XML 23 R7.htm IDEA: XBRL DOCUMENT v3.7.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 25,576 $ 14,269
Adjustments to reconcile net income to net cash provided by operating activities:    
Equity in income from unconsolidated real estate entities (11) (123)
Provision for doubtful accounts 629 814
Depreciation and amortization 28,114 23,824
Amortization of (below) above market lease intangibles, net (318) 56
Accretion of loan origination fees (150) 0
Deferred interest income on notes receivable 84 0
Loss on extinguishment of debt 22 0
Gain on sale of real estate (19,237) (11,563)
Amortization of debt issuance costs 563 485
Accretion of premium on notes payable (94) (118)
Equity based compensation expense 2,740 1,887
Straight-line rent (1,952) (2,017)
Change in working capital components:    
Rents and other receivables (524) (774)
Deferred leasing costs (2,069) (2,245)
Other assets (2,364) (48)
Accounts payable, accrued expenses and other liabilities (1,768) (1,119)
Tenant security deposits 680 1,171
Prepaid rents 1,359 (144)
Net cash provided by operating activities 31,280 24,355
CASH FLOWS FROM INVESTING ACTIVITIES:    
Acquisition of investments in real estate (240,447) (228,131)
Capital expenditures (16,883) (15,305)
Acquisition related deposits (2,250) (400)
Distributions from unconsolidated real estate entities 11 0
Principal repayments of note receivable 6,000 0
Proceeds from sale of real estate 64,406 20,435
Net cash used in investing activities (189,163) (223,401)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Issuance of common stock, net 118,354 174,439
Proceeds from notes payable 265,000 263,000
Repayment of notes payable (203,234) (178,690)
Debt issuance costs (2,110) (1,924)
Debt extinguishment costs (193) 0
Dividends paid to preferred stockholders (2,644) 0
Dividends paid to common stockholders (18,643) (15,020)
Distributions paid to common unitholders (650) (600)
Repurchase of common shares to satisfy employee tax withholding requirements (404) (204)
Net cash provided by financing activities 155,476 241,001
Increase in cash, cash equivalents and restricted cash (2,407) 41,955
Cash, cash equivalents and restricted cash, beginning of period 15,525 5,201
Cash, cash equivalents and restricted cash, end of period 13,118 47,156
Supplemental disclosure of cash flow information:    
Cash paid for interest (net of capitalized interest of $924 and $882 for the six months ended June 30, 2017 and 2016, respectively) 8,073 6,404
Supplemental disclosure of noncash investing and financing transactions:    
Capital expenditure accruals 2,363 1,278
Accrual of dividends 10,642 9,212
Accrual Of Offering Costs $ 0 $ 114