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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 25,905 $ 28,566
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 35,646 33,776
Amortization of above/below market leases (86) (175)
Amortization of deferred financing costs 611 566
Share-based compensation 3,432 2,626
Bad debt expense (27) (145)
Changes in operating assets and liabilities:    
Accounts receivable (7,658) 3,942
Deferred rent receivable 1,036 (1,250)
Deferred leasing costs (2,694) (3,405)
Other assets (4,519) (4,709)
Accounts payable and accrued expenses 2,757 (1,956)
Unearned revenue, prepaid rent and other liabilities 857 1,911
Operating leases 643 (1,400)
Net cash provided by operating activities 55,903 58,347
CASH FLOWS FROM INVESTING ACTIVITIES    
Tenant improvements (1,046) (1,295)
Real estate improvements (80,795) (54,338)
Business combinations and asset acquisitions   (4,383)
Net cash used in investing activities (81,841) (60,016)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from exercise of stock options 17 100
Proceeds from revolving credit facility 88,000 67,000
Payments on revolving credit facility (8,500) (20,000)
Dividends and distributions (53,884) (47,599)
Net cash provided by (used in) financing activities 25,633 (499)
Net change in cash and cash equivalents (305) (2,168)
Cash and cash equivalents, beginning of year 2,599 5,247
Cash and cash equivalents, end of year 2,294 3,079
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for interest, net of capitalized amounts 6,350 4,354
Cash paid for operating lease liabilities 6,071 6,795
NON-CASH INVESTING AND FINANCING ACTIVITY    
Construction costs payable capitalized to real estate 66,123 22,061
Accrual of dividends and distributions $ 55,109 $ 48,678