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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash Flows from Operating Activities:    
Net income $ 34,435 $ 47,165
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 109,348 119,024
Amortization of deferred financing costs 1,806 1,808
Amortization of lease inducements and above/below-market lease intangibles 3,638 3,518
Straight-line rental revenue/expense (6,581) (17,270)
Amortization of discount on unsecured senior notes 449 430
Amortization of above market assumed debt (47) (47)
Gain on sale of investment properties, net (3,442) (11,664)
Equity in income of unconsolidated entities (90) (85)
Distributions from unconsolidated entities 89 86
Change in fair value of derivative 0 (17)
Provision for bad debts 2,158 82
Non-cash share compensation 7,861 6,675
Net change in fair value of contingent consideration 0 (50)
Change in operating assets and liabilities:    
Tenant receivables (2,399) 3,891
Other assets (3,808) (2,799)
Accounts payable 2,805 (7,199)
Accrued expenses and other liabilities (6,099) 1,916
Net cash provided by operating activities 140,123 145,464
Cash Flows from Investing Activities:    
Proceeds on sales of investment properties 14,819 217,222
Acquisition of investment properties, net (90,555) (242,827)
Escrowed cash - acquisition deposits/earnest deposits (1,233) 2,780
Capital expenditures on investment properties (29,627) (26,358)
Issuance of real estate loans receivable (39,001) (2,000)
Repayment of real estate loans receivable 1,155 13,582
Issuance of note receivable 0 (20,385)
Leasing commissions (1,953) (2,561)
Lease inducements (9) (73)
Net cash used in investing activities (146,404) (60,620)
Cash Flows from Financing Activities:    
Net proceeds from sale of common shares 101,430 8,054
Proceeds from credit facility borrowings 304,000 345,000
Repayment of credit facility borrowings (250,000) (246,000)
Principal payments on mortgage debt (24,721) (51,840)
Debt issuance costs (75) (4,267)
OP Unit distributions - General Partner (127,511) (126,088)
OP Unit distributions - Limited Partner (3,562) (3,640)
Preferred OP Units distributions - Limited Partner (862) (627)
Contributions from noncontrolling interest 572 0
Distributions to noncontrolling interests - partially owned properties (440) (396)
Payments of employee taxes for withheld stock-based compensation shares (2,076) (1,749)
Purchase of Limited Partner Units (911) (1,555)
Net cash used in financing activities (4,156) (83,108)
Net (decrease) increase in cash and cash equivalents (10,437) 1,736
Cash and cash equivalents, beginning of period 19,161 2,727
Cash and cash equivalents, end of period 8,724 4,463
Supplemental disclosure of cash flow information - interest paid during the period 56,965 53,370
Supplemental disclosure of noncash activity - change in fair value of interest rate swap agreements (11,296) 6,533
Supplemental disclosure of noncash activity - issuance of OP Units and Series A Preferred Units in connection with acquisitions 25,200 22,651
Operating Partnership    
Cash Flows from Operating Activities:    
Net income 34,435 47,165
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 109,348 119,024
Amortization of deferred financing costs 1,806 1,808
Amortization of lease inducements and above/below-market lease intangibles 3,638 3,518
Straight-line rental revenue/expense (6,581) (17,270)
Amortization of discount on unsecured senior notes 449 430
Amortization of above market assumed debt (47) (47)
Gain on sale of investment properties, net (3,442) (11,664)
Equity in income of unconsolidated entities (90) (85)
Distributions from unconsolidated entities 89 86
Change in fair value of derivative 0 (17)
Provision for bad debts 2,158 82
Non-cash share compensation 7,861 6,675
Net change in fair value of contingent consideration 0 (50)
Change in operating assets and liabilities:    
Tenant receivables (2,399) 3,891
Other assets (3,808) (2,799)
Accounts payable 2,805 (7,199)
Accrued expenses and other liabilities (6,099) 1,916
Net cash provided by operating activities 140,123 145,464
Cash Flows from Investing Activities:    
Proceeds on sales of investment properties 14,819 217,222
Acquisition of investment properties, net (90,555) (242,827)
Escrowed cash - acquisition deposits/earnest deposits (1,233) 2,780
Capital expenditures on investment properties (29,627) (26,358)
Issuance of real estate loans receivable (39,001) (2,000)
Repayment of real estate loans receivable 1,155 13,582
Issuance of note receivable 0 (20,385)
Leasing commissions (1,953) (2,561)
Lease inducements (9) (73)
Net cash used in investing activities (146,404) (60,620)
Cash Flows from Financing Activities:    
Net proceeds from sale of common shares 101,430 8,054
Proceeds from credit facility borrowings 304,000 345,000
Repayment of credit facility borrowings (250,000) (246,000)
Principal payments on mortgage debt (24,721) (51,840)
Debt issuance costs (75) (4,267)
OP Unit distributions - General Partner (127,511) (126,088)
OP Unit distributions - Limited Partner (3,562) (3,640)
Preferred OP Units distributions - Limited Partner (862) (627)
Contributions from noncontrolling interest 572 0
Distributions to noncontrolling interests - partially owned properties (440) (396)
Payments of employee taxes for withheld stock-based compensation shares (2,076) (1,749)
Purchase of Limited Partner Units (911) (1,555)
Net cash used in financing activities (4,156) (83,108)
Net (decrease) increase in cash and cash equivalents (10,437) 1,736
Cash and cash equivalents, beginning of period 19,161 2,727
Cash and cash equivalents, end of period 8,724 4,463
Supplemental disclosure of cash flow information - interest paid during the period 56,965 53,370
Supplemental disclosure of noncash activity - change in fair value of interest rate swap agreements (11,296) 6,533
Supplemental disclosure of noncash activity - issuance of OP Units and Series A Preferred Units in connection with acquisitions $ 25,200 $ 22,651