XML 18 R7.htm IDEA: XBRL DOCUMENT v3.20.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 48,076 $ 51,648
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 82,770 72,642
Amortization of above/below market leases (68) (172)
Amortization of deferred financing costs and hedge amortization 2,072 1,467
Share-based compensation 7,654 7,049
Bad debt expense 993 195
Changes in operating assets and liabilities:    
Accounts receivable (2,045) (11,489)
Deferred rent receivable (760) 2,548
Initial direct costs (9,349) (6,983)
Other assets 1,153 (1,121)
Accounts payable and accrued expenses 5,643 6,946
Unearned revenue, prepaid rent and other liabilities 766 (8,819)
Operating leases 599 1,466
Net cash provided by operating activities 137,504 115,377
CASH FLOWS FROM INVESTING ACTIVITIES    
Tenant improvements (3,351) (2,144)
Real estate improvements (151,331) (158,745)
Business combinations and asset acquisitions   (26,060)
Net cash used in investing activities (154,682) (186,949)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from exercise of stock options 172 38
Proceeds from revolving credit facility 166,000 199,250
Payments on revolving credit facility (129,500) (343,500)
Proceeds from unsecured debt 100,000 325,000
Payments of loan fees and costs (1,078) (2,305)
Dividends and distributions (118,778) (106,674)
Net cash provided by financing activities 16,816 71,809
Net change in cash and cash equivalents (362) 237
Cash and cash equivalents, beginning of period 3,048 2,599
Cash and cash equivalents, end of period 2,686 2,836
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for interest, net of capitalized amounts 23,586 16,811
Cash paid for operating lease liabilities 13,318 12,159
NON-CASH INVESTING AND FINANCING ACTIVITY    
Construction costs payable capitalized to real estate 53,125 66,925
Accrual of dividends and distributions 62,227 $ 61,332
NON-CASH OPERATING ACTIVITY    
Lease liabilities arising from obtaining right-of-use assets $ 7,935