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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
12 Months Ended
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 99,037 $ 106,763 $ 100,491
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 152,925 141,633 129,251
Amortization of above/below market leases (254) (580) (598)
Amortization of deferred financing costs and hedge amortization 3,338 2,370 1,676
Share-based compensation 14,384 12,038 8,946
Bad debt expense 291 (229) 1,338
Changes in operating assets and liabilities:      
Accounts receivable (2,836) 10,923 (5,087)
Deferred rent receivable 4,827 (3,124) (3,645)
Deferred leasing costs (13,422) (11,672) (13,315)
Other assets (8,132) (4,079) (10,924)
Accounts payable and accrued expenses 8,208 3,502 1,224
Unearned revenue, prepaid rent and other liabilities (9,097) (1,275) (2,235)
Operating leases 2,316 2,491 2,234
Net cash provided by operating activities 251,585 258,761 209,356
CASH FLOWS FROM INVESTING ACTIVITIES      
Tenant improvements (4,014) (5,247) (7,850)
Real estate improvements (342,187) (239,715) (153,956)
Business combinations and asset acquisitions (26,060) (10,681) (12,158)
Net cash used in investing activities (372,261) (255,643) (173,964)
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from exercise of stock options 364 310 4,820
Proceeds from revolving credit facility 397,298 253,036 274,000
Payments on revolving credit facility (546,299) (211,036) (298,500)
Proceeds from unsecured debt 500,000 150,000 275,000
Payments of loan fees and costs (6,337) (5,038) (2,410)
Redemption of preferred stock     (115,000)
Dividends and distributions (223,901) (193,038) (172,484)
Net cash provided by (used in) financing activities 121,125 (5,766) (34,574)
Net change in cash and cash equivalents 449 (2,648) 818
Cash and cash equivalents, beginning of period 2,599 5,247 4,429
Cash and cash equivalents, end of period 3,048 2,599 5,247
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION      
Cash paid for interest, net of capitalized amounts 31,123 32,579 22,252
Cash paid for operating lease liabilities 25,206 21,994 20,764
NON-CASH INVESTING AND FINANCING ACTIVITY      
Construction costs payable capitalized to real estate 64,776 41,328 32,228
Accrual of dividends and distributions 62,332 55,679 48,976
NON-CASH OPERATING ACTIVITY      
Lease liabilities arising from obtaining right-of-use assets $ 1,040 $ 114,989 $ 8,330