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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash Flows from Operating Activities:    
Net income $ 6,716 $ 5,424
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 27,933 16,010
Amortization of deferred financing costs 549 448
Amortization of lease inducements and above/below market lease intangibles 1,307 962
Straight-line rental revenue/expense (4,508) (3,185)
Amortization of Unsecured Bond Discount 20 0
Amortization of above market assumed debt (59) (59)
Equity in income of unconsolidated entities (28) (32)
Distributions from unconsolidated entities 55 27
Change in fair value of derivatives 165 (40)
Provision for bad debts (127) 30
Non-cash share compensation (941) 1,185
Write-off of contingent consideration (70) 0
Change in operating assets and liabilities:    
Tenant receivables 2,703 (3,665)
Other assets 1,088 (1,995)
Accounts payable (1,297) 1,015
Accrued expenses and other liabilities (676) 4,023
Net cash provided by operating activities 32,830 20,148
Cash Flows from Investing Activities:    
Acquisition of investment properties, net (174,737) (197,876)
Capital expenditures on existing investment properties (3,434) (1,820)
Real estate loans receivable (2,279) (500)
Repayment of note receivable 16,423 0
Repayment of real estate loan receivable 1,507 4,500
Leasing commissions (552) (58)
Lease inducements (2,050) (1,284)
Net cash used in investing activities (165,122) (197,038)
Cash Flows from Financing Activities:    
Net proceeds from sale of common shares 301,572 321,238
Proceeds from credit facility borrowings 128,000 150,000
Payment on credit facility borrowings (529,000) (424,000)
Proceeds from issuance of mortgage debt 0 21,500
Proceeds from issuance of senior unsecured notes 396,108 150,000
Principal payments on mortgage debt (5,823) (541)
Debt issuance costs (651) (808)
Dividends paid - shareholders (30,945) (19,666)
Distributions to noncontrolling interest - Operating Partnership (703) (809)
Preferred distributions paid - OP Unit holder (480) (204)
Contributions from noncontrolling interest 47 0
Distributions to noncontrolling interest - partially owned properties (154) (57)
Purchase of Series A Preferred Units (19,961) 0
Purchase of OP Units (3,725) 0
Net cash provided by financing activities 234,285 196,653
Net increase in cash and cash equivalents 101,993 19,763
Cash and cash equivalents, beginning of period 15,491 3,143
Cash and cash equivalents, end of period 117,484 22,906
Supplemental disclosure of cash flow information - interest paid during the period 10,764 2,181
Change in fair value of interest rate swap agreements 825 0
Supplemental disclosure of noncash activity - assumed debt 26,379 0
Supplemental disclosure of noncash activity - issuance of OP Units in connection with acquisitions 44,978 2,869
Operating Partnership    
Cash Flows from Operating Activities:    
Net income 6,716 5,424
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 27,933 16,010
Amortization of deferred financing costs 549 448
Amortization of lease inducements and above/below market lease intangibles 1,307 962
Straight-line rental revenue/expense (4,508) (3,185)
Amortization of Unsecured Bond Discount 20 0
Amortization of above market assumed debt (59) (59)
Equity in income of unconsolidated entities (28) (32)
Distributions from unconsolidated entities 55 27
Change in fair value of derivatives 165 (40)
Provision for bad debts (127) 30
Non-cash share compensation (941) 1,185
Write-off of contingent consideration (70) 0
Change in operating assets and liabilities:    
Tenant receivables 2,703 (3,665)
Other assets 1,088 (1,995)
Accounts payable (1,297) 1,015
Accrued expenses and other liabilities (676) 4,023
Net cash provided by operating activities 32,830 20,148
Cash Flows from Investing Activities:    
Acquisition of investment properties, net (174,737) (197,876)
Capital expenditures on existing investment properties (3,434) (1,820)
Real estate loans receivable (2,279) (500)
Repayment of note receivable 16,423 4,500
Repayment of real estate loan receivable 1,507 0
Leasing commissions (552) (58)
Lease inducements (2,050) (1,284)
Net cash used in investing activities (165,122) (197,038)
Cash Flows from Financing Activities:    
Net proceeds from sale of common shares 301,572 321,238
Proceeds from credit facility borrowings 128,000 150,000
Payment on credit facility borrowings (529,000) (424,000)
Proceeds from issuance of mortgage debt 0 21,500
Proceeds from issuance of senior unsecured notes 396,108 150,000
Principal payments on mortgage debt (5,823) (541)
Debt issuance costs (651) (808)
Dividends paid - shareholders (30,945) (19,666)
Distributions to noncontrolling interest - Operating Partnership (703) (809)
Preferred distributions paid - OP Unit holder (480) (204)
Contributions from noncontrolling interest 47 0
Distributions to noncontrolling interest - partially owned properties (154) (57)
Purchase of Series A Preferred Units (19,961) 0
Purchase of OP Units (3,725) 0
Net cash provided by financing activities 234,285 196,653
Net increase in cash and cash equivalents 101,993 19,763
Cash and cash equivalents, beginning of period 15,491 3,143
Cash and cash equivalents, end of period 117,484 22,906
Supplemental disclosure of cash flow information - interest paid during the period 10,764 2,181
Change in fair value of interest rate swap agreements 825 0
Supplemental disclosure of noncash activity - assumed debt 26,379 0
Supplemental disclosure of noncash activity - issuance of OP Units in connection with acquisitions $ 44,978 $ 2,869