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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash Flows from Operating Activities:    
Net income $ 17,047 $ 12,608
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 56,056 35,809
Amortization of deferred financing costs 1,128 947
Amortization of lease inducements and above/below market lease intangibles 2,550 1,989
Straight-line rental revenue/expense (6,605) (7,204)
Amortization of discount on unsecured senior notes 98 0
Amortization of above market assumed debt (147) (118)
Gain on sale of investment properties (5,308) 0
Equity in income of unconsolidated entities (57) (58)
Distributions from unconsolidated entities 83 27
Change in fair value of derivatives 169 (67)
Provision for bad debts (840) 104
Non-cash share compensation 807 2,599
Write-off of contingent consideration (70) 0
Change in operating assets and liabilities:    
Tenant receivables 2,958 (1,001)
Other assets 3,293 (3,081)
Accounts payable 648 1,079
Accrued expenses and other liabilities 14,567 15,908
Net cash provided by operating activities 86,377 59,541
Cash Flows from Investing Activities:    
Proceeds on sales of investment properties 18,150 0
Acquisition of investment properties, net (756,862) (872,497)
Escrowed cash - acquisition / earnest deposits (19,577) 0
Capital expenditures on existing investment properties (8,343) (6,980)
Real estate loans receivable (8,594) (3,478)
Repayment of note receivable 16,423 4,118
Repayment of real estate loan receivable 1,507 4,500
Leasing commissions (1,209) (116)
Lease inducements (2,063) (4,870)
Net cash used in investing activities (760,568) (879,323)
Cash Flows from Financing Activities:    
Net proceeds from sale of common shares 383,676 764,205
Proceeds from credit facility borrowings 488,000 528,000
Payment on credit facility borrowings (529,000) (545,000)
Proceeds from issuance of mortgage debt 61,000 21,500
Proceeds from issuance of senior unsecured notes 396,108 150,000
Principal payments on mortgage debt (36,440) (1,089)
Debt issuance costs (1,065) (4,313)
Dividends paid - shareholders (65,529) (44,151)
Distributions to noncontrolling interest - Operating Partnership (1,917) (1,616)
Preferred distributions paid - OP Unit holder (519) (704)
Contributions from noncontrolling interest 47 0
Distributions to noncontrolling interest - partially owned properties (434) (363)
Purchase of Series A Preferred Units (19,961) (9,756)
Purchase of OP Units (3,757) (2,129)
Net cash provided by financing activities 670,209 854,584
Net increase (decrease) in cash and cash equivalents (3,982) 34,802
Cash and cash equivalents, beginning of period 15,491 3,143
Cash and cash equivalents, end of period 11,509 37,945
Supplemental disclosure of cash flow information - interest paid during the period 14,876 4,300
Supplemental disclosure of noncash activity - change in fair value of interest rate swap agreements (780) 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 6,869
Supplemental disclosure of noncash activity - contingent consideration 0 156
Operating Partnership    
Cash Flows from Operating Activities:    
Net income 17,047 12,608
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 56,056 35,809
Amortization of deferred financing costs 1,128 947
Amortization of lease inducements and above/below market lease intangibles 2,550 1,989
Straight-line rental revenue/expense (6,605) (7,204)
Amortization of discount on unsecured senior notes 98 0
Amortization of above market assumed debt (147) (118)
Gain on sale of investment properties (5,308) 0
Equity in income of unconsolidated entities (57) (58)
Distributions from unconsolidated entities 83 27
Change in fair value of derivatives 169 (67)
Provision for bad debts (840) 104
Non-cash share compensation 807 2,599
Write-off of contingent consideration (70) 0
Change in operating assets and liabilities:    
Tenant receivables 2,958 (1,001)
Other assets 3,293 (3,081)
Accounts payable 648 1,079
Accrued expenses and other liabilities 14,567 15,908
Net cash provided by operating activities 86,377 59,541
Cash Flows from Investing Activities:    
Proceeds on sales of investment properties 18,150 0
Acquisition of investment properties, net (756,862) (872,497)
Escrowed cash - acquisition / earnest deposits (19,577) 0
Capital expenditures on existing investment properties (8,343) (6,980)
Real estate loans receivable (8,594) (3,478)
Repayment of note receivable 16,423 4,118
Repayment of real estate loan receivable 1,507 4,500
Leasing commissions (1,209) (116)
Lease inducements (2,063) (4,870)
Net cash used in investing activities (760,568) (879,323)
Cash Flows from Financing Activities:    
Net proceeds from sale of common shares 383,676 764,205
Proceeds from credit facility borrowings 488,000 528,000
Payment on credit facility borrowings (529,000) (545,000)
Proceeds from issuance of mortgage debt 61,000 21,500
Proceeds from issuance of senior unsecured notes 396,108 150,000
Principal payments on mortgage debt (36,440) (1,089)
Debt issuance costs (1,065) (4,313)
Dividends paid - shareholders (65,529) (44,151)
Distributions to noncontrolling interest - Operating Partnership (1,917) (1,616)
Preferred distributions paid - OP Unit holder (519) (704)
Contributions from noncontrolling interest 47 0
Distributions to noncontrolling interest - partially owned properties (434) (363)
Purchase of Series A Preferred Units (19,961) (9,756)
Purchase of OP Units (3,757) (2,129)
Net cash provided by financing activities 670,209 854,584
Net increase (decrease) in cash and cash equivalents (3,982) 34,802
Cash and cash equivalents, beginning of period 15,491 3,143
Cash and cash equivalents, end of period 11,509 37,945
Supplemental disclosure of cash flow information - interest paid during the period 14,876 4,300
Supplemental disclosure of noncash activity - change in fair value of interest rate swap agreements (780) 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 6,869
Supplemental disclosure of noncash activity - contingent consideration $ 0 $ 156