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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash Flows from Operating Activities:    
Net income $ 18,816 $ 23,394
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 72,734 76,301
Amortization of deferred financing costs 1,206 1,214
Amortization of lease inducements and above/below-market lease intangibles 2,354 2,530
Straight-line rental revenue/expense (2,801) (12,600)
Amortization of discount on unsecured senior notes 298 285
Amortization of above market assumed debt (31) (31)
(Gain) loss on sale of investment properties, net (3,033) 2,563
Equity in income of unconsolidated entities (60) (57)
Distributions from unconsolidated entities 59 56
Change in fair value of derivative (1) (8)
Provision for bad debts 2,130 (81)
Non-cash share compensation 5,338 4,619
Net change in fair value of contingent consideration 0 (50)
Change in operating assets and liabilities:    
Tenant receivables (1,359) 4,186
Other assets 1,802 502
Accounts payable 1,603 (6,011)
Accrued expenses and other liabilities (2,841) 5,501
Net cash provided by operating activities 96,214 102,313
Cash Flows from Investing Activities:    
Proceeds on sales of investment properties 12,028 93,187
Acquisition of investment properties, net (23,007) (157,322)
Escrowed cash - acquisition deposits/earnest deposits 0 (2,220)
Capital expenditures on investment properties (22,702) (18,735)
Issuance of real estate loans receivable (27,056) (2,000)
Repayment of real estate loans receivable 350 10,271
Issuance of note receivable 0 (20,385)
Leasing commissions (1,272) (2,062)
Lease inducements (8) (73)
Net cash used in investing activities (61,667) (99,339)
Cash Flows from Financing Activities:    
Net proceeds from sale of common shares 49,336 5,970
Proceeds from credit facility borrowings 115,000 277,000
Repayment of credit facility borrowings (111,000) (143,000)
Principal payments on mortgage debt (9,313) (46,809)
Debt issuance costs (25) (419)
OP Unit distributions - General Partner (84,837) (84,161)
OP Unit distributions - Limited Partner (2,325) (2,448)
Preferred OP Units distributions - Limited Partner (569) (342)
Distributions to noncontrolling interests - partially owned properties (297) (262)
Payments of employee taxes for withheld stock-based compensation shares (1,973) (1,701)
Purchase of Limited Partner Units (822) (303)
Net cash (used in) provided by financing activities (46,825) 3,525
Net (decrease) increase in cash and cash equivalents (12,278) 6,499
Cash and cash equivalents, beginning of period 19,161 2,727
Cash and cash equivalents, end of period 6,883 9,226
Supplemental disclosure of cash flow information - interest paid during the period 31,026 25,730
Supplemental disclosure of noncash activity - change in fair value of interest rate swap agreements (9,034) 5,619
Supplemental disclosure of noncash activity - issuance of OP Units and Series A Preferred Units in connection with acquisitions 8,349 22,651
Operating Partnership    
Cash Flows from Operating Activities:    
Net income 18,816 23,394
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 72,734 76,301
Amortization of deferred financing costs 1,206 1,214
Amortization of lease inducements and above/below-market lease intangibles 2,354 2,530
Straight-line rental revenue/expense (2,801) (12,600)
Amortization of discount on unsecured senior notes 298 285
Amortization of above market assumed debt (31) (31)
(Gain) loss on sale of investment properties, net (3,033) 2,563
Equity in income of unconsolidated entities (60) (57)
Distributions from unconsolidated entities 59 56
Change in fair value of derivative (1) (8)
Provision for bad debts 2,130 (81)
Non-cash share compensation 5,338 4,619
Net change in fair value of contingent consideration 0 (50)
Change in operating assets and liabilities:    
Tenant receivables (1,359) 4,186
Other assets 1,802 502
Accounts payable 1,603 (6,011)
Accrued expenses and other liabilities (2,841) 5,501
Net cash provided by operating activities 96,214 102,313
Cash Flows from Investing Activities:    
Proceeds on sales of investment properties 12,028 93,187
Acquisition of investment properties, net (23,007) (157,322)
Escrowed cash - acquisition deposits/earnest deposits 0 (2,220)
Capital expenditures on investment properties (22,702) (18,735)
Issuance of real estate loans receivable (27,056) (2,000)
Repayment of real estate loans receivable 350 10,271
Issuance of note receivable 0 (20,385)
Leasing commissions (1,272) (2,062)
Lease inducements (8) (73)
Net cash used in investing activities (61,667) (99,339)
Cash Flows from Financing Activities:    
Net proceeds from sale of common shares 49,336 5,970
Proceeds from credit facility borrowings 115,000 277,000
Repayment of credit facility borrowings (111,000) (143,000)
Principal payments on mortgage debt (9,313) (46,809)
Debt issuance costs (25) (419)
OP Unit distributions - General Partner (84,837) (84,161)
OP Unit distributions - Limited Partner (2,325) (2,448)
Preferred OP Units distributions - Limited Partner (569) (342)
Distributions to noncontrolling interests - partially owned properties (297) (262)
Payments of employee taxes for withheld stock-based compensation shares (1,973) (1,701)
Purchase of Limited Partner Units (822) (303)
Net cash (used in) provided by financing activities (46,825) 3,525
Net (decrease) increase in cash and cash equivalents (12,278) 6,499
Cash and cash equivalents, beginning of period 19,161 2,727
Cash and cash equivalents, end of period 6,883 9,226
Supplemental disclosure of cash flow information - interest paid during the period 31,026 25,730
Supplemental disclosure of noncash activity - change in fair value of interest rate swap agreements (9,034) 5,619
Supplemental disclosure of noncash activity - issuance of OP Units and Series A Preferred Units in connection with acquisitions $ 8,349 $ 22,651