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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash Flows from Operating Activities:    
Net income $ 29,586 $ 22,902
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 89,031 59,778
Amortization of deferred financing costs 1,731 1,796
Amortization of lease inducements and above/below market lease intangibles 3,780 2,994
Straight-line rental revenue/expense (11,168) (12,156)
Amortization of discount on unsecured senior notes 177 0
Amortization of above market assumed debt (163) (177)
Gain on sale of investment properties (5,308) 0
Equity in income of unconsolidated entities (85) (85)
Distributions from unconsolidated entities 112 82
Change in fair value of derivative 160 (67)
Provision for bad debts (297) 152
Non-cash share compensation 4,976 3,497
Net change in fair value of contingent consideration 4 (840)
Change in operating assets and liabilities:    
Tenant receivables (754) (7,543)
Other assets (541) (6,320)
Accounts payable 2,167 1,578
Accrued expenses and other liabilities 14,834 23,832
Net cash provided by operating activities 128,242 89,423
Cash Flows from Investing Activities:    
Proceeds on sales of investment properties 18,150 0
Acquisition of investment properties, net (916,270) (1,044,601)
Escrowed cash - acquisition / earnest deposits (25,271) 0
Capital expenditures on existing investment properties (14,819) (8,665)
Real estate loans receivable (38,844) (8,153)
Repayment of note receivable 16,423 4,118
Repayment of real estate loan receivable 1,507 4,500
Leasing commissions (1,184) (707)
Lease inducements (2,508) (4,870)
Net cash used in investing activities (962,816) (1,058,378)
Cash Flows from Financing Activities:    
Net proceeds from sale of common shares 804,453 764,292
Proceeds from credit facility borrowings 627,000 921,000
Payment on credit facility borrowings (889,000) (860,000)
Proceeds from issuance of mortgage debt 61,000 21,500
Proceeds from issuance of senior unsecured notes 396,108 225,000
Principal payments on mortgage debt (40,999) (1,646)
Debt issuance costs (1,129) (4,693)
Dividends paid - shareholders (101,846) (74,515)
Distributions to noncontrolling interest - Operating Partnership (3,154) (2,410)
Preferred distributions paid - OP Unit holder (519) (1,115)
Contributions from noncontrolling interest 47 0
Distributions to noncontrolling interest - partially owned properties (1,653) (450)
Other financing activities (2,583) 0
Purchase of Series A Preferred Units (19,961) (9,756)
Purchase of OP Units (3,757) (2,999)
Net cash provided by financing activities 824,007 974,208
Net (decrease) increase in cash and cash equivalents (10,567) 5,253
Cash and cash equivalents, beginning of period 15,491 3,143
Cash and cash equivalents, end of period 4,924 8,396
Supplemental disclosure of cash flow information - interest paid during the period 33,307 6,971
Supplemental disclosure of noncash activity - change in fair value of interest rate swap agreements (1,696) 652
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 6,769
Supplemental disclosure of noncash activity - contingent consideration 0 156
Operating Partnership    
Cash Flows from Operating Activities:    
Net income 29,586 22,902
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 89,031 59,778
Amortization of deferred financing costs 1,731 1,796
Amortization of lease inducements and above/below market lease intangibles 3,780 2,994
Straight-line rental revenue/expense (11,168) (12,156)
Amortization of discount on unsecured senior notes 177 0
Amortization of above market assumed debt (163) (177)
Gain on sale of investment properties (5,308) 0
Equity in income of unconsolidated entities (85) (85)
Distributions from unconsolidated entities 112 82
Change in fair value of derivative 160 (67)
Provision for bad debts (297) 152
Non-cash share compensation 4,976 3,497
Net change in fair value of contingent consideration 4 (840)
Change in operating assets and liabilities:    
Tenant receivables (754) (7,543)
Other assets (541) (6,320)
Accounts payable 2,167 1,578
Accrued expenses and other liabilities 14,834 23,832
Net cash provided by operating activities 128,242 89,423
Cash Flows from Investing Activities:    
Proceeds on sales of investment properties 18,150 0
Acquisition of investment properties, net (916,270) (1,044,601)
Escrowed cash - acquisition / earnest deposits (25,271) 0
Capital expenditures on existing investment properties (14,819) (8,665)
Real estate loans receivable (38,844) (8,153)
Repayment of note receivable 16,423 4,118
Repayment of real estate loan receivable 1,507 4,500
Leasing commissions (1,184) (707)
Lease inducements (2,508) (4,870)
Net cash used in investing activities (962,816) (1,058,378)
Cash Flows from Financing Activities:    
Net proceeds from sale of common shares 804,453 764,292
Proceeds from credit facility borrowings 627,000 921,000
Payment on credit facility borrowings (889,000) (860,000)
Proceeds from issuance of mortgage debt 61,000 21,500
Proceeds from issuance of senior unsecured notes 396,108 225,000
Principal payments on mortgage debt (40,999) (1,646)
Debt issuance costs (1,129) (4,693)
Dividends paid - shareholders (101,846) (74,515)
Distributions to noncontrolling interest - Operating Partnership (3,154) (2,410)
Preferred distributions paid - OP Unit holder (519) (1,115)
Contributions from noncontrolling interest 47 0
Distributions to noncontrolling interest - partially owned properties (1,653) (450)
Other financing activities (2,583) 0
Purchase of Series A Preferred Units (19,961) (9,756)
Purchase of OP Units (3,757) (2,999)
Net cash provided by financing activities 824,007 974,208
Net (decrease) increase in cash and cash equivalents (10,567) 5,253
Cash and cash equivalents, beginning of period 15,491 3,143
Cash and cash equivalents, end of period 4,924 8,396
Supplemental disclosure of cash flow information - interest paid during the period 33,307 6,971
Supplemental disclosure of noncash activity - change in fair value of interest rate swap agreements (1,696) 652
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 6,769
Supplemental disclosure of noncash activity - contingent consideration $ 0 $ 156