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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
OPERATING ACTIVITIES    
Net income $ 6,983 $ 8,753
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation of buildings and tenant improvements 6,773 6,473
Amortization of leasing costs and in-place lease intangibles 2,505 3,002
Accrued straight-line rental revenue (562) (383)
Amortization of leasing incentives and above or below-market rents (56) (47)
Accrued straight-line ground rent expense 84 138
Bad debt expense 52 68
Noncash stock compensation 549 411
Impairment charges 0 4
Noncash interest expense 326 277
Gain on real estate dispositions 0 (3,395)
Change in the fair value of interest rate derivatives (969) (294)
Changes in operating assets and liabilities:    
Property assets 1,771 1,391
Property liabilities (3,827) (875)
Construction assets 3,482 (13,137)
Construction liabilities (11,183) 5,888
Net cash provided by operating activities 5,928 8,274
INVESTING ACTIVITIES    
Development of real estate investments (26,438) (6,456)
Tenant and building improvements (2,246) (2,069)
Acquisitions of real estate investments, net of cash received (33,368) (6,767)
Dispositions of real estate investments 0 4,441
Notes receivable issuances (5,607) (1,413)
Leasing costs (680) (493)
Contributions to equity method investments (1,410) (559)
Net cash used for investing activities (69,749) (13,316)
FINANCING ACTIVITIES    
Proceeds from sales of common stock 0 3,523
Offering costs 0 (161)
Debt issuances, credit facility and construction loan borrowings 111,498 44,952
Debt and credit facility repayments, including principal amortization (39,273) (44,530)
Debt issuance costs (201) (471)
Redemption of operating partnership units (5) (50)
Dividends and distributions (11,808) (9,726)
Net cash provided by (used for) financing activities 60,211 (6,463)
Net decrease in cash and cash equivalents (3,610) (11,505)
Cash, cash equivalents, and restricted cash, beginning of period 22,916 25,193
Cash, cash equivalents, and restricted cash, end of period 19,306 13,688
Noncash transactions:    
Increase in dividends payable 744 644
(Decrease) increase in accounts payable and accrued liabilities for capital expenditures (4,434) 742
Issuance of operating partnership units for acquisitions 1,702 0
Redeemable noncontrolling interest from development 0 2,000
Deferred payment for land acquisition $ 0 $ 600