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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 22,988 $ 25,905
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 40,991 35,646
Amortization of above/below market leases (34) (86)
Amortization of deferred financing costs and hedge amortization 1,029 611
Share-based compensation 3,482 3,432
Bad debt expense (recovery) 700 (27)
Changes in operating assets and liabilities:    
Accounts receivable (3,952) (7,658)
Deferred rent receivable (496) 1,036
Deferred leasing costs (6,189) (2,694)
Other assets (2,408) (4,519)
Accounts payable and accrued expenses (2,579) 2,757
Unearned revenue, prepaid rent and other liabilities 726 857
Operating leases 296 643
Net cash provided by operating activities 54,554 55,903
CASH FLOWS FROM INVESTING ACTIVITIES    
Tenant improvements (1,329) (1,046)
Real estate improvements (85,840) (80,795)
Net cash used in investing activities (87,169) (81,841)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from exercise of stock options 73 17
Proceeds from revolving credit facility 107,500 88,000
Payments on revolving credit facility (14,500) (8,500)
Payments of loan fees and costs (191)  
Dividends and distributions (60,008) (53,884)
Net cash provided by (used in) financing activities 32,874 25,633
Net change in cash and cash equivalents 259 (305)
Cash and cash equivalents, beginning of period 3,048 2,599
Cash and cash equivalents, end of period 3,307 2,294
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for interest, net of capitalized amounts 14,670 6,350
Cash paid for operating lease liabilities 6,626 6,071
NON-CASH INVESTING AND FINANCING ACTIVITY    
Construction costs payable capitalized to real estate 46,739 66,123
Accrual of dividends and distributions 61,637 $ 55,109
NON-CASH OPERATING ACTIVITY    
Lease liabilities arising from obtaining right-of-use assets $ 7,646