combinations and asset acquisitions (10,681) (12,158) (64,965)
Net cash used in investing activities (255,643) (173,964) (364,202)
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from exercise of stock options 310 4,820 1,290
Proceeds from revolving credit facility 253,036 274,000 299,500
Payments on revolving credit facility (211,036) (298,500) (247,750)
Proceeds from unsecured debt 150,000 275,000 250,000
Payments of loan fees and costs (5,038) (2,410) (2,981)
Redemption of preferred stock   (115,000)  
Dividends and distributions (193,038) (172,484) (108,807)
Net cash provided by (used in) financing activities (5,766) (34,574) 191,252
Net change in cash and cash equivalents (2,648) 818 (2,425)
Cash and cash equivalents, beginning of year 5,247 4,429 6,854
Cash and cash equivalents, end of year 2,599 5,247 4,429
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION      
Cash paid for interest, net of capitalized amounts 32,579 22,252 11,528
Cash paid for operating lease liabilities 21,994 20,764 20,184
NON-CASH INVESTING AND FINANCING ACTIVITY      
Construction costs payable capitalized to real estate 41,328 32,228 28,805
Accrual of dividends and distributions 55,679 48,976 41,849
NON-CASH OPERATING ACTIVITY      
Lease liabilities arising from obtaining right-of-use assets $ 114,989 $ 8,330 $ 73,575