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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 74,292 $ 80,865
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 113,188 105,598
Amortization of above/below market leases (219) (494)
Amortization of deferred financing costs and hedge amortization 2,368 1,756
Share-based compensation 10,781 8,864
Bad debt expense 106 (300)
Changes in operating assets and liabilities:    
Accounts receivable (7,971) 5,001
Deferred rent receivable 4,218 (2,930)
Deferred leasing costs (9,727) (9,140)
Other assets (8,395) (5,342)
Accounts payable and accrued expenses 15,800 6,274
Unearned revenue, prepaid rent and other liabilities (8,765) (1,201)
Operating leases 2,035 (215)
Net cash provided by operating activities 187,711 188,736
CASH FLOWS FROM INVESTING ACTIVITIES    
Tenant improvements (3,167) (4,191)
Real estate improvements (239,526) (160,269)
Business combinations and asset acquisitions (26,060) (10,681)
Net cash used in investing activities (268,753) (175,141)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from exercise of stock options 66 219
Proceeds from revolving credit facility 286,250 184,036
Payments on revolving credit facility (435,500) (199,036)
Proceeds from unsecured debt 400,000 150,000
Payments of loan fees and costs (2,344) (4,986)
Dividends and distributions (165,326) (143,769)
Net cash provided by (used in) financing activities 83,146 (13,536)
Net change in cash and cash equivalents 2,104 59
Cash and cash equivalents, beginning of period 2,599 5,247
Cash and cash equivalents, end of period 4,703 5,306
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for interest, net of capitalized amounts 21,686 21,209
Cash paid for operating lease liabilities 18,581 18,116
NON-CASH INVESTING AND FINANCING ACTIVITY    
Construction costs payable capitalized to real estate 65,964 37,816
Accrual of dividends and distributions 61,783 51,840
NON-CASH OPERATING ACTIVITY    
Lease liabilities arising from obtaining right-of-use assets $ 1,035 $ 114,989