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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Cash flows from operating activities:    
Net income $ 13,133 $ 4,304
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization (including a below-market ground lease) 15,191 11,278
Amortization of deferred financing costs 1,117 1,102
Write-off of deferred financing costs 326 0
Amortization of stock-based compensation 868 660
Noncash interest income (515) (455)
Change in operating assets and liabilities:    
Accounts receivable (1,743) (2,020)
Accounts receivable due from related party 0 2,275
Prepaid expenses and other assets (291) (545)
Accounts payable and accrued liabilities 27 (1,013)
Net cash provided by operating activities 28,113 15,586
Cash flows from investing activities:    
Acquisitions of real estate (144,149) (33,646)
Improvements to real estate (170) (143)
Purchases of equipment, furniture and fixtures (89) (227)
Escrow deposits for acquisition of real estate 0 (1,500)
Net cash used in investing activities (144,408) (35,516)
Cash flows from financing activities:    
Proceeds from the issuance of common stock, net 105,889 0
Proceeds from the issuance of senior unsecured term loan 100,000 0
Borrowings under unsecured credit facility 115,000 0
Payments on unsecured credit facility (92,000) 0
Borrowings under senior secured revolving credit facility 0 35,000
Payments on the mortgage notes payable (95,022) (1,351)
Payments of deferred financing costs (1,332) (139)
Net-settle adjustment on restricted stock (515) 0
Dividends paid on common stock (17,548) (8,996)
Net cash provided by financing activities 114,472 24,514
Net (decrease) increase in cash and cash equivalents (1,823) 4,584
Cash and cash equivalents beginning of period 11,467 25,320
Cash and cash equivalents end of period 9,644 29,904
Supplemental disclosures of cash flow information:    
Interest paid 10,791 10,800
Supplemental schedule of noncash operating, investing and financing activities:    
Increase in dividends payable 2,143 1,144
Increase in offering costs payable 218 0
Application of escrow deposit to acquisition of real estate $ 1,250 $ 500