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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Cash Flows from Operating Activities:      
Net income (loss) $ 12,741 $ (4,418) $ (2,636)
Adjustments to reconcile net income (loss) to net cash provided by operating activities      
Depreciation and amortization 45,471 16,731 5,107
Amortization of deferred financing costs 1,373 1,097 510
Amortization of lease inducements and above/below market lease intangibles 2,577 571 141
Straight-line rental revenue/expense (9,000) (4,366) (675)
Amortization of above market assumed debt (173) 0 0
(Gain) loss on sale of investment properties (130) (32) 2
Equity in income of unconsolidated entity (104) (95) 0
Distribution from unconsolidated entity 106 71 0
Change in fair value of derivatives (166) (161) (246)
Provision for bad debts 69 9 30
Non-cash share compensation 3,798 2,422 433
Ziegler shared service amendment payment 0 1,800 0
Impairment on investment properties 0 1,750 0
Change in operating assets and liabilities:      
Tenant receivables (2,836) (986) (184)
Other assets (630) (3,518) (1,074)
Accounts payable to related parties 0 0 (1,530)
Accounts payable (56) (136) 34
Accrued expenses and other liabilities 8,312 2,556 1,256
Net cash provided by operating activities 61,352 13,295 1,168
Cash Flows from Investing Activities:      
Proceeds on sales of investment properties 3,039 235 448
Acquisition of investment properties, net (752,807) (501,127) (125,728)
Capital expenditures on existing investment properties (4,988) (900) 0
Pay down of contingent consideration (999) 0 0
Real estate loans receivable (22,359) (15,386) 0
Note receivable (20,545) 0 0
Leasing commissions (579) (100) (163)
Lease inducements (2,478) (1,532) (1,000)
Net cash used in investing activities (801,716) (518,810) (126,443)
Cash Flows from Financing Activities:      
Net proceeds from sale of common shares 545,117 350,384 225,920
Formation transactions 0 0 (354)
Proceeds from credit facility borrowings 620,000 395,200 52,350
Payment on credit facility borrowings (363,000) (257,200) (52,350)
Proceeds from issuance of mortgage debt 0 26,550 162
Principal payments on mortgage debt (2,022) (6,549) (41,832)
Debt issuance costs (3,105) (3,887) (1,428)
Dividends paid – shareholders (63,720) (28,104) (2,161)
Distributions to noncontrolling interest – Operating Partnership (3,216) (3,382) (493)
Distributions to members and partners (563) 0 (211)
Distributions to noncontrolling interest – partially owned properties (213) (185) (464)
Purchase of OP Units (1,088) (7,546) 0
Common shares repurchased and retired (606) (321) 0
Net cash provided by financing activities 727,584 464,960 179,139
Net (decrease) increase in cash and cash equivalents (12,780) (40,555) 53,864
Cash and cash equivalents, beginning of period 15,923 56,478 2,614
Cash and cash equivalents, end of period 3,143 15,923 56,478
Supplemental disclosure of cash flow information – interest paid during the year 9,550 5,606 3,942
Supplemental disclosure of noncash activity – assumed debt 18,690 15,283 0
Supplemental disclosure of noncash activity – issuance of OP Units and Series A Preferred Units in connection with acquisitions 40,376 28,589 11,535
Supplemental disclosure of noncash activity – contingent consideration $ 2,718 $ 840 $ 0