XML 20 R7.htm IDEA: XBRL DOCUMENT v3.10.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Cash Flows from Operating Activities:    
Net income $ 23,394 $ 17,047
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 76,301 56,056
Amortization of deferred financing costs 1,214 1,128
Amortization of lease inducements and above/below-market lease intangibles 2,530 2,550
Straight-line rental revenue/expense (12,600) (6,605)
Amortization of discount on unsecured senior notes 285 98
Amortization of above market assumed debt (31) (147)
Loss (gain) on sale of investment properties 2,563 (5,308)
Equity in income of unconsolidated entities (57) (57)
Distributions from unconsolidated entities 56 83
Change in fair value of derivative (8) 169
Provision for bad debts (81) (840)
Non-cash share compensation 4,619 3,238
Net change in fair value of contingent consideration (50) (70)
Change in operating assets and liabilities:    
Tenant receivables 4,186 2,958
Other assets 502 3,293
Accounts payable (6,011) 648
Accrued expenses and other liabilities 5,501 14,567
Net cash provided by operating activities 102,313 88,808
Cash Flows from Investing Activities:    
Proceeds on sales of investment properties 93,187 18,150
Acquisition of investment properties, net (157,322) (756,862)
Escrowed cash - acquisition deposits/earnest deposits (2,220) (19,577)
Capital expenditures on investment properties (18,735) (8,343)
Issuance of real estate loans receivable (2,000) (8,594)
Repayment of real estate loan receivable 10,271 1,507
Issuance of note receivable (20,385) 0
Repayment of note receivable 0 16,423
Leasing commissions (2,062) (1,209)
Lease inducements (73) (2,063)
Net cash used in investing activities (99,339) (760,568)
Cash Flows from Financing Activities:    
Net proceeds from sale of common shares 5,970 383,676
Proceeds from credit facility borrowings 277,000 488,000
Payment on credit facility borrowings (143,000) (529,000)
Proceeds from issuance of mortgage debt 0 61,000
Proceeds from issuance of senior unsecured notes 0 396,108
Principal payments on mortgage debt (46,809) (36,440)
Debt issuance costs (419) (1,065)
Dividends paid - shareholders (84,161) (65,529)
Distributions to noncontrolling interests - Operating Partnership (2,448) (1,917)
Preferred distributions paid - OP Unit holder (342) (519)
Contributions from noncontrolling interest 0 47
Distributions to noncontrolling interests - partially owned properties (262) (434)
Payments of employee taxes for withheld stock-based compensation shares (1,701) (2,431)
Purchase of Series A Preferred Units 0 (19,961)
Purchase of OP Units (303) (3,757)
Net cash provided by financing activities 3,525 667,778
Net increase (decrease) in cash and cash equivalents 6,499 (3,982)
Cash and cash equivalents, beginning of period 2,727 15,491
Cash and cash equivalents, end of period 9,226 11,509
Supplemental disclosure of cash flow information - interest paid during the period 25,730 14,876
Supplemental disclosure of noncash activity - change in fair value of interest rate swap agreements 5,619 (780)
Supplemental disclosure of noncash activity - assumed debt 0 26,379
Supplemental disclosure of noncash activity - issuance of OP Units (2017) and Series A Preferred Units in connection with acquisitions 22,651 44,978
Operating Partnership    
Cash Flows from Operating Activities:    
Net income 23,394 17,047
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 76,301 56,056
Amortization of deferred financing costs 1,214 1,128
Amortization of lease inducements and above/below-market lease intangibles 2,530 2,550
Straight-line rental revenue/expense (12,600) (6,605)
Amortization of discount on unsecured senior notes 285 98
Amortization of above market assumed debt (31) (147)
Loss (gain) on sale of investment properties 2,563 (5,308)
Equity in income of unconsolidated entities (57) (57)
Distributions from unconsolidated entities 56 83
Change in fair value of derivative (8) 169
Provision for bad debts (81) (840)
Non-cash share compensation 4,619 3,238
Net change in fair value of contingent consideration (50) (70)
Change in operating assets and liabilities:    
Tenant receivables 4,186 2,958
Other assets 502 3,293
Accounts payable (6,011) 648
Accrued expenses and other liabilities 5,501 14,567
Net cash provided by operating activities 102,313 88,808
Cash Flows from Investing Activities:    
Proceeds on sales of investment properties 93,187 18,150
Acquisition of investment properties, net (157,322) (756,862)
Escrowed cash - acquisition deposits/earnest deposits (2,220) (19,577)
Capital expenditures on investment properties (18,735) (8,343)
Issuance of real estate loans receivable (2,000) (8,594)
Repayment of real estate loan receivable 10,271 1,507
Issuance of note receivable (20,385) 0
Repayment of note receivable 0 16,423
Leasing commissions (2,062) (1,209)
Lease inducements (73) (2,063)
Net cash used in investing activities (99,339) (760,568)
Cash Flows from Financing Activities:    
Net proceeds from sale of common shares 5,970 383,676
Proceeds from credit facility borrowings 277,000 488,000
Payment on credit facility borrowings (143,000) (529,000)
Proceeds from issuance of mortgage debt 0 61,000
Proceeds from issuance of senior unsecured notes 0 396,108
Principal payments on mortgage debt (46,809) (36,440)
Debt issuance costs (419) (1,065)
Dividends paid - shareholders (84,161) (65,529)
Distributions to noncontrolling interests - Operating Partnership (2,448) (1,917)
Preferred distributions paid - OP Unit holder (342) (519)
Contributions from noncontrolling interest 0 47
Distributions to noncontrolling interests - partially owned properties (262) (434)
Payments of employee taxes for withheld stock-based compensation shares (1,701) (2,431)
Purchase of Series A Preferred Units 0 (19,961)
Purchase of OP Units (303) (3,757)
Net cash provided by financing activities 3,525 667,778
Net increase (decrease) in cash and cash equivalents 6,499 (3,982)
Cash and cash equivalents, beginning of period 2,727 15,491
Cash and cash equivalents, end of period 9,226 11,509
Supplemental disclosure of cash flow information - interest paid during the period 25,730 14,876
Supplemental disclosure of noncash activity - change in fair value of interest rate swap agreements 5,619 (780)
Supplemental disclosure of noncash activity - assumed debt 0 26,379
Supplemental disclosure of noncash activity - issuance of OP Units (2017) and Series A Preferred Units in connection with acquisitions $ 22,651 $ 44,978