XML 42 R7.htm IDEA: XBRL DOCUMENT v3.3.0.814
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Cash Flows From Operating Activities    
Net income $ 60,558 $ 59,246
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 126,216 96,632
Amortization of deferred finance costs and debt premiums and discount 1,626 2,559
Amortization of acquired above- and below-market leases, net (14,662) (8,480)
Amortization of acquired below-market ground leases 5,873 2,602
Straight-lining of rental revenue (15,165) (32,102)
Equity based compensation 4,259 2,908
Increase (decrease) in cash flows due to changes in operating assets and liabilities:    
Restricted cash 5,268 (4,689)
Tenant and other receivables (8,661) (2,475)
Deferred leasing costs (26,533) (9,049)
Prepaid expenses and other assets 14,745 4,361
Accounts payable and accrued expenses (4,107) (12,973)
Deferred revenue and other liabilities 10,190 3,094
Net cash provided by operating activities 159,607 101,634
Cash Flows From Investing Activities    
Decrease (increase) in restricted cash for investing activities (672) 5,162
Acquisition of real estate property, net of cash received 0 (186,588)
Development costs (493) (512)
Additions to building and improvements (103,835) (82,683)
Net cash used in investing activities (105,000) (264,621)
Cash Flows From Financing Activities    
Repayment of mortgage notes payable (143,903) (57,478)
Proceeds from unsecured revolving credit facility 615,000 0
Repayments of unsecured revolving credit facility (595,000) 0
Proceeds from term loan and credit facility 0 295,600
Repayments of term loan and credit facility (470,000) (265,000)
Proceeds from senior unsecured notes 350,000 250,000
Proceeds from unsecured term loan 265,000 0
Deferred financing costs (6,128) (3,192)
Private perpetual preferred unit distributions (702) (241)
Dividends paid to common stockholders (29,056) (24,601)
Distributions paid to non-controlling interests in the operating partnership (39,162) (39,926)
Net cash (used in) provided by financing activities (53,951) 155,162
Net increase (decrease) in cash and cash equivalents 656 (7,825)
Cash and cash equivalents—beginning of period 45,732 60,743
Cash and cash equivalents—end of period 46,388 52,918
Supplemental disclosures of cash flow information:    
Cash paid for interest 49,305 42,226
Cash paid for income taxes 3,258 2,669
Non-cash investing and financing activities:    
Building and improvements included in accounts payable and accrued expenses 47,029 36,192
Derivative instruments at fair values included in accounts payable and accrued expenses 4,384 0
Conversion of operating partnership units and Class B shares to Class A shares 53,120 0
Issuance of Class A Common Stock, Class B Common Stock, and operating partnership units in connection with the acquisition of real estate properties 0 379,328
Debt assumed with the acquisition of real estate properties 0 182,851
Acquisition of working capital, net of cash $ 0 $ (5,155)